The outbreak of the novel coronavirus (2019-nCoV), intra-year demand volatility and seaborne supply uncertainty are likely to contribute to iron ore price volatility in the coming year, Australia miner BHP said."If Covid-19 is effectively and demonstrably contained within the March quarter, we expect that an accelerated run-rate in the construction and manufacturing sectors for the remainder of th...Read More
Turkish steel billet prices have increased over the past week thanks to rising imported scrap costs and improving demand, sources said on Thursday February 20.In response to the rising scrap import prices in Turkey, the suppliers in the Commonwealth of Independent States (CIS) region have raised their billet offer prices to $405-415 per tonne from last week's $400-405 per tonne.A steel mill in...Read More
Dexin Steel Indonesia will fire up its first blast furnace on Friday February 21, an industry source told Fastmarkets.Owned by China's Delong Holdings, the mill in Central Sulawesi province's Indonesia Morowali Industrial Park, will have a total production capacity of 3.5 million tonnes per...Read More
Lingering COVID-19 fears may have triggered the midday sell-off on Wall StreetThe Dow finished with a triple-digit loss today, its third-straight day moving at least 100 points, regardless of direction. The blue-chip index was down by almost 400 points at its session lows, hit by a sudden midday sell-off potentially triggered by lingered COVID-19 concerns. The S&P 500 and Nasdaq also closed in th...Read More
China's domestic rebar prices were mixed on Thursday February 20, with a partial resumption of work by the construction sector providing support in the eastern region while the cold weather in the north kept demand in check.Eastern China (Shanghai): 3,400-3,430 yuan ($486-490) per tonne, up 30 yuan per tonneNorthern China (Beijing): 3,330-3,350 yuan per tonne, down 20-30 yuan per tonneSeveral key...Read More
The shares of Avis Budget Group are trading near two-year highs after a fourth-quarter earnings beatRental car specialist Avis Budget Group Inc. (NASDAQ:CAR) entered the earnings confessional last night after the close with impressive results. Specifically, the firm posted fourth-quarter profits of $1.90 per share and a jump in revenue to a record $2.2 billion, both of which beat out analysts' es...Read More
LL shares are spiking todayLumber Liquidators Holdings Inc (NYSE:LL) is in focus today, with the stock last seen trading 27% higher at $10.38, fueled by online speculation that the shares could keep rocketing higher. This price action has LL pacing for its first close atop the 200-day moving average since mid-December, and options activity is through the roof in the meantime. So far today, roughl...Read More
Earnings season will end with a bang, as several retailers to report The final week of February will be a busy one. Investors will be sifting through a deluge of economic data, while earnings season is set to go out with a bang. In the forefront will be gross domestic product data for the fourth quarter, as well as a slew of home sales figures and consumer spending. As for earnings, the single blu...Read More
MGM has had a difficult start to FebruaryMere days off news its CEO Jim Murren has stepped down, MGM Resorts International (NYSE:MGM) is now buzzing after revealing it fell victim to a data breach in 2019. Reportedly the information of 10.6 million guests was compromised, though major financial systems were not affected. In response, MGM is down 0.2% at $32.11, at last check. MGM Resorts stock h...Read More
Stocks are suddenly pulling back sharply at middayStocks are suddenly selling off sharply at midday, with the Dow Jones Industrial Average (DJI) down almost 300 points at last check. The losses are just as deep for the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), while gold prices surge to fresh highs amid the risk-off trading. At last check, April-dated gold futures were trading up 0.8% at...Read More
RambusJust a quick update on the Yen / PM combo we've been following. Today the yen is moving lower in its new impulse move to the downside doing away with the positive correlation it used to have with the PM complex. While the yen is moving lower more PM stock indexes are breaking out to the upside. I just wanted to post this combo chart early so you can follow the breaking out and the backtest...Read More
- Steve St. Angelo, SRSrocco Report According to a precious metals dealer I spoke with, the world out on the street is that demand for gold and silver has recently surged due to investor concerns about a disruption to the Global Supply Chain. We are already seeing a massive slowdown in China's oil demand as official reports show a 20% reduction in oil consumption. However, I believe China'...Read More
By: Ira EpsteinGold Market: higher highs ad higher lows short-term. What resistance exists above? Markets in general are looking at the "what if" scenarios..Read More
One needs to keep on booking profit as long as gold does not break $1633.80 and silver does not break $1882.90. There is a big technical resistance between $1633.80-$1648.50 and $1663.30. For gold to rise to $1900-$2000 for the rest of the year, it has to break and trade over $1633.80-$1648.50-$1663.30 zone. Why am writing this? This is always a slip between the cup and the lip. The Lip here is...Read More
Options traders have been focused on calls for a whileRenewable resource stock Plug Power Inc (NASDAQ:PLUG) is having a resurgent start to 2020, up 72.8% year-to-date. PLUG is 3.4% higher today too, last seen at $5.85, and options traders are piling on the penny stock with an emphasis on calls. At last check, 62,000 calls have changed hands, 10 times the average intraday amount and nearly seven t...Read More
ETFC has already had a volatile run over the past 12 monthsShares of E-Trade Financial Corp (NASDAQ:ETFC) are surging this morning, last seen up 24.7% at $56.04, earlier off an annual high of $56.30, after news it has accepted a buyout offer from Morgan Stanley (MS), for $13 billion in stock. The purchase will allow Morgan Stanley to build on its wealth management sector through the addition of E...Read More
It appearedthat the bears firmly took the reins of yesterday’s session, but most of theirgains were history before the closing bell. Have we seen an important turningpoint for oil?Let’s startwith the daily chart examination (charts courtesy of http://stockcharts.com and http://stooq.com ).Crude oil opened yesterday’s session with the greenbullish gap that’s slightly below t...Read More
DPZ hit a new record high right out of the gateA big earnings winner this morning is Domino's Pizza, Inc. (NYSE:DPZ). The restaurant company reported adjusted fourth-quarter earnings of $3.13 per share on $1.15 billion in revenue, both of whichtopped analyst expectations. Same-store sales also roared past estimates, and the company attributed faster delivery and new promotions as catalysts behind...Read More
Coronavirus, the topic du jour. It is still the major threat for the global health and economy. But we should not forget about other geopolitical and economic developments. What do they imply for the gold market?Coronavirus, China’s Economy and Gold PricesThe number of cases of coronavirus reported by the WHO have increased from 45,171 cases and 1,115 deaths by February 12 to 51,867 cases an...Read More
L Brands will sell its lingerie unit to Sycamore Partners After months of speculation surrounding L Brands Inc (NYSE:LB) and speculation that it wanted to sell its struggling subsidiary Victoria's Secret, it appears that the rumors were true. It was announced this morning that the firm will be selling a controlling stake in the lingerie brand to Sycamore Partners for $525 million. Additionally, L...Read More