Vaneck Vectors Gold Miners seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index. The Index is intended to track the overall performance of companies involved in the gold mining industry.
Buy GDX within the $50 – $55 price range.
Computershare FY20 earnings are in-line with guidance, down 20% on the same time last year.
What’s now concerning is FY21 guidance has been downgraded and management is now forecasting a further 10% decline next year.
We remain negative on the CPU outlook and retain our “short” exposure.
NASDAQ has closed below the 10 day average following profit-taking in tech stocks.
We continue to see the overall index as “overvalued” given compressed yields and negative revenue growth for a large number of the index constituents.
Bega Cheese remains under Algo Engine buy conditions and we highlight the recent higher low formed at $4.40.
The stock price continues to trade higher heading into the 2H20 earnings result.
Seek is under Algo Engine sell conditions and we remain on the short-side of the trade.
Two negatives we focus on:-
1}Surprise need to raise money in the bond market; and
2} Announcing they were dumping the final dividend in a bid to preserve capital, blaming the “uncertain environment” for the decision.
The above post was from Monday. Following today’s earnings release, Seek is down 13%. Seek has been a high conviction “short” trade expressed on our blog and in our Monday night webinar.
We suggest covering the short and taking profit.
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Sydney will raise up to $2bn through a renounceable one-for-5.15 rights issue at $4.56 a share, which is a 15% discount to the last close and underwritten by UBS.
SYD reported a half-year loss of $53.6 million, with no interim dividend declared. Revenue down 36% to $511m and EBITDA down 35% to $300m.
China’s iron ore imports reached a record high in July of 110m/t, up 24% on the same time last year.
James Hardie Industries FY21 profit guidance now stands at $US330m-$US390m. June quarter earnings were flat on the same time last year.
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