|Bid||17.10 x 1300|
|Ask||17.15 x 27000|
|Day's Range||17.03 - 17.48|
|52 Week Range||9.53 - 17.48|
|Beta (3Y Monthly)||-0.15|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.16 (0.93%)|
|1y Target Est||16.51|
Gold prices hit their highest level since 2013 this past week, an indication that investors increasingly view the often-maligned metal as a good alternative to paper money and government bonds at a time of accommodative monetary policies around the world. Gold climbed to $1,446 an ounce before ending on Friday at $1,425. With gold rallying, gold stocks got a lift.
U.S. stock futures are trading higher this morning in a continuation of yesterday's rally. After a two-day slide, the recent rebound is reassuring traders that bulls are still in control of the overall trend.Source: Shutterstock As we head into the first minutes after the bell, the Dow Jones Industrial Average is up 0.36%, and S&P 500 is higher by 0.36%, while the Nasdaq-100 has added 0.45%.Yesterday's action in the options pits saw a surge in overall trading volumes. Calls ran hot throughout the session, eclipsing the 20 million mark for the first time in a while. By the closing bell, about 21 million calls and 17.4 million puts changed hands.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe call surge was enough to knock the CBOE single-session equity put/call volume ratio back down from the one-month high tagged on Wednesday. The metric closed at 0.60, landing it right on top of the 10-day moving average. * 10 Tech Stocks That Are Still Worth Your Time (And Money) On Thursday, options traders zeroed in on earnings announcements and gold stocks. International Business Machines Corp. (NYSE:IBM) and Microsoft Corporation (NASDAQ:MSFT) saw heavy traffic surrounding their quarterly reports. Elsewhere, Barrick Gold (NYSE:GOLD) shares were bid to the moon amid the ongoing gold rush.Let's take a closer look: IBM (IBM)IBM reported earnings Wednesday night, and the Street cheered the results, gifting its share price with a 4.6% gain. The rally pushed IBM stock to a fresh nine-month high and placed it on firm footing to make a run toward $160. Ahead of the report, the tech titan had already made progress on its price trend. With it now trending above all major moving averages, the path of least resistance is higher.Digging into the numbers reveals a slight decrease in revenue compared to the year-ago quarter. IBM was able to clinch a 3% rise in adjusted earnings, however. Adjusted earnings was $3.17 per share on revenue of $19.16 billion. According to FactSet, analysts were calling for earnings of $3.08 on $19.17 billion in revenue.On the options trading front, traders gobbled up calls throughout the day. Total activity ballooned to 685% of the average daily volume, with 173,767 contracts traded. 65% of the trading came from call options alone.With the uncertainty of earnings in the rearview mirror, implied volatility sunk back to more normal levels. At 24%, the reading now sits at the 45th percentile of its one-year range. Premiums are baking in daily moves of $2.27 or 1.5%. Microsoft (MSFT)Microsoft is one of this year's biggest winners among the large-cap tech space, and the gains are set to continue after last night's robust report.For the fiscal fourth quarter, MSFT raked in earnings of $1.37 per share on revenue of $33.72 billion. The Street was calling for $1.21 per share on $32.77 billion, so consider this a strong beat on both fronts.MSFT stock is poised to open up around 3% this morning, pushing the company well north of the $1 trillion market cap. Its year-to-date gains have now climbed to 38%.On the options trading front, traders favored calls ahead of the number. Activity swelled to 315% of the average daily volume, with 500,809 total contracts traded. Calls claimed 55% of the session's sum.The expected move heading into earnings was $3.95, so this morning's gap is right in line with forecasts. Three cheers for market efficiency! Barrick Gold (GOLD)Gold and silver prices are going bananas. They are this summer's must-have asset, and gold mining stocks are riding the coattails of the popularity. Yesterday's breakout in Barrick Gold sent the miner to a new 52-week high amid heavy volume.And speaking of volume, the past six weeks' ascension has seen accumulation days galore signaling a mass influx of institutions into the space. The gains have been sufficient to pull the 200-day moving average higher, which is saying something because it's been stuck in the mud for over a year.On the options trading front, traders came after calls with a vengeance. Activity ramped to 282% of the average daily volume, with 109,783 total contracts traded. Calls contributed 83% to the day's take.The increased demand drove implied volatility higher to 37% or the 48th percentile of its one-year range. Premiums are pricing in daily moves of 40 cents or 2.3%As of this writing, Tyler Craig didn't hold a position in any of the aforementioned securities. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Tech Stocks That Are Still Worth Your Time (And Money) * 7 Marijuana Stocks With Critical Levels to Watch * 7 of the Best Smart-Beta ETFs to Target Right Now The post Friday's Vital Data: IBM, Microsoft and Barrick Gold appeared first on InvestorPlace.
TONGON, Côte d’Ivoire, July 19, 2019 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (GOLD) (ABX.TO) is actively seeking to extend the life of its Tongon gold mine while at the same time exploring new opportunities elsewhere in Côte d’Ivoire, president and chief executive Mark Bristow said here today. Speaking at a briefing for local media visiting the mine, Bristow noted that Tongon was now in its 10th year of operations while its developer Randgold Resources, since merged with Barrick, had been involved in Côte d’Ivoire for more than 20 years, spending in excess of $90 million (CFA 52 billion) on exploration alone during that time.
The Zacks Analyst Blog Highlights: Kinross Gold, Franco-Nevada, Barrick Gold, New Gold and Newmont Goldcorp
Barrick Gold could sell some mining assets owned by Acacia Mining after it gains full control of its African unit, chief executive Mark Bristow told Reuters. Barrick on Friday struck a deal to buy out fellow shareholders in Acacia after raising its offer.
While Eastman Chemical (EMN) faces demand weakness and currency headwind, it should gain from productivity actions and growth of high margin products in Q2.
(Bloomberg) -- For the past two years, Acacia Mining Plc has faced deteriorating relationships with its largest shareholder, Barrick Gold Corp. and the government of Tanzania. Now, one of those battles has found a truce.The two companies said Friday that they reached a deal for Barrick to buy the roughly 36% stake in Acacia it doesn’t already own. Barrick sweetened its offer to win over Acacia shareholders, some of whom had decried the previous bid as too low. The new offer has an implied value of about 232 pence per Acacia share, a 24% premium to the closing price on Thursday.“Given all the circumstances, this is possibly the best outcome,” Acacia’s acting Chief Executive Officer Peter Geleta said by phone.The agreement paves the way for Barrick to negotiate with Tanzania in hopes of resolving a public battle that crippled Acacia’s operations in the country, where it runs three gold mines. Acacia hopes the talks will help set up a “new partnership” with the Tanzanian government, Geleta said.“I’m pleased that after engaging with shareholders, Barrick has reconsidered its initial offer,” said James Goldstone, a fund manager at Invesco, which holds less than 1% of Acacia. “It’s a compromise,” he said, without elaborating on how his fund would vote.Acacia’s shares rallied as much as 20% on Friday and traded at 221.40 pence at 12:59 p.m. in London. Before today, the stock had gained 1.8% this year.A successful deal would close the nearly decade-long chapter of Acacia’s life as a public miner, after the unit was spun out in 2010 as African Barrick Gold. Since then, it has fended off challenges spanning an infiltration by criminal gangs, to invasion by hundreds of intruders armed with machetes and hammers and mining-tax changes.Its biggest challenge came two years ago, when Tanzania imposed an export ban on two of Acacia’s units and handed the miner a $190 billion tax bill. Since then, the company’s position in the country has deteriorated further, with the government saying in May it would no longer allow Acacia to manage its mines in the country and will only work with Barrick.Just this week, Tanzania ordered Acacia to stop using a waste-storage facility at its core gold mine, which could disrupt production.The dispute with Tanzania has had a crippling effect of Acacia’s business -- forcing the company to stockpile output and curb production -- and its shares dropped 50% since the start of 2017 before this week’s announcement.The higher offer shows that Barrick CEO Mark Bristow was forced to shift his position that he wouldn’t raise the bid. In an interview in June, he said he had no intention of raising the offer. But he faced shareholder pressure in recent months, with Odey Asset Management opposing the valuation.Barrick has led discussions with the government in an effort to solve the impasse with Tanzania, while Acacia moved ahead separately with arbitration proceedings.In a 2017 meeting between Tanzanian President John Magufuli and Barrick Executive Chairman John Thornton, it was tentatively agreed that Acacia would pay $300 million to the government to settle tax claims and would split future returns from operations with the country. At the time, Acacia criticized the move and blamed Barrick for its worsening relationship with Tanzania after Thornton took over negotiations.(Updates with Invesco comment in fifth paragraph.)To contact the reporters on this story: Elena Mazneva in Moscow at firstname.lastname@example.org;Danielle Bochove in Toronto at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, ;Luzi Ann Javier at email@example.com, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Barrick Gold Corp has struck a deal to buy out fellow shareholders in Acacia Mining after raising its offer to end a two-month standoff between the world's second biggest gold miner and its African unit. The deal was announced hours before a regulatory deadline for Barrick to make a firm bid or walk away. Barrick spun off Acacia in 2010, but still owns a 64% stake and said earlier this year it wanted to take back full control as it sought to resolve a protracted dispute between Acacia and Tanzania over valuable mining assets.
Barrick Gold Corp has agreed to buy out fellow shareholders in Acacia Mining in a deal that values the firm at 951 million pounds, ending a two-month standoff between the world's second biggest gold miner and its Africa unit. Barrick had spun off Acacia into a separate company in 2010, but owns about 64% of the company. The deal will offer Acacia shareholders, as well as special dividends on Acacia exploration properties and deferred cash consideration dividends, 0.168 Barrick shares per Acacia share, implying a value of about 232 pence per share, the miner said.
Barrick Gold has raised an offer that would give it full control of Acacia Mining, bowing to minority shareholders as it tries to resolve a tax dispute with the Tanzanian government. The higher offer, ...
Fed's rate cut hope, IMF's comment on U.S. dollar and jump in government yields due to fears of global slowdown had a combined positive effect on gold price.
Barrick Gold Corporation (GOLD)(ABX.TO) announced today that it continues to make good progress on achieving its goals and objectives set out at the start of the year. Reflecting another solid operating performance across its portfolio, Barrick announced preliminary second quarter sales of 1.37 million ounces of gold and 96 million pounds of copper, as well as preliminary second quarter production of 1.35 million ounces of gold and 97 million pounds of copper. The average market price for gold in the second quarter was $1,309 per ounce, while the average market price for copper in the second quarter was $2.77 per pound.
(Bloomberg) -- Acacia Mining Plc hit another roadblock in Tanzania, two days before a deadline for its parent Barrick Gold Corp. to make an offer to minority shareholders.Tanzania ordered the company’s core gold mine, North Mara, to stop using its tailings storage from Saturday because of alleged seepage from the facility, Acacia said in a statement on Wednesday. The miner also said an international arbitration with Tanzania could be postponed to give the government time to settle a wider dispute through talks with Barrick.Acacia shares fell as much as 2.6% in London and ended the session down 0.1%.Barrick, which owns 64% of Acacia, said in May it might buy out minorities in an all-stock deal, but a formal offer has been delayed since then. The current deadline to submit a bid is Friday as Barrick responds to an independent report that attaches a higher value to Acacia than the one the Toronto-based mining giant has proposed.The timing of the decision to halt the tailings storage has nothing to do with the buy-out situation, Doto Biteko, Tanzania’s mining minister, said in an interview. “This has been a long-running problem since 2009, and we have warned Acacia several times, but they have not rectified this problem.”Two years ago, Tanzania imposed an export ban on two of Acacia’s units and handed the miner a $190 billion tax bill. Since then, the company’s position in the country has deteriorated further, while its relationship with Barrick has become increasingly strained.Acacia said Wednesday that it will “immediately seek” a stay of their international arbitration, for which hearings were due to start next Monday. The company is also reaching out to the Tanzanian government to seek clarification on the ban.Earlier this month, Acacia said it produced record monthly gold output of 47,849 ounces at the North Mara mine in June.(Updates with comment from Tanzanian mining minister in fifth paragraph.)\--With assistance from Danielle Bochove and Dylan Griffiths.To contact the reporters on this story: Elena Mazneva in London at firstname.lastname@example.org;Ken Karuri in Dar es Salaam at email@example.comTo contact the editors responsible for this story: Lynn Thomasson at firstname.lastname@example.org, ;Luzi Ann Javier at email@example.com, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Barrick Gold (GOLD) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Barrick Gold (GOLD) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 2 (Buy).