Here are five Fastmarkets stories you might have missed on Thursday April 2 that are worth another look.Tata Steel has reduced output at its steel production sites in India and Europe due to decreased demand, and to obey the temporary regulations imposed to tackle the spread of the Covid-19 pandemic, the company said on Wednesday April 1.Norsk Hydro has decided to postpone adding 95,000 tonnes per...Read More
Kohl's has historically underperformed during the second quarter The retail sector hasn't stood a chance these past few months, and things seems to be reaching a fever pitch, especially for department stores, with many sector members trading at new annual lows today. One name right in the thick of things is Kohl's Corporation (NYSE:KSS) with the shares festering near new record lows, off 2.3% at...Read More
The S&P 500 and Nasdaq are also holding on to midday gainsThe Dow Jones Industrial Average (DJI) pared modest morning losses and is currently up over 300 points at midday. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both joining the Dow with respectable gains despite jobless claims soaring to a record 6.6 million. Energy stocks are in focus today, afterPresident Donald Trump co...Read More
Demand for flat steel products in Turkey was weak in March because of the spread of the Covid-19 pandemic in the country, market participants told Fastmarkets on Thursday April 2.The first case of a Covid-19 infection was announced on March 11 in Turkey, and all schools were closed on March 15.Since then, several carmakers in the country have announced production stoppages.Tofas, which produced 26...Read More
The online pet supply retailer is expected to report earnings after the close this eveningOnline pet supply retailer Chewy Inc (NYSE:CHWY) has, for the most part, been breezing past every dramatic broad-market pullback caused by the coronavirus, climbing higher and even hitting an eight-month peak of $39.63 on March 30. Since then, the shares have cooled slightly, down 1.8% at $35.34 during today'...Read More
Markets are closed on Friday, but there will still be some economic data to unpackThe first full week of April will be relatively scant, with markets closed on Friday for the Easter holiday. There will be just a sprinkling of of economic data for traders to digest throughout the week, including the Job Opening and Labor Turnover Survey (JOLTS) and the Federal Open Market Committee's (FOMC) latest...Read More
The latest forecasts from Fastmarkets' team of analysts are ready to view.A 6% decline in the daily average 62% Fe iron ore fines benchmark last week contributed to the lowest quarterly price rise for the first quarter in five years, in spite of clear evidence of supply-side constraints. Although there were clear demand-related obstacles to iron ore suppliers raking in more typical, seasonal price...Read More
By: Ira EpsteinGold's 18-dma at $1584 area, support. Bias in gold is up. Bollinger bands: $1717 / $1450Read More
Three analysts have moved their price targets down to $60PVH Corp (NYSE: PVH) is up 3.6% to trade at $33.82 after announcing their fourth quarter earnings yesterday. The apparel company, operating popular brands such as Calvin Klein, reported profits of $1.88 per share, higher than Wall Street's anticipated $1.81 per share. Despite the revenue also outperforming expectations, no less than three an...Read More
Technical analyst Clive Maund charts silver and explains why he is bearish in the short to medium term.Whichever way you cut it, silver's chart looks bearish for the short to medium term, but against this we must set its rapidly improving COT structure and the mega-bullish silver to gold ratio (by all past standards). Silver's 7-month chart is a rather grim picture. On it we see that key support f...Read More
Rio Tinto has declared force majeure on shipments of copper cathode from its Kennecott copper mine in the US state of Utah following a 5.7-magnitude earthquake near the site last month.All operations at the site were temporarily halted after the quake, with staff evacuated while an assessment was made. The mine, concentrator and tailings have since resumed operations, but the company has been work...Read More
Black & Decker said it would reduce any non-essential staff and decided to withdraw its 2020 forecast As the impact of COVID-19 continues to expand, Stanley Black & Decker, Inc. (NYSE:SWK) announced it will reduce non-essential staff, cut indirect spending by roughly $1.7 billion, and suspend any acquisition-related activity. The firm also said it will withdraw its previously-announced guidance fo...Read More
Shopify joined the many businesses withdrawing full-year forecasts on coronavirus uncertaintyShopify Inc (NYSE:SHOP) is joining the overwhelming number of businesses withdrawing their full-year forecast over uncertainties surrounding the coronavirus pandemic. The e-tail name said it still expects its first-quarter revenue and adjusted operating income --due out May 6 -- to be well above estimates,...Read More
Guggenheim downgraded DIS to "neutral" from "buy," and cut its price target to $100Entertainment giant Walt Disney Co (NYSE:DIS) is slipping this morning, down 0.8% at $95.65, after Guggenheim came in with a downgrade to "neutral" from "buy," and slashed its price target to a Street-low of $100 from $160. The analyst said Wall Street is "under-appreciating how long the parts and resorts business m...Read More
Here are five Fastmarkets stories you might have missed on Thursday April 2 that are worth another look.Tata Steel has reduced output at its steel production sites in India and Europe due to decreased demand, and to obey the temporary regulations imposed to tackle the spread of the Covid-19 pandemic, the company said on Wednesday April 1.Norsk Hydro has decided to postpone adding 95,000 tonnes per...Read More
Oil prices are also rebounding todayAfter a historically rough start to the new quarter, Dow Jones Industrial Average (DJI) futures are trading slightly above fair value this morning.Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also up before the open, but have given back more substantial gains as investors unpack weekly jobless claims that soared to 6.6 million, blowing p...Read More
A much vaunted infrastructure bill could be back on the agenda again while the United States moves to shore up its economy and stem job losses amid the Covid-19 pandemic.US President Donald Trump said in a post on social media platform Twitter earlier on Tuesday March 31 that the bill would be the fourth part of the government's stimulus measures to handle the impacts of the virus."With interest r...Read More
David HaggithThe banks that are begging for bailouts still cling to their bonuses. To terrorize us into letting them keep their bonuses, the banksters are threatening to release the button on their suicide vests and blow themselves up by not taking the bailouts if they can't have their bonuses.You would think the response to that would be a no-brainer: "O.K. Go ahead." Then just walk off. Watch,...Read More
By: Ira EpsteinGold's 18-dma at $1584 area, support. Bias in gold is up. Bollinger bands: $1717 / $1450Read More
The Covid-19 pandemic has opened up financing opportunities for metals and mining-focused investment firms. It's also created a problem. The one-two punch demand and supply shock that the virus has created is putting the mining sector under extreme pressure. With banks even more reluctant than before to provide capital to the mining sector amid the tumultuous global financial backdrop, corporates...Read More