Dow stocks Goldman Sachs and UnitedHealth are both higher after earningsThe Dow Jones Industrial Average (DJI) is up more than 350 points, on track for its best day in two months, thanks to some strong earnings reports from blue-chips Goldman Sachs (GS) and UnitedHealth (UNH). The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are sporting impressive gains, too, powered by a bouncing tech sector...Read More
U.S. hedge fund Livermore Partners is calling for an overhaul of the board at Detour Gold Corp and a strategic review, becoming the second activist to target the Canadian mining company.Livermore, which has engaged in other activist campaigns including at Canadian and UK media firm Entertainment One Ltd , sent a letter to Detour on Tuesday, saying the board has failed its shareholders on "numerous...Read More
(Reuters) - BlackRock Inc’s (BLK.N) quarterly revenue fell short of Wall Street’s expectations on Tuesday as the world’s biggest asset manager reported its lowest sales of equity, bond and other long-term investments since the second quarter of 2016.Investors pulled money from BlackRock’s institutional stock index funds, while putting more into ostensibly lower-risk bond fu...Read More
Barrick Gold has rallied 37% off of its lows in the past month.While 2019 earnings estimates are an improvement from 2018 levels, they are still below 2017 levels.The stock likely needs a pullback and higher low to allow its moving averages to play catch-up before moving higher.Barrick Gold (ABX) has seen a powerful move off of the lows since September, which has accelerated after its acquisition...Read More
(Reuters) - Wells Fargo & Co (WFC.N) said on Tuesday it had applied for an investment firm license in France as part of a Brexit strategy to shift some of its servicing of European mainland customers out of London.The San Francisco-based bank, whose purchase of a high-profile location near the Bank of England two years ago was seen as a vote of confidence in the Brexit process, said it would c...Read More
WASHINGTON (Reuters) - U.S. job openings jumped to a record high in August, far outpacing a rise in hiring, suggesting that companies could be increasingly having difficulties finding qualified workers.The Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS, report on Tuesday that there were 7.14 million unfilled positions in the economy in August. That was the hi...Read More
BERLIN (Reuters) - German Chancellor Angela Merkel said that efforts to negotiate a deal on Britain’s withdrawal from the European Union were like “squaring the circle”, two people familiar with the matter told Reuters.She made the comment in a meeting of the parliamentary group of her Christian Democrat party on Tuesday, they said.She said it was clear that controls on the borde...Read More
Call and put open interest on HCLP are at their highest points of the past 12 monthsThe shares of fracking specialist Hi-Crush Partners LP (NYSE:HCLP) hit a year-to-date low of $9.43 on Monday, before settling with a slimmer 5.9% loss at $9.64. The downside didn't deter bullish options traders, though, who rolled the dice on a quick move back into double-digit territory for HCLP stock.By the time...Read More
A free tool can help traders bank big this earnings season.Financial stocks (JPM, C, and WFC) kicked off earnings season on Friday, and traders need to position themselves now in order to ensure maximum profit from it.One company can help any investor do just that.They've developed a tool that predicts volatility based on earnings announcements.The tool works on select stocks with a 77.6% accuracy...Read More
The oil price is rising due to the upcoming restrictions on the sale of Iranian oil - the second of a two-part set of sanctions imposed on the Middle Eastern power following the Trump Administration's decision in May to withdraw from the Iran nuclear agreement, known formally as the Joint Comprehensive Plan of Action (JCPA). Sanctions lifted under the Obama Administration were re-imposed.What shou...Read More
NEW YORK (Reuters) - The U.S. dollar index dropped to more than two-week lows on Tuesday while emerging market currencies outperformed, as rising stock markets reflected improving risk appetite.U.S. stocks opened higher, led by technology stocks, as upbeat earnings from blue-chip companies helped ease jitters over the impact of an ongoing U.S.-China trade war and other global issues on corporate p...Read More
(Reuters) - When Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday, it said it would close another 142 unprofitable Sears and Kmart locations and seek to reorganize around financially healthier stores. It also triggered a “time bomb” that retailers have had a tough time surviving.Over the last dozen or so years, bankrupt retailers have had less time to make major strategic...Read More
Benchmark initiated coverage on the weed stock with a "buy" ratingWith recreational marijuana slated to become legal in Canada starting tomorrow, Oct. 17, Benchmark initiated coverage on British Columbia-based Tilray Inc (NASDAQ:TLRY) with a "buy" rating and $200 price target -- a nearly 21% premium to last night's close. The analyst in coverage waxed optimistic on the company's early emergence in...Read More
LONDON (Reuters) - A rise in oil prices to four-year highs is heaping pressure on big emerging-market crude consumers such as Turkey, India, Indonesia and South Africa that are already grappling with current account deficits, weak currencies and rising inflation.Emerging markets worldwide have been buffeted in recent months by the strong dollar, climbing U.S. interest rates and slowing growth mome...Read More
LONDON (Reuters) - U.S. President Donald Trump cannot bring oil prices down by “bullying” other nations, Iran’s oil minister said on Tuesday, adding that the market was suffering from short supply.U.S. sanctions on Iranian oil exports are due to kick in on Nov. 4. The U.S. administration has been pushing its allies to cut Iranian oil imports and encouraging Saudi Arabia, other OP...Read More
(Kitco News) - Gold prices could easily post more gains due to record short positioning in the precious metal, with prices potentially rallying to near the $1,280-an-ounce, provided that the U.S. equity space continues to see some weakness, said TD Securities.“Considering that gold is sitting very near a key resistance point ($1,228/oz, 100dma) and that there is record short exposure, it wou...Read More
Our senior V.P. of research explains the "confluence of factors" that tripped up stocksSchaeffer's Senior V.P. of Research Todd Salamone stopped by CNBC's Squawk Box this morning, where he explained some of the factors that contributed to last week's brutal stock market sell-off -- including how options mechanics may have played a role heading into October expiration.To watch Todd's full remarks,...Read More
Lucia MutikaniWASHINGTON (Reuters) - U.S. industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter.The Federal Reserve said on Tuesday industrial production rose 0.3 percent last month after an unrevised 0.4 percent increase in August. Industrial output grew at a 3.3 percent annua...Read More
There were multiple signs of a climactic volatility event last ThursdayIt was just two short weeks ago in this space that we found ourselves looking askance at the state of the short volatility trade. And in the aftermath of last week's rapid-fire sell-off in stocks -- which was accompanied by the de rigueur spike in the Cboe Volatility Index (VIX) -- it's worth "assessing the damage" by way of a...Read More
• Rising diplomatic tensions continue to underpin safe-haven demand. • Subdued USD price-action remains supportive of a mildly positive tone. • A modest uptick in the US bond yields seemed to cap meaningful up-move. Gold traded with a mild positive bias on Tuesday and remained within striking distance of 2-1/2 month high,...Read More