"Gentlemen: There is no more gasoline in Venezuela. In Venezuela, we are out of gas. In Venezuela, there is no gas oil. In Venezuela, there are no lube oils...Read full newsRead More
(Changes "last year" to "2016" in third paragraph)CAIRO, Jan 3 (Reuters) - Average yields on Egypt's six-month and one-year treasury bills rose at an auction on Wednesday, data from the central bank showed.The yield on the 182-day bill rose to 19.140 percent from 18.990 percent at the last similar auction, and the yield on the 364-day bill rose to 18.186 percent from 17.689 pe...Read More
Chip stocks are hot today, with rivals of sector behemoth Intel (NASDAQ:INTC) catching a big boost from reports of a design flaw in Intel microprocessors produced over the last decade that compromises security. While INTC is down more than 3.7% -- and the biggest decliner on the Dow today -- primary rival Advanced Micro Devices, Inc. (NASDAQ:AMD) is soaring.AMD stock is up 7.2% at $11.77, and on t...Read More
NEW YORK (Reuters) - The U.S. economy is on track to grow at a 3.2 percent annualized rate in the fourth quarter after data showed construction spending reached a record high in November and stronger-than-forecast December figures on factory activity, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.The latest estimate for fourth-quarter gross domestic product growth w...Read More
(Bloomberg) - Call it a new golden age.The SPDR Gold Shares ETF (ticker GLD) kicked off 2018 with an advance of 1.2 percent on Jan. 2, extending its streak of gains to 11, a record. It retreated slightly at the start of regular trading on Jan. 3, but is still up for the year.This "stealth rally in gold" has been enabled by the battered U.S. dollar, says Bespoke Investment Group. The Bloomberg Dol...Read More
Weekly Gold Focus - Gold futures will continue to keep an eye on the weakening Dollar Index that isstarting off 2018 at a 3-month low despite three more interest rate hikesexpected throughout the year. Rising Geopolitical risks with North Korea andIran has helped set the stage for the safe-haven trade to back in the cards.The top two events to keep an eye out for with a fairly busy economic schedu...Read More
FRANKFURT, Jan 3 (Reuters) - Germans are investing heavily in gold, Deutsche Boerse said on Wednesday, with holdings of a gold-backed security it offers rising almost 50 percent in 2017.Gold is seen as a safe haven for investors during times of uncertainty. Spot gold prices gained about 14 percent during 2017.Deutsche Boerse said its Xetra-Gold notes, which are backed by physical gold, rose in dem...Read More
Power management provider Eaton Corporation (NYSE:ETN) recently announced that it expects to incur a one-time expense between $90 and $110 million as a result of the new tax bill. The guidance was well-received, with ETN stock gapping higher on Friday. From a longer-term perspective, the shares surged an impressive 17.7% in 2017, and their recent low near $75 represents five times the 2009 low. Wh...Read More
WINNIPEG, Manitoba (Reuters) - Ottawa has launched legal challenges of U.S. duties on imports of certain Canadian softwood lumber products, Canadian Foreign Affairs Minister Chrystia Freeland said on Wednesday.The duties are “unfair, unwarranted and troubling,” harm Canadian lumber producers and raise U.S. home-building costs, Freeland said in a statement.Reporting by Rod Nickel in Win...Read More
Shares of MoneyGram International, Inc. (NASDAQ:MGI) gapped lower out of the gate this morning, down 9.3% at $12.07, after a U.S. government panel blocked the company's sale to China's Ant Financial. The $1.2 billion deal was scuttled by the Committee on Foreign Investment in the United States (CFIUS), reportedly over national security concerns -- though the committee declined to comment on the ru...Read More
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) are trading up 4.5% at $22.76, after a U.S. court set a Jan. 16 hearing date for the drugmaker and Bill Ackman's Pershing Square Capital Management to discuss a proposed $290 million settlement between the two parties over an insider trading lawsuit. The accusations were made following Valeant's unsolicited bid for Allergan (AGN) in 2014, and t...Read More
(Adds details, outlook, FinMin comments)PRAGUE, Jan 3 (Reuters) - The Czech central state budget ended 2017 with a 6.15 billion crown ($289.5 million) deficit, narrower than planned due to higher tax income but falling short of a second straight surplus.The result was the second best figure in the past two decades, the finance ministry said on Wednesday. It followed a record 61.77 billion crown s...Read More
(Adds company comment, updates share price)Jan 3 (Reuters) - Spark Therapeutics Inc said on Wednesday it will charge $850,000 per patient for its breakthrough gene therapy to treat a rare form of blindness, a lower than expected price that the company said reflects patient and insurer concerns about access and cost.Investors had expected the company to charge closer to $1 million for the treatmen...Read More
Shares of Oracle Corporation (NYSE:ORCL) and IBM Corp. (NYSE:IBM) are trading higher this morning following bullish analyst updates. For ORCL stock, Morgan Stanley raised its rating to "overweight" from "equal weight," and lifted its price target to $57 from $50. IBM stock, meanwhile, was upgraded to "outperform" from "sector perform" at RBC, and its price target was moved up to $180 from $160. Di...Read More
After an initial jump shares in Solgold plc (LON, TSX:SOLG) were trading flat by lunchtime on Wednesday after the company, worth $865m on the Toronto stock exchange, released the maiden resource for the Alpala target at its massive Cascabel copper-gold project in northern Ecuador.The latest in a string of announcements from Ecuador, where the Brisbane-based company have completed 63,500m of dr...Read More
After an initial jump shares in Solgold plc (LON, TSX:SOLG) were trading flat by lunchtime on Wednesday after the company, worth $865m on the Toronto stock exchange, released the maiden resource for the Alpala target at its massive Cascabel copper-gold project in northern Ecuador.The latest in a string of announcements from Ecuador, where the Brisbane-based company have completed 63,500m of dr...Read More
After an initial jump shares in Solgold plc (LON, TSX:SOLG) were trading flat by lunchtime on Wednesday after the company, worth $865m on the Toronto stock exchange, released the maiden resource for the Alpala target at its massive Cascabel copper-gold project in northern Ecuador.The latest in a string of announcements from Ecuador, where the Brisbane-based company have completed 63,500m of dr...Read More
(Kitco News)- Gold markethas trimmed some of its gains, falling from recent highs, after the U.S.manufacturing sector ended the year on a strong note, according to data fromthe Institutefor Supply Management (ISM).Wednesday,the ISM said its manufacturing index showed a reading of reading 59.7 forDecember, well above economists’ expectations and up compared to November’sreading of...Read More
There's no stopping the palladium rally.Read full newsRead More
It's shaping up to be a critical year for Target Corporation (NYSE:TGT), as rumors continue to swirl about a possible buyout from Amazon.com (AMZN) later in 2018. Nevertheless, after trending higher for several months and adding 3.6% yesterday alone, the retail stock is surging into the new year. Today seems no different, with the equity receiving two price-target hikes this morning. Specifically...Read More