UBS just downgraded Verizon from "buy" to "neutral" The Dow component Verizon Communications Inc (NYSE:VZ) was just served a bearish note by UBS. The analyst knocked the stock to "neutral" from "buy," saying its valuation already prices in a number of potential catalysts. The analyst maintained their price target of $59, which sits at a slight premium to current levels. VZ is down 2.1% at $56.94 a...Read More
Traders aren't doing much with trade uncertainty sapping sentimentStocks are hovering near breakeven today in a low-volume session. Trade uncertainty is holding back the Dow Jones Industrial Average (DJI) and its index peers, with news China is halting soybean purchases from the U.S. overshadowing upbeat gross domestic product (GDP) data from this morning. There's also notable weakness in the ener...Read More
Analyst sentiment remains bullishly skewed, howeverAlthough Dropbox Inc (NASDAQ:DBX) is down 0.5% to trade at $22.51 today, it remains on pace toward its first weekly win since May 3. However, this mini-heater has sent DBX barreling toward a trendline with bearish implications, if history is any guide.More specifically, the equity is now within one standard deviation of its 80-day moving average,...Read More
The SPX is down more than 5% so far this monthThe U.S. stock market got off to a rip-roaring start in 2019, with the S&P 500 Index (SPX) surging more than 17% year-to-date through its April 30 close. The broad-market index started the month of May off strong, too, hitting a record intraday high on May 1, before the cards came crashing down on renewed U.S.-China trade tensions. The SPX is now pacin...Read More
Chinese stainless-steel producer Tsingshan Holding Group plans to set-up a cold-rolling mill with an annual capacity of 600,000 tonnes per year in Busan, South Korea, and has submitted letters of intent to the city government and potential business partners, Chinese market sources told Fastmarkets.Domestic suppliers may raise concerns about Tsingshan's plans because South Korea currently consumes...Read More
Canadian Solar recently bounced off its 200-day trendlineShares of Canadian Solar Inc. (NASDAQ:CSIQ) are surging this morning, last seen up 7.8% at $19.07. The alternative energy provider reported a narrower-than-expected first-quarter loss, and named Yan Zhuang as acting CEO, while its current CEO Dr. Shawn Qu takes a medical leave of absence. Plus, the company's Chief Financial Officer (CFO) Hu...Read More
TSLA fell to a two-year low yesterdayThe shares of Tesla Inc (NASDAQ:TSLA) are down 0.3% to trade at $189.22 today, after Barclays trimmed its price target to $150 from $192. The analyst in coverage said Tesla is "stalling as a niche automaker," and waxed pessimistic about the stagnating Model 3 demand, as well as a path to profitability. In summation, Barclays said Tesla "has a lot of catching...Read More
The cybersecurity firm gave a weak current-quarter profit forecastPalo Alto Networks Inc (NYSE:PANW) stock is down 6.2% in electronic trading, set to open near the $200 per share level for the first time since mid-January. This downside comes after the cybersecurity firm offered a weaker-than-expected current-quarter profit forecast due to acquisition-related costs and tariffs, though PANW did bea...Read More
Veeva Systems just reported first-quarter earnings and revenue that beat expectations Software concern Veeva Systems (NYSE:VEEV) is soaring this morning after the company reported first-quarter earnings and revenue that exceeded analysts' expectations last night. The firm also lifted its guidance for the second quarter, as well as the full year. The shares are up 9.8% at $147.69, trading at fresh...Read More
X and STLD stocks were hit with more bearish attentionThe shares of United States Steel Corporation (NYSE:X) have been getting crushed in recent months, and are now set to open at fresh three-year lows after Deutsche Bank weighed in on the broader steel sector. The analyst note released this morning cited changes in the space due totrade tensions and weak prices, and in response X was downgraded t...Read More
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By: Dave KranzlerTSLA had yet another bad week, closing down $19 (9%) from the previous Friday's close. Last week every attempted bounce in the stock was shortable on a daytrading basis. Currently Tesla's shares are trading at $188. It would likely be a lot lower if it weren't for Musk's repeated "leaked" emails loaded with dubious production and delivery claims, with both barrels pointed direct...Read More
By: Avi Gilburt I have now been writing for Seeking Alpha for approximately 6 years. And, I can honestly say that not much has changed in the readership base. Yes, that means you.You see, the same folks that have commented on my articles that Elliott Wave analysis is akin to voodoo are still making the exact same comments they made years ago.Do you think that the accuracy of our underlying anal...Read More
By: Jordan Roy-Byrne CMT, MFTAWe have written for over a year about the historical importance of the shift in Federal Reserve policy. We've noted that over the past 65 years in 11 of 13 rate cut cycles the gold stocks have enjoyed tremendous gains. The historical data shows an average gain of over 170% and median gain of almost 150%. As of Tuesday morning, the market showed an 84% chance of a...Read More
Dear Friend of GATA and Gold:Liechtenstein-based investment fund Incrementum's annual "In Gold We Trust" report, compiled by Ronald-Peter Stoeferle and Mark J. Valek, was published this week and again described the reasons for gold's glorious prospects. Among them:-- Loss of trust in international relations and everyday society amid ever-more-polarized politics.-- Gold's generally good performan...Read More
Although I usually let my charts tell me where stocks are headed next, the 'technicals' are a tad sunnier than I at the moment. This is notwithstanding recent weakness that has caused new record highs that were within spitting distance just a few weeks ago to recede. A 3095 target that lay just 4.5% from early May's peak now sits 10.5% away. It's certainly do-able, but I doubt buyers have the mo...Read More
China reportedly halted purchases of soy out of the U.S.U.S. stock futures are inching toward a positive open, with the Dow Jones Industrial Average (DJI) pointed higher, as traders digest the latest gross domestic product (GDP) estimate. The Commerce Department said the U.S. economy grew at a 3.1% pace in the first quarter, exceeding expectations. Bond yields are also on the rise, despite reports...Read More
The market for pig iron exports from the Commonwealth of Independent States (CIS) remained uncertain in the week ended Thursday May 30, with sellers optimistic because of higher prices for steel scrap, while buyers remained pessimistic, citing weak prices for finished steel products.Fastmarkets' price assessment for high-manganese pig iron exports from the CIS was $335 per tonne fob Black Sea on M...Read More
Copper's three-month price on the London Metal Exchange remained low at the close of trading on Thursday May 30, with its price action capped by a sizable inflow into LME-registered warehouses, while US dollar strength and trade tensions continue to hang over commodity investment. The red metal's three-month price closed the day's trading session at $5,852 per tonne on Thursday May 30. Just u...Read More
Monthly European alloy surcharges for stainless steel products will decrease for June after the price of nickel fell over 6% between April 20 and May 20, according to data published by Fastmarkets.The June surcharge for grade-304 cold-rolled stainless sheet is set to decrease to ?,?1,339-1,380 ($1,493-1,539) per tonne for June, a fall of ?,?70-71 per tonne from May surcharge levels, according to d...Read More