The Dow is up over 330 points middayThe Dow Jones Industrial Average (DJI) is up over 330 points midday, shaking off worse-than-expected weekly jobs data. The tech-heavy Nasdaq Composite (IXIC) is also in the black in today's trading, earlier marking a notable turn positive for 2020 as well -- the first major index to do so since the pandemic sparked the broad market sell-off in March. Following...Read More
T-Mobile shared a profit beat and a surge in subscribers The shares of T-Mobile Us Inc (NASDAQ:TMUS) are up 6.3% to trade at$92 this morning, after the wireless provider reported first-quarter earnings of $1.10 per share, beating out Wall Street's estimates. Conversely, its $11.1 billion in revenue fell short of analyst's expectations. The firm added that its monthly bill paying subscriber count...Read More
Applied Materials is running out of steam on the charts Chip name and Apple supplier Applied Materials, Inc. (NASDAQ:AMAT) is running out of steam on the charts lately, breaking down below its -20% year-to-date level, which coincides with its 10% year-over-year gain area. With the shares now forming a rising wedge breakdown pattern, and additional resistance emerging at their 200-day moving averag...Read More
The company reported a first-quarter earnings beatThe shares of PayPal Holdings Inc (NASDAQ:PYPL) are up 10.2% at $141.38, earlier touching a fresh record high of $143.85, after the company posted a first-quarter earningsbeat. The payments name also shared optimism for its second-quarter forecast, saying sales will increase as people start to return to work. In response, no fewer than 12 analysts...Read More
German carmaker Daimler, the owner of Mercedes-Benz, has restarted production at most of its sites following an extension of its previous closures.Daimler originally suspended production at many of its sites for an initial period of two weeks from March 23, following widespread disruption resulting from the Covid-19 pandemic. This was then extended until April 30. Short-time working had been in pl...Read More
Light Crude oil prices have dropped an alarming 68 percent since the start of 2020. Brent prices are down 60 percent over the last four months. But recent price action appears to show that the worst of oil's decline is likely over.As the world economies are still being mauled by the effects of COVID-19, there are growing signs that oil prices are starting to recover. Light Crude oil prices have s...Read More
A handful of retail companies impacted by COVID-19 will announce earningsThe second week of May will be chock full of economic data to guide speculators on how the economy is faring amid the current COVID-19 crisis. A new Federal budget will be announced, weekly jobless claims will be unpacked, and the NFIB Small-Business Index will clue in on how larger corporations taking advantage of the genero...Read More
By: Ira EpsteinHow many small to medium sized companies go bankrupt? Restaurants in some areas will not open until late June. How will they survive?The retreat in gold is mild..Read More
It is still a range trade for gold and silver. Crude oil is rising. Copper is firm. There are buyers of physical gold ready to pay a higher premium on corrections. There are investors of gold using every small correction to invest. Gold prices are range trading. Gold bears are not holding ground. Short term silver traders are booking profit on every rise. Long term investors and physical dealers...Read More
Etsy's first-quarter earnings fell below expectations, though the company said its April sales surgedEtsy Inc (NASDAQ:ETSY) last night posted first-quarter earnings of 10 cents per share, which came in lower than analyst estimates, on $228.06 million in revenue, which beat estimates. Etsy also forecast a higher-than-expected 90% surge in sales for its second quarter, adding thatits sales doubled i...Read More
Oil prices are joining in on the rally this morningDow Jones Industrial Average (DJI) futures are eyeing outsized gains this morning, seemingly ready to put yesterday's static trading in the rear view mirror. So far, Wall Street is pushing higher despite weekly jobless claims totaling 3.17 million, topping the expected 3.05 million, making it now eight straight weeks unemployment claims have surpa...Read More
A summary of ArcelorMittal's financial results for the first quarter of 2020. In brief The company blames the Covid-19 pandemic for a notable drop of earnings in the first quarter 2020 year on year, with both volumes and prices severely affected. The company also attributed the fall in sales income to lower average steel selling prices. The company noted a notable drop in industr...Read More
Overnight, Natural Gas broke above the $2.00 price level as we expected. On April 6, 2020, we published our research that Natural Gas was setting up a bottom pattern and that our seasonal analysis suggested April and May should prompt a price rally in Natural Gas pushing price levels above $2.40. The current rally has broken above a price resistance levelnear $2.00 and the rally up to $...Read More
The European Commission (EC) might start an anti-dumping case into imports of hot-rolled coil originating from Turkey, market sources told Fastmarkets on Thursday May 7.European steel association Eurofer has lodged a complaint with the EC, alleging that HRC has been exported from Turkey at dumped prices."In April 2020, a new [anti-dumping] investigation was opened into HRC from Turkey," ArcelorMit...Read More
Brazil-based steelmaker Gerdau expects the level of long steel sales in North America and the gap between ferrous scrap costs and finished steel prices to remain stable during the second quarter, when compared with January-March figures.Gerdau chief executive officer Gustavo Werneck said the current spread was $422 per short ton in North America, an increase of $20 from the levels seen in Jan...Read More
The European Commission (EC) might start an anti-dumping case into imports of hot-rolled coil originating from Turkey, market sources told Fastmarkets on Thursday May 7.European steel association Eurofer has lodged a complaint with the EC, alleging that HRC has been exported from Turkey at dumped prices."In April 2020, a new [anti-dumping] investigation was opened into HRC from Turkey," ArcelorMit...Read More
Here are five Fastmarkets stories you might have missed on Thursday May 7 that are worth another look.The European Commission (EC) might start an anti-dumping case into imports of hot-rolled coil originating from Turkey, market sources told Fastmarkets on Thursday May 7.Mining companies are looking to trading houses and specialist funds for credit since lower metal prices and enforced shutdowns ha...Read More
By Dave Kranzler"If you own gold, you have money. If you don't own gold, you have a problem" - (James Turk). To that I'll add: If you don't have physical possession of your gold, you do not own goldA significant amount of gold is held as "unallocated," which is when an entity buys gold and establishes an account that is credited with value of the gold purchased. A gold bar is not actua...Read More
By: Ira EpsteinHow many small to medium sized companies go bankrupt? Restaurants in some areas will not open until late June. How will they survive?The retreat in gold is mild..Read More
It is still a range trade for gold and silver. Crude oil is rising. Copper is firm. There are buyers of physical gold ready to pay a higher premium on corrections. There are investors of gold using every small correction to invest. Gold prices are range trading. Gold bears are not holding ground. Short term silver traders are booking profit on every rise. Long term investors and physical dealers...Read More