Biotech stocks surged on Wednesday, with the popular biotech ETF (IBB) rising almost 5 percent. And according to one technician, there are more gains ahead for the recently beleaguered biotech stocks. On Wednesday, Rich Ross of Evercore ISI said the biotech ETF could spike almost 19 percent. A previous bounce off the $285 support level indicates the potential for another rally, he said. "I think this double bottom in here is going to set this stage for a move as high as the 100-day moving average,&qu
Amazon.com Inc. will stop selling media-streaming devices from Google Inc. and Apple Inc. that aren’t easily compatible with its video service, the latest example of the company using its clout to promote products that fit with its own retailing strategy. The Seattle-based Web retailer sent an e-mail to its marketplace sellers that it will stop selling the Apple TV and Google’s Chromecast since those devices don’t "interact well" with Prime Video. No new listings for the products
Oil’s holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound’s round the corner. The Organization of Petroleum Exporting Countries is still pumping near record amounts of oil, China’s imports have slowed and U.S. crude stockpiles remain about 100 million barrels above the five-year seasonal average. Yet, U.S. benchmark prices have held steady for more than four weeks since plunging to a six-year low at the end of August.
Payrolls rose less than projected in September, wages stagnated and the jobless rate was unchanged as people left the workforce, signaling the global slowdown and financial-market turmoil are rippling through the world’s largest economy. The addition of 142,000 jobs followed a revised 136,000 gain the prior month that was lower than previously estimated, a Labor Department report showed Friday in Washington. The median forecast in a Bloomberg survey of 96 economists called for a 201,000 advan
Investors have withdrawn a record amount of gold from the Shanghai Gold Exchange this year, adding to signs that demand in China is recovering after a stock market rout and a shock devaluation of the yuan. Withdrawals jumped 37 percent to 1,891.9 metric tons through Sept. 18 from 1,380.9 tons a year earlier, according to data on the bourse website. Trading increased 150 percent in the first eight months, said Liu Liang, a spokesman for the exchange, the world’s largest spot bullion market.
The iShares Nasdaq Biotechnology ETF saw its worst day since Aug. 4, 2011, on Tuesday and is on pace for its worst month since March 2001. However, one analyst remains bullish on biotech despite its recent fall. Len Yaffe of Stoc*Doc Partners told CNBC's "Closing Bell" that investors can capitalize on opportunities to buy on this significant price decline. "I think that the multiples have come down for the companies earning money from about 24 times next year's earnings to about 17-
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