Canaccord said it has defended BOX for too longShares of cloud concern Box Inc (NYSE:BOX) are eyeing their fifth straight day in the red, after the firm lowered its full-year guidance below analysts' expectations. Thecompany blamed a longer-than-usual sales cycle for its bigger deals. BOX stock fell to a new two-year low of $15.30 earlier, and was last seen down 11.3% at $15.91.The brokerage bunch...Read More
KSS snapped a 12-day losing streak on MondayAtlantic Equities downgraded Kohl's Corporation (NYSE:KSS) to "underweight" from "neutral," and slashed its price target to $42 from $65 -- a 16.5% discount to last night's close. In reaction, KSS stock is down 0.1% at $49.80, sinking below the round $50 mark.This negative price action is just more of the same for the retail stock. Since its April 23 fiv...Read More
The joint venture could produce "hundreds of metric tons of CBD annually"Add yet another name to the hemp landscape. This morning, drugmaker Sorrento Therapeutics Inc (NASDAQ:SRNE) announced a joint venture with Chinese medical device maker LifeTech Scientific to sell cannabidiol (CBD) products in Asia. Sorrento said the partnership could help it "deliver hundreds of metric tons of CBD annually...Read More
A summary of base metals premiums from across the globe for the week to Tuesday June 4. Please click...Read More
A Chinese official suggested respectful trade talks should continue with the U.S.Futures on the Dow Jones Industrial Average (DJI) are moving on trade headlines once again, this time trading above fair value. Traders are responding to a report that China's Commerce Ministry said the U.S. and China should resolve the trade dispute through respectful conversations, while there are also rumors that C...Read More
S&P returns tend to outperform the norm after individual investors hit this type of pessimistic extremeBy last Thursday morning, when the latest weekly sentiment survey results from the American Association of Individual Investors (AAII) were released, the S&P 500 Index (SPX) was well on its way to ending the month of May on a loss of over 5% -- not quite as gruesome as the 9.2% plunge that rattle...Read More
The premiums offered on supplies of aluminium to Japan in the third quarter of 2019 have been heard at $115-120 per tonne cif main Japanese ports (MJP), about 12% above the second-quarter premium, due to tighter supply, Fastmarkets learned on Tuesday June 4.One major producer offered a premium over the London Metal Exchange cash price of $115 per tonne and another $120 per tonne for July-September...Read More
Zinc's three-month price on the London Metal Exchange had climbed moderately by the close of trading on Wednesday June 4, with the morning's cancelation of more than 15,000 tonnes not enough to push the price higher than $2,500 per tonne.Volumes traded in the galvanizing metal topped the complex by the close, however, indicating strong buying interest over the day's trading.More than 11,000 lots o...Read More
The Turkish deep-sea scrap markets remained quiet on Tuesday June 4 with participants still absent because of the week-long Eid al-Fitr public holiday, sources told Fastmarkets.This lack of market activity was expected and was likely to continue for the rest of the week, with Turkey being on public holiday from June 3 until June 7. The holiday marks the end of the period of...Read More
The Precious Metals sector has broken strongly higher in recent days, with silver breaking out of its downtrend just yesterday, when the fundamental reason for this move emerged - the Fed has let it be known, via the St Louis Fed governor, that they are going to drop rates soon. This is clearly a panic move triggered by the stockmarket breaking down below key support - the intention is to head...Read More
"Markets are constantly in a state of uncertainty and flux and money is made discounting the obvious and betting on the unexpected." George Soros, financier, philanthropist, political activist, author and philosopher, b. 1930 "Regardless of current economic conditions, it's always best to remember that the stock market is a barometer and not a thermometer." Yale Hirsch, creator of the Stock Tra...Read More
By: Ira EpsteinGold is honing on $1,329.20 area resistance. August gold is looking impressive. $1,336 is the next objective. This market is possibly showing an important, watershed moment -- this has an energy that it has not had in a very long time. Is the market overbought? Yes:Read More
London 4th June, 2019: Today, Kinesis Money announces the initiation of its UK and EU debit card program with Contis Group, the award-winning platform as a service (PAAS) that provides end-to-end banking and payments solutions. Kinesis has selected Contis for its European and UK debit card solutions and has officially started developments, scheduled for release in Q4. The release of these EUR a...Read More
By: Clint Siegner, Money MetalsU.S. leaders are demanding the rest of the world recognize economic sanctions and stop buying Iranian oil. The U.K., Germany, France, Russia, China, and India are among the nations who don't fully support the sanctions and would rather not pay higher prices for oil elsewhere.American officials more and more often resort to delivering ultimatums, both to adversaries...Read More
- Richard (Rick) Mills The ongoing battle between the United States and China for economic supremacy isn't only being fought in the gilded ballrooms of Washington, as trade negotiators from either side parry over automobile parts content, intellectual property rights, government subsidies and the like. Casualties and victories are also borne out over the decks of hulking freighters that carr...Read More
By: Avi GilburtWhile I will let the "real" analysts debate about how we should handle our trade deal regarding China, I am only here to discuss the sentiment around the China deal.This past week, I have seen many posts like this one:"We wouldn't be down at these relatively low levels had China settled with Trump. Guaranteed."The posters' logic works like this: The market has been dropping ever s...Read More
By: Keith Weiner, Monetary MetalsWe have been discussing the impossibility of China nuking the Treasury bond market. We covered a list of challenges China would face. Then last week we showed that there cannot be such a thing as a bond vigilante in an irredeemable currency. Now we want to explore a different path to the same conclusion that China cannot nuke the Treasury bond market.To review...Read More
StrengthsThe best performing metal this week was gold, up 1.61 percent. Gold traders are neutral on the yellow metal this week; however, the weekly Bloomberg survey was conducted on Thursday before gold shot above $1,300 on Friday morning. Gold saw its first monthly gain in May, breaking a streak of three st...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday June 4 that are worth another look.The China Nonferrous Metals Industry Association Antimony Branch (CAA) held an industry meeting calling for major producers to reduce output in an effort to halt the price decline seen since the start of the year, market sources told Fastmarkets. The London Metal Exchange's zinc price...Read More
Zinc's three-month price on the London Metal Exchange had climbed moderately by the close of trading on Wednesday June 4, with the morning's cancelation of more than 15,000 tonnes not enough to push the price higher than $2,500 per tonne.Volumes traded in the galvanizing metal topped the complex by the close, however, indicating strong buying interest over the day's trading.More than 11,000 lots o...Read More