Detour Gold Corp shareholders voted for five nominees of Paulson and Co and removed the interim CEO and Chairman, among others, from the nine-member board, the hedge fund said on Thursday, ending a months-long proxy fight.Paulson, who owns about 6 percent stake in the gold miner, had nominated eight members to the board. The company "unsuccessfully tried to boost short-term performance".The hedge...Read More
U.S. production of lithium is set to increase 1,300% in the next 2 years.Who wouldn't be happy with 614% gains in a very short amount of time?Well that's what one lithium mining stock did in just under 12 months. But only Australians could reap the rewards of that slam-dunk.Until now that is. The very same "secret sauce" that led to that stock's meteoric rise is now being implemented here in Ameri...Read More
The shares are down 38% from their early March peakCitigroup upgraded Marvell Technology Group Ltd. (NASDAQ:MRVL) to "buy" from "neutral," and raised its price target to $19 from $17.30 -- a nearly 24% premium to last night's close. The brokerage firm said Wall Street is discounting the chipmaker's impressive networking sales, and the short-term risk-reward profile looks attractive following MRLV'...Read More
It's the index's first death cross in nearly three yearsWith U.S. stocks wilting in the fourth quarter, the S&P 500 Index (SPX) recently made a "death cross," as many financial media outlets have mentioned. Specifically, the broad-market barometer's 50-day moving average just edged south of the 200-day moving average, typically viewed as a bearish technical indicator. While we recently took a look...Read More
Stocks are modestly higher today, with big moves from PG and GE in focusU.S. stocks are hovering near breakeven today, as traders take a breath after a few frantic days on Wall Street. A big move from Procter & Gamble (PG) is helping the Dow Jones Industrial Average (DJI), while the shares of General Electric (GE) are making a notable rise after a bullish analyst note. Meanwhile, political and tra...Read More
Shares of ATAC Resources (TSXV: ATC) plunged 25% on news that Barrick Gold (TSX: ABX; NYSE: ABX) is terminating its earn-in joint venture on the junior's Orion project, part of its 100%-owned Rackla gold property in the Yukon.Barrick declined a request for comment on the decision, but in an investor day presentation last month, the company's head of project evaluation, Rod Quick, stated that m...Read More
Shares of ATAC Resources (TSXV: ATC) plunged 25% on news that Barrick Gold (TSX: ABX; NYSE: ABX) is terminating its earn-in joint venture on the junior's Orion project, part of its 100%-owned Rackla gold property in the Yukon.Barrick declined a request for comment on the decision, but in an investor day presentation last month, the company's head of project evaluation, Rod Quick, stated that m...Read More
Bloomberg News/LandovThe U.S. economy is still creating tens of thousands of new jobs each month, keeping layoffs near the lowest level in decades. The numbers: The number of Americans applying for unemployment benefits plunged by 27,000 in early December to 206,000, erasing a surge around Thanksgiving that now appears to have been a temporary blip triggered by an earlier-than-usual holiday. The...Read More
LOW stock is pacing for its fourth straight weekly winThe shares of Lowe's Companies, Inc. (NYSE:LOW) rallied nearly 3% yesterday -- and today, are up 0.4% at $92.46 -- after the company unveiled a new share buyback program at its annual analyst day. The brokerage bunch was quick to chime in, too. RBC and Stifel raised their respective price targets to $105 and $96, while Loop Capital reiterated i...Read More
A long-term bear upgraded GE stock to "neutral"J.P. Morgan Securities analyst Stephen Tusa upgraded General Electric Company (NYSE:GE) to "neutral" from "underweight," marking the first time since May 2016 he's adjusted his rating on the former Dow stock. Tusa also removed GE from his Analyst Focus List as a short idea, even though he maintained his Street-low $6 price target, but noted the broker...Read More
• US-China trade optimism dampens the commodity’s safe-haven demand. • The ongoing USD slide/fading Fed rate hike expectations help limit downside. Gold prices edged lower on Thursday but remained well within a narrow trading band, held over the past three sessions. Signs of easing US-China trade tensions continued denting the precious metal'...Read More
Workers will return to Gold Fields' sole South African mine on Thursday after a six-week strike was called off by the country's National Union of Mineworkers (NUM), with production likely to resume in earnest after Christmas. Workers from the largest union operating at the South Deep mine downed tools in November after the bullion producer announced plans to cut 1,100 jobs at the mine - near a thi...Read More
The latest gold breakout was supported by the data disclosed in the Commitments of Traders report.However, the silver has not broken out yet.One of the most popular gold mining ETFs, GDX, also cannot break above its short-term resistance level.On the other hand, it looks like GDX shareholders are building a base for another leg up in precious metals.As a result, I am cautiously optimistic about th...Read More
Sibanye-Stillwater said on Thursday it had extended a wage agreement to cover all of its South African gold workforce, potentially putting an end to a strike that has seen almost half of its employees down tools since mid-November.The firm's shares rose 6 percent after the diversified miner said the strike, called by the Association of Mineworkers and Construction Union (AMCU), was no longer legal...Read More
Kirkland Lake Gold (TSX: KL; NYSE; KL) has drilled high grade and visible gold mineralization on the down plunge extensions of the Swan zone at its Fosterville gold mine in Victoria, Australia.The company says results from 47 new drill holes totaling more than 17,000 metres of underground drilling outside the current measured and indicated Swan resource are confirming its geological model. It has...Read More
U.S. import prices fell by the most in three years last monthDow Jones Industrial Average (DJIA) futures are trading above fair value this morning, as markets look to extend this week's modestly bullish momentum. Today, attention shifts from U.S.-China trade relations to economic data ahead of next week's December Fed meeting. While weekly jobless claims closed in on a 49-year low-- falling 27,000...Read More
Gold Daily Gold prices are coiling above October’s high. The trend remains firmly bullish within an ascending channel. A break above 1250.63 confirms a bullish breakout, a counter-trend break of 1241.11 warns of a deeper correction. Silver Daily Silver remains in a sideways range, but a clear break above 14.91- 15.00 confirms a double bottom. Range trading strategies are...Read More
PG has rallied hard of its early May lowsThe shares of Procter & Gamble Co (NYSE:PG) are up 0.9% in electronic trading, set to open near a new record high after BofA-Merrill Lynch upgraded the Dow component to "buy" from "neutral." The brokerage firm also lifted its PG price target to $108 from $95 -- a 14% premium to last night's close at $94.03 -- with the analyst in coverage waxing optimistical...Read More
These two retail stocks are set for sharp lossesThe shares of apparel retailers Tailored Brands Inc (NYSE:TLRD) and Oxford Industries Inc (NYSE:OXM) are set for major losses today after the companies' quarterly reports. TLRD stock, for example, is on pace to sink a stunning 25.3% at the open, which would put it at a fresh 52-week low. The price weakness is a result of the Men's Wearhouse parent's...Read More
* Traders prepare for ECB president press conference * Sterling up after Brexit drama * Norway's crown rallies on central bank plan for March raterise * Graphic: World FX rates in 2018 (Updates after ECB decision, adds latest prices)By Tommy WilkesLONDON, Dec 13 (Reuters) - The euro struggled to stay inpositive territory on Thursday after the European Central Bankstuck to its monetary policy stanc...Read More