Slab export prices from Brazilian producers fell further in the week ended Friday October 25 because producers were willing to accept lower bids to maintain sales volumes.Fastmarkets' weekly price assessment for steel slab, export, fob main port Brazil, fell to $350-360 per tonne fob on Friday from $360-365 per tonne fob a week earlier.Sources believe Brazilian prices could now find a floor around...Read More
Observations from a recent site visit there are provided in a BMO Capital Markets report. In an Oct. 22 research note, BMO Capital Markets analyst Andrew Mikitchook reported the main takeaways from a site visit to Premier Gold Mines Ltd.'s (PG:TSX) South Arturo joint venture project with Nevada Gold Mines. The primary highlight, Mikitchook indicated, is that the El Ni?o mine at South Arturo in Ne...Read More
The Fed is expected to cut rates again at this week's meeting Stocks surged today, as an influx of well-received earnings reports from Spotify (SPOT) and AT&T (T), among others, helped boost investor sentiment. Most notably the S&P hit a record intraday highof 3,044.08, and notched a new all-time closing high. In addition to the earnings optimism, hopes for a U.S.-China trade deal helped buoy Wall...Read More
OMER is trading above a key trendline todayOmeros Corporation (NASDAQ:OMER) earlier said it initiated the rolling submission process for a Biologics License Application (BLA) to the U.S. Food and Drug Administration for narsoplimab, its leading antibody to treat hematopoietic stem cell transplant-associated thrombotic microangiopathy (HSCT-TMA). The therapy already holds an orphan drug designation...Read More
President Xi Jinping reportedly lauded blockchain on FridayRemember bitcoin? Well, it's still around, and found itself in the spotlight on Friday, after Chinese President Xi Jinping reportedly endorsed blockchain technology and called for greater advancement into the field. In fact, searches for "blockchain" on China's Baidu skyrocketed by more than 40 times in just two days, according to The Wall...Read More
Friday’ssession was exceptional for several reasons and the most profound ones aregold’s and silver’s sizable intraday rally, and the subsequent slide. Thereversals that both metals created are practically screaming signs pointing towhat’s next. The way mining stocks behaved, and how gold closed relative to itsprevious tops also have important implications, but let’s...Read More
The equity just pulled back from record highsBiopharmaceutical concern The Medicines Company (NYSE:MDCO) will report earnings on Wednesday, Oct. 30. MDCO shares have quietly rallied nearly 200% in 2019 so far, and the stock's recent pullback could be an opportune time to jump in on the next leg higher, if history is any indicator.The Medicines Company stock touched an all-time high of $58.48 on Oc...Read More
Steel prices are expected to remain stable in the Brazilian domestic market through the remainder of 2019 despite a still favorable import parity, the commercial director for Companhia Sider??rgica Nacional (CSN), Luis Martinez, said on Thursday October 24.While hot-rolled (HRC) and cold-rolled coils (CRC) are currently being sold at a 2% premium over internalized imports, galvanized materials are...Read More
Avi GilburtThere is a significant amount of frustration from the bulls and bears alike as the market has been basically in a trading range for many, many months. So, before we go into my expectations for the coming months, I want to review how we got here.As the market began its rally off the December lows of 2018, my initial expectation was that we could top out as we headed into the March/Apri...Read More
Some traders and analysts think SHOP can break out to $400Shopify Inc (NYSE:SHOP) is preparing to report earnings before the open tomorrow, Oct. 29, and bulls will be hoping for more of the same from the e-commerce solutions stock. That's because the shares have gained the day after earnings in four consecutive quarters, including a 7.4% jump last quarter, and a 12% surge this time last year. Sure...Read More
Options looks relatively cheap on the shipping nameShipping giant FedEx Corporation (NYSE:FDX) is moving higher this afternoon, up 1% at $159.72. This positive price action may be short lived, however, as data from Schaeffer's Senior Quantitative Analyst Rocky White indicates FDX is nearing a historically bearish trendline.On the charts, FedEx stock has been in a major downtrend since early 2018....Read More
Brazilian iron ore pellet producer Samarco has received a license from a state environmental agency, allowing it to resume operations in its Germano complex, in southeastern Minas Gerais state, on Friday October 25.With the license, issued by the Minas Gerais' state environmental council, Copam, Samarco has secured all environmental permits needed to resume operations, its 50% shareholder Val...Read More
The broader stock market is soaring today, tooThe S&P 500 Index (SPX) is fresh off a record intraday peak, fueled by a big day for luxury retailer Tiffany (TIF). Among other names making notable moves are Dow stock Microsoft Corporation (NASDAQ:MSFT), streaming issue Roku Inc (NASDAQ:ROKU), and child care provider Care.com Inc (NYSE:CRCM). Here's a quick roundup of what's moving the shares of MSFT...Read More
The Nasdaq is also comfortably higherThe Dow Jones Industrial Average (DJI) is kicking off the week with big gains -- up triple digits at midday -- but is ceding the spotlight to the S&P 500 Index (SPX), which just nabbed a new all-time high of 3,044.08 and is cruising toward its fourth straight win. The Nasdaq Composite (IXIC) is is nearing its own record highs and four-day winning streak, as...Read More
Workers signed a contract outlining a mix of one-time bonuses and three U.S. plant closuresThe General Motors Company (NYSE:GM) strike has come to a close, with workers agreeing to sign a new four-year labor contract, which awards union members part of the 40-day strike a combination of one-time bonuses, and outlines the closure of three U.S. plants. While the strike may be over, the United Auto W...Read More
Analysts love RingCentral stockRingCentral Inc (NYSE:RNG) shares recently bounced from the $150 area, near the site of their huge bull gap earlier this month, and today they're trading up 0.5% at $161.41, thanks to a bullish note out of brokerage firm Jefferies. The analyst in coverage says they see a path where the company's annual revenue can top $2 billion, keeping their "buy" recommendation in...Read More
The Paris retailer made a $14.5 billion unsolicited bid for TiffanyTiffany & Co. (NYSE:TIF) stock is red-hot this morning, after Paris-based LVMH made a $14.5 billion buyout bid for the U.S. jeweler. The Louis Vuitton owner's unsolicited offer equates to roughly $120 per TIF share -- a 21.7% premium to last Friday's close at $98.55 per share -- and has the retail stock up 32.4% out of the gate to...Read More
SPOT is on track for its biggest one-day jump everThe shares of Spotify Technology SA (NYSE:SPOT) are up 10% to trade at $132.90 this morning, on track for the best single-session gain ever. The media streaming name reported adjusted third-quarter earnings of 40 cents per share, blowing past the analyst estimates of a 31 cents per share loss. Revenue and premium subscribers also surpassed expect...Read More
The three-month nickel price on the London Metal Exchange was lower at the close of trading on Monday October 28, falling by a little less than 2% against high turnover, while copper's outright price breached nearby resistance.Nickel's outright price closed at $16,640 per tonne, while some 9,730 lots were exchanged by the close. The metal reached an intraday high of $17,025 per tonne, its highest...Read More
CFO Louis Hsieh resigned from the company for personal reasonsThe shares of electric carmaker Nio Inc (NYSE:NIO) are sinking even further into penny-stock territory, amid newsthe firm's chief financial officer (CFO), Louis T. Hsieh, will be resigning from his post for personal reasons. A search for a replacement has been initiated, with Hsieh's resignation taking effect on Wednesday, Oct. 30. The...Read More