The leveraged buyout (LBO) of the private sector by the government will cripple the capital markets' price signaling mechanism and bring innovation to a screeching halt. Continue...Read More
An article in Canada's french La Press today announced that Canada had fiished selling off its gold reserves. The last time a country sold their gold it was England at US$275 per ounce in 2002. It turned out to be a bottom (the worst time to sell) as it is now around US$1700 per ounce. Let's see if history repeats itself. I have always been on the record to support assets with no counter party ris...Read More
The Dow finished the day down 622 pointsThe Dow marked the first day of May with a 622-point loss. The S&P 500 and Nasdaq also closed in the red, as tech giant Amazon.com (AMZN) led the indexes downward, following a less-than-stellar first-quarter earnings report. Meanwhile, U.S. President Donald Trump's tariff consideration is weighing heavy, after White House economic advisor Larry Kudlow stated...Read More
Wall Street kept its eye on the Fed's two-day meeting, while coronavirus-related headlines continued to stream in The Dow Jones Industrial Average (DJI), the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) all struggled to maintain their momentum this week, though the Dow and S&P both notched their best months since 1987. While the week started off strong as the first murmurs of plans to reop...Read More
Amazon's first-quarter earnings missed Wall Street's estimatesThe shares of Amazon.com, Inc. (NASDAQ:AMZN) are down 8.2% to trade at $2,271, after the e-commerce giant reported first-quarter earnings of $5.01 per share, which came in lower than Wall Street's $6.25 estimate. The firm's reported revenue of $75.45 billion exceeded estimates, however. The company also forecast a possible second-q...Read More
Brazil's Vale expects the price premium for high-grade iron ore fines to decrease in the second quarter compared with those in the first, with production in China resuming.Brazilian 65% Fe iron ore has been fetching around $20 per tonne more than reference prices for 62% Fe material. This difference is mainly due to supply issues, which reduced inventories in China, the mining major's executive di...Read More
The Dow and Nasdaq are set to eke out weekly winsThe Dow Jones Industrial Average (DJI) is stumbling into the weekend, nursing a nearly 600-point loss at midday. As if the coronavirus outbreak wasn't pressuring Wall Street enough, now there are fresh tariff threats from President Donald Trump aimed at China in retaliation for the country's handling of the COVID-19 pandemic. The S&P 500 Index (S...Read More
Co-Diagnostics shared its COVID-19 test performance dataShares of Co-Diagnostics Inc (NASDAQ:CODX) are surging 11.4% to trade at $12.63, after the molecular diagnostics company shared its COVID-19 test performance data. The test consistently demonstrates 100% sensitivity as well as specificity across independent field evaluations. Co-Diagnostics has had a volatile stretch on the charts, as its co...Read More
The company still expects store closings to impact its current quarterThe shares of Estee Lauder Companies Inc (NYSE:EL) are down 1.6% to trade at $173.87 this morning, despite a bright fiscal third-quarter report. The makeup manufacturer announced profits of 85 cents per share and revenue of $3.35 billion -- both topping Wall Street's estimates. Though the M.A.C. parent got a boost from global on...Read More
Walt Disney will report earnings next week As next week brings the first full week of May, investors look to gain any clues they can about the state of the economy. There's plenty of data to unpack, with the ADP employment report, weekly jobless claims, and Markit services Purchasing Managers Index (PMI) taking center stage amid the pandemic. Next week also brings another big session of earnings,...Read More
Moderna entered into an agreement with Lonza Group to produce its experimental COVID-19 vaccine Moderna Inc (NASDAQ:MRNA) is brushing off the broad-market selloff this morning, up 6.2% to trade at $48.89, after the biotech entered a 10-year collaboration deal with contract drugmaker Lonza Group (LONN) to manufacture up to 1 billion doses annually of a MRNA's possible COVID-19 vaccine, mRNA-1273. T...Read More
Chevron's first-quarter earnings and revenue report beat out analyst estimatesThe shares of Chevron Corporation (NYSE:CVX) are down 2.5%% to trade at $89.68, this morning. Although the energy corporation reported adjusted first-quarter earnings of $1.29 per share on revenue of $31.50 billion -- both of which handily trumped Wall Street's estimates -- the company's capital expenditure forecas...Read More
A summary of Brazilian mining company Vale's financial results for the first quarter of 2020.In brief Pro forma adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) down by 26% year on year due to depreciation of Brazilian Real.Net income of $239 million, compared with a net loss of $1.6 billion in the first quarter of 2019. Investments totaled $1.12 billion, up by...Read More
Gold COT Report - FuturesLarge SpeculatorsCommercialTotalLongShortSpreadingLongShortLongShort287,38224,65344,448114,902408,531446,732477,632Change from Prior Reporting Period 5,119-8,0393,519-1,90611,6506,7327,130Traders20354715959290159 Small Speculators (C) GoldSeek.com LongShortOpen Interest 54,08423,184500,816 9265287,658 non reportable positionsChange from the pr...Read More
By: Ira EpsteinGold market has backed off here. Not pretty on the chart action on gold..Read More
Oil prices are moving higher todayFresh off the Dow's best month since 1987, Dow Jones Industrial Average (DJI) futures are set to kick off May with a sharp move lower. Tech giants Apple (AAPL) and Amazon.com (AMZN) are weighing on Wall Street, with the former's revenue growth stagnating and the latter missing on earnings estimates.Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX)...Read More
A terrifying new trend can make you a millionaire or destroy your financial future.It's no secret that COViD has caused massive suffering and has had a shocking impact on our economy. This virus has also accelerated an even bigger long-term trend that's going to have a massive impact on you and your money over the next few years. Barron's estimates that this new disruptive force will create 20,00...Read More
A summary of Latin American steel group Ternium's financial results for the first quarter of 2020.In brief Earnings before interest, taxes, depreciation and amortization (Ebitda) down by a third year on year due to restrictions related to the Covid-19 pandemic. Net loss of $19.40 million, compared with a net profit of $224.90 million in the first quarter of 2019. Higher sales volumes in Mexico, Te...Read More
An overview of the battery raw materials markets and their price moves from the past week.Read More
The monthly alloy surcharges for stainless steel in Europe have decreased for May because of lower alloy component costs, Fastmarkets heard on Friday May 1.Transaction prices for finished stainless steel remained unchanged, meanwhile, following decreases last week that were made in anticipation of the lower May surcharges.Fastmarkets' calculation of the stainless steel cold-rolled sheet, 2mm, grad...Read More