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Is Glencore Manipulating The Price Of Oil: Swiss Trader Holds Over 30% Of June Brent Supply
While oil bulls were delighted by yesterday’s DOE news of an inventory drawdown refuting the prior day’s API news of a major build, what was ignored was the build in Cushing storage (more on that shortly), which according to Genscape hit a utilization just shy of 80%, or more than 70 million barrels, a record high since Genscape began monitoring the hub in 2009. To be sure, the risk of running out of land storage has been one we have previously discussed on various occasions and hinted that one way this is being circumvented is with substantial amounts of oil being stored on tankers at sea, mostly by commodity trading companie... -
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GoPro, Inc. Faces An Uphilll Climb After Q1 Earnings Wipeout
Flickr Expectations for GoPro Inc. (NSDQ:GPRO) were low coming into the company’s earnings call, yet the company somehow still managed to disappoint. GoPro reported mixed Q1 2016 results that beat top line expectations but missed on the bottom line. The company reported revenue of $183.54M, a massive 49.5% Y/Y decline while non-GAAP EPS of -$0.63 was $0.03 lower than the consensus on Wall Street and compared poorly with EPS of $0.24 that the company posted a year ago. Meanwhile, GoPro’s gross margin tumbled 1,260 basis points to 32.5% compared to a year ago thanks mainly to deep Hero4 Session price markdowns. The market is cur... -
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2016 IPO Prospects: NantHealth Testing The IPO Markets, Yet Again
According to a recent report by Grand View Research Inc., the global molecular diagnostics market size is expected to reach $8.02 billion by 2020 driven by the increasing prevalence of infectious and cardiovascular diseases along with rising geriatric population. NantHealth’s Offerings Culver City-based NantHealth is a transformational healthcare firm that has successfully integrated biomolecular medicine and bioinformatics with advanced technology capabilities to improve the healthcare system. It was founded in 2007 by Dr. Patrick Soon-Shiong, an Los Angeles-based billionaire medical entrepreneur. Prior to founding his portfolio of Nant c... -
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5 Best Small Cap Value Stocks To Buy Now
There has been a lot of whining among investors that there are no values in the stock market anymore. Most of the big cap, well known names, appear to be overvalued with forward P/Es of the glamour stocks, such as Amazon and Facebook, of well over 25x. But that just means investors don’t know where to look. Large cap growth stocks have been “in” for the last 2 years. Meanwhile, the small cap companies have been ignored by Wall Street during that time period. The large caps are now considered by most to be fairly valued or, actually, slightly on the expensive side as the S&P 500 trades with a forward P/E of 18. The small ... -
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How Strong Is Physical Demand For Precious Metals?
Physical demand for gold and silver has been incredibly robust in the past year. Investors are once again flocking to precious metals, as gold just had its best quarter in the last 30 years! This occurred despite the dreaded Fed rate hike that so many gold investors had feared. Demand for gold has been nothing less than jaw-dropping. Even JPMorgan made the bold claim that gold has entered a new bull market. And hedge fund manager Paul Singer has believes we are at the beginning of a rebound in the gold market. “It makes a great deal of sense to own gold. Other investors may be finally starting to agree,” Singer told clients in an Apri... -
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How Low Can Apple Go?
I’ll be the first to say, I tried, like many of you tried, to bounce Apple (AAPL). I bought in on 5/6 at $92.59 and try as I must, I could not get anything out of it. I ended up closing it yesterday, mid-day at $92.90 for a 0.33% profit. Essentially I gave it four days to bounce, it did nothing… nothing at all. At that point, I was holding a stock that was showing no desire to move higher, despite some favorable trading conditions Friday through Tuesday. When the market started selling off yesterday, I wasn’t going to hold out hope that suddenly it would start bouncing in a bad market when it couldn’t even do anythin... -
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More Frogs Boiling — Why Trillion Dollar Deficits Are Coming Back Soon
Yesterday I noted that the frogs of Wall Street linger in the boiling pot because they are under the delusion that stocks are cheap based on the sell-side hockey sticks that always show $135 per share of S&P earnings and a 15X multiple in the next year ahead. Besides that, should anything go awry with the economy, Washington purportedly stands ready to bail-out the stock market with a new round of fiscal stimulus after the election. The latter delusion brings to mind what might be called the “CBO hockey stick”, which is a fiscal fantasy so unhinged from reality as to make the Wall Street stock analysts look like models of sobrie... -
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E Small Cap Best & Worst Stocks – May 12, 2016
· The strongest small cap sectors are utilities and consumer goods. · The best small cap industry is computer peripherals. The average small cap score is 47.99 and that’s below the four week moving average score of 49.79. The average small cap stock in our universe is trading -33.4% below its 52 week high, -0.55% below its 200 dma, and has 8.6 days to cover held short. Utilities and consumer goods score above average. Basics, technology, and industrial goods score in line. Financials, healthcare, and services score below average. The ranking is defensive. Computer peripherals score best across small cap. Proc... -
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EC Will Derivatives Be The Next Black Swan?
“It’s déjà vu all over again.” – Yogi Berra The stock market has long been classified by economists as a leading indicator of the economy. It tracks and reflects the nation’s economy and industry fundamentals. The market often seems able to anticipate positive or negative change before it happens. Since the beginning of the bear market in August of 2015, the prices of many bank stocks, especially European and Japanese banks, have declined steadily and precipitously. Deutsche Bank has lead the way by dropping below the level it reached in 2009. Shares of HSBC, Citibank, Bank of America, Credit Suisse, Goldman Sachs ... -
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Initial Unemployment Claims Rolling Average Again Worsened. 62 Consecutive Weeks Of Initial Claims Below 300,000
Weekly Initial Unemployment Claims The market expectations for weekly initial unemployment claims (from Bloomberg) were 263,000 to 275,000 (consensus 267,000), and the Department of Labor reported 294,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 258,000 (reported last week as 258,000) to 268,250. The rolling averages generally have been equal to or under 300,000 since August 2014. It should be pointed out that Econintersect watches the year-over-year change on the 4 week moving average. There is always some seasonali...
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