ASIAN METALS MARKET UPDATEMomentum for gold and silver is bearish. I am happy with the correction. There will be good demand in every Asian nation. Buyers and investors will vanish if gold and silver fall next week. European central bank meeting today can affect euro as well as bullion. Lower growth forecast for this year has already been factored in by the markets and such they will not impact....Read More
There will also be earnings to take in from the retail sectorThe main focus of next week's economic calendar will probably be Tuesday's release of the consumer price index (CPI), with the inflation gauge likely sparking speculation about the Fed's next move. On the earnings side of things, Adobe's (ADBE) and Broadcom's (AVGO) releases late in the week could generate the most headlines. Below is a...Read More
The analyst initiated coverage with an "overweight" rating and a $21 price target The shares of Unity Biotechnology, Inc. (NASDAQ:UBX) suffered an 11.2% drop yesterday -- and touched a record low of $9.05 -- after poorly received fourth-quarter earnings. Despite all this, Cantor Fitzgerald last night initiated coverage of UBX with an "overweight" rating and a price target of $21 -- more than dou...Read More
The analyst in coverage also slashed their price target on the stockPivotal Research cut its rating on United Natural Foods Inc (NYSE:UNFI) to "sell" from "hold," and slashed its price target to $8 from $14. This follows the Whole Foods supplier's fiscal second-quarter EBITDA loss -- reported Monday -- which CEO Steven Spinner said was due to "higher than anticipated costs" associated with its Sup...Read More
China's major mills continued to raise their daily output rates for crude steel in mid-February, while their finished steel inventories also rose.Members of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 1.95 million tonnes per day during the second 10 days of February, up 1.6% from 1.92 million tpd in early February, according to data released by the industry...Read More
Cantor Fitzgerald initiated coverage with an "outperform" ratingThe shares of Chiasma Inc (NASDAQ:CHMA) are modestly higher today, after the pharma stock scored a very bullish brokerage note. Specifically, Cantor Fitzgerald launched coverage of CHMA with an "outperform" rating and $18 price target -- more than three times the equity's current price, and in territory not charted in three years. The...Read More
STM and LRCX just pulled back to trendlines with historically bullish implicationsSeveral chip stocks are lower today, after Japan-based Renesas Electronics issued partial production cuts to counter slowing Chinese demand. Two such names in the red today are STMicroelectronics NV (NYSE:STM) and Lam Research Corporation (NASDAQ:LRCX). However, if history is any guide, both semiconductor stocks co...Read More
The ECB cut its economic growth forecastU.S. markets are being weighed down by a downwardly revised economic growth forecast from the European Central Bank (ECB), which also unveiled a new stimulus plan and said it doesn't expect to hike interest rates until 2020.ECB President Mario Draghi warned of a "period of continued weakness and pervasive uncertainty." As such, the Dow Jones Industrial Avera...Read More
Demand for flat steel in Turkey failed to improve in February although prices increased, but no further price rises were expected, market participants told Fastmarkets on Wednesday March 6.Local producers have filled their order books until May, they added.The price rises in February resulted from increasing prices for raw materials after the rupture of a tailings dam at Vale's Feij??o iron ore mi...Read More
Turkey's flat steel export volumes rose by 55.37% year-on-year in January, according to the latest data from the Turkish Statistical Institute (TUIK). The main reason for the increase was that the local demand was weak in the country in the last quarter of 2018, when orders to be...Read More
Barrick Gold Corp is having "constructive" talks with rival Newmont Mining Corp about a possible joint venture in Nevada, Chief Executive Mark Bristow told the CNBC television network on Thursday."We are engaged in a constructive manner," Bristow said on CNBC's "Mad Money" program. "We are talking. That's a good thing."Major shareholders have pushed for a Nevada JV, expressing concern a full combi...Read More
Analysts are already bullish on the surging stockBerenberg initiated coverage on Zebra Technologies Corp. (NASDAQ:ZBRA) with a "buy" rating and $250 price target -- a 24% premium to last night's close. The brokerage firm waxed optimistic on the barcode printer maker's growth potential, as demand for asset tracking strengthens as companies across a wide swath of sectors scramble to keep up with Ama...Read More
However, AGN shares have shaken off pre-market lossesAllergan plc (NYSE:AGN) is up 4.2% to trade at $143.31, shaking off some subpar drug data. Specifically, Rapastinel, the company's depression treatment, failed three late-stage studies. However, AGN shareholders may be celebrating separate news, after the Food and Drug Administration (FDA) accepted the company's application to extend the use of...Read More
Domestic prices for hot-rolled coil (HRC) in Europe have been largely stable over the past week, although steelmakers were targeting increases, sources told Fastmarkets on Thursday March 7.Prices in the domestic market have been stable due to largely unchanged import offers and resistance among end-users to a price rise, according to market sources.Northern EuropeThe outlook on further price chang...Read More
The retailer reported fourth-quarter revenue and a first-quarter forecast that fell short of analysts' expectations The shares of American Eagle Outfitters (NYSE:AEO) are down 1.1% at $21.12 in early trading after the apparel concern's fourth-quarter results. The company reported a marginal earnings beat, but its revenue and first-quarter guidance fell short of analysts' expectations. American Eag...Read More
The weekly 3/8 19-strike call was sold to open recentlyThe shares of Kroger Co (NYSE:KR) are spiraling, after the grocery chain reported fourth-quarter adjusted earnings of 48 cents per share on $28.09 billion in revenue -- below consensus estimates. The company also said full-year per-share earnings will arrive between $2.15 and $2.25, less than analysts are expecting, citing increased expenses r...Read More
STZ received positive attention, while BUD was downgradedBeer stocks Constellation Brands, Inc. (NYSE:STZ) and Anheuser Busch Inbev NV (NYSE:BUD) received analyst attention this morning. Let's take a quick look at how the shares of STZ and BUD fared as a result. Credit Suisse initiated coverage on Constellation Brands with an "outperform" rating and $230 price target. The majority of analysts were...Read More
Productivity and labor costs data hit the Street bright and earlyThe Dow Jones Industrial Average (DJI) is fresh off a three-day losing streak, but futures on the blue-chip index are cautiously higher today, propped up by the European Central Bank (ECB) decision to leave interest rates unchanged through the end of 2019 -- longer than previously forecast -- and launch a newlonger-term loan stimulus...Read More
By: Ira EpsteinGold - 100 week average (~$1272/3 and rising) possible correction low. Biased down. Oversold.Gold/Silver ratio -- higher it goes, the more silver you load up in your shopping cart:Read More
Sentiment in the market for pig iron exports from the Commonwealth of Independent States (CIS) has improved because of higher scrap prices in the United States, which is the key outlet, and lower material availability, Fastmarkets learned during the week ended Thursday March 7.Fastmarkets' price assessment for CIS exports of high-manganese pig iron was $340-345 per tonne fob Black Sea on March 7,...Read More