Posts for Ticker ‘ABX’

Yet Higher Gold Prices Cometh (GLD, GDX, ABX, GG)

Gold ImageYesterday’s surprise move from India that sent gold through the roof to almost $1,085.00 per ounce was a game changing event in gold.  Many technical analysts and chartists were looking for, or at least hoping for, a further consolidation in the price of the shiny yellow stuff.  Yet now that appears to not be the case.  This has broad ramifications for the SPDR Gold Shares (NYSE: GLD) and for Market Vectors Gold Miners ETF (NYSE: GDX); and it also of course will help push top-line and bottom line improvements to the likes of two of the huge players of Barrick Gold Corporation (NYSE: ABX) and for Goldcorp Inc. (NYSE: GG).  This morning we received an audio-visual slide show technical analysis presentation from one of our affiliates INO.  This was by Adam Hewison, who we have noted was making a big gold call for a move to $1,100 and then $1,200 or even higher back when gold prices were consolidating and well under the $1,000 mark.
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Posted on: November 4, 2009 – 11:09 am in Charts, Commodities, ETF, Emerging Markets, Metals, Technical Analysis, , , ,

Today’s Unusual Options Activity (ABX, CAT, EXPE, JAVA, CS)

These are today’s unusual options trading patterns seen late in the afternoon.  We have provided links over to VSInvestor.com for more details on each situation:

  • There have been two large options transactions in Barrick Gold Corporation (NYSE: ABX).
  • Caterpillar Inc. (NYSE: CAT) is seeing some longer-term bullish recovery bets that may have been profit taking on a prior trade.
  • Someone is making a big pre-earnings options trade in Expedia, Inc. (NASDAQ: EXPE).
  • Traders are placing bets both for and against a Sun Microsystems Inc. (NASDAQ: JAVA) buyout by Oracle Corp. (NASDAQ: ORCL) now that there are 3,000 more layoffs after the company keeps losing more and more money while the kids running the European Commission figure out that a money-losing company should not require a deep review of this sort for anti-competition.
  • OptionsHawk.com notified us of nine-times options volume in Credit Suisse Group (NYSE: CS).

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JON C. OGG
OCTOBER 21, 2009

Posted on: October 21, 2009 – 3:06 pm in Options, Trading Alert, , , , ,

Top Analyst Upgrades (AMR, ANSW, ABX, CSCO, CAL, CSC, EMC, GG, HOG)

These are this Wednesday’s early upgrades and positive research calls which we have seen out of Wall Street firms this morning:

AMR Corp. (AMR) Raised to Overweight at Barclays.
Answers Corp. (ANSW) Raised to Buy at Canaccord.
Barrick Gold (ABX) Raised to Overweight at JP Morgan.
Cisco Systems (CSCO) Started as Outperform at Wells Fargo.
Continental Airlines (CAL) Raised to Equal Weight at Barclays.
Computer Sciences (CSC) Raised to Neutral at Goldman Sachs.
EMC Corp. (EMC) Raised to Overweight at Thomas Weisel.
Goldcorp (GG) Raised to Overweight at JP Morgan.
Harley-Davidson (HOG) Raised to Outperform at Wells Fargo.

You can join our open email distribution list to get updates each morning on analyst upgrades and downgrades, top day trader alerts, IPO’s and secondary offerings, Warren Buffett and other guru activity, M&A and more.

JON C. OGG
October 14, 2009

Posted on: October 14, 2009 – 7:41 am in Analyst Calls, , , , , , , , ,

Weak Economic News Sends Investors to Gold (ABX, KGC, GFI, GDX, GLD, RGLD)

camMonopoly_wideweb__430x325,0This morning’s reports on unemployment (up), manufacturing (down), housing (sort of up), and consumer spending (up a little) have pushed the market down. Out of the gate this morning, gold miners and spot gold prices followed the market down, but as trading has increased the spot gold price has recovered about half its early losses and the gold miners are coming back too. Read More »

Posted on: October 1, 2009 – 11:47 am in Metals, , , , , ,

Gold Miners Digging Out? (ABX, AU, NEM, GDX, GLD)

Now that Barrick Gold Corp. (NYSE:ABX) has raised $4 billion or so to buy out its hedges, the company is set to enjoy an expected run-up in gold prices. In early trading today, Barrick shares were up about 1.5%, AngloGold Ashanti Ltd. (NYSE:AU) shares were up slightly, and Newmont Mining Corp. (NYSE:NEM) shares were up about 1%.

Share prices for these and other gold mining shares have been on the rise for the past few weeks. The Market Vectors Gold Miners ETF (NYSE:GDX) peaked at $48 a week ago, a new 52-week high. SPDR Gold Shares ETF (NYSE:GLD) also flirted with a new 52-week high today. Spot gold prices have been as high as $1,015/oz today, but are moving back down at just $1,001.79. Read More »

Posted on: September 24, 2009 – 11:13 am in Metals, , , , ,

Top Analyst Downgrades (ADBE, ABX, CVH, FCL, MSO, MIR, S, VZ)

These are this Wednesday’s top pre-market analyst downgrades and cautious research calls we have seen from Wall Street firms:

Adobe Systems (ADBE) Cut to Hold at Jefferies.
Barrick Gold (ABX) Started as Reduce at Nomura.
Coventry Health (CVH) Cut to Sell at Goldman Sachs.
Felcor Lodging (FCL) Started as Sell at Citigroup.
Martha Stewart (MSO) Cut to Underweight at JPMorgan.
Mirant (MIR) Cut to Sell at Citigroup.
Sprint Nextel (S) Cut to Market Weight at Thomas Weisel.
Verizon Communication (VZ) Cut to Neutral at UBS.

JON C. OGG

Posted on: September 16, 2009 – 8:18 am in Analyst Calls, , , , , , , ,

Barrick Raising & Spending Billions To Drop Hedging (ABX)

Gold ImageBarrick Gold Corporation (NYSE: ABX) is going to be taking an action which has mixed implications for shares of Barrick versus the overall gold play now that the shiny yellow metal is hitting $1,000.00 an ounce.  The company has engaged a large syndicate of underwriters to raise billions in cash.  This is not to make an acquisition, but rather to remove gold hedging contracts.  With gold hitting $1,000.00 today, it seems that management does not want to leave major upside here in case the gold run-up is just starting.
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Posted on: September 8, 2009 – 5:29 pm in Accounting, Commodities, Metals, Secondary Offering, Shareholder Issues,

The $1,000 Gold Call Returns (GLD, GDX, UGL, ABX, HMY)

Gold ImageThe commodities call is back on.  It isn’t $100 oil, but it is for $1,000.00 gold.  We have two well respected market technicians calling for higher gold prices.  At 10:12 AM EST,  Spot Gold was trading at $982.34, a change of +$7.78 or +0.80%.  Simultaneously, the SPDR Gold Shares (NYSE: GLD) was up 0.4% at $96.55.  The Market Vectors Gold Miners ETF (NYSE: GDX), which is an ETF full of the top gold mining stocks, is up over 1.5% at $43.15 and has been all over the place this morning.  The Ultra Gold ProShares (NYSE: UGL), which tries to track twice the dollar performance of gold bullion, was up 0.75% at $36.95 on fairly thin volume.  Even Barrick Cold Corporation (NYSE: ABX), one of the largest miners and producers, was up 0.8% at $38.12 on active trading.  Harmony Gold Mining Co. Ltd. (NYSE: HMY) is also up about 2.6% at $10.27, and this is despite J.P. Morgan downgrading this stock this morning to Hold from Buy.

One of our affiliates, INO.com, has an audio/video presentation by Adam Hewison that shows data back to 2001 and using current data to discuss the possibilities of a break-out coming up in the price of spot gold.  This notes how yesterday was a large day and is back up to the resistance line.  He still thinks that the $1,000.00 per ounce mark continues to be the big hurdle but that is possible to see even before the end of the week.

We also saw how Dennis Gartman yesterday was on CNBC talking about gold rallying more in foreign currency markets than the U.S. and he noted how something was going on there… particularly as gold went up the same day the bond market went up.  It seems to Gartman that the vote is a bet on gold but one against the economy.  What is funny is that Gartman thinks that everyone should have exposure to gold, but 2% to 3% of their portfolio or 5% in extreme cases.

And there is more to this yet, particularly as you go into 2010…
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Posted on: September 3, 2009 – 10:31 am in Charts, Commodities, Metals, Technical Analysis, Trading Alert, , , , ,

Top Analyst Upgrades and Downgrades (ABX, BDX, BMY, FUN, JCG, NEM, NENG, SNY, ZOLT)

Bull and Bear ImageThese are this morning’s top pre-market analyst upgrades, downgrades and initiations from Wall Street early this Friday:

Barrick Gold (ABX) Started as Hold at Jefferies.
Becton Dickinson (BDX) Started as Overweight at Jefferies.
Bristol-Myers Squibb (BMY) Cut to Equal Weight at Morgan Stanley.
Cedar Fair (FUN) Cut to Hold at KeyBanc.
J. Crew (JCG) Raised to Buy at Citigroup; Raised to Hold at Needham..
Newmont Mining (NEM) Started as Buy at Jefferies.
Network Engines (NENG) Raised to Buy at Cantor Fitzgerald.
Sanofi-Aventis (SNY) Raised to Overweight at JPMorgan.
Zoltek (ZOLT) Started as Hold at Deutsche Bank.

JON C. OGG

Posted on: August 28, 2009 – 8:03 am in Analyst Calls, , , , , , , , ,

Charts vs. Fundamentals: How High Can Gold Go? (GG, ZLC, GLD, GDX, ABX)

Gold ImageThis morning’s move in gold may have seemed like an anomaly as gold briefly traded up over $970.00 per ounce.  The shiny yellow stuff rose $2.28 at $964.78 as of 10:42 AM EST.    What is interesting is how the companies and instruments around the shiny metal have been trading and what they have been reporting.  Gold Fields (NYSE: GG), Zale Corp. (NYSE: ZLC), SPDR Gold Shares (NYSE: GLD), Market Vectors Gold Miners ETF (NYSE: GDX), and Barrick Gold Corporation (NYSE: ABX) are all of focus and interest here.

One of our affiliates has run a chart based audio visual analysis with the expectation that next week will be a solid week in gold and a note that we could pass the $1,000.00 mark.
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Posted on: August 6, 2009 – 11:18 am in Charts, Commodities, ETF, Luxury, Metals, , , , ,

Top 10 Analyst Upgrades and Downgrades (ABX, BGFV, DLR, DISH, HOLX, HGSI, MYGN, PMC, SVNT, TLB)

These are ten of the top pre-market early analyst upgrades, downgrades, and initiations we have seen from Wall Street early this Tuesday morning:

Barrick Gold (ABX) Cut to Sector Perform at CIBC.
Big 5 Sports (BGFV) Raised to Neutral from Underweight at Piper Jaffray.
Digital Realty Trust (DLR) Cut to Hold at KeyBanc.
DISH Network (DISH) Raised to Outperform at CRedit Suisse.
Hologic (HOLX) Cut to Hold at Citigroup.
Human Genome (HGSI) Raised to Buy at ThinkEquity.
Myriad Genetics (MYGN) Started as Outperform at William Blair.
Pharmerica (PMC) Cut to Perform at Oppenheimer.
Savient Pharma (SVNT) Cut to Underperform at Jefferies.
Talbots (TLB) Raised to Outperform at FBR.

JON C. OGG
AUGUST 4, 2009

Posted on: August 4, 2009 – 7:33 am in Analyst Calls, , , , , , , , , ,

Gold Trends Ahead of Miner Earnings (ABX, GG, GOLD, AU, GLD)

Gold ImageBen Bernanke thinks the risks of inflation may be overstated or those fearing major inflation may be misguided.  But that feeling is still not shared by many on Wall Street and also not shared by many on Main Street.  In fact, the recent return of gold prices off the $900 mark to almost $950 and the return of oil back close to $65.00 per barrel have many wondering if that higher Producer Pricing Index data from June could get a repeat either in July or in August.  Our guess is August rather than July, but there is still almost two trading weeks left in the month of July.  We have earnings coming from some majors in the next week and wanted to evaluate those trends for Barrick Gold (NYSE: ABX), Goldcorp (NYSE: GG) Randgold Resources Limited (NASDAQ: GOLD), and Anglogold Ashanti Limited (NYSE: AU).  The SPDR Gold Shares (NYSE: GLD) of course offer the most direct investment in bullion without the operational risks tied to individual companies.
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Posted on: July 22, 2009 – 9:05 am in Commodities, Earnings, Metals, , , , ,

Gold Miners Staging Breakouts (GDX, AU, GOLD, RGLD, ABX, AUY, GG, NEM)

Gold has been making a serious comeback and many are talking about the $1,000 per ounce level again as being ahead shortly.  This latest run is with energy prices screaming, the US Dollar getting pounded again, and with the fears that all this new money being printed is going to create much higher inflation down the road.  When gold was making the same sort of run to $1,000 earlier this year, that was because of the fear premium.  The other difference is that in this move, we are now starting to see a technical break-out on the charts of some of the top gold miners that trade in the U.S. that are actually global operations.  The Market Vectors Gold Miners ETF (NYSE: GDX) was up 4% at $44.45 in early trading, and its 52-week trading range is $15.83 to $51.84.  Two gold stocks are making key break-outs: AngloGold Ashanti Ltd. (NYSE: AU) and Randgold Resources Limited (NASDAQ: GOLD).  Other large gold mining leaders are lagging, but you have to wonder how long that will last if the stock market stays strong and if the interest in the re-flation trade stays high.
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Posted on: May 29, 2009 – 9:16 am in Commodities, ETF, Metals, , , , , , , ,

Gold Miners Struggling with Costs, Gold Prices (NEM, ABX, GDX)

gold-image1Lower prices for copper and gold hit Newmont Mining Corp. (NYSE:NEM) hard in the first quarter of 2009. Barrick Gold Corp. (NYSE: ABX) is also getting hit after its report, and all of this is acting to drag down even the Market Vectors Gold Miners ETF (NYSE: GDX).

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Posted on: April 30, 2009 – 9:15 am in Commodities, ETF, Earnings, Luxury, Metals, , ,

Mining Earnings Plummet (FCX, ABX, GG)

burning-money-pic21Now this is what really bad news looks like. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) reported first quarter 2009 EPS of $0.11 on net income of $43 million, compared with EPS of $2.64 and net income of $1.1 billion in the first quarter a year ago. Revenue was $2.6 billion, compared with $5.67 billion in 2008.

Analysts weren’t expecting much, and they got even less. Thomson Reuters’ estimates averaged $0.13, and revenue estimates averaged $2.69 billion. Operating income for the quarter totaled $672 million, against $2.4 billion a year ago. Expectations for Barrick Gold Corp. (NYSE:ABX), which reports next week, and Goldcorp Inc. (NYSE:GG), which reports the week after that, are not much better.
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Posted on: April 22, 2009 – 8:09 am in Commodities, Earnings, Metals, , ,

Top 10 Analyst Upgrades & Downgrades (ATI, APOL, AUO, ABX, BWLD, EXPD, HAL, JCOM, NOK, MTN)

These are the ten top analyst calls we have seen early this Tuesday morning with about two hours until the open:

Allegheny Tech (ATI) Cut to Sell at Citigroup.
Apollo Group (APOL) Started as Buy at Deutsche Bank.
AU Optronics (AUO) Raised to Outperform at Credit Suisse.
Barrick Gold (ABX) Raised to Overweight at Thomas Weisel.
Buffalo Wild Wings (BWLD) Started as Outperform at Oppenheimer.
Expeditors International (EXPD) Cut to Neutral at JPMorgan.
Halliburton (HAL) Cut to Neutral at JPMorgan.
j2 Global (JCOM) Cut to Hold at Jefferies.
Nokia (NOK) Started as Buy at Jefferies.
Vail Resorts (MTN) Cut to Market Perform at Wachovia.

Jon C. Ogg
April 21, 2009

Posted on: April 21, 2009 – 6:51 am in Analyst Calls, , , , , , , , , ,

Citi Initiates Coverage on Barrick Gold (ABX) with a Buy

Citi initiates coverage on Barrick Gold (NYSE: <a href=”http://finance.aol.com/quotes/barrick-gold-corporation/abx/nys” title=”Real-time quotes and company profile for ABX” target=”_blank”>ABX</a>) with a Buy. Price target $40.

Citi analyst says, “We rate Barrick a Buy despite concerns on the gold price given a low valuation. In the short term we favor Barrick over Newmont for three reasons: (1) Barrick’s gold hedges will somewhat cushion it from a lower gold price, (2) Barrick trades at lower multiples of gold reserves…

Read more….

Posted on: April 8, 2009 – 8:42 am in Uncategorized,

Gold’s Value Without Fear & Inflation (GLD, GDX, ABX, GFI, GG, NEM)

gold-image3The recent move in gold may be saying something about how to value the commodity in an environment of low inflation and in an environment where fear brings less of a premium.  The London gold price today is down around $920/ounce. That’s about $25/ounce lower than yesterday’s close and gold had been down about $30/ounce earlier.  In fact, that decline reflects what may be a topping trend in gold prices for the last 30 days.  For the past year gold prices have trended upward, but the last thirty days have turned down. The SPDR Gold Shares (NYSE: GLD) ETF is almost flat for the past 30 days and for the past year. The Market Vectors Gold Miners Index (NYSE: GDX) is down about 20% for the year and about flat for the last 30 days.
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Posted on: March 24, 2009 – 10:11 am in Commodities, ETF, Metals, , , , , ,

Top Analyst Calls (ABB, ABX, BBY, COST, HD, KSS, LOW, PAAS, UNH)

money-stack-image35These are some of the broad upgrades and positive research calls from Wall Street analysts that we have seen this Tuesday morning:

  • ABB (ABB) Raised to Buy at Deutsche Bank.
  • Barrick Gold (ABX) Raised to Outperform at CIBC.
  • Best Buy (BBY) Raised to Buy at Jefferies.
  • Costco (COST) Raised to Buy at Jefferies.
  • Home Depot (HD) Raised to Buy at Jefferies.
  • Kohl’s (KSS) Raised to Buy at Jefferies.
  • Lowe’s (LOW) Raised to Buy at Jefferies.
  • Pan American (PAAS) Raised to Outperform at CIBC.
  • UnitedHealth (UNH) Raised to Outperform at Bernstein.

JON C. OGG

Posted on: March 17, 2009 – 6:44 am in Analyst Calls, , , , , , , , ,

Just Like That, Gold Lost Its Luster (ABX, NEM, GG, RGLD, GLD)

gold-imageShare prices for gold miners and gold bullion mostly dropped yesterday as traders thought it was a good day to take on more risk. In London this morning, gold prices have jumped back above $900/ounce after trading under that mark earlier.

The CEO of Barrick Gold Corp. (NYSE:ABX) recently said that the supply of gold will continue to drop, even as the price continues to be volatile. That’s not exactly earth-shattering news, but Barrick stock dropped almost $2/share (7%). Newmont Mining Corp. (NYSE:NEM) also fell about 7%, Goldcorp Inc. (NYSE:GG) dropped 8%, and Royal Gold Inc. lost about 4%. Even ETF bullion buyer SPDR Gold Shares (NYSE:GLD) fell by about 1%.
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Posted on: March 11, 2009 – 8:55 am in Commodities, Metals, , , , ,