More cases of coronavirus were reported todayDespite paring steeper losses, the Dow ultimately closed in the red. Renewed coronavirus fears and weak guidance from Cisco Systems (CSCO) weighed heavy on investors, although the blue-chip index did bounce off its more than 200-point session lows. The S&P 500 and Nasdaq nabbed fresh record highs and worked their way into positive territory in the after...Read More
TDOC stock has been on fireThe shares of Teladoc Health Inc (NYSE:TDOC) have been red hot, hitting fresh highs today and last seen up 2.2% at $112.39. Call traders aren't shying away, with call volume running in the 93rd annual percentile. This is mostly due to heavy activity at the February 110 call, where almost 3,000 contracts have traded, compared to fewer than 300 at the next most popular. Si...Read More
The equity just pulled back a historically bullish trendlineWaste Management, Inc. (NYSE:WM) has been on a roll recently, stringing together an eyebrow-raising nine weekly wins, and up 26% year-over-year. But while a fourth-quarter revenue miss has shares of environmental services concern selling off today -- down 1.6% to trade at $123.50 at last check -- just one day after hitting an all-time hig...Read More
Walmart will be the single blue chip posting earnings next week While next week will be a short one due to Monday's market closure in honor of President's Day, there will be plenty of economic data and earnings stuffed into those next four trading days. The most notable name to enter the earnings confessional is Walmart (WMT) which will post its quarterly report on Tuesday, while quarterly reports...Read More
SunTrust initiated coverage with a "buy" rating and a $50 price target Constellation Pharmaceuticals Inc (NASDAQ:CNST) is bucking the broad-market trend today, and surging after SunTrust Robinson initiated coverage with a "buy" rating and a $50 price target -- a roughly 43% premium to last night's close. The analyst said Constellation's myelofibrosis drug candidate CPI-1610 showed promised, callin...Read More
Coronavirus fears are sparking a sell-off from yesterday's record highs The Dow Jones Industrial Average (DJI) is continuing its tumble off yesterday's record highs, down more than 150 points as coronavirus fears begin to swirl back up and Cisco Systems' (CSCO) third-quarter guidance cut continues to weigh heavily on the index. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are be...Read More
Both stocks have started 2020 off with modest gainsThe20 stocks listed in the table below have attracted the highest weekly options volume during the past 10 trading days, with data courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. The stocks highlighted in yellow are new to the list. Below, we're going to take a closer look at social media stalwarts Twitter Inc (NYSE:TWTR) and Sn...Read More
The China Iron & Steel Association (Cisa) is seeking the Chinese transport ministry's help to solve logistical problems experienced by steelmakers in recent weeks, especially those affecting the delivery of raw materials, market sources told Fastmarkets.Various transportation restrictions have been put in place throughout China since late January as a result of the outbreak of the novel coronaviru...Read More
Whilst it must be frustrating for Precious Metals sector investors to watch Tech stocks continuing to "shoot the moon" while PM stocks have mostly done nothing, the chart presented below suggests that this situation won't persist for much longer.The 7-month chart for GDX shows it probably completing the Handle of a sizeable Cup & Handle continuation pattern. GDX has stayed above the support leve...Read More
By Carolyn BorodenGold has a rather important decision zone in the 1580.30-1581.70 area. This zone is the high that gold futures (GC) reached on February 3 in a .618 Fibonacci retracement off its low, and it also constitutes a 100% projection of the prior rally swing. Note that on the first test of this key resistance gold has failed to clear the hurdle and has pulled back just over $16.00 s...Read More
By: Ira EpsteinGold market - best to watch the sideways action, watch out for the pot holes..Read More
The explosive price action seen in palladium recently isindicative of a physical shortage.Put simply, available inventories are failing to keep up with demand (largely from the automotive industry).According to Refnitiv GFMS, the palladium market will be under-supplied by 883,000 ounces this year.Stresses on the physical market are showing up in spiking lease rates, illiquidity, widening bid/ask s...Read More
CAT has added 20% over the past six monthsConstruction equipment name Caterpillar Inc. (NYSE:CAT) was seeing a modest lift this morning after receiving a fresh bull note out of Goldman Sachs. The brokerage firm upgraded CAT to "buy" from "neutral," citing an end to the U.S. machinery recession through tightening capacity utilization, inventories and backlog approaches. However, the stock has rev...Read More
Analysts have weighed in bullishly and bearishly todayThe worst Dow stock so far this morning is Cisco Systems, Inc. (NASDAQ:CSCO), down 5.4% to trade at $47.25. While the tech giant reported second quarter earnings and revenue that topped analyst forecasts, the company warned of a larger-than-expected third quarter revenue drop of 1.5% to 3.5%. Cisco attributed the surprise drop to global econom...Read More
Tradingslightly above the $50 mark, crude oil hasn’t made a decisive move either wayso far. Yesterday’s bullish session has brought us new clues. Let’s dive andexamine the strength of the evolving oil move higher.We’ll startby taking a closer look at the daily chart (chartscourtesy of http://stockcharts.com). Yesterday, we wrote the following:(…) the pinkgap created...Read More
MGM's CEO Jim Murren Stepped down yesterday The shares of MGM Resorts International (NYSE:MGM) are running lower this morning, just one day after news broke that the firm's CEO Jim Murren has decided to step down. The casino company's board also withdrew its full-year forecast for the time being, blaming coronavirus anxieties, though Murren added that he believes the economic effects of the deadly...Read More
The China Iron & Steel Association (Cisa) is seeking the Chinese transport ministry's help to solve logistical problems experienced by steelmakers in recent weeks, especially those affecting the delivery of raw materials, market sources told Fastmarkets.Various transportation restrictions have been put in place throughout China since late January as a result of the outbreak of the novel coronaviru...Read More
Brazil-based miner Vale has lowered its iron ore fines production guidance for the first quarter of 2020 after its operations were adversely affected by heavy rain, the company said on Tuesday February 11.Vale said it was expecting to produce 63-68 million tonnes of iron ore fines in the January-March period, down by 5 million tonnes from an earlier estimate of 68-73 million tonnes.The miner suffe...Read More
Earnings from Cisco Systems, PepsiCo, and Alibaba are also in focusU.S. stock futures are trading below fair value this morning as the attention shifts back to the coronavirus outbreak. Reports pointing to another jump in cases of the virus in China have sparked losses for global stock markets, and the Dow Jones Industrial Average (DJI) is now facing a triple-digit drop at the open. The losses loo...Read More
The outbreak of the novel coronavirus (2019-nCoV) in China has weakened the country's rebar market in recent weeks, sending prices to their lowest in close to three years. Fastmarkets' February 11 assessment for steel reinforcing bar (rebar) domestic, ex-whs eastern China was 3,380-3,420 yuan ($485-490) per tonne, down 250-260 yuan per tonne from 3,640-3,670 yuan per tonne on January 23 - the last...Read More