Cowen and Company this morning weighed in on social media stocks Snap Inc (NYSE:SNAP), Facebook Inc (NASDAQ:FB), and Twitter Inc (NYSE:TWTR). While the update for SNAP shares was a bearish one, FB and TWTR both saw their price targets hiked. We'll take a closer look at the analyst attention and how the stocks are reacting below. Cowen Downgrades SNAP StockSnap is trading 4.4% lower out of the gate...Read More
* Private employers add 250,000 jobs in Dec vs est. 190,000* Tesla down after announcing Model 3 production delay* Indexes up: Dow 0.37 pct, S&P 0.35 pct, Nasdaq 0.45 pct (Updates to open)By Sruthi ShankarJan 4 (Reuters) - The Dow Jones Industrial Average sailed past the 25,000-mark for the first time on Thursday, while other major indexes rose to new highs after a strong private jobs report a...Read More
Tesla Inc (NASDAQ:TSLA) stock is down 2.9% to trade at $308.02 this morning, after the electric car company once again pushed back its production goal for its new Model 3. Tesla now expects to produce 2,500 Model 3s per week by the end of this quarter -- half of what it earlier forecast -- and won't hit itstarget of 5,000 Model 3s until the second quarter. In addition, the car concern's fourth-qu...Read More
Futures on the Dow Jones Industrial Average (DJIA) are trading well above fair value before of a busy economic day on Wall Street. Already, traders were hit with better-than-expected ADP jobs data -- which showed private payrolls jumped by 250,000 in December, compared to a consensus estimate of 188,000. After notching a new record high yesterday alongside the S&P 500 Index (SPX) and Nasdaq Compos...Read More
LONDON (Reuters) - JPMorgan (JPM.N) and Goldman Sachs (GS.N) paid their top bankers in Britain an average of $1.5 million each in 2016, compared with $1 million for local rivals HSBC (HSBA.L) and Barclays (BARC.L), data released by the banks last year shows.Data compiled by Reuters from 13 banks’ filings, some of which were released only late last month, shows they paid an average of $1.06 m...Read More
LONDON (Reuters) - Oil rose to its highest since May 2015 on Thursday, supported by unrest in Iran that has raised concerns about supply risks, cold weather in the United States which is boosting demand and OPEC-led output cuts.Six days of anti-government protests in OPEC’s third-largest producer have added a geopolitical risk premium to oil prices, although Iran’s production and expor...Read More
LONDON (Reuters) - Market bulls resumed their charge on Thursday, as strong data from the world’s biggest economies sent stock index records tumbling and oil prices to their highest since mid-2015.In an apparent acceleration of last year’s global equity boom, MSCI's world index .MIWD00000PUS and London's FTSE .FTSE both set records in Europe, and the Dow Jones .DJI was expected to...Read More
NEW YORK/BOSTON (Reuters) - The first major winter storm of 2018 bore down on the U.S. Northeast on Thursday, closing schools and government offices and disrupting travel as work crews scrambled to clear roads of snow before plummeting temperatures turn it to treacherous ice.After bringing rare snowfall to the southeast a day earlier, the storm carried rapid accumulation and high winds to New York...Read More
Sandstorm Gold(NYSE: SAND;TSX: SSL)sold some 54,600 gold-equivalent ounces in 2017, the highest yearly total incompany history. The ounces were generated from 20 streams and royalties, withapproximately 80% coming from operations run by major and mid-tier miningcompanies, Sandstorm says. In other news, the company also reports it hascompleted the sale of $15 million worth of Equinox convertible de...Read More
(Reuters) - The Dow Jones Industrial Average was set to breach the 25,000 mark for the first time on Thursday as upbeat economic data from around the world boosted sentiment.Dow futures 1YMc1 were trading 50 points short of the mark. The blue-chip index crossed 20,000 in early 2017, spurred by President Donald Trump’s pro-growth agenda.At 6:54 a.m. ET (1154 GMT), Dow e-minis 1YMc1 were up 72...Read More
(Kitco News)- The U.S. labor market lost a little momentum after the LaborDepartment report showing that weekly U.S. jobless claims rose by 3,000 to 250,000claims in the week to Saturday.Consensus expectations compiled by various news organizationscalled for initial claims to be around 241,000. The government revised priorweek's tally up by 2,000 to 247,000 claims.Meanwhile, the four-we...Read More
(Kitco News) - Metals dropped sharply yesterday after the release of theFOMC meeting minutes for December. The perception that the Fed presented a hawkish perspective generatedprofit taking in the metals and reversed the recent dollar weakness. I read theminutes a little differently. It appears there is growing concern within theFed of what the impact of aggressive rate increases will do to the ec...Read More
(Kitco News) - Gold and silver prices are trading moderately lower in early U.S. trading Thursday. Theprofit-taking pressure seen in the precious metals is not unexpected as goldhit a 3.5-month high Wednesday, while silver prices scored a five-week high. February Comex gold was last down $5.00 an ounce at $1,313.40. March Comex silver waslast down $0.107 at $17.16 an ounce.Thejust-released ADP nat...Read More
(Kitco News)- The gold market is seeing continued selling pressureThursday after private-payrollsprocessor ADP reported stronger-than-expected job growth in the final month ofthe year.ADPsaid that 250,000 jobs were created in December. According to consensusforecasts, economists were expecting to see job gains of 191,000. The reportshows that December's employment gains were the strongest since Ma...Read More
LONDON, (Reuters) - Gold steadied on Thursday after hitting a 3-1/2 month high in the previous session as profit-taking set in amid worries over looming U.S. rate hikes, while palladium touched its highest ever levels on tight supplies and bets on growing demand.The dollar hit a 3-1/2 month low versus the euro amid optimism about the euro zone economy but gold, which tends to move counter to the g...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
Wednesday the FOMCdelivered minutes from the last Federal Reserve meeting. The minutes were aboutthe same as usual -- a lot of words that said nothing or confirmed how cluelessthe Fed is. When the minutes were delivered at 2 p.m. EST, markets had a verymuted reaction, but gold found itself under pressure.For 20 minutes, thesellers were back, and gold fell about $10. However, by the end of the day,...Read More
Further U.S.rate hikes have already been factored into the markets while there is potentialfor monetary tightening in Europe, all meaning potential for weakness in theU.S. dollar and conversely strength for gold in 2018, says Mitsubishi. Thedollar weakened in 2017 despite three Fed rate hikes. “Nonetheless the Fedhikes and strong growth had already been priced into the dollar, whereas econom...Read More
With VAT introduced on January 1, prices of most goods and services are set to rise by at least 5% UAE residents who have to pay value-added tax (VAT) on their gold purchases will find some comfort in retailers deciding to absorb the VAT costs for the month of January.Pure Gold Jewellers has announced that it will absorb VAT on all gold and diamond purchases from January 1 to 31, 2018.With VAT int...Read More
Central bankers discussed reasons to speed up, slow down hikesDebate also focused on risks of a flattening yield curveBloomberg's Chris Condon reports on the takeaways from the FOMC December meeting minutes.Federal Reserve officials in December debated the risks to the U.S. economic outlook, with some concerned about low inflation and others pointing to robust growth that was about to get a furthe...Read More