Disappointing results from 3M and Caterpillar weighed on the DowIt was a wild week on Wall Street, with the Dow exploring a more than 1,000-point range on both sides of breakeven, as of this writing. Most of the price action occurred to the downside, with the Dow, S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all pacing for weekly losses -- the latter for its fourth in a row, which would mark i...Read More
Wait, what?! Isn't the inverse head-and-shoulders a bullish pattern that was supposed to take gold miners much higher? Indeed, it is. But it didn't take gold miners much higher and all that the completion of the above-mentioned pattern generated was a corrective upswing that didn't even take gold stocks back above their December 2016 lows. And we warned that this is the likely outcome...Read More
Western Digital posted a rare miss in quarterly revenueStocks are trading lower today to put the S&P 500 Index into correction territory. Looking at individual names to watch, digital memory expert Western Digital Corp (NASDAQ:WDC), former Dow component General Electric Company (NYSE:GE), and drugmaker Syndax Pharmaceuticals Inc (NASDAQ:SNDX) are all making notable moves. Below is a breakdown for...Read More
(Kitco News)- It has taken a while, but gold is now doing exactly what itis supposed to do as the metal ends the week near a three-month high as U.S.equity markets continue to melt down and bond yields drop.The gold market is seeing its fourth week of consecutivegains and is on pace to end a six-month downtrend. December gold futures aretrading near a three-week high, last trading at $1,243 an oun...Read More
WINNIPEG, Manitoba (Reuters) - The United States’ trade wars have allowed Canada’s agriculture industry to pump up sales of soybeans and wheat to China, and pork to Mexico.But the same tariff battles are undermining commodity prices and eating into Canadian farmers’ profit margins even as they grab more market share.Their struggles illustrate the complex global consequences of U....Read More
PARIS (Reuters) - Airbus (AIR.PA) is close to naming an outsider to replace finance chief Harald Wilhelm after board moves to overhaul top management in response to a corruption probe hastened his surprise resignation in May, people close to the matter said.British and French authorities are investigating the use of middlemen in jetliner sales and the European planemaker says it is also supplying...Read More
It could be just the beginning of TTWO's reboundWhile most stocks are swimming in red ink today, shares of video game maker Take-Two Interactive Software, Inc. (NASDAQ:TTWO) are bucking the trend, last seen 0.9% higher at $121.72, following the highly anticipated release of its "Red Dead Redemption 2" game. What's more, it could be just the beginning of TTWO's recovery, with the stock flashing a h...Read More
NEW YORK (Reuters) - Stock markets around the world fell on Friday on track for their longest weekly losing streak since 2013 while U.S. Treasury prices rose along with demand for safer bets as better than expected U.S. economic data did little to assuage anxiety over disappointing corporate profits and trade wars.Wall Street plunged after earnings reports from Amazon.com and Alphabet rekindled a...Read More
(Reuters) - Two Sears Holdings Corp SHLDQ.PK board directors have hired investment bank Evercore Inc (EVR.N) to scrutinize deals that were led by former Sears Chief Executive Eddie Lampert with the U.S. retailer before it filed for bankruptcy protection, people familiar with the matter said on Friday.The deals, including separations of Sears’ businesses and real estate, may come under examin...Read More
LONDON (Reuters) - A High Court judge has denied a Serious Fraud Office application to charge Barclays (BARC.L) over its 2008 capital raising, potentially ending the biggest remaining legal headache facing the British bank over its conduct during the financial crisis.A British court dismissed the charges against the bank last May in a decision that the SFO, which prosecutes financial crimes, said...Read More
The VIX is up 30% so far this weekStocks are selling off once more, with the Dow Jones Industrial Average (DJI) down more than 350 points at midday, almost erasing the gains from yesterday. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are spiraling, as well, with the former hovering near correction territory. Plus, all three indexes are headed for a weekly loss -- the Nasdaq its fourth in a...Read More
NEW YORK (Reuters) - Federal Reserve officials have tried this week to ease concerns on Wall Street that bank reserves are growing scarce and that the Fed’s key rate will edge up above a policy range, possibly forcing it to permanently hold more assets than planned.Thursday marked the third straight day in which the federal funds policy rate traded at its effective ceiling of 2.20 percent. B...Read More
BRUSSELS/PARIS/BERLIN (Reuters) - Pressure is growing for the European Union to consider an arms embargo on Saudi Arabia after Germany, Austria and the European Parliament called for an end to weapons sales over the killing of Saudi journalist Jamal Khashoggi.In the space of a few hours that highlighted tensions over the matter, Germany’s Angela Merkel on Friday reaffirmed that her country w...Read More
Randgold Resources' Tongon mine in Ivory Coast will produce 23.3 percent less gold in 2018 than originally forecast as a result of 53 days of strike action that took place earlier this year, Chief Executive Mark Bristow said."The strike made us lose 70,000 ounces of gold (on the 300,000 ounces 2018 forecast)," Bristow said. "The production forecast has been revised to 230,000 ounces of gold for th...Read More
MANAMA (Reuters) - Defence Secretary Jim Mattis will stress the U.S. commitment to Middle East security at the weekend, officials said, amid Western concern that any loosening of U.S. ties to Riyadh after Jamal Khashoggi’s murder could allow Russia to fill the vacuum.Mattis will give a speech at the annual Manama Dialogue security conference in Bahrain on Saturday on the United States’...Read More
Azimut Exploration of Longueuil, Que., and its strategic partner SOQUEM have made what they are calling a "major" discovery of gold-copper-silver mineralization at Azimut's Munischiwan property in the James Bay region.The zone is 600 metres long and 100 to 150 metres wide. Grab samples from the outcrop have returned gold values between 11.0 and 1.53 g/t, 1.67 to 0.05% copper, and 435.0 to 5.8...Read More
CHICAGO (Reuters) - The U.S. pork trade to China is “not viable” after Beijing imposed tariffs on imports of American pork amid the trade war between the world’s two largest economies, said Ken Sullivan, chief executive Smithfield Foods.“Certainly in the short term here as this trade war has heated up, it’s made the trade with China very difficult - to even stopping a...Read More
HONG KONG (Reuters) - China is easing restrictions on share buy-backs by public companies under revisions to company law approved by the country's top legislature, the National People's Congress, on Friday, state news agency Xinhua reported.Listed companies will be allowed to buy back their publicly traded shares for purposes such as issuing convertible bonds, or to defend corporate values and pro...Read More
(Kitco News)- Wall Street and MainStreet look for gold to maintain its upward momentum next week, with the metalcurrently headed for its fourth straight weekly gain, based on the Kitco Newsgold survey.Eighteenmarket professionals took part in the Wall Street survey. Twelve respondents,or 67%, predicted higher prices by next Friday. Just one respondent, or 6%,called for lower, while five participan...Read More
Barrick Gold Corp.'s decision to double down on Africa is a bet on Randgold Resources Ltd. boss Mark Bristow keeping his Midas touch on a continent where many miners have floundered. That wager is facing its first test.Among the assets Barrick will acquire in the $5.4 billion deal for Randgold is Kibali, a mine Bristow built from scratch in the Democratic Republic of Congo. While that operation ha...Read More