(Reuters) - Under Armour Inc’s (UA.N) (UAA.N) shares surged 25 percent on Tuesday after the sportswear maker beat quarterly earnings estimates and raised its full-year profit forecast as it kept costs lower and offered fewer discounts.Under Armour has been striving to regain momentum after a tough couple of years when it lost out to bigger rivals Nike Inc (NKE.N) and Adidas AG (ADSGn.DE). Sw...Read More
WASHINGTON (Reuters) - U.S. consumer confidence rose to an 18-year high in October, driven largely a robust labor market, suggesting strong economic growth could persist in the near term.The Conference Board said its consumer confidence index increased to a reading of 137.9 this month, the highest reading since September 2000, from a downwardly revised 135.3 in September. Economists polled by Reut...Read More
NEW YORK (Reuters) - The credit quality of U.S. states is improving, with revenue growth and spending moderation helping to halt a downward trend, according to a report to be released later on Tuesday.States’ revenue growth is higher than national economic growth in current dollars, the bi-annual report from global investment management firm Conning Inc found.The boost in credit quality to &...Read More
OSLO (Reuters) - British citizens already living in Norway and Norwegian citizens living in Britain will have the right to remain residents, even in case of a no-deal Brexit, the prime ministers of Britain and Norway said on Tuesday.“Prime Minister May and I agreed that Norway and UK will put in place a comprehensive citizens rights’ agreement,” said Erna Solberg, prime minister...Read More
BOSTON - (Kitco News)- Gold and palladium are thedarlings of the precious-metals sector, but one analyst is paying moreattention to dark horses silver and platinum.In an interview with Kitco Newsduring the London Bullion Market Association annual conference, Johann Wiebe,lead precious metals analyst at GFMS, Refinitiv, formerly the Thomson ReutersFinancial and Risk Unit, said that while gold and p...Read More
(Kitco News) - Goldmay need further weakness in the equity market to retain its October rally,says TD Securities.Themetal spent much of the summer “in the gutter” as bearish traders piled onshort positions, the firm pointed out a research note late Monday. However, a sharpcorrection lower in equities this month convinced many of these shorts to buyin order to cover, or exit, positions....Read More
The real estate sector could struggle in the short termIt's been a rough, volatile month for stocks, with the S&P 500 down 9.4% so far in October -- set for its worst month since February 2009. While these 25 stocks could rebound in November, several real estate stocks coulddecline next month, if past is prologue. The iShares U.S. Real Estate ETF (IYR) tends to struggle in November, as do holdings...Read More
BERLIN (Reuters) - German Chancellor Angela Merkel hosted African leaders on Tuesday, pledging a new development fund to tackle underdevelopment on the continent that has helped to spur mass migration, shaping the later years of her long premiership.Merkel announced on Monday she would retire from politics by 2021, sending shockwaves across Europe and starting a race to succeed her.She needs the C...Read More
LONDON (Reuters) - Oil prices fell more than 2 percent on Tuesday on signs of rising supply and concerns that global economic activity and fuel demand would be hit by a deepening U.S.-China trade dispute.Benchmark Brent crude oil LCOc1 fell by $2.25 a barrel to a low of $75.09 before recovering slightly to around $75.50, down $1.84, by 1345 GMT. U.S. light crude CLc1 was down $1.30 at $65.74.Both...Read More
J.P. Morgan Securities lifted its rating on the chip stock to "overweight"J.P. Morgan Securities upgraded Nvidia Corporation (NASDAQ:NVDA) to "overweight" from "neutral," saying investors aren't pricing in potential upside catalysts from gaming trends and the chipmaker's self-driving car technology. However, with the stock pacing for its worst month in years, the brokerage firm lowered its NVDA pr...Read More
Editor's Note: Updating earlier story with more details from report.(Kitco News) - Gold prices remained onthe defensive after a Conference Board report Tuesday showing that its Octoberindex for U.S. consumer confidence rose to 137.9 from a revised Septemberreading of 135.3.Consensus expectationsfrom most news organizations called for a reading of around 136.3 to 136.4. TheSeptember reading had ori...Read More
An analyst said the stock will be grounded until margins improveSouthwest Airlines Co (NYSE:LUV) is trading up 0.4% at $48.10, despite J.P. Morgan Securities downgrading the stock to "underweight" from "neutral" and cutting its price target to $52 from $63. In the firm's note, it mentioned the shares will be stalled until the company improves its margins. LUV has been stuck in a recent sell-off, w...Read More
BHP Billiton Ltd.'s giant Olympic Dam mine in Australia's Outback is a labyrinth of 450 kilometers of tunnels and roads - an ideal testing ground for the industry's burgeoning shift toward cleaner power.Taking about 30 minutes to drive from top to bottom, there's ample opportunity for the world's biggest miner to test electric SUVs in a bid to cut both costs and pollution, including potentially ha...Read More
BERLIN (Reuters) - German annual inflation picked up in October to reach its highest level in more than 6-1/2 years, data showed on Tuesday, supporting European Central Bank President Mario Draghi's case for gradually winding down his unprecedented monetary stimulus.German consumer prices, harmonized to make them comparable with inflation data from other European Union countries, rose by 2.4 perce...Read More
ROME (Reuters) - Italy’s economy stagnated in the third quarter, and Prime Minister Giuseppe Conte said the zero growth justified Rome’s expansionary 2019 budget which the European Commission has rejected because it breaks EU rules.Gross domestic product was unchanged between July and September, following a 0.2 percent rise in the second quarter, and was up just 0.8 percent on an annua...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump’s administration took action on Monday to cut off a Chinese state-backed chipmaker from U.S. suppliers amid allegations the firm stole intellectual property from U.S. semiconductor company Micron Technology Inc (MU.O).The Commerce Department said it had put Fujian Jinhua Integrated Circuit Co Ltd on a list of entities that cannot buy compone...Read More
(Reuters) - Coca-Cola Co’s quarterly revenue and profit beat analysts’ estimates on Tuesday, as investments to cater to changing consumer tastes paid off with higher sales of its sugar-free sodas and premium waters.The world’s biggest beverage maker, like rival PepsiCo Inc, has been building up a portfolio of non-carbonated drinks and also doubling down on its investments in enha...Read More
I opined in a previous article 2 weeks ago that gold was set to move towards 1,300. In a span of 2 weeks, gold has popped 16 points higher.XAU/USD has benefited from an equity meltdown, with US equity markets erasing most or all of its gains for this year already. More panic-selling should be supportive for gold.A key point: short positioning in US 10- and 30-year Treasuries is at its all-time hig...Read More
A retreat in gold continues in response to a strong U.S. dollar, says George Gero, managing director with RBC WealthManagement. Market participants appear poised to push the dollar index backabove 97, Gero says. As of 9:06 a.m. EDT, the spot dollar index was up 0.209point to 96.788. Comex December gold was down $1.50 to $1,226.10 and earliertraded down to $1,221.40. “It’s still all abo...Read More
UAA recently found support at its 320-day moving averageThe shares of Under Armour Inc (NYSE:UAA) are up 17.2% ahead of the bell, powered higher by the retailer's blowout third-quarter earnings report. Under Armour reported adjusted quarterly profit of 25 cents per share, exceeding the average analyst estimate of 12 cents per share. Revenue topped Wall Street projections, as well, while fiscal-y...Read More