Intercept Pharmaceuticals shares surge nearly 60 percent, after the drug developer released data showing new liver drug worked better than anticipated during trials. Before the release, the company’s year-to-date advance stood at 250 percent. (1) Trader explains how what happened June 4, 2010 is allowing even the smallest investor to make a solid weekly income in just 15 minutes a week – read the full story here. Chiquita Brands International shares soared more than 30 percent at the start of the week, after receiving a $611 million unsolicited takeover bid from Cutrale Group and Safra Group. (2)
U.S. job openings unexpectedly jumped by 94,000 to a more than 13-year high of 4.67 million in June, as the rate of openings rose to a 7-year high of 3.3 percent. Economics had expected job openings to fall to 4.55 million. (3) U.S. retail sales remain unchanged in July – marking the worst performance in 6 months – as auto demand slowed and weak wage growth weighed on consumer spending. Economists called for sales to rise 0.2 percent. (4) Japan’s economy contracted sharply in the second quarter – contracting 6.8 percent versus forecasts for a decline of 7.1 percent – after an April sales-tax increase weighed on household and business spending. (5) Economic growth in the eurozone was flat during the second quarter, as Germany’s economy unexpectedly contracted 0.2 percent. Both economies were expected to expand 0.1 percent. On an annual basis, the eurozone’s economy expanded 0.7 percent – matching forecasts – while Germany’s economy advance 1.2 percent compared to forecasts for a growth of 1.4 percent. (6)
Trader turns $100,000 into $1.4million trading ETFs – read the full story here and see his demonstration of exactly how he did it. King Digital Entertainment’s shares dropped more than 20 percent to touch an all-time low of $13.65, as the maker of the Candy Crush Saga reported a decline in consumer usage and reduced their full-year outlook. (7) On an adjusted basis, Kate Spade & Co. earned $0.05 a share during the second quarter, up from a year-earlier loss of $0.08, as revenue surged 47 percent to $266 million. Analysts had called for a break-even quarter. (8) The news initially sent shares up more than 9 percent to a 52-week high of $42.70. However, shares soon reversed gains – tumbling nearly 30 percent – following a post-earnings conference call where the company warned that it expects full-year gross margins to drop sharply. (9)
Ukraine’s currency hit an all-time low of 13.12 against the U.S. dollar on Aug. 12, as “warnings by NATO that Russia may use its aid convoy for a military invasion triggered panic.” (10) During a free tell-all event, see how some traders are banking 6-figures a month with only one losing day – read the full story here. News that Germany’s economy unexpectedly declined in Q2 had the euro falling to a nearly 9-month low of $1.3348 against the U.S. dollar. However, the currency soon rounded – reaching $1.3396 – after data showed that the eurozone’s economy as a whole was able to avoid a contraction. (11) Speculation that the Bank of England will hold off on a rate increase for longer than initially expected had the pound dropping to a 4-month low of $1.6668 on Thursday. (12)
According to Wednesday’s EIA report, the nation’s crude oil supplies unexpectedly rose by 1.4 million barrels to 367 million barrels versus to forecasts for a draw of 2 million barrels. (13) The unexpected increase had prices falling to a 13-month low of $102.37 a barrel. (14) Gasoline supplies fell 1.2 million barrels to 212.7 million barrels compared to forecasts for a draw of 1.3 million barrels. Distillates unexpectedly fell by 2.4 million barrels to 122.5 million versus to forecasts for a build of 300,000 barrels. (15)
Natural gas supplies rose less than anticipated last week – rising 78 billion cubic feet to 2.467 trillion cubic feet versus forecasts for a build of 82 billion cubic feet. Supplies currently stand 17.7 percent lower year-on-year and 18.9 percent below the 5-year average. (16)
In its most recent WASDE release, the USDA called for U.S. corn production to rise 1 percent year-on-year to an all-time high of 14.03 billion bushels, as near perfect weather in the Midwest helps to push yields to 167.4 bushels per acre. Soybean production is also expected to rise – advancing 16 percent year-on-year to record 3.82 billion bushels – as yields rise to an all-time high of 45.4 bushels per acre. (17) Global inventories are expected to rise 28 percent before the start of the 2015 harvest – up from this year’s estimate of 67.09 million tons to a record 85.62 million. (18) The estimate for global wheat production was raised by 10.9 million tons to a record 716.1 million, with increases in the U.S., Russia, China, and Ukraine. (19) Global inventories are expected to rise 5.1 percent year-on-year – reaching a 3-year high of 193 million metric tons before the end of the 2014/15 harvest versus forecasts of 189.89 million. (20)
U.S. gold production fell 9 percent year-over-year to 17,300 kg (556,207 oz) in May, as 2014 looks “to be the lowest year of gold production for the U.S. since the beginning of the bull market in gold.” (21) India gold imports are expected to drop 15 percent to 700 metric tons this year – marking the third straight yearly decline – as government officials maintain import curbs to avert a continuing widening of the current-account deficit. (22)
According to the USDA, Hawaii’s 2014 coffee production is estimated to have risen 10 percent year-on-year to 7.70 million pounds on increased yields and acreage. (23) The agency’s domestic cotton production estimate was raised 6 percent to 17.5 million 480-pound bales – a 36 percent increase year-on-year – as harvest area also rises 36 percent year-on-year to 10.2 million acres. (24) The projection for domestic rice inventories was raised 2.8 million cwt to 282.6 million – an increase of 21 percent year-on-year – as yield and harvest area estimates were forecasted higher. (25)
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