The Dow, S&P, and and Nasdaq are all higher at middayIt's a strong start to the week for the Dow Jones Industrial Average (DJI), as President Donald Trump's trade commentsspark optimism on Wall Street. The blue-chip index has put on roughly 190 points, led by trade-sensitive Apple (AAPL), which has gained nearly 2%, and retailer Nike (NKE) stock, which is up 1.5%. Chip stocks, including Advanced M...Read More
Monday morning's M&A updatesDigesting this morning's market headlines, there are three M&A stories traders should be following. For starters, Bristol-Myers Squibb Co (NYSE:BMY) and Celgene Corporation (NASDAQ:CELG) are both making strong moves higher, thanks to news Amgen Inc (NASDAQ:AMGN) is buying CELG's psoriasis drug Otezla for $13.4 billion, paving the way for BMY and CELG's buyout deal. BMY...Read More
The upbeat U.S.-China trade developments are boosting the chip sectorA double-dose of headlines has the shares of Qualcomm, Inc. (NASDAQ:QCOM) up 1% to trade at $74.17 this morning.First, the chip stock is enjoying broad market tailwinds thanks to the latest U.S.-China trade optimism. But a C-suite shakeup e is also propping up the stock. On late Friday, the company announced current Chief Fina...Read More
FL suffered its worst day in two years on FridayFoot Locker, Inc. (NYSE:FL) slumped 18.9% on Friday -- marking the retail stock's worst day sine Aug. 18, 2017, when it plunged 27.9% -- after the athletic apparel retailer's earnings report fell short of expectations. FL shares are now trading at levels not seen since the fourth quarter of 2017, and bearish analysts are rushing to adjust their out...Read More
Sundial Growers went public earlier this monthWeed producer Sundial Growers Inc (NASDAQ:SNDL) is shooting higher this morning, already up 1.1%, at $9.75. Behind the surge is Cowen and Company, which initiated coverage with an "outperform" rating and $20 price target. The firm said the company has "displayed evidence of responsible corporate spending," referring to its break-even second-quarter. C...Read More
Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.Coming up we’ll hear some very interesting comments from a first-time guest, Jeffrey Christian of the CPM Group. Jeff talks about who’s been buying gold, and who hasn’t been – at least not compared to levels of a few years ago, tells us why they’ve moved up their price forecasts for gold and silv...Read More
The protracted economic battle between the United States and China will rewrite the rules of global trading and will not be resolved anytime soon, steel market sources in Asia told Fastmarkets."The world will wait and see who is able to gain the upper hand in the end and then follow the new rules of trading set by the winner," a major trader in China said.Market sources expect the entire ferrous s...Read More
Piper Jaffray downgraded the stock to "underweight" Lighting manufacturer Cree, Inc. (NASDAQ:CREE) is sinking today, after Piper Jaffray issued a bear note. The analyst downgraded the stock to "underweight" from "neutral," and slashed its price target to $38 from $57, citing the firm's quarterly guidance due to the recent Huawei ban. The stock has lost 2.6% so far to trade at $45.90. If this nega...Read More
President Trump said the U.S. and China are "getting back to the table" Dow Jones Industrial Average (DJI) futures are pointed confidently higher this morning -- with the blue-chip index eyeing a 250-point open -- as Wall Street cheers fresh optimism over U.S.-China trade talks. On Sunday, President Donald Trump said the two countries are "getting back to the table," and are serious about making...Read More
Is Dr. Copper diagnosing a stock market crash?The following is a reprint of the market commentary from the September 2019 edition of The Option Advisor, published on August 23. For more information, or to subscribe to The Option Advisor -- featuring 10 new option trades each month -- visit our online store.Conventional investing wisdom has long held that copper, the humble base metal, has predicti...Read More
A retest of the recent S&P lows and VIX highs could be in the short-term cards"Trade headlines continue to captivate market participants, with the market reacting to the various punches and counter-punches between President Donald Trump and China..."At last Monday's close, the VIX was at 24.59, or roughly double its 2019 closing low, and, in fact, doubling from the July 26 close of 12.16. I stated...Read More
The price for ammonium paratugnstate (APT) in Europe moved lower in the week ended Friday August 23, weighed down by bearish sentiment ahead of the late-August auction for the entire antimony stock held in the defunct Fanya Metal Exchange. Meanwhile, the Chinese APT export price was stable amid market uncertainty. Tungsten concentrate prices again stable amid inactivityFerro-tungsten market in Eu...Read More
StrengthsThe best performing metal this week was silver, up 2.03 percent. Gold came in second place, up 1 percent. Inflows into ETFs backed by gold have hit 1,000 metric tons since holdings bottomed in early 2016. Bloomberg data shows that total known ETF holdings rose to 2,424.9 tons on Wednesday, which is the highest since 2013. Goldman Sachs predicts that the price of the yellow metal will cl...Read More
Key data from the pricing sessions in Asia and Europe during the week ended Friday August 23.EuropeKey drivers Prices for both grades of antimony in Europe weakened on August 23 due to slow demand and few tonnages being exchanged. The price for antimony MMTA standard grade II, in-whs Rotterdam, has fallen by 0.4% while that for antimony max 100 ppm, Bi in-whs Rotterdam, ha...Read More
Glencore AG has provided a $5 million loan facility to First Cobalt Corp to complete work associated with a recommissioning and expansion of its refinery in Canada. The goal is to produce battery-grade cobalt sulfate for prequalification for the electric vehicle supply chain.The loan will be used for advanced engineering, metallurgical testing, field work and permitting at the site in Ontario, Can...Read More
While the major Chinese stainless steel mills are expected to release their September tender prices for domestic ferro-chrome this week, the majority of market participants expect a price increase in near future tenders, including for September, Fastmarkets understands. Some market participants also long for such a price hike to boost the overall ferro-chrome market, which has been sluggish under...Read More
Gold has picked up where it left off on Friday. The safe-haven metal has spiked $20 higher above $1,550 in early Asian trading. It is now near the top-end of the short-term trend channel and the RSI is overbought, but the fundamental drivers of the price advance appear to be accelerating.Silver is also rallying strongly, up 30 cents to $17.70. This represents a gain of 1.7% vs. gold at 1.3%. The s...Read More
Here are five Fastmarkets MB stories you might have missed on Monday August 26 that are worth another look.China's hot-rolled coil prices dropped in both the spot and futures markets on August 26, amid escalating trade tensions between that country and the United States.While the major Chinese stainless steel mills are expected to release their September tender prices for domestic ferro-chrom...Read More
While the major Chinese stainless steel mills are expected to release their September tender prices for domestic ferro-chrome this week, the majority of market participants expect a price increase in near future tenders, including for September, Fastmarkets understands. Some market participants also long for such a price hike to boost the overall ferro-chrome market, which has been sluggish under...Read More
Is the gold to silver ratio even relevant in the world of today? Here's David take...by David Morgan of The Morgan ReportThe Gold and Silver Ratio ExplainedThe gold-to-silver ratio is the amount of silver it takes to purchase one ounce of gold. Simply take the price of gold, divide it by the price of silver and Voil? ! You have the gold-to-silver ratio.Watch this video on The Gold and Silver Ratio...Read More