Goldman Sachs upgraded SFIX stock to "buy" from "neutralThe shares of online styling service Stitch Fix Inc (NASDAQ:SFIX) are on the rise, after Goldman Sachs upgraded the stock to "buy" from "neutral," commending the company's "product innovation, operational efficiencies, and geographic expansion," as well as its recent brick-and-mortar store closures, which could provide "significant opportun...Read More
Gold surgeddramatically in recent weeks, powering higher to a decisive bull-marketbreakout. Gold’s first major secularhighs in years have really improved sentiment, with bullishness mounting. But gold-futures buying fuel is largelyexhausted, after the colossal amount expended to catapult gold back over $1400. That leaves this metal at high risk of sufferinga major selloff,...Read More
Both Citi and BMO see headwinds for banks from potential Fed rate cutsMost bank stocks got a boost yesterday, after Fed Vice Chair Randal Quarles said the central bank would announce changes to the Volcker Rule later this year as a means of deregulating the financial industry. Nevertheless, Citigroup sees headwinds for the sector, saying a 100-basis point Fed rate cut could pull down U.S. banks ea...Read More
The SPX has reclaimed the 3,000 levelThe Dow Jones Industrial Average (DJI) is heading toward its third straight win and second straight triple-digit gain to close out a record-setting week. The blue-chip index already nabbed another fresh intraday record high earlier today, as optimism regarding a Fed rate cut builds. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are confidently higher as...Read More
Weekly options trading has picked up on FBFacebook, Inc. (NASDAQ:FB) is in focus today after President Donald Trump tweeted about the company's new cryptocurrency Libra, saying he's "not a fan" of cryptocurrencies in general and that the company may need to get a banking charter. This comes as the Senate Committee on Banking, Housing, and Urban Affairs is set to hold a hearing for Libra next week,...Read More
Cititgroup has been climbing higher on the chartsBank giant Citigroup Inc (NYSE:C) is up 0.3% at $71.83 this afternoon, eyeing its sixth straight weekly win. Options traders may be gearing up for the company's second-quarter earnings, slated for before the market opens, Monday, July 15. Below we will take a look at how C has been faring on the charts, as well as to what the options market is pric...Read More
Just for fun because I am a chart guy who all too often bores you (and me) to death with ratio and indicator charts and all too seldom makes charts just for the fun of it anymore…So this long-term silver chart is just for the fun of it. What do we have here? A very long-term Cup & Handle; and boy what a handle. It killed the true believers years ago. I like that the 2011 (bubble) right...Read More
Illumina also lowered its full-year revenue growth forecastBiopharma concern Illumina, Inc. (NASDAQ:ILMN) is eyeing its worst day in nearly three years, after the company reported preliminary second-quarter revenue that fell well below analysts' expectations. The firm also lowered its full-year revenue growth forecast, citing a weak direct-to-consumer market, among other things. ILMN stock is down...Read More
Flat-rolled steel import prices in South America trended in different directions in the week to Friday July 12, as the current Chinese upturn provided a tailwind while hot-rolled coil and Galvalume were influenced by discounted deals.Fastmarkets' price assessment for steel cold-rolled coil import, cfr main ports South America, was $575-585 per tonne on Friday July 12, up by $5 from $570-580 per to...Read More
Movements in the ferrous scrap prices around the world were mixed in the week ended Friday July 12, with prices in Asia supported by steady demand and higher offers while prices in the United States and Turkey fell on thin spot trading activity. Turkey sees limited import trades US East Coast exporters see bearish demand Asian import prices up but downtrends possible Monsoon in India reduces spot...Read More
Hot Wednesday is behind us. We had both the Powell’stestimony to the Congress and the released minutes from the latest FOMCmeeting. The biggest yesterday’s winner is clearly gold. If you would like toknow why – and what situation the yellow metal is in currently – we invite youto read our today’s article! Powell Failsto Push Back Against Market Expectations of Rate Cu...Read More
Analysts remain quite bullish on SAVE, thoughA day after Delta Air Lines (DAL) soared in the wake of its quarterly report, the shares of sector peer Spirit Airlines Incorporated (NYSE:SAVE) are down 0.4% to trade at $52.04 this morning. Spirit's second-quarter revenue growth outlook of nearly 19% came in lower than expected. Despite the subpar number, Citi upped its price target on SAVE today to...Read More
Ford has been climbing the charts since its December bottomShares of Ford Motor Company (NYSE:F) are higher this morning, after the car name announced an extended collaboration with sector peer Volkswagen. Specifically, the two automakers will take equal minority stakes in self-driving and electric vehicle startup Argo, which will result in a majority stake when combined. The deal allows the compa...Read More
Import bookings of hot-rolled coil (HRC) into India have come to a standstill because of tariff uncertainties, with buyers fearing that the government may soon impose a safeguard duty on flat steel imports.Japanese and South Korean mills which regularly sell HRC to Indian importers made no fresh offers in the week ended Friday July 12 because importers are not willing to open letters of credit, ev...Read More
The brokerage firm began coverage on Wall Street freshmen Zoom Video Communications and SlackWall Street newcomers Zoom Video Communications Inc (NASDAQ:ZM) and Slack Technologies Inc (NYSE:WORK) are in focus this morning after receiving new coverage at Stephens. More specifically, the brokerage firm took a bullish view on both the shares of ZM and SLACK, giving them "overweight" designations. Loo...Read More
The Dow is set to extend its journey atop 27,000Dow Jones Industrial Average (DJI) futures keep surging, signaling another record high on the horizon, amid lingering optimism about a July rate cut. Traders continue to cheer dovish two-day testimony from Fed Chair Jerome Powell, with bank stocks Goldman Sachs (GS) and JPMorgan Chase (JPM) higher ahead of the bell -- and ahead of a flood of bank ear...Read More
The biopharma outlined a Phase 3 study for its MS treatment, ibudilastMediciNova, Inc. (NASDAQ:MNOV) stock is up 9% in electronic trading, after the California-based biopharmaceutical firm announced plans for a late-stage clinical trial for ibudilast in patients with progressive multiple sclerosis (MS). The company said it will conduct just one study, with the Food and Drug Administration (FDA) sa...Read More
Fastmarkets examines hot-rolled coil and plate prices across the United States, China and the European Union, to determine what influence - if any - the two carbon steel products have on each other's pricing movements.US: Is the wider spread between HRC and plate the "new normal"?The wide spread between prices for hot-rolled coil and plate has been blamed for the fast-falling US plate market in th...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 306,10561,34262,529163,955442,371532,589566,242 Change from Prior Reporting Period -6,5977,586-9,1043,673-4,733-12,028-6,251 Traders 21375775964308187 Small Speculators LongShortOpen Interest 66,38832,735598,977 5,056-721-6,972 non reportable positionsCha...Read More
- Mike GleasonChairman Powell's testimony this week was closely scrutinized not just for its economic implications but also for its political overtones. Powell cited "trade tensions" as cause for concern about the strength of the global economy. He clearly seemed to be blaming President Trump's tariffs.But if the tariffs are what ultimately move the Fed to cut rates, Trump will have finally go...Read More