The cost to create the world's largest gold company: A 17 percent premium for a $10 billion all-shares acquisition that faces some big-time challenges down the line.Newmont Mining Corp.'s deal for Goldcorp Inc. stands in stark contrast to the recent zero-premium merger between Barrick Gold Corp. and Randgold Resources. The key question: Why? In October, Goldcorp shares fell to their lowest since 2...Read More
Signs of a slowdown in Macau gaming revenue are putting pressure on WYNNStocks are lower across the board today amid global economic concerns, with utility name PG&E Corporation (NYSE:PCG), drugmaker Verona Pharma (NASDAQ:VRNA), and casino Wynn Resorts, Limited (NASDAQ:WYNN) some of the day's worst performers. Below, we'll take a look at what's moving the shares of PCG, VRNA, and WYNN.PCG Hits New...Read More
GGX Gold (GGX; US-OTC; GGXXF) continues to cut near surface high grade gold mineralization at its 56 sq. km Gold Drop gold property near Greenwood in southern British Columbia.The results come from a November 2018, 11 hole drill program where GGX tested the southwestern region of Gold Drop's COD vein system. Earlier results from the November 2018 drill campaign include 28 grams gold and 424.7 gram...Read More
Gold futures finished higher on Monday as weakness in global stocks and the U.S. dollar helped to buoy the yellow metal, but the psychologically important $1,300-an-ounce price remained out of reach. "Clearly, concerns toward the global economy have been fomented [Monday] by the first monthly decline in Chinese exports in over two years," analysts at Zaner Precious Metals wrote in a daily note. "A...Read More
The retailer raised its fourth-quarter profit and revenue forecastsThe shares of Lululemon Athletica inc. (NASDAQ:LULU) have shot up 6% to trade at $140.03, after the athletic apparel maker raised its guidance for the key holiday season, citing China as a specific growth driver. The company now expects its fourth-quarter per-share profit to arrive between $1.72 and $1.74 -- more than analysts are...Read More
NTES shares struggled in 2018 Video game stocks had a horrible 2018, and it's continued into 2019, illustrated in part by the demise of Call of Duty maker Activision Blizzard (ATVI). However, Barclays believes it's found a potential bright spot in the space, calling attention to Chinese tech firm NetEase Inc (NASDAQ:NTES), which makes a number of mobile games. The brokerage firm upgraded NTES to "...Read More
SPX HV coming into 2019 was the highest since 2009Unless you've been hiding under a rock, you're probably aware that volatility has rammed its way back into Wall Street ala the Kool-Aid Man. In fact, 20-day historical volatility (HV) on the S&P 500 Index (SPX) was at 29% to start 2019, compared to just 6.2% heading into 2018, per Schaeffer's Quantitative Analyst Chris Prybal. The last time HVs wer...Read More
Investors and analysts are still debating whether the biggest gold mining deal ever is good for acquirer Newmont Mining Corp., but the CEO of the target company could end up millions of dollars richer.David Garofalo is eligible to collect at least $6.9 million, including as much as $4.6 million in severance and $464,000 in pension and benefits if he's dismissed as chief executive officer of Goldco...Read More
Mark Bristow's tenure as boss of the world's biggest gold miner might have been short-lived, but his message for smaller rivals just got even more pointed."Holy camoly, I missed out on a great opportunity!" is how Bristow described anyone not involved in Barrick Gold Corp.'s purchase of Randgold Resources Ltd. in September. With Newmont Mining Corp. poised to become the No. 1 producer through a $1...Read More
CVNA's mini rally in 2019 has encountered resistanceThe shares of Carvana Co (NYSE:CVNA) are down 6.2% to trade at $34.47 today, after Morgan Stanley initiated coverage on the car-selling platform with an "underweight" rating and price target of $23. The analyst in coverage predicts a decline in used car sales this year, and believes there's limited growth potential ahead for the company. The...Read More
The DJI is set for its second straight day in the redThe Dow Jones Industrial Average (DJI) is looking to log its second straight loss today, with traders feeling wary ahead of earnings season -- down over 130 points at midday. Weak export data out of China is fueling concerns about the health of the global economy, while at home traders are grappling with the longest government shutdown ever. Mea...Read More
Canada's influence on the global mining industry appears to be shrinking by the day.Perhaps stung by the nationalistic backlash against Barrick Gold Corp.'s merger with Randgold Resources Ltd., Newmont Mining Corp. devoted a big chunk of its news release Monday explaining how its $10 billion offer for Vancouver-based Goldcorp Inc. will help Canada."Munk would be rolling over in his grave at the tu...Read More
Gary Goldberg isn't pulling the trigger on a $10 billion gold-mining acquisition because he has to, you know. The CEO of Newmont Mining Corp. said Monday morning of his acquisition of Goldcorp Inc.:Simply put, this is not a deal we have to do. This is a deal that we want to do.Sometimes, though, one's choices are influenced by the choices of others. In this case, Goldberg can't have failed to noti...Read More
* Palladium about $31 above gold * Investors eye Tuesday vote on Brexit deal * U.S. government shutdown, Fed view also supports gold (Updates prices)By Arijit BoseJan 14 (Reuters) - Gold prices rose on Monday as globalstocks fell on an unexpected drop in China's exports thatsignaled further weakening in the world's second-largest economyand prompted investors to seek safety in the precious metal.S...Read More
Regional heads of state backed a call by Democratic Republic of Congo opposition leader Martin Fayulu for a recount of last month's presidential election, as the country's Constitutional Court prepared to consider his challenge against the result.Opposition leader Felix Tshisekedi was declared the surprise winner of the Dec. 30 poll. If the Constitutional Court validates the electoral commission's...Read More
JPM has closed lower the day after earnings in six of the last eight quartersEarnings season gets underway this week, with several big-cap financial names set to report. Citigroup (C) took its turn in the earnings confessional bright and early this morning, unveiling a sharp drop in fixed-income trading revenue. While C stock was last seen trading higher, sector peer JPMorgan Chase & Co. (NYSE:JPM...Read More
JOHANNESBURG - South Africa's Association of Mineworkers and Construction Union (AMCU) is planning to strike at Sibanye-Stillwater's local platinum operations, it said on Monday, expanding an earlier stoppage affecting its gold facilities.Since the union downed tools at Sibanye's gold operations in mid-November, four employees have been killed during strike-related violence and the firm has said i...Read More
Wall Street is overwhelmingly bearish on SnapSocial media name Snap Inc (NYSE:SNAP) received some rare upbeat attention from the analyst community this morning. Citigroup upgraded its opinion on the security to "neutral" from "sell" and lifted its price target to $7 from $6, listing a number of potential positives for the company. To be more specific, Citi is expecting a new version of the Snapcha...Read More
OSLO - Resource-rich Argentina is expected to join the international transparency standard for managing oil, gas and mineral resources, the Extractive Industries Transparency Initiative (EITI) said on Monday, which could make it more attractive for investors.The global initiative, launched by Britain's former prime minister Tony Blair in 2002, requires member countries to disclose how they allocat...Read More
BOOT stock is up after the company announced preliminary earnings The shares of Boot Barn Holdings Inc (NYSE:BOOT) are up 11.7% at $21.65 in early trading, after the company's preliminary fiscal third-quarter earnings forecast exceeded analyst expectations. The retail name is already a top performer on the New York Stock Exchange today, and is set for its best session since August. BOOT stock just...Read More