The SPX fell more than 10% in 50 sessionsThe major stock market indexes are in correction territory -- defined as at least 10% below their record highs -- and the S&P 500 Index (SPX) is no exception. In fact, the broad-market index fell more than 11% in just 50 sessions, marking the first time the index has dropped at least 10% in that short of a span since January 2016. Below is what we might exp...Read More
The chance of recession in the next 12 months rose to 23 percent in the CNBC Fed Survey.Twelve percent of respondents think the Fed, after hiking in December, would next move to reduce the Fed Funds rate and do so by October.Fifty-two percent said they now approve of the president's handling of the economy, down 14 points from the prior survey in which his approval had hit an all-time high.The CNB...Read More
The shares could be poised to break out of recent congestion below $245The shares of medical analytics issue Thermo Fisher Scientific Inc. (NYSE:TMO) have taken a breather since touching a record high of $253.90 in early December. However, the equity could be ready to launch its next leg higher, with TMO shares flashing a historical buy signal.Specifically, Thermo Fisher stock is now within one s...Read More
JNJ and BA are two stocks to watch todayThe Dow Jones Industrial Average (DJI) is bouncing back today, trading well into triple-digit territory. Traders are anticipating tomorrow's Fed decision, while also monitoring a sharp decline in oil prices. At last check, January-dated crude futures were down 5.2% at $47.31 per barrel amid reports of rising crude production in both the U.S. and Russia. Amon...Read More
LAGOS - Nigeria's first gold refinery is expected to more than triple its capacity within five years after operations begin next June, an executive at the company developing it said on Tuesday.Nere Teriba, vice chairman of local firm Kian Smith Trade & Co, said the refinery would initially be able to produce three tonnes per month of gold and one tonne of silver, rising to 10 tonnes a month of gol...Read More
The shares are headed for their best day everThe shares of Marin Software Inc (NASDAQ:MRIN) are up 47.3% to trade at $3.73, after the California-based online advertising company announced a three-year revenue share agreement with Alphabet's (GOOGL) Google. Under the terms of the deal, Google will pay Marin Software based on the revenue generated on its platform from clients using the Google Search...Read More
Global equity markets are getting beaten up, but gold miners have been spared as haven demand swells and bullion's outlook brightens.Newcrest Mining Ltd., Australia's top producer, rallied as much as 2.3 percent on Tuesday, while South Africa's Harmony Gold Mining Co. Ltd. was the biggest mover, rising 3.8 percent. Canada's Barrick Gold Corp. - which is taking over rival Randgold Resources Ltd. -...Read More
John Thornton is a Goldman Sachs alumnus educated at Yale, Harvard and Oxford. Mark Bristow is a South African geologist and big-game hunter.Together, this corporate odd couple has a plan to turn around the lagging fortunes of the world's largest gold-mining company, whose shares are down 67 percent from their high in 2010. Thornton, executive chairman of Barrick Gold Corp., set the partnership in...Read More
The company announced successful trial results for its breast cancer drugShares of Puma Biotechnology Inc (NASDAQ:PBYI) are up 6.9% at $22.90, after the company announced successful results of the Phase III NALA trial for its experimental breast cancer drug, neratinib. Analysts are waxing optimistic on PBYI shares, with Cantor Fitzgerald upping its price target to $55 from $50 -- more than double...Read More
Short sellers have been ramping up their exposure to the stockEnergy stock EOG Resources Inc (NYSE:EOG) has struggled since its mid-October highs near $133.50, down more than 25%. A negative earnings reaction in early November only exacerbated headwinds for the shares, with the Nov. 1 pre-earnings close creating a stiff ceiling in recent weeks. What's more, a recent rejection at the 40-day moving...Read More
Both stocks have been struggling in recent weeksBoeing Co (NYSE:BA) said it's boosting its quarterly dividend by 20%, and hiking its share buyback program by $2 billion to $20 billion. In reaction to the news, BA shares are up 4.2% to trade at $329.53, climbing back above their 320-day moving average, which has served as a magnet in recent weeks.The shares of the aerospace giant are still on track...Read More
There is ample room for a further shift in sentiment toward PMThe shares of Philip Morris International Inc. (NYSE:PM) are down 1.8% to trade at $79.95, after Credit Suisse downgraded the tobacco name to "underpeform" from "neutral," while slashing its price target to $74 from $92. The analyst in coverage says the company's reliance on heated tobacco products leaves it exposed to significant downs...Read More
JAKARTA, Dec 18 - Indonesia's state-owned miner PT Inalum expects to finalise a deal this week to take majority control of the local unit of global mining giant Freeport McMoRan Inc, the company's chief executive told Reuters on Tuesday.The deal will close "hopefully this week", said Budi Gunadi Sadikin, adding that a conclusion looked "highly likely."Inalum was proposing to sell a 10 percent stak...Read More
UNG has cooled off quite a bit from its steep November ramp higherWhile stocks were taking a drubbing during the month of November, natural gas futures were in the midst of a high-volatility move of their own -- albeit in the complete opposite direction. The United States Natural Gas Fund (UNG) wrapped up last month on a gain of 39.8%, which marked its biggest monthly advance in a decade (and whic...Read More
NCR shares have been hit hard in recent yearsNCR Corporation (NYSE:NCR) shares have been stuck in a two-year downtrend, falling from an early 2017 peak near $50 to Monday's close of $22.71. In more recent months, the 80- and 120-day moving averages have capped upside advances, and the stock just yesterday hit a nearly two-year low of $22.58. RBC isn't worried, however. The brokerage firm already h...Read More
The Fed will kick off its final policy-setting meeting of 2018The stock market appears to be stabilizing following yesterday's sharp sell-off, with Dow Jones Industrial Average (DJI) futures trading above fair value this morning. Today's focus will be on the Fed, which kicks off its final policy meeting of 2018. Fed funds futures are pricing in a 71.5% chance the central bank will raise interest r...Read More
Early investors stand to reap the rewards as a new technology looks to change everything.One research firm - which recommended Google and Amazon before they became household names - has built a worldwide reputation of identifying profitable tech trends well before Wall Street and the talking heads on T.V.And just recently, they've uncovered a technology that's already being labeled "humanity's las...Read More
Pacific Empire Minerals (TSXV: PEMC) announced that it has entered into an option agreement with a group of vendors and consolidated a land position of over 90 square kilometres in the Babine copper-gold porphyry district in central British Columbia, Canada.In a media statement, the prospect generator said that the staked ground was added to its Paragon project, which also includes the company's W...Read More
Australia's largest gold producer, Newcrest Mining (ASX: NCM) has upped its holdings in Ecuador-focused explorer SolGold (LON, TSX:SOLG), which is developing the Cascabel copper-gold project in the country's north.The deal further bolsters Newcrest's position in SolGold against No.2 shareholder, BHP, as it raises its stake in the junior miner to 15.33% from 13.83%.In September, BHP bought Guyana G...Read More
Jiulian Resources (TSX-V: JLR) announced that it has received a five-year area-based permit from the British Columbia Ministry of Energy, Mines and Petroleum Resources to establish up to 60 drill sites and four kilometres of exploration trail for core drilling on its Big Kidd Property in British Columbia.Big Kidd is a 4,056-hectare property located 25 kilometres east of Merritt. Historic drilling...Read More