Options volume is accelerated today There hasn't been muchto write home about for GameStop Corp. (NYSE:GME). Today, though, the stock is up 7.6% to trade at $3.88, after Barron's reported hedge fund manager Michael Burry -- whose famous bet against subprime mortgages ahead of the 2008 housing crisis was featured in the movie "The Big Short" -- just went long on GME stock. Scion Asset Management...Read More
The yield-curve inversion has popped up once again The Dow Jones Industrial Average (DJI) has turned lower, reversing early gains, as recession anxieties begin to creep back in. Speaking from the central bank's annual symposium in Jackson Hole, Wyoming, Philadelphia Fed President Patrick Harker and Kansas City Fed President Esther George said they don't see a case for additional rate cuts right...Read More
Retail earnings will remain in focusNext week will be filled with plenty of economic updates, as the latest gross domestic product (GDP) data comes front and center. Wall Street will also sift through data on durable goods orders, international trade, and personal income and spending. As far as earnings, names like Ulta Beauty (ULTA) and Best Buy (BBY) will take center stage, as the retail sector...Read More
Mustang Bio is lower despite a FDA expedited designationTwo biotech names under pressure this morning are Mustang Bio Inc (NASDAQ:MBIO) and Retrophin Inc (NASDAQ:RTRX). Below, we'll get in to what's caused each stock to make suchoutsized moves lower today.First up is Mustang Bio, down 6% to trade at $4.36, despite the Food and Drug Administration (FDA) granting expedited review status to the compa...Read More
By: Ira EpsteinFOMC minutes thoughts. Gold down on week, off its highs. Daily chart shows distribution, neutral view. Caught in a range: Read More
No affect in gold and silver price after the FOMC minutes. Traders are still hooked to US-China trade relations, slowdown and central banks bunking US dollar. Federal Reserve policymakers were deeply divided over whether to cut interest rates last month but were united in wanting to signal they were not on a preset path to more cuts. In my view, Trump will start a currency war by forcing Federal...Read More
The brokerage firm is targeting major upside for the software stockMizuho Securities initiated coverage on Workday Inc (NASDAQ:WDAY) with a "buy" rating and a $225 price target -- a 17.8% premium to last night's close at $190.92. The brokerage firm said the company's cloud platform and prism analytics products could be "game-changers," potentially becoming $1 billion businesses.Today's bull note c...Read More
The firm posted better-than-expected second-quarter earnings Department store name Nordstrom, Inc. (NYSE:JWN) is following yesterday's big retail gains with a win of its own. The shares of JWN are up 11.7% at $29.65, after the firm reported second-quarter earnings that exceeded analysts' estimates. Nordstrom said it cut costs and cleared more inventory via online sales. The company also reported a...Read More
W is more than 45% above its late-December bottomOnline furniture retailer Wayfair Inc (NYSE:W) is surging right out of the gate this morning, already up 3.3% at $118.88, after receiving a fresh bull note from Stifel. The brokerage firm upgraded to a "buy" from "hold," with a $150 price target, saying the stock's recent 12% drop made an attractive entry point for buyers. Interestingly, the stock...Read More
Weekly jobless claims fell more than expected last week Dow Jones Industrial Average (DJI) futures are trading modestly above fair value, with the blue-chip index set to build on yesterday's retail-focused rally. The Fed's annual symposium in Jackson Hole, Wyoming, will kick off later today, whereFed presidents will comment on the global economy. Investors will be eager for any details about U.S....Read More
European flat steel producers have increased their official offer prices for hot-rolled coil (HRC), but buyers doubt that transaction prices will increase, sources told Fastmarkets on Thursday August 22.Market activity has been slow this week due to the seasonal slowdown. Although market activity traditionally starts to recover in late August-early September, buyers doubt that the rebound in deman...Read More
Solaredge shares are set for a rare pullbackSolaredge Technologies Inc (NASDAQ:SEDG) is set to slide 6.3% at the open due to news the alternative energy company's CEO Guy Sella is taking a medical leave of absence. Meanwhile, UBS downgraded the shares to "neutral" from "buy," though it also raised its price target to $90 from $73, saying it expects solar installations to peak over the next year. S...Read More
The London Metal Exchange three-month zinc price was lower at the close of trading on Thursday August 22, a day in which trading ranged $2,230-2,290 per tonne, while the backwardation in the nickel forward spread widened to its highest since 2015. The galvanizing metal closed trading at $2,245 per tonne, falling some 1.8% from an intraday high of $2,287 per tonne and from $2,285 per tonne at Wedne...Read More
Yildirim Group will close three high carbon ferro-chrome furnaces for at least three months for maintenance, removing 10,000 tonnes per month of ferro-chrome from the market. The Turkish industrial group will close two ferro-chrome furnaces at its Eti Krom subsidiary in Turkey for three months and a third furnace at its Tikhvin ferro-alloy plant in Russia, the company said on Thursday August 22. T...Read More
Switzerland-based AfriMet Resources has launched the world's newest tin book, targeting tin trading and project investment with the support of steel specialist Vanomet Holding AG. Trading house AfriMet plans to target long-term tin projects in Africa, which has long been a large tin resource. A recent drive of production in the region, such as Alphamin Resources' Bisie tin mine in the Democratic R...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday August 22 that are worth another look.In March of this year, Norwegian aluminium producer Norsk Hydro was the victim of a cyberattack. Fastmarkets goes behind the scenes to find out how events unfolded, and what has happened since.The Qingdao Intermediate People's Court has put up for sale a significant quantity of aluminium in...Read More
By: Ira EpsteinFOMC minutes thoughts. Gold down on week, off its highs. Daily chart shows distribution, neutral view. Caught in a range: Read More
Gary TanashianMr. Steven Ricchiuto, he of a Masters in Economics from Columbia, has laid out the proper plan for the Federal Reserve in this oh so noisy environment in which an unassuming and fairly quiet man is trying to tune out a personal bully on Twitter, tune out the stock market's daily whipsaw and do what he perceives to be the right thing.Today, the academic named above throws in with Tr...Read More
No affect in gold and silver price after the FOMC minutes. Traders are still hooked to US-China trade relations, slowdown and central banks bunking US dollar. Federal Reserve policymakers were deeply divided over whether to cut interest rates last month but were united in wanting to signal they were not on a preset path to more cuts. In my view, Trump will start a currency war by forcing Federal...Read More
Vancouver, B.C. - August 14, 2019 - Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB:XXMMF) (the "Company" or "Ximen") ") is pleased to announce its option partner New Destiny Mining Corp. (TSX.v NED) is mobilizing a drill to the Treasure Mountain Silver Property, located near Tulameen, B.C.New Destiny Mining Corp. recently completed an initial program of rock chip sampling, trenching and dril...Read More