On Monday the 15th of July, the euro declined against the dollar, with trading closing slightly lower than the Asian session’s opening price. During the Asian session, the pair traded within a corridor of 1.1263 – 1.1274. As the European session got underway, the EURUSD pair reached an intraday high of 1.1283 before starting to decline ahead of the US session. This downturn gathered pace as FOMC member John Williams took the stage. The dollar subsequently continued its rise against the euro, culminating in an intraday low of 1.1253 on the EURUSD pair. This broke the support at 1.1262, but the pair fell short of Friday’s low of 1.1238, although there’s still a chance of reaching it.
Day’s news (GMT+3):
11:30 UK: ILO unemployment rate (May), average earnings (May).
15:00 UK: BoE’s Governor Carney speech.
15:30 US: retail sales control group (Jun).
20:00 US: Fed’s Chair Powell speech.
Current situation:
After breaking 1.1622, which is now a resistance, the euro’s decline is likely to continue, and the pair should attempt to reach Friday’s low. If, however, we get a reversal, and the pair breaks through the resistance, then the euro will most likely improve its position and move towards 1.1287.
The US dollar attempted to reverse the losses from last week on Monday, turning slightly bullish. However, price action was rather subdued. Investors will be looking towards the US retail sales report due later today.
Following a strong gain in May, economists forecast that retail sales will rise at a slower pace in June. Meanwhile, Fed Chair Jerome Powell is scheduled to speak in Paris later this evening.
Officials Warn of Possible Slowdown in German Growth
Germany’s services sector could see a slowdown in the coming months, alongside sluggish growth in the industrial sector. Germany’s economic minister cautioned that the services sector was what was driving Germany’s growth so far. Officials are expecting to see growth in Europe’s largest economy slowing. This potentially drags the eurozone’s growth lower as well.
EURUSD Steady Above 1.1250
The common currency held on to the support at 1.1250 level on Monday. Price action was subdued due to lack of any clear fundamentals. However, investors are expecting the ECB to act, either by cutting rates even lower or restarting the QE program. As long as the 1.1250 level holds, the currency pair could be aiming for 1.1400.
Oil Slips as China GDP Dampens Outlook
WTI Crude oil prices closed 1.6% lower on Monday. China’s second-quarter GDP showed a growth rate of just 6.2%. This was much slower compared to the first-quarter GDP growth. In the first half of the year, China’s GDP grew just 6.3%, marking one of the slowest paces of increase in expansion. The data underlined the view that global growth is slowing.
Will Oil Extend Declines?
Crude oil closed bearish on Monday. This comes after two consecutive sessions of declines in the commodity. However, we anticipate price to remain rather flat. Crude oil briefly tested the resistance area of 61.00 before easing lower. Alternatively, unless we see a close above 61.00, oil prices could continue to push lower. The downside target is seen at the 57.50 support area.
Gold Continues to Stay Flat
The precious metal remained stuck in a range near the highs above 1400 for four consecutive weeks.Equity markets meanwhile pushed higher as the US corporate earnings get underway. Markets remain muted as investors wait for the Fed meeting due to take place in late July. The prospects for a Fed rate cut look to be priced into the precious metal currently.
Will XAUUSD Maintain the Sideways Range?
Price action has moved into the upper end of the range, trading within 1423 and 1404 levels. A breakout above 1423 is required on a daily basis in order to confirm the upside. However, considering the flat price action near the highs, we expect to see a correction lower in the near term. The breakdown below 1404 will trigger a move to 1383.50.
Gold has exploded higher over the past few months, but how high can gold really go? Not a day goes by, without hearing about “buy gold”. You read about wild claims about $50,000 gold, even $100,000. There are even claims the gold bull market will last 20 years! The challenge as investors is to seek investment opportunities when no one is really paying attention to an asset class. This is where huge opportunities are made because it is no-one’s radar, particularly the general media. Yet the dynamics are starting to build with the optimal risk: reward options for gold. Many have stated that the price of gold bottomed in December 2015. If gold has bottomed in 2015, then what is a reasonable price to expect in this current cycle, and how long would it take to reach those targets?
When looking at gold, or any other area to invest, we at First Macro Capital, are trying to determine
How long did past cycles last?
How High did it go?
Where are we today?
These three things help us from NOT being married to a trade, but be realistic on our expectations and reduce setting unrealistic expectations.
HOW HIGH DID GOLD GO?
On a historical basis, when we look at the price action of gold over its past bull cycles, it gives us an approximate sense as to how high gold will go in this current cycle, and how long one should expect the price action to occur. It also helps to realistically determine reasonable entry levels, by appropriately determining expected multiples to earn on the investment, and at what price you would be comfortable entering, particularly if you are more of a momentum trader, than long-term buy and hold investor.
The price of gold has ranged in price between 5 to 25 times, but really the metric is between 5 to 10 times because during the mid-1970’s the price of gold went through a bear market falling by more than 20%. This is why the 1970s can be broken up in terms of two bull markets, not one that most pay attention to.
HOW LONG WILL IT LAST?
More critical to the professional investor is trying to determine how long this next bull market could last, and where we are today in relation to these past cycles. Past cycles have shown the gold bull cycle has lasted from 800 to 3,200 trading days. Most of the move in price occurred in the second half of the cycle, with the first half of the cycle mostly having sideways trading. This gold bull market is now the second longest gold bull market, but will it beat out the last gold boom?
HOW HIGH CAN GOLD GO?
The gold price hasn’t even gone up by 2X, since the bottom of 2015, with upside in the price ranging from 5 to 9 times. This puts a gold price in the range of $4,000 to $10,000 from the low set in December 2015
The upside is in the range of 4-10X from the lows set in 2015, and gold has not even doubled yet!
Taking a cycle approach, gold presents, a proven strategy, to buy, hold, and create wealth over the next 3-5 years.
The time to double is currently following the 1999 bull market as we are still in the first 5-10% of the current gold cycle.
About the Author:
Paul Farrugia, BCom. Paul is the President & CEO of First Macro Capital. He helps his clients take advantage of cycle opportunities across all sectors and asset classes, for the long-term. He provides a checklist to find winning gold and silver mining producer stocks, to take advantage of the commodity cycle.
Disclaimer:
The information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. It is not designed to meet your financial situation – we are not investment advisors, nor do we give personalized investment advice. The opinions expressed herein are those of the publisher and are subject to change without notice. It may become outdated, and there is no obligation to update any such information.
Dollar strengthening resumed as Empire State index rebounded
US stock market inched to third record closing on Monday as Citigroup results mark start of earnings season. The S&P 500 added less than 0.1% to 3014.30. Dow Jones industrial gained 0.1% to 27359.16. The Nasdaq composite rose 0.2% to 8258.19. The dollar resumed strengthening as data showed the New York Fed’s Empire State manufacturing index rebounded to 4.3 in July, from minus 8.6 in June : the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.1% to 96.916 and is higher currently. Stock index futures point to mixed market openings today
DAX 30 paces European indexes recovery
European stocks resumed advancing on Monday with China’s growth slowdown concerns limiting gains. Both GBP/USD and EUR/USD turned lower and are down currently. The Stoxx Europe 600 index gained 0.5% led by auto maker shares. The DAX 30 rose 0.5% to 12387.34. France’s CAC 40 edged up 0.1% and UK’s FTSE 100 added 0.3% to 7531.72.
Nikkei leads Asian indexes losses
Asian stock indices are mostly falling today. Nikkei closed 0.7% lower at 21535.25 despite accelerated yen slide against the dollar. Markets in China are mixed: the Shanghai Composite Index is down 0.2% while Hong Kong’s Hang Seng Index is 0.1% higher. Australia’s All Ordinaries Index lost 0.2% despite Australian dollar’s slide against the greenback.
Brent futures prices are edging higher. Prices fell yesterday as Gulf storm threat passes: September Brent crude lost 0.4% to $66.48 a barrel on Monday.
Note: This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
Asian shares are tired and struggling for direction this morning due to a lack of fresh market-moving news, with investors on the side-lines ahead of earnings reports from major American companies.
Although Wall Street closed again at record highs overnight, this positive momentum is unlikely to rollover into Tuesday’s session given how market players are adopting a wait-and-see approach. The mood across financial markets will certainly be influenced by US corporate earnings, especially the performance of major US banks like JP Morgan, Goldman Sachs and Wells Fargo. Should earnings disappoint investor expectations, risk aversion is set to make a rude return and sadly global equity markets will be in the direct firing line.
Dollar creeps higher before US Retail Sales
The Greenback is having a hard time nursing deep wounds inflicted by Fed rate cut bets and this continues to be reflected in the Dollar Index which is trading around 97.00 as of writing.
More pain could be in store for the bruised Dollar this afternoon if US retail sales prints below market expectations. Economists are forecasting a tepid 0.1% expansion in sales for the US economy last month. Given how consumption contributes to almost 70% of US GDP, a disappointing figure will not only fuel concerns over the US economy but strengthen the case for a US interest rate cut this month – ultimately punishing the Dollar. With the fundamental ingredients initially sweetening appetite for the Dollar expired, weakness could be a major theme during the second half of 2019.
Currency spotlight – GBPUSD
For as long as Brexit uncertainty, political risk in Westminster and BoE rate cut bets remain major themes – Sterling is poised to remain depressed and unloved in the G10 space.
The British pound slipped towards six-month lows against the Dollar this morning and is likely to extend losses as the bitter cocktail of negative themes swirling around Brexit and UK growth sour appetite for the currency.
Focusing on the technical picture, the GBPUSD is under pressure on the daily charts. A breakdown below 1.2500 should encourage a move lower towards 1.2420.
Commodity spotlight – Gold
Gold has the potential to shine with intensity this week if US corporate earnings disappoint and the tired Dollar depreciates.
Appetite for the yellow metal remains supported by expectations of a US rate cut this month, a timid Dollar and ongoing concerns over slowing global growth. For as long as these core themes weigh on global sentiment, bulls remain in a position of power. Focusing on the technical, an intraday breakout above $1419 should signal a move higher towards $1430 in the short to medium term.
Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.
This week is going to be important for the pound on an economic front. While the headlines continue to focus on the Tory leadership contest and what that means for Brexit, we can’t forget about key economic data. The first of the three major events coming up is tomorrow’s employment data.
The UK claimant change is the number the market focuses on. And it’s got a tradition of moving the exchange rate. Traders will be extra attentive to it for clues for what we might expect on Wednesday’s CPI numbers, and what that means for BOE policy.
What We are Looking For
All the major data comes out at the same time, so it’s not unusual for the market to bounce back and forth a bit at first. This is the first data we get after the weekend, as well, which ought to make it a little more impactful
Claimant Count
Expectations are for the number of people seeking unemployment assistance to fall to 13.4K. This is down from the 23.2K registered prior. If expectations were to be met, this would be the lowest number since August of last year.
Remember that the smaller this number, the better it is for the pound. With all the talk of the potential negative impact of Brexit, a smaller number of people becoming unemployed would be a welcome result for the bulls.
A result below 15K could be considered quite positive for the pound since that would bring it in the lower end of the 0-30K range that this result tends to oscillate between. In the other direction, though, near or above that 30K figure would be quite negative. There tends to be a slight improvement in employment figures during the summer, so an out of range bad result would have a bigger impact.
Unemployment Rate
The UK’s unemployment rate is already below what most economists consider its structural level. This means that increasing jobs will put pressure on wage prices, and from there, on inflation.
The current expectations are for unemployment to drop to 3.7% from 3.8%. While a slight improvement, at this level, it’s quite significant.
The market ought to be getting used to the unemployment rate breaking new record lows since the ’70s since it’s been doing that for a while. Now the real concern is the tightness of labor, the difficulty employers have in finding new hires, and the impact of increasing wages on the currency.
Average Weekly Earnings
This is the figure analysts will be paying extra attention to in order to get some insight into what we might expect from the CPI figure. Despite the low unemployment, we can actually expect the rate of increase here to slow to 2.9% from May’s 3.0%. This is well above the inflation rate, meaning that there is increasing cost pressure on UK businesses. It’s also above the BOE’s target. And this could lead to them being concerned in the near future.
However, there are other factors that go into the inflation rate, leaving it lower than wage inflation, as might be expected. Nevertheless, inflation has been mirroring the average weekly earnings rate change so far this year.
Lately, the GBPUSD has been driven mostly by the American side. It’s going to be up to this data to change that situation, or give the pair another push higher.
The study’s highlights are presented and discussed in a Canaccord Genuity report.
In a July 4 research note, analyst Eric Zaunscherb reported that Canaccord Genuity raised its target price on Orezone Gold Corp. (ORE:TSX) to CA$1.50 per share from CA$1.40. This represents a 127% projected return from the company’s current share price of CA$0.64.
This change resulted from Canaccord Genuity updating its model on Orezone in accordance with the recently released feasibility study on Bomboré. The study confirmed that the Burkina Faso gold project, 90% of which Orezone owns, is “robust” as expected, which should help the company in its pursuit of project financing.
Specifically, Zaunscherb relayed, the feasibility study outlines a first pour from stage one oxide ore taking place in late 2021, with commissioning and ramp-up to commercial production of 5,200,000 tons (5.4 Mt) per year in Q1/22. The study indicates greater gold production than anticipated, which should result from the capture of higher-grade oxide and sulphide.
A stage 2 sulphide circuit will be built through 2023, with which 2.2 Mt per year of material can be added to the annual 5.2 Mt. “The stage 2 plant allows Orezone to wrap arms around transition and sulphide ore to expand reserves, throughput and mine life while also increasing grade,” Zaunscherb noted.
The feasibility study also shows initial capex to be better than expected, at US$153 million versus US$225 million. This results from shifting more of it, US$63 million instead of US$20 million, to the expansion in year three, at which time capex could be funded through cash flow.
Zaunscherb added that Orezone’s “management has done an excellent job optimizing the project and providing rich detail ahead of the NI 43-101 technical report filing due within 45 days.”
Also, he pointed out that Orezone is currently trading at a “significant” discount to its peers. “We look for a rerating to alleviate these discounts in the wake of the delivery of the positive updated feasibility study near term and in anticipation of clarity on financing alternatives.”
Canaccord Genuity has a Buy rating on this Canadian exploration and development company.
Disclosure: 1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Disclosures from Canaccord Genuity, Orezone Gold Corp., July 4, 2019
Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analysts personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analysts compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research.
Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity Inc. and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
The authoring analysts who are responsible for the preparation of this research have received (or will receive) compensation based upon (among other factors) the Investment Banking revenues and general profits of Canaccord Genuity. However, such authoring analysts have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Investment Banking activities, or to recommendations contained in the research.
Required Company-Specific Disclosures (as of date of this publication) Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking services from Orezone Gold Corporation in the next three months.
US dollar bullish bets rebounded to $ 15.53 billion from $14.66 against the major currencies during the one week period, according to the report of the Commodity Futures Trading Commission (CFTC) covering data up to July 9 and released on Friday July 12. The dollar strengthened after report US economy created above-expected 224,000 new jobs in June, after 75,000 jobs created in May, which dampened interest rate cut expectations.
Note: This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
Recent drill results from the asset and its current resource are discussed in a Haywood report.
In a July 3 research note, Haywood analyst Kerry Smith reported that Bluestone Resources Inc.’s (BSR:TSX.V) recent drill results “continue to highlight the potential to upgrade Inferred resources to the Measured and Indicated (M&I) category at Cerro Blanco” in Guatemala.
Smith reviewed the newly reported results. Of the eight holes, six were from the North zone, and two from the South zone.
Each of the North zone holes intersected multiple veins as well as individual veins around 1 meter (1m) true width and of gold grades in the 510 grams per ton (510 g/t) range.
Highlight hole, UGCB19-144, intersected 12 veins and returned 19 g/t gold over 7.5m, including 98.5 g/t gold over 1m. The rest of the North zone holes returned an average gold grade of 6.8 g/t. “We expect this ore body will have a positive grade reconciliation to the reserve model when mined, given the high-grade, nuggety nature of the deposit,” commented Smith.
Results from the two South zone holes showed the best intercept to be 8.4 g/t gold over 9m.
Bluestone will continue drilling from surface throughout 2019 to finish the current 8,000m campaign.
Smith discussed the company’s current Cerro Blanco resource and its makeup. He indicated that about half of the existing 357,319 ounces of Inferred resources at an average 8.1 g/t gold grade could likely be converted into M&I resources without further drilling. M&I resources currently total 1,200,000 ounces of gold at an average grade of 10.1 g/t.
However, the resource could be expanded even further, Smith highlighted. It would just likely take some time to do so. He added, “We fully expect the current defined veins will extend further along strike and new veins will also be discovered as more drilling is completed, and the resource should double to about 500,000 ounces over time.”
Bluestone intends to update its current resource and reserve estimates in Q3/19 and 2020, respectively.
Looking forward, Smith pointed out that the next major step for the company and Cerro Blanco is financing, which the company aims to secure by year-end 2019. As such, and with significant infrastructure already in place there and all permits in hand, Haywood anticipates first production at Cerro Blanco by mid-2021.
“The project is very robust and is a strong acquisition candidate for midtier gold companies looking to add a shovel-ready, permitted project to their project portfolio,” Smith wrote.
Haywood has a Buy rating and a CA$2.75 per share target price on Bluestone, whose stock was trading at about CA$1.03 per share at the time the report was written. “We recommend accumulating shares at current levels,” wrote Smith.
Disclosure: 1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Disclosures from Haywood Securities, Bluestone Resources, July 3, 2019
Analyst Certification: I, Kerry Smith, hereby certify that the views expressed in this report (which includes the rating assigned to the issuers shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.
Important Disclosures
The following Important Disclosures apply for Juggernaut Exploration:
▪The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in Bluestone Resources.
▪ Haywood Securities, Inc. has reviewed lead projects of Bluestone Resources and a portion of the expenses for this travel have been reimbursed by the issuer.
▪ Haywood Securities, Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for Bluestone Resources in the last 12 months.
Other material conflict of interest of the research analyst of which the research analyst or Haywood Securities Inc. knows or has reason to know at the time of publication or at the time of public appearance: n/a.
Illumina Inc. shares are trading down more than 15% today as the company reported lower preliminary Q2/19 revenues and updated its annual revenue guidance.
In an announcement released this morning, Illumina Inc. (ILMN:NASDAQ) reported lower preliminary revenue for Q2/19 and adjusted annual revenue guidance across three different business areas. The company advised that later this month it expects to report Q2/19 revenue of approximately $835 million, up from $830 million in Q2/18.
The firm advised that Q2/19 results were impacted by approximately $30 million lower revenue than expected associated with population genomics initiatives; $10 million lower revenue than expected associated with ongoing weakness in the direct-to-consumer (DTC) market, primarily array services; and $10 million lower revenue than expected with Illumina’s non-high-throughput sequencing systems and consumables. NovaSeq consumable volume growth was up 40% sequentially, and more than 100% year-over-year with system shipments ahead of expectations in the second quarter.
Illumina now expects fiscal year revenue growth of approximately 6%, primarily associated with lower near-term expectations in DTC.
Francis deSouza, president and CEO of Illumina, commented, “We are obviously disappointed with our second quarter financial results. Our preliminary analysis suggests that these challenges are transitory and do not reflect a macro change to the fundamentals of our business.” Additionally, the firm advised that in light of the lower revenue growth expectations for 2019 it is taking immediate action to adjust operating expenses for the remainder of the year.
Investors can expect additional details from the firm including full year earnings guidance during the company’s upcoming quarterly conference call scheduled for July 29, 2019, at 5:00 pm EDT.
Illumina is based in San Diego, Calif., and describes itself as a global leader in DNA sequencing and array-based technologies fueling advancements in life sciences, oncology, reproductive health, genetic disease, agriculture, microbiology and other emerging segments. The company states that is dedicated to improving human health by unlocking the power of the genome. The firm provides reproductive-health solutions, including noninvasive prenatal testing (NIPT), preimplantation genetic screening and diagnosis, and neonatal and genetic health testing.
Illumina shares have been trading down more than 15% today from yesterday’s closing price of $363.66 on higher than average volume. In the first half of the trading day, shares have traded between $305.00 and $312.47/share. With 147 million outstanding, its market cap has taken a hit of around $8 billion today based on the current share price of $308.55.
Disclosure: 1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Current situation:
