(Updates headline to clarify JV targets growth in platinum group metals mining)MOSCOW, Feb 7 (Reuters) - Russia's Norilsk Nickel , the world's leading palladium producer, said in a statement on Wednesday it is planning a joint venture with Russian Platinum, to expand mining of metals belonging to the platinum group. Nornickel's co-owner, billionaire Vladimir Potanin, was cited by RIA news agency...Read More
Biotech stocks Array Biopharma Inc (NASDAQ:ARRY) and Myriad Genetics, Inc. (NASDAQ:MYGN) received some bullish analyst attention this morning, although only one stock is higher at last check. Below, we'll take a closer look at the brokerage notes, and how ARRY and MYGN stocks are reacting.Analysts Chime In On ARRY's Upbeat Melanoma TrialArray Biopharma stock is up 5% to trade at $17.10, and jus...Read More
The brutal broad-market pullback this month has impacted most stocks, presenting buying opportunities for speculators who believe the long-term rally will resume. Among some of the best stocks to buy after big dips, historically, include cloud concerns Citrix Systems, Inc. (NASDAQ:CTXS) and Salesforce.com, Inc. (NYSE:CRM). Below, we take a look at CTXS and CRM stocks, which could be on sale right...Read More
(Kitco News) - Gold would face somecross-currents from rising inflation expectations, benefitting as an inflationhedge but also facing potential selling as Treasury yields rise, saysMitsubishi in a weekly report on precious metals.Meanwhile, strategist JonathanButler points out that palladium’s premium over platinum is slowlydisappearing.Global equities sold off sharplyat the start of the we...Read More
Shares of resort and casino company Wynn Resorts, Ltd. (NASDAQ:WYNN) are soaring after CEO Steve Wynn stepped down amid recent sexual misconduct claims. Wynn appointed the company's president, Matt Maddox, as his successor, and in response, the casino stock has received a handful of mixed analyst reactions. Specifically, WYNN was upgraded by J.P. Morgan Securities to "overweight" from "neutral,"...Read More
Options traders are cheering well-received earnings from Akamai Technologies, Inc. (NASDAQ:AKAM), with shares of the cloud stock up 7.2% this morning at $68.25. Call buying was extremely popular leading up to the event, evidenced by a 10-day call/put volume ratio of 4.63 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), a reading tha...Read More
Shares of Snap Inc (NYSE:SNAP) have surged 22.5% out of the gate to trade at $17.24, lifting fellow social media stock Twitter (TWTR) along with it. The Snapchat parent reported better-than-expected fiscal third-quarter revenue of $285.7 million, and said its daily active users jumped 18% year-over-year to 187 million -- more than analysts were expecting. The company's adjusted quarterly loss of 1...Read More
Exchange-traded-fund holdings of gold and palladium have fallen,says Commerzbank. Gold prices slid Tuesday as the Dow JonesIndustrial Averagegained nearly 5% from its low to its high. “The price slide was accompanied byhigh outflows from the gold ETFs. Holdings in the gold ETFs tracked byBloomberg were reduced by 7.4 tonnes in all, while the SPDR Gold Trust in theU.S. even lost a good 12 ton...Read More
Stock futures are once again pointed lower, after Tuesday's incrediblyvolatile session that saw the Dow Jones Industrial Average (DJI) trade in a more than 1,100-point range before ending higher. Today, however, Dow futures are pointing to a triple-digit drop, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are alsoin the red. Along with the latest batch of earnings reports, trade...Read More
The board of directors at Freeport-McMoRan Inc. (NYSE: FCX)has reinstated a cash dividend on its common stock, the company says. The boardintends to declare a quarterly dividend of 5 cents per share, with the next oneto be paid on May 1. “Our board’s action to reinstate common-stock dividends reflectsstrong execution of our plan to strengthen FCX’s financial position over thelast...Read More
(Kitco News) - Goldprices are modestly down in early morning action Wednesday. A higher U.S.dollar index is working against the precious metals market bulls so far today.However, selling interest in safe-haven gold and silver is being limited bylower U.S. stock indexes amid still-volatile trading. April Comex gold futureswere last down $2.90 an ounce at $1,326.60. March Comex silver was last down...Read More
Twitter Inc (NYSE:TWTR) is slated to report fourth-quarter earnings tomorrow morning. Ahead of the quarterly event, TWTR stock saw its price target hiked to $22 from $18 at Deutsche Bank. The brokerage firm is just the latest to weigh in on Twitter's turnaround efforts, waxing optimistic over the microblogging firm's impressive user growth and ad revenue. This still represents a discount to last n...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
Shares in Canada's Northern Vertex Mining (TSX-V: NEE) were up Wednesday after the miner said is closer than ever to pour first gold at its Moss mine, in northwestern Arizona.The Vancouver-based company said that roughly 7,800 tonnes of ore have been stacked on the pad to date, and production is ramping up towards an initial stacking rate of 2,500 tpd, to later reach 5,000 tpd.Production is rampin...Read More
(Kitco News) - Gold continues to experience pressure as investors generateliquidity in the wake of the global equity shakeout. The bounce in equityvaluations yesterday was actually a negative for gold prices, as investors assumedthe recent drop was merely a retracement, as with past sell-offs, and jumpedback into the equity space. Gold, a proxyfor liquidity, came under selling pressureas investors...Read More
(Kitco News) - BarrickGold Corp. (NYSE, TSX: ABX) says it will take a pre-tax $429 million impairmentcharge for the fourth quarter due to a reclassification of reserves at its Pascua-Lama project located on the border between Argentina and Chile.Last month, Chile’s Superintendencia del Medio Ambiente orderedthe closure of existing infrastructure on the Chilean side of the project as partof a...Read More
What else is there to talk about after the largest single-day decline in the history of the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX)? In this article, I'm going to focus on the S&P 500, which closed about 8% off its highest level ever on Monday, and barely stayed above correction territory -- often defined as a 10% pullback -- on an intraday basis. Below, I'll try to answer what...Read More
Yesterday we asked the question -- what's wrong with thispicture? We got the answer that we expected -- the metals are under pressure.Gold sold off about $12 and is now testing key support. Gold doesn't look real healthy here. Although we expect abounce today, we are looking to be sellers. Based on the market action in thelast couple of days, gold should be much higher, but it's not. Markets leave...Read More
• Weaker USD helps regain positive traction. • Subdued US bond yields supportive of the up-move. • Fading safe-haven demand might cap further gains. Gold gained some positive traction on Wednesday and recovered a part of previous session's slump to its lowest level in over three weeks. A big recovery in the US st...Read More
Mr. Joe Campbell reportsTERRAX BEGINS 2018 WINTER DRILL PROGRAM AT YELLOWKNIFE CITY GOLDTerrax Minerals Inc. has commenced its 2018 winter drill program at its Yellowknife City gold project, immediately adjacent to the city of Yellowknife in the Northwest Territories. The initial program will total approximately 6,000 metres and incorporate up to three dill rigs to test dip and strike extensions o...Read More