Coty bought a sizable stake in Kylie Jenner's businessStocks are hitting fresh highs to start the week, although oil prices are lower. Among three names making notable moves higher today are biotech issue Karuna Therapeutics Inc (NASDAQ:KRTX), cosmetics concern Coty Inc (NYSE:COTY), and Russian online services stock Yandex NV (NASDAQ:YNDX). Here's a quick look at what's moving the shares of KRT...Read More
RACE's 10-day moving average caught its latest pullbackItalian carmaker Ferrari NV (NYSE:RACE) was unable to get a halo lift this morning from sector peer Ford's (F) big electric SUV announcement. At last check, RACE was down 1% to trade at $165.55, but the stock still flashing a bullish signal that could lead to new record highs. More specifically, RACE's recent Nov. 4 record high of $172.88...Read More
Oil prices are plummeting todayThe Dow Jones Industrial Average (DJI) is hitting fresh highs today, boosted by big gains for Walt Disney (DIS) stock. However, the upside is modest, as energy giant Chevron (CVX) sells off with oil prices. Specifically, December-dated crude is down 1.8% at $56.71 per barrel. Wall Street is also watching for updates on the U.S.-China trade front, and digesting news o...Read More
URBN has been climbing higher since its mid-August lowsDespite receiving an early morning bull note from RBC to $28 from $23, Urban Outfitters, Inc. (NASDAQ:URBN) is down 2.7% at $30.22 today, potentially sinking alongside its sector peers. URBN may also be in focus for the options market, as the retailer is slated to report third-quarter results after the market close, tomorrow, Nov. 19. Urban...Read More
HUN stock is in focus this morning following bullish brokerage attentionChemical stock Huntsman Corporation (NYSE:HUN) has been consolidating on the charts since early September, recently finding nice support from the 200-day moving average. While the $24-$25 range -- site of the shares' early 2019 highs -- is certainly on the radar as potential resistance, HUN just snagged a bullish analyst note,...Read More
SPWR is fresh off its eighth straight weekly lossJust a week after SunPower Corporation (NASDAQ:SPWR) was shining amid news of a strategic spin-off, the stock is now down 4.1% to trade at $7.96, after the company launched a public offering of common stock valued at 22 million shares. In response, options traders have perked up this morning.More specifically, in just the first hour of trading toda...Read More
The major gold minersjust enjoyed a phenomenal quarter for gold, which soared after its firstbull-market breakout in years. Q3’19’s much-higherprevailing gold prices should’ve driven soaring earnings for the miners, due totheir big inherent profits leverage to gold. So this just-completed Q3 earnings season is the most important for thissector in a long time. Did...Read More
L Brands stock has already shed nearly 30% in 2019Retail giant L Brands Inc (NYSE:LB) was slammed with a set of price-target cuts this morning, adding to its already grim run on the charts. RBC dropped its target price to $21 from $22, while Wedbush slashed its LB price target to $16 from $20. This double dose of bear notes comes just ahead of the company's quarterly report, which is scheduled fo...Read More
Chinese officials are reportedly skeptical a trade deal will be reachedFresh off Friday's 11th record close of 2019 and first-ever trip over 28,000, Dow futures are indicating a slightly negative open this morning after a report indicated Chineseofficials are pessimistic about the prospects of a trade deal with the U.S. More specifically, Beijing is said to be troubled by President Donald Trump's...Read More
"We will not have any more crashes in our time." John Maynard Keynes (1927), British Economist; 1883-1946 "There may be a recession in stock prices, but not anything in the nature of a crash." Irving Fisher, Sep 5, 1929, U.S. economist, statistician, inventor, progressive social campaigner; 1867-1947 "It doesn't matter whether it comes in one year or four. If you don't start preparing now,...Read More
It's no secret that a small move up in goldprices...Converts -- directly -- in to a huge move injunior gold miners.For every 1% move in gold... a small goldminer can rise 20%... 40% or more.And right now, the smartest investors --insiders at TD, Merrill, Citi and more -- are calling for gold to rise 33%.Gold could surpass its all-time highs and shoot up over $2,000 per ounce.This could send gold m...Read More
Short-covering could potentially keep volatility compressed during the next few months"... [S]tocks have held their own amid a plethora of shorting activity that has pushed total short interest on SPX components to the highest level since June 2018. With a relatively low bar set with respect to earnings, and more clarity on China-U.S. trade, an unwinding of the six-month build in short interest co...Read More
By: Robert LambourneIts statement of account for October shows that the Bank for International Settlements continues actively trading in gold swaps. The BIS uses gold swaps and other gold derivatives to gain access to gold held by commercial banks. Recent swap levels remain much lower than they were in the second half of 2018, although the level of swaps as of October 31, an estimated 186 tonnes...Read More
StrengthsThe best performing metal this week was silver, up 1.02 percent on little news. Gold traders and analysts were mostly bullish on their outlooks for gold next week despite lower prices. Fifty-three percent of respondents were bullish in the weekly Bloomberg survey. Serbia bought nine tonnes of gold in October and the metal now accounts for 10 percent of the nation's foreign reserves. Ser...Read More
The three-month lead price on the London Metal Exchange was lower at the close of trading on Monday November 18, with the price settling below the $2,000 per tonne support level for the first time since September, while continued inflows pushed aluminium futures lower.Lead's outright price closed at $1,953.50 per tonne in the afternoon, its lowest close since August 2, while turnover was at its hi...Read More
Export prices for hot-rolled and cold-rolled coil from the Commonwealth of Independent States have increased in line with the global uptrend, sources told Fastmarkets on Monday November 18.Fastmarkets' price assessment for steel HRC, export, fob Black Sea, CIS, was $390-405 per tonne on November 18, up from $375-385 per tonne fob a week ago.Several sales of Russia-origin material were made to Turk...Read More
Prices in the CIS export slab market continued to rise in the week to Monday November 18 with new bookings in Turkey being made at higher levels.Fastmarkets' weekly price assessment for steel slab, export, fob Black Sea, CIS, was $367-370 per tonne on November 18, up from $340-360 per tonne on Monday last week.Rising costs for raw materials, particularly scrap, and increased finished flat steel pr...Read More
Turkish scrap import prices have increased once again on news of a European cargo being sold at the beginning of the week, although mills were still worried about soft demand for finished long steel products, sources said on Monday November 18.A steel mill in the Iskenderun region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 7,500 tonnes of a mixture of HMS 1 and plate and...Read More
Christopher Lewis8 hours ago (Nov 18, 2019 4:52 PM GMT)Gold markets initially pulled back during the trading session on Monday, as there were reports of positivity coming out of the calls between the Americans and the Chinese over the weekend, but since then we have seen a complete turnaround in the rhetoric, and now it suggests that perhaps there is more of a “risk on” type of scena...Read More
Here are five Fastmarkets MB stories you might have missed on Monday November 18 that are worth another look.The outlook for the Asian hot-rolled coil market in the early part of 2020 is bullish, with prices for January-shipment materials already moving higher, an official at a leading Japanese steelmaker has told Fastmarkets.More than 200,000 tonnes of aluminium have been delivered into Lond...Read More