(Reuters) - The New York Federal Reserve launched a benchmark U.S. rate on Tuesday to potentially replace Libor, and market participants hope it will prove more reliable after a long and complex switchover.The Secured Overnight Financing Rate (SOFR) set at 1.80 percent. SOFR is based on the overnight Treasury repurchase agreement market, which trades around $800 billion in volume daily.Publishing...Read More
Loop Capital slashed its price target on GME by 46%Shares of GameStop Corp. (NYSE:GME) are trading higher, despite the video game retailer receiving a downgrade from Loop Capital to "hold" from "buy," as well as a significant price-target cut to $14 from $26. The brokerage firm cited a lack of positive catalysts ahead as the reasoning behind the downgrade and 46% target reduction. At last check, G...Read More
March was U.S. Steel stock's worst month since April 2017United States Steel Corporation (NYSE:X) stock is up 4.7%to trade at $35.83, thanks to an upgrade to "buy" from "neutral" at Citigroup. The analyst in coverage says the equity is at a good value following a recent pullback,adding they're expecting higher lows for steel prices going forward even though U.S. flat rolled steel prices are seemi...Read More
Both stocks have brought their 200-day trendlines into playBio-Path Holdings Inc (NASDAQ:BPTH) has shot 50.1% higher this morning to trade at $2.67 -- on track for its biggest one-day percentage gain since September 2013 -- after the company reported upbeat mid-stage trial data for its cancer drug, prexigebersen, when used in combination with low-dose chemotherapy. The therapy is being studied to...Read More
South African engineering and construction group Murray & Roberts (JSE:MUR) unveiled Tuesday it had been awarded 3.7 billion rand (about $313 million) in mining projects located in sub-Saharan Africa, North America and Australasia.The company, currently subject of a takeover bid from Germany's ATON, said the awarded underground projects included diamond, gold, copper, salt and platinum mines. It a...Read More
PARIS (Reuters) - France’s finance minister pledged on Tuesday to push ahead with President Emmanuel Macron’s drive to modernize the economy, just as rail unions launched the first of three months of rolling strikes, crippling train transport.Bruno Le Maire said the government would not pull back from economic reforms he said had helped make 2017 the best year for foreign corporate inv...Read More
LONDON (Reuters) - Oil prices edged up on Tuesday, after having posted their biggest one-day fall in almost a year the previous day, although higher Russian output and Saudi Arabia possibly cutting its selling prices acted as a drag.The mood across financial markets was cautious after China announced last week it would slap extra tariffs on 128 U.S. products, deepening a dispute between the world&...Read More
BofA is calling for a 32% jump for NVDA in the next yearGPU expert Nvidia Corporation (NASDAQ:NVDA) has pulled back 10.7% since its March 13 record high of $254.50 due tonews the company is halting its self-driving car program, as well as a broader drop in tech shares. BofA-Merrill Lynch is viewing this all as a buying opportunity, however. The brokerage firm this morning replaced Facebook (FB) on...Read More
SAN FRANCISCO (Reuters) - As far as the stock market is concerned, U.S. President Donald Trump is, right now, his own worst enemy.The president - who frequently touted Wall Street’s rally following his 2016 election victory - was partly blamed for a sharp stock selloff on Monday that investors believe is likely to continue, deepening cracks in a nine-year-old bull run.The selling was sparked...Read More
FAANG stocks and TSLA shares are rebounding, tooIt's set to be another volatile day of trading on Wall Street, with futures on the Dow Jones Industrial Average (DJI) signaling a triple-digit start. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also in the green, with the former looking to reclaim a key technical level. While the tech sector will remain in focus -- and with FAAN...Read More
MOSCOW (Reuters) - Sberbank CIB, an arm of Russia’s largest lender, plans to more than double its gold sales to India this year and sell more gold than forecast to China, while keeping gold purchases in Russia flat, its head of global markets said.Purchases for sales to countries such as China and India go through the bank’s Swiss branch, while most of Sberbank CIB’s gold purchas...Read More
LONDON (Reuters) - Britain’s buoyant manufacturing industry lost some steam in the first three months of 2018, according to a survey on Tuesday that suggested the economy remains on a slow but steady course a year ahead of Brexit.The IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) inched up to 55.1 in March from a downwardly revised 55.0 in February, beating the 54.7...Read More
California Gold Mining Inc. has been halted at the open on April 3, 2018, at the request of the company, pending an announcement.© 2018 Canjex Publishing Ltd. All rights reserved.Read More
Iamgold Corp.(TSX: IMG; NYSE: IAG) has announced a new inferred mineral resource estimate for the EasternBorosi joint-venture gold project in Nicaragua. The project is 51% owned byIamgold and 49% by Calibre Mining Corp. Iamgold says the underground resource estimate consists ofinferred resources totaling 3,219,000 tonnes grading 6.03 grams per tonne ofgold and 104 g/t of silver for 624,000 ounces...Read More
Mr. Jean-Sebastien David reports ARIANNE PHOSPHATE RECEIVES ADDITIONAL FUNDING FROM THE GOVERNMENT OF QUEBEC FOR ITS LAC A PAUL PROJECTArianne Phosphate Inc. has received a grant of $1.5-million from the Ministry of Energy and Natural Resources of Quebec. This funding has been provided as part of the government's plan to help advance the Quebec phosphate (apatite) sector. Arianne will be using thi...Read More
(Kitco News) - Gold andsilver prices are slightly lower in early U.S. trading Tuesday, on a correctivepullback after good gains scored on Monday. June Comex gold futures were last down$3.30 an ounce at $1,343.60. May Comex silver was last down $0.092 at $16.585an ounce.Worldstock markets were lower overnight, following the sharp losses seen in the U.S.stock market on Monday that saw the indexes hi...Read More
(Reuters) - U.S. stock index futures signaled a higher opening for Wall Street on Tuesday, supported by slight gains in beaten-down technology stocks, but Amazon remained on track to open lower after dragging down the markets on Monday.Facebook, Netflix and Alphabet rose marginally in premarket trading after steep declines in recent weeks.The main U.S. indexes wiped out their gains for the year on...Read More
STAMFORD, Connecticut (Reuters) - In record time, Loxo Oncology (LOXO.O) developed a novel drug for a wide variety of tumors that share a rare mutation. It recently struck a partnership with Germany’s Bayer (BAYGn.DE). Its stock tripled in the past year.But in an unusual move for biotech - where hype is often the norm - its founders are tempering expectations.They are quick to point out that...Read More
(Reuters) - The New York Federal Reserve will launch a benchmark U.S. rate on Tuesday to potentially replace Libor, and market participants hope it will prove more reliable after a long and complex switchover.The New York Fed will begin publishing the Secured Overnight Financing Rate (SOFR), the first step in a multi-year plan to transition more derivatives away from the London interbank offered r...Read More
ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras urged his ministers on Tuesday to intensify reform efforts as the country heads towards the anticipated conclusion of a three-year bailout program in August.“There is no time for complacency, but we must intensify efforts to finish the marathon,” he told a meeting of his cabinet.Athens is eager to emerge from years of bailouts prov...Read More