Domestic prices for steel reinforcing bar in the United Arab Emirates increased over the past week due to strong demand, market sources said on Tuesday November 26.Further increases are expected due to global gains in production costs, market participants in the UAE said, adding that low stock levels in the country will spur more buying.Billet importsBillet was booked from Oman at about....Read More
Import prices for steel slab in Southeast Asia and East Asia were stable over the past week due to poor demand despite rebounding prices for downstream flat steel products."Demand remains lackluster because the price spread between slab and hot-rolled coil is not wide enough for re-rollers to accept," a trader in Taiwan said.Restocking activity in Southeast Asia's main HRC import market in...Read More
Eastern China' rebar prices dropped slightly on Tuesday November 26, with participants telling Fastmarkets they expected prices to start trending downward on weakening winter demand.Eastern China (Shanghai): 4,080-4,110 yuan ($580-585) per tonne, down 10 yuan per tonneNorthern China (Beijing): 3,800-3,840 yuan per tonne, unchangedRebar futures decreased sharply over the day, pushing down east...Read More
Trading volumes started to thin out during the holiday-shortened weekStocks spent most of the day trading in positive territory, with the Dow, S&P 500, and Nasdaq all hitting record highs, though they closed with only modest gains. Retail earnings were again in focus, with mostly favorable reactions, while investors also weighed a batch of lukewarm economic data. Overall, however, it was a somewha...Read More
The New York Post featured an upbeat article on Disney+ subscriber growthWalt Disney Co (NYSE:DIS) stock's red-hot run is continuing today, up 2% to trade at $152.67, earlier tagging a record high of $153.41. This puts the shares -- which just wrapped up a six-week win streak -- on track for a third straight daily gain, and brings its month-to-date return to 17.6%.Today's pop comes courtesy of a N...Read More
The European Union has launched a complaint to the World Trade Organization (WTO) against Indonesian export restrictions on raw materials used in the production of stainless steel, the European Commission (EC) said on November 22.The EC claims that the restrictions unfairly limit European stainless steel producers' access to raw materials, including nickel as well as scrap, coal and coke, iron ore...Read More
CCXI has more than tripled today after upbeat blood disease drug dataStocks are hitting new highs once more, this time thanks to a busy day of retail earnings and economic data. Among the names making notable moves today are drugmaker ChemoCentryx Inc (NASDAQ:CCXI), discount retailer Dollar Tree, Inc. (NASDAQ:DLTR), and cybersecurity name Palo Alto Networks Inc (NYSE:PANW). Here's a quick look at...Read More
Short interest has shot 420% higher year-to-date on KDP Beverage stock Keurig Dr Pepper Inc (NYSE:KDP) has been moving higher on the charts long term, recently seeing an extra push from a volatile post-earnings bull gap earlier this month. The equity has since pulled back from its Nov. 7 record peak, but still remains at twice its 2016 lows, pointing to potentially strong technical footing for KDP...Read More
Abercrombie stock hit a one-month low after a disappointing third-quarter report Abercrombie & Fitch Co. (NYSE:ANF) joined the slew of retailers reporting earnings today, unveiling a third-quarter adjusted profit of 23 cents per share and revenue of $863.5 million -- both of which missed analysts' estimates. The company also trimmed its full-year sales growth forecast, blaming declining same-store...Read More
Dick's Sporting Goods is one name surging post-earningsStocks have muscled their way to new highs today, with the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) each hitting fresh all-time peaks earlier. Retail stocks are some of the day's best performers so far, thanks to positive earnings reactions for several names, including Dick's Sporting Goods (DKS). Tr...Read More
GBT calls are popular todayGlobal Blood Therapeutics Inc (NASDAQ:GBT) earlier hit an all-time high of $69.69 after the Food and Drug Administration (FDA) approved the company's drug for sickle cell disease, and though the shares have given up almost all these gains -- possibly because their 14-day Relative Strength Index (RSI) of 76 was showing overbought conditions even before today -- they're st...Read More
There's a lot of pessimism around SQ to be unwound When we last checked in with Square Inc (NYSE:SQ), the payments processor was higher post-earnings despite a flurry of bear notes. Now, almost three weeks later, SQ is up 0.8% to trade at $68.80 today, after Macquerie initiated coverage with an "outperform" rating and $105 price target. The analyst in coverage noted Cash App was gaining ground on...Read More
Best Buy gave strong guidance for the holiday shopping season The shares of electronics retailer Best Buy Co Inc (NYSE:BBY) are up 5.9% to trade at $78.59 this morning, after the company posted a same-store sales beat and profit that exceeded expectations for its third quarter. The company also said it anticipated a strong holiday shopping season, predicting a fourth-quarter profit that topped ana...Read More
ACAD's pimavanserin showed mixed results in the trialIt's been a huge year for ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), thanks to positive updates for its drugs Nuplazid and pimavanserin, the latter of which again has the pharma name in focus. The company yesterday evening revealed mixed trial results for the drug for patients with negative symptoms of schizophrenia, with the treatment meeting i...Read More
Low prices fix low prices, and eventually the shorts will be forced to cover and buy back their shares and force prices higher. This sector is 'this close' to such and event.Both Hurst cycles and Wyckoff supply and demand action are warming up to the bullish side for the energy sector (XLE). This is on the back of growing inflation fears. Inflation sourced from wage growth in the US and world...Read More
By: David Chapman, Chief Strategist, Enriched Investing Inc. "History is a collection of agreed upon lies." Voltaire, French philosopher, writer, historian, advocate of free speech; 1694-1778 "Experience is helpful, but it is judgement that matters." General Colin Powell, Chairman Joint Chiefs 1989-1993, Secretary of State 2001-2005; b. 1937 "I'm very big on having clarified principles. I don...Read More
By: Ira EpsteinGold being weighed on by the general markets. The 100-d.ma. at $1,400 area, $1,445 Bollinger band support area -- oversold market with supports a bit below. Gold is a whipsaw market..Read More
If gold and silver fall today, they will crash. Inverse correlation between gold and crude oil will be there. I will prefer to call the current softer prices in gold and silver as just a correction and not even a short term bearish trend. Trend on or after second week of December will be the key not just for bullion but for currencies as well. Central banks from Europe have started increasing th...Read More
Stocks are tentatively higher following yesterday's record-breaking session Stock futures are muted this morning, with the Dow signaling a tentative 17-point gain at the openjust one day after the major U.S. equity indexes notched even more record highs. The quiet open comes as Dallas Fed President Robert Kaplan tells CNBC that the central bank is predicting "weak" economic growth for the U.S. in...Read More
The blue-chip index retreated from its 20% year-to-date return last weekWe're only a couple of weeks out from a commentary in this space dedicated to the steely significance of two "mega round" numbers for the S&P MidCap 400 Index (MID) -- namely, the 2,000 millennium level and its 20% year-to-date return. In the days since that column was published, these twin sticking points haven't wavered; aft...Read More