Oil prices are down a bit, but are still close to multi-year highs. That should leave the shale industry flush with cash. However, a long list of U.S. shale companies are still struggling to turn a profit.A new report from the Institute for Energy Economics and Financial Analysis (IEEFA) and the Sightline Institute detail the "alarming volumes of red ink" within the shale industry. "...Read More
GDX believers look set for a painful smackdownAfter spending the first half of this year extending the range-bound price action that characterized its trading in 2017, the VanEck Vectors Gold Miners ETF (GDX) made a fast break below the "lower rail" of its sideways channel around $21 in early August. The commodity fund's rapid bearish momentum had it slicing through former support at its 160-week...Read More
BEIJING, Oct 25 (Reuters) - The impact of China-U.S. tradefrictions on China's cross-border capital flows are largelyunder control, the foreign exchange regulator said on Thursday.China will continue opening up its capital markets in anorderly manner and further ease requirements for capitaloutbound remittance for investors its under Qualified ForeignInstitutional Investor (QFII) and the Renminbi...Read More
Both names are set to report after tonight's closeAmazon.com, Inc. (NASDAQ:AMZN) is slated to report third-quarter earnings after tonight's close. Currently, Trade-Alert pegs the implied earnings deviation at 9.1%, more than doubling the 4% move the FAANG stock has averaged over the last two years. Five of those eight earnings reactions have been positive, including the past four in a row, while j...Read More
(Add quotes and update levels)JOHANNESBURG, Oct 25 (Reuters) - The South African randweakened further on Thursday, as investors were rattled by bleakmedium-term budget forecasts a day earlier and a strongerdollar, which dampened appetite for emerging markets globally.At 1500 GMT, the rand traded at 14.5800 versus thedollar, 0.19 percent weaker on the day after falling by around 2percent on Wednesd...Read More
Amazon Inc. met with officials from Immigration and Customs Enforcement (ICE) in June as part of an attempt to market the company's new facial recognition technology Continue...Read More
The shares tend to rebound after dips to the 200-day moving averageEnergy stocks have taken a hit in recent weeks, as oil prices drop on oversupply fears. However, the shares of Cheniere Energy, Inc. (NYSE:LNG) could be cheap at current levels, if recent history is any indicator. The stock has pulled back to a key trendline -- a technical signal that's had very bullish implications in the past.LNG...Read More
SunTrust Robinson cut its EA price target this morningIt's been a rough stretch for Electronic Arts Inc. (NASDAQ:EA), with the shares notching just three positive closes so far in October. Overall, EA stock is down 19% month-to-date -- pacing toward its biggest monthly loss since October 2008, when it lost 38.4%. Today, the security is up 3% at $99.12 in early trading, but this bounce may be due t...Read More
* Keeps key interest rate on hold at 0.75 pct as expected * No substantial change in outlook * Economist: sees next hike in March 2019(Adds economist, detail)By Camilla KnudsenOSLO, Oct 25 (Reuters) - Norway's central bank kept interestrates on hold at 0.75 percent on Thursday, as expected, andrepeated an outlook for gradual hikes from the first quarternext year amid faster economic growth and hig...Read More
New home sales dropped sharply in September, falling 5.5 percent to an almost two-year low amid rising interest rates that have hit the real estate market hardContinue...Read More
* Container & bulk rates are falling:* Container market dragged down by U.S./China trade war * Emerging market woes weigh on dry bulk rates By Henning GloysteinSINGAPORE, Oct 25 (Reuters) - The cost of hiring containerships has plunged 24 percent from a multi-year peak while rawmaterial vessel rates have slumped 10 percent from a five-yearhigh, adding to signs of slowing global trade with dang...Read More
The production cost of rebar will increase from November 1 with the implementation of China's revised rebar standard GB-T 1499.2-2018, but spot prices are not expected to rise accordingly.Production cost risesThe revised standards prohibits steel mills from using a water-quenching process in rebar production to meet the new yield and strength requirements. "This kind of rebar rusts easily and is n...Read More
Turkey produced 27.981 million tonnes of crude steel in January-September 2018, a 0.86% increase on the 27.742 million tonnes produced in the corresponding period in 2017, according to the Turkish Steel Producers Association (T???oeD). In September, crude steel production was 2.80 million tonnes, a 5.90% year-on-year fall. The country produced 9.416 million tonnes of slab in January-September, up...Read More
ALGT's horrible year continuesAllegiant Travel Company (NASDAQ:ALGT) is adding to its massive year-to-date losses after the company's earnings report. Earnings per share for the third quarter came in at 94 cents, lower than the average analyst estimate of 96 cents. As such, ALGT is trading down 6.6% at $107.86, pennies above the new four-year low it hit this morning, with Cowen jumping in with a p...Read More
Hilton shares had been in a ugly slump heading into todayThe shares of Hilton Hotels Corporation (NYSE:HLT) are up 1.9% to trade at $66.92, after Bill Ackman's Pershing Square Capital Management unveiled a 3.7% stake in the hotel operator. This follows yesterday morning's mixed earnings results, in which Hilton reported a third-quarter profit beat, but lowered the top end of its 2018 RevPAR grow...Read More
The tech company reported fiscal 4Q profit and revenue beatsThe shares of F5 Networks, Inc. (NASDAQ:FFIV) are set for a higher open, after the software application specialist reported fiscal fourth-quarter earnings of $2.90 per share on $562.7 million in revenue -- more than analysts were expecting. A round of bullish brokerage notes is only adding to the buzz, with FFIV stock up 1.4% in electroni...Read More
It's one of the biggest earnings days of the yearDow Jones Industrial Average (DJI) futures are trading comfortably above fair value ahead of one of the biggest earnings days of the year. Blue chip Microsoft (MSFT) is pointed higherafter an upbeat earnings release, setting the tone ahead of quarterly results from fellow tech names Intel (INTC), Amazon.com (AMZN), and Alphabet (GOOGL) later in the...Read More
CloseGain/LossGold $1230.30-$2.30Silver$14.62-$0.05XAU64.72-4.86%HUI143.41-6.05%GDM529.19-4.34%JSE Gold1200.51-9.70USD96.63+0.26Euro113.75-0.23Yen89.02+0.02Oil$67.33+$0.5110-Year3.124%+0.020T-Bond138.65625-0.125Dow24984.55+1.63%Nasdaq7318.34+2.95%S&P2705.57+1.86% The Metals: Gold gained $6.50 to $1239.10 in Asia before it dropped back to $1230.40 at about 4AM EST and then...Read More
By Jordan Roy-Byrne CMT, MFTA The US$ index is breaking higher. Its trading at 96.41 as we pen this. A daily close above 96.61 marks a new 52-week high and puts the dollar in position to eventually retest its bull market high at 104. If this strength continues then the relief rally in precious metals could be over. So why is that a bullish catalyst for Gold? First, we know that a real bul...Read More
By PlungerIn light of the volatile market action since my last report two weeks ago I am dedicating this report towards the big picture view. I have been presenting the post bubble contraction (PBC) model to you all year long, however I am convinced many still don't recognize this is actually playing out before their eyes. The noise of daily news events and market commentary has the effect of...Read More