President Trump has a "feeling" a trade deal with China will be reachedThe Dow pulled back for its second straight loss today, but held on to the 26,000 level. Subpar inflation data underscored expectations for an interest rate cut soon, weighing on bank stocks. A drop in oil prices and a slumping tech sector also kept the three U.S. benchmarks under pressure all day. On the trade front, President...Read More
MX and SYBX stocks both shot to the top of their respective exchangesWhile the Dow trades modestly lower, several individual stocks are making volatile moves, including Magnachip Semiconductor Corp (NYSE:MX), Synlogic Inc (NADSAQ:SYBX), and Hooker Furniture Corporation (NASDAQ:HOFT).Here's what's moving the shares of MX, SYBX, and HOFT.Magnachip Stock Climbs NYSE On Forecast BoostMX stock is at th...Read More
Evercore ISI initiated coverage on both names with an "outperform" ratingEvercore ISI chimed in on restaurant stocks today, saying the lack of an "existential Amazon threat and death of impulse channel risk" could create cash-flow stability, and tapped McDonald's Corp (NYSE:MCD) and Yum! Brands, Inc. (NYSE:YUM) as two of its top picks. The brokerage firm also started coverage on the two stocks wit...Read More
Could traders be reacting to Kevin Durant's injury?The chatter around Kevin Durant's injury in game 5 of the NBA Finals has even made its way to Wall Street, with some attributing the pullback in shares of Madison Square Garden Co (NYSE:MSG) on Tuesday to the Warriors forward's apparent Achilles injury -- since it's long been speculated that Durant will join the Knicks next year. In fact, Durant r...Read More
A“perfect storm” is brewing for midwestern farmers. Unending rains have led tothe flooding of tens of millions of acres of farmland. The deluge comes on theheels of years of low crop prices.Ithas the makings of an agriculture disaster on a scale never seen before.Thenation may see a “perfect storm” in terms of food inflation. Prices for somefarm commodities figure to be a l...Read More
Eastern China's Shagang has lowered the list prices for its rebar and wire rod booked and shipped in mid-June. The mill is selling its HRB400 16-25mm rebar at 4,070 yuan ($588) per tonne over the June 11-20 period, down 180 yuan per tonne from its last...Read More
LRCX still has a solid YTD leadLam Research Corporation (NASDAQ:LRCX) has an interesting setup in the options pits based on some of Schaeffer's indicators, with short-term traders heavily put-skewed despite unusual call buying in recent weeks. For instance, the Schaeffer's put/call open interest ratio (SOIR) of 1.61 ranks in the 86th annual percentile, while the 10-day call/put volume ratio at the...Read More
By: Stewart Thomson, Graceland Updates 1. A lot of Americans getting a myriad of government entitlements thought that President Trump would recreate the 1950s for them. 2. If Trump had eliminated the PIT (personal income tax), capital gains tax, and corporate income tax, I've estimated that around $100 trillion in capital would have surged into America.3. That w...Read More
Although there are a dozen good reasons why the bull market should flame out, like, tomorrow, there's nothing in the long-term charts to suggest this is likely. A friend and fellow permabear sent me an Elliott Wave theorist's prediction that the sensational run-up begun more than ten years ago could continue for another three or four years. This is based on a five-wave Elliott pattern that is cu...Read More
I am getting bullish on euro and pound. I also expect more losses for the US dollar index and gains for Asian currencies against the US dollar. A currency war can be unleashed by Trump anytime. Trump believes that nations will use currency depreciation to offset higher tariffs. The Federal Reserve will take direct and indirect measures to ensure the competitiveness of the US dollar. This implies...Read More
Data showed weekly crude inventories rose again last weekThe Dow Jones Industrial Average (DJI) is lower at midday, as traders digest the latest inflation data, putting the blue-chip index on track for back-to-back losses. While downside for the Dow is modest thanks to big gains from pharma stocks Johnson & Johnson (JNJ) and Merck (MRK), oil prices are making a notable move south after data showed...Read More
The Apple supplier is set to report earnings after tomorrow's closeThe shares of Apple (AAPL) supplier Broadcom Inc (NASDAQ:AVGO) are cooling off slightly, down 1.6% at $279.01 ahead of the company's fiscal second-quarter earnings release after the close tomorrow, June 13. The shares just touched three-week highs yesterday following a seven-day win streak -- the longestsince September 2018 -- but...Read More
COMEX speculator positions post largest single gain on record Gold suddenly broke to the upside on the morning of Thursday, May 30th, 2019. After rising nearly $70 – a 5.4% gain and eight-straight days of posting gains, it took a breather on news that Mexico would take steps to stem migrant flow to the United States, thus avoiding the imposition of new tariffs. We asked Zac Storella fr...Read More
The blue chip is set to snap a six-day winning streakThe shares of Cisco Systems, Inc. (NASDAQ:CSCO) are pulling back from 18-year highs, after analysts at William Blair downgraded the blue chip to "market perform" from "outperform." It's the first time the brokerage firm has adjusted its CSCO rating in six years, citing concerns about increasing competition and growth in fiscal 2020. As such, Cis...Read More
Some traders are betting on bigger losses through Friday's closeDave & Buster's Entertainment Inc (NASDAQ:PLAY) is trading at the bottom of the Nasdaq this morning, after the restaurant and entertainment name unveiled an unexpected drop in same-store sales (SSS) for the first quarter, with CEO Brian Jenkins citing "the Easter shift." The company also lowered its full-year forecast. A round of bear...Read More
China's finished steel exports fell in May on both a year-on-year basis as well as when compared with the preceding month. The country shipped 5.74 million tonnes of finished steel abroad last month, down 16.5% from a year earlier, according preliminary Chinese customs data released on Monday June 10.Last month's exports are also...Read More
AXGT keeps trading lower despite a bull note and a smaller-than-expected lossAxovant Sciences Ltd (NASDAQ:AXGT) has seen its stock fall from the mid-$30 range to yesterday's close of $3.94, even after positive data for its Parkinson's treatment. However, Jefferies referred to the shares as "remarkably cheap" and even though it cut its price target to $16 from $24, it kept its "buy" rating in place...Read More
The firm inked a multi-year deal with Green Organic DutchmanThe shares of Neptune Wellness Solutions Inc (NASDAQ:NEPT) are surging on the charts yet again, after the Canadian nutrition products specialist announced its partnership with Green Organic Dutchman. According to the deal, the latter company will supply cannabis and hemp biomass to NEPT, which will manufacture the finished products. The...Read More
There's still plenty of negative sentiment around the toy stockWhen we last checked in with toy icon Mattel Inc (NASDAQ:MAT), the stock was reaping the benefits of a Hello Kitty partnership. Today, MAT is up 4.2% to trade at $11.26, after the company rejected MGA Entertainment's latest merger offer.The bull gap from last week took Mattel stock back above its year-to-date breakeven level. Thanks t...Read More
Iranian steel billet producers came to the market this week with offer prices that were lower than those heard before the holiday last week to mark the end of Ramadan, amid reduced demand in both foreign and domestic outlets.Billet was on offer from the Middle Eastern country for delivery in August at $390-395 per tonne fob Iranian ports in the week ended Wednesday June 12. This was down from offe...Read More