Steel producer Nucor Corp said on Monday it would spend about $1.35 billion to build a plate mill in the U.S. Midwest, taking advantage of federal tax cuts that has resulted in windfall gains for several companies.Nucor is also benefiting from higher steel prices for domestic producers due to tariffs imposed on imports by the Trump administration last year.The new mill, which is expected to be ful...Read More
* Reserves fall $67.24 bln in 2018, vs gain of $129.4 bln in 2017* Reserves rise $11 bln in Dec to $3.073 trln, slightly top f'cast* Trade deal hopes, softer dollar offer some respite for yuan* Forex regulator expects reserves to be generally stable in 2019BEIJING - China's annual foreign exchange reserves fell for the third time in four years in 2018 as the yuan came under strong selling pressure...Read More
Sibanye Gold Ltd. said a protracted strike at its South African gold mines may hurt earnings at a time when the producer remains under pressure to reduce debt.Thousands of workers started a strike in November over pay, and there's inconsistent output at three mines amid limited operations, spokesman James Wellsted said, without saying how many workers are showing up. Sibanye is assessing the impac...Read More
The pharma stock has been in a long-term uptrendBuyout news has dominated the pharmaceutical sector in early 2019, with Eli Lilly and Co (NYSE:LLY) the latest name to announce a big purchase. Specifically, the Indianapolis firm said it was buying cancer drug specialist Loxo Oncology for $8 billion in cash, or $235 per LOXO share. While LOXO stock has jumped 66.4% to trade at $232.72, LLY shares ar...Read More
Sibanye Gold Ltd. said a protracted strike at its South African gold mines may hurt earnings at a time when the producer remains under pressure to reduce debt.Thousands of workers started a strike in November over pay, and there's inconsistent output at three mines amid limited operations, spokesman James Wellsted said, without saying how many workers are showing up. Sibanye is assessing the impac...Read More
After a hiatus of more than two years, China is adding to its gold reserves again. The People's Bank of China increased holdings to 59.56 million ounces by the end of December, or about 1,853 metric tons, from 59.24 million ounces previously, according to data on the central bank's website. They had been unchanged since about 130,000 ounces were added in October 2016.The world's biggest producer a...Read More
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H.C. Wainwright expects even bigger gains aheadThe shares of penny stock Axsome Therapeutics Inc (NASDAQ:AXSM) are up a whopping 164.4% at $6.95 in early trading, after the company's experimental depression drug, AXS-05, realized its main goal in a mid-stage trial. AXSM is now enjoying one of the biggest gains among U.S. stocks, and touched a two-year high of $7.24 out of the gate. AXSM took a be...Read More
Options traders have remained upbeat on SPOT stockSpotify Technology SA (NYSE:SPOT) shares are under pressure following at least four bearish brokerage notes. The stock this morning was hit with price-target cuts at Guggenheim, Deutsche Bank, Stifel and Nomura, which set their respective marks at $120, $135, $170, and $188. Most analysts are still bullish on SPOT, though, with 16 of 22 handing out...Read More
After a dismal 2018, Canadian stocks as tracked by the mid-cap oriented INK Canadian Insider (CIN) Index are off to a happy start in the New Year with the index advancing 1.6% in the first three trading days of 2019. With the experience of last October fresh in our minds when Canadian stocks jumped at the start of the month, only to swoon in the following weeks, we are hesitant to make too much o...Read More
* SMB says costs are "higher and higher"* ITSCI not immediately available for comment* Rwandan miners also complain of costLONDON - Congo's biggest miner of coltan, an ore that is the source of metals used in mobile phones, says it is leaving the ITSCI certification scheme, relied on by major companies as a guarantee that minerals are free from human rights abuses.Societe Miniere de Bisunzu (SMB),...Read More
Short interest has picked up at a rapid pace recentlyThe shares of PG&E Corporation (NYSE:PCG) are down 18.7% in electronic trading, after Reuters reported the California utility company was exploring a bankruptcy filing. The move would be a contingency plan to help manage the costs from insurance liabilities incurred from massive wildfires in November and in 2017. Should today's premarket pric...Read More
Stocks may take a breather after Friday's huge rallyU.S. stock futures are little changed this morning, with the Dow Jones Industrial Average (DJI) coming off Friday's stunning Fed-induced rally. Wall Street's attention this morning is centered around U.S.-China trade relations, as the two countries again meet to discuss a potential trade agreement. Another huge deal in the healthcare space is in...Read More
The V-rally needs to take out 2,580 before we'll take it seriously"While bulls hope a bottom is in and a 'V-rally' is on the horizon, there are multiple resistance levels overhead that could be viewed as potential 'hesitation' points if last week's rally continues... The first significant resistance area is at 2,507 -- the SPX's close the day of the Dec. 19 Federal Open Market Committee (FOMC) rat...Read More
Canada's Cobalt 27 Capital (TSXV: KBLT)(OTCQX: CBLLF)(FRA: 27O) is tapping into the lithium sector by acquiring a royalty of 1.5% of gross revenues and A$2 per tonne of ore mined at the Mount Marion lithium project in Western Australia, the latest in a series of major deals the company has announced in less than a year.The move comes only days after the Toronto-based company revealed a propose...Read More
Canada's Cobalt 27 Capital (TSXV: KBLT)(OTCQX: CBLLF)(FRA: 27O) is tapping into the lithium sector by acquiring a royalty of 1.5% of gross revenues and A$2 per tonne of ore mined at the Mount Marion lithium project in Western Australia, the latest in a series of major deals the company has announced in less than a year.The move comes only days after the Toronto-based company revealed a propose...Read More
Economic indicators point to slowdown in the Eurozone, China and India. With key economies witnessing sluggish growth, risk-off trade will boost gold price.I expect the Fed to pause on contractionary monetary policies and a global economic downturn is likely to impact the US economy as well.Demand for gold from central bankers remains robust and demand for gold bars and coins is picking up as inve...Read More
Auryn Resources (TSX: AUG) announced today that it has identified a significant zone of oxide copper mineralization over a 1.2-kilometer strike length and 500-meter width at the Milpoc prospect. This is about 12 kilometers south of the company's 120,000-hectare Sombrero copper-gold property, which is located in southern Peru in the Andahuaylas-Yauri belt.According to Auryn, Sombrero is characteriz...Read More
Auryn Resources (TSX: AUG) announced today that it has identified a significant zone of oxide copper mineralization over a 1.2-kilometer strike length and 500-meter width at the Milpoc prospect. This is about 12 kilometers south of the company's 120,000-hectare Sombrero copper-gold property, which is located in southern Peru in the Andahuaylas-Yauri belt.According to Auryn, Sombrero is characteriz...Read More
Auryn Resources (TSX: AUG) announced today that it has identified a significant zone of oxide copper mineralization over a 1.2-kilometer strike length and 500-meter width at the Milpoc prospect. This is about 12 kilometers south of the company's 120,000-hectare Sombrero copper-gold property, which is located in southern Peru in the Andahuaylas-Yauri belt.According to Auryn, Sombrero is characteriz...Read More