High-carbon ferro-chrome traded in a wider range last week as market participants weighed the impact of a near-term pick-up in demand against the longer-term impact of Covid-19 on the alloys markets. The price spread for high-carbon ferro-chrome in Europe widened by a couple of cents per lb to $0.17 per lb in the week ended Friday May 1. Fastmarkets' price assessment for ferro-chrome high carbon 6...Read More
Here are five Fastmarkets stories you might have missed on Wednesday May 6 that are worth another look.Mining operations at Anglo American's Grosvenor coal mine in Queensland, Australia, have been suspended following an incident on the afternoon of Wednesday May 6, which led to its evacuation.Stainless steel prices in China were largely unchanged in the week to May 6, with market participants in t...Read More
A summary of stainless steel producer Outokumpu's results for the first quarter of 2020. In brief Sales and deliveries decreased year on year because of the coronavirus pandemic and its effect on the market. Earnings before interest, taxes, depreciation and amortization (Ebitda) for the quarter increased on an annual comparison because...Read More
Prices for hollow steel sections in Europe were unchanged this week because trading remained flat despite mill restarts and the easing of some Covid-19-related lockdown restrictions, sources told Fastmarkets on Wednesday May 6.Fastmarkets' weekly price assessment for steel sections (medium), domestic, delivered Northern Europe, was ?,?580-595 ($630-647) per tonne on Wednesday, unchanged week on we...Read More
The Dow slipped almost 200 points in late-day tradingAfter a tepid day of trading, the Dow wound up closing over 200 points below breakeven, as investors weighed the good -- a potential reopening of the U.S. economy -- with the bad -- dismal private-sector payrolls data and a lackluster post-earnings reaction from Disney (DIS). The S&P 500 joined the Dow in the red, while Nasdaq wound up with a mo...Read More
The July 5 strike is running the show todayHospitalsare a hot-button issue amid the coronavirus outbreak and the gradual re-opening of the economy.Piper Sandler yesterday identified hospital operators HCA Healthcare Inc (HCA) and Tenet Healthcare Corp (THC) as two names best equipped to withstand any sector uncertainty. Left off the list was Community Health Systems (NYSE:CYH), but that hasn't...Read More
Microsoft just unveiled its $399 Surface Go 2, and its Surface EarbudsMicrosoft Corporation (NASDAQ:MSFT) has been on a roll lately, undoubtedly helped along by its late-April earnings report, with more technical support emerging at its 20-day moving average. The security is extending those gains into today, up 1.4% at $183.33, at last check, and pacing for its third consecutive win. Today's pop c...Read More
The Nasdaq is getting a boost from big tech stocksThe Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are hovering right below the line of breakeven today, as Walt Disney's (DIS) lackluster earnings and a disappointing jobs report weigh. The tech-heavy Nasdaq Composite (IXIC), however, is seeing higher gains thanks to FAANG stocks -- though any gains across the board have been encroac...Read More
BMW has restarted vehicle production at some of its sites in Europe and the UK this week, while other locations would make similar moves next week, the company confirmed to Fastmarkets on Wednesday May 6.In late April 2020, the BMW Group began a staggered approach to restarts at its production locations, it said, with plant ramp-ups oriented toward the market. The exact dates for restarts would de...Read More
Piper Sandler raised its price target to $40 while Stifel cut its estimate to $35The shares of Vornado Realty Trust (NYSE:VNO) are down 5.2% to trade at $36.81 as even more analysts weigh in on its May 4, first-quarter report in which the real estate investment trust (REIT) posted an earnings miss, but revenue that exceeded Wall Street's estimates. Specifically, Stifel cut its price target to $35...Read More
Papa John's withdrew its 2020 guidance, tooThe sharesPapa John's International Inc. (NASDAQ:PZZA) are down 2.6% at $74.20 this morning, just one day after hitting a three-year high of $76.21, as investors comb over the pizza delivery specialists' latest quarterly report. The firm posted first-quarter earnings of 41 cents per share, coming in higher than Wall Street's 39 cents per share estimate, t...Read More
Beyond Meat's profits and revenue beat out Wall Street's estimatesThe shares of Beyond Meat Inc (NASDAQ:BYND) are up 12.5% to trade at$112.42 this morning, after the plant-based meat substitute manufacturer reported first-quarter earnings of 3 cents per share on revenue of $97.07 billion, both of which beat out Wall Street's estimates. While the company suspended its 2020 guidance, expansion in...Read More
By: Gary SavageThe $SPX daily cycle low hit? Hard to tell but the 200-DMA resistance zone is..https://blog.smartmoneytrackerpremium.com/Read More
By: Ira EpsteinGold does not want to go much lower, it appears but over the short-term a bearish trend putting pressure on the downtrend..Read More
Bob Moriarty of 321gold discusses economic collapse and gold.I like to read. I read fast and that helps. I can't quite come to grips with all these guys now coming out with 25-minute videos they insist we watch instead of reading. Do they really believe that everyone has so much free time that they can pay attention to someone chattering away for 25 minutes?Most of what you read or watch will be n...Read More
The latest forecasts from Fastmarkets' team of analysts is ready to view.An uneven recovery in Chinese construction and manufacturing sectors meant that rebar prices performed better than hot-rolled coil prices in April. Although domestic and export HRC prices in China were higher than we forecast, we expect the downward trend to last into May and will not be upwardly adjusting...Read More
The Dow so far is brushing off a subpar earnings report from Walt DisneyDow Jones Industrial Average (DJI) futures look ready to build off yesterday's sizable gains, once more taking positive cues from a slowly reopening U.S. economy. However, lackluster corporate earnings from media giant Walt Disney (DIS), as well as an ADP private-sector employment report that fell by more than 20 million in Ap...Read More
Stocks trading at 50% their IPO price tend to struggle afterwardsThis week I'm looking at how stocks perform around certain multiples of their initial public offering (IPO) price. For example, 50% above their IPO price, double the price, triple the price, etc. Why are these levels significant? They could be popular profit-taking spots for the big players that get in at the IPO price. Additionally,...Read More
A simple way to stop picking losers, and start cashing in like Wall Street's elite. Most traders would never believe that 9 out of 10 trades could be winners.But while it may sound impossible, thanks to a research breakthrough, it may not be as far-fetched as many think.JPMorgan's trading desk produced a 99.52% win rate from 2013 through 2017. That includes 2 straight years without a losing day.T...Read More
New orders in May are set to fall by 25% from a typical month - less than the 60% decrease seen at the end of March and in April - as steel demand starts to recover from the Covid-19 crisis in Brazil, Gerdau chief executive officer Gustavo Werneck said on Wednesday May 6.Construction site work in Brazil was down by 6% from the period before regional government quarantines to prevent the Covid-19 s...Read More