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Kronos Worldwide, Inc. KRO is expected to benefit from higher demand for titanium dioxide (TiO2) and easing pricing pressure this year. Cost-reduction initiatives are also expected to support margins.
We are positive about KRO’s prospects and believe that the time is right for you to add the stock to your portfolio as it looks promising and is poised to carry the momentum ahead.
Let’s take a look into the factors that make this Zacks Rank #2 (Buy) stock a compelling choice for investors right now.
Kronos Worldwide’s Stock Outperforms Industry
KRO has outperformed the industry it belongs to over the past year. The company’s shares have rallied 32.8% compared with a 9.6% decline of the industry.
Solid Earnings Growth Prospects for KRO
The Zacks Consensus Estimate for earnings for 2024 for Kronos Worldwide is currently pegged at 88 cents, reflecting an expected year-over-year growth of 304.7%. Earnings are also expected to register a 288.9% growth in third-quarter 2024.
KRO’s Earnings Estimates Northbound
Earnings estimates for KRO have been going up over the past 60 days. The Zacks Consensus Estimate for 2024 has increased by 3.5%. The consensus estimate for the third quarter has also been revised 9.7% upward over the same time frame. The favorable estimate revisions instill investor confidence in the stock.
Higher TiO2 Demand, Cost Actions Aid Kronos Worldwide
Kronos is well-positioned to gain from higher demand for TiO2 in major markets. Per the company, TiO2 consumption has increased at a compound annual growth rate of around 2% since 2000. Western Europe and North America account for roughly 14% and 15% of global TiO2 consumption, respectively. These regions are expected to continue to be the biggest consumers of TiO2. Markets for TiO2 are growing in South America, Eastern Europe, the Asia Pacific region and China.
The company expects sales volumes in 2024 to exceed 2023 levels factoring in the recently experienced improved demand and expectations that demand will continue to improve this year.
Kronos Worldwide is also taking actions to reduce costs and align production and inventories to expected demand levels, which are expected to support its margins. It has increased its production rates in sync with current and expected near-term demand improvement. It expects its production rates for the balance of 2024 to be higher than the level witnessed in 2023.
The company’s internal cost initiatives are also expected to continue to support margins in 2024. Reduced energy costs along with its cost-cutting initiatives and the realization of selling price increases are likely to result in improved margins on a year-over-year basis this year. The company has undertaken TiO2 selling price hikes, which need to be sustained to attain margins in line with historical levels. KRO expects to report higher operating results on a year-over-year basis for full-year 2024 based on the expected improved demand, higher selling prices and reduced production costs.
Kronos Worldwide Inc Price and Consensus
Kronos Worldwide Inc price-consensus-chart | Kronos Worldwide Inc Quote
Stocks to Consider
Other top-ranked stocks in the Basic Materials space are, Hawkins, Inc. HWKN, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. The stock has rallied around 103% in the past year.
The consensus estimate for IAMGOLD’s current-year earnings has increased by 46.4% in the past 60 days. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up 111% in the past year.
The Zacks Consensus Estimate for Eldorado Gold’s current year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 69% in the past year.
Zacks Investment Research
The U.S. Labor Department’s latest report revealed 142,000 new jobs were created last month, falling short of expectations and signaling a cooling labor market. Now, the attention turns to today’s Consumer Price Index (CPI) inflation report. Markets are hoping for further progress on inflation. The CPI report could heavily influence the Federal Reserve’s next move on interest rates. Most economists are expecting a 25-basis point (bps) rate cut on Sept.18.
Having said that, given recent global economic volatility and September’s historical weakness, focusing on value stocks could help mitigate risk in uncertain times. Stocks like Wolverine World Wide, Inc. WWW, PRA Group, Inc. PRAA, Great Lakes Dredge & Dock GLDD and Kronos Worldwide, Inc. KRO are a few value stocks with high earnings yield that you should invest in right away.
Unlock Portfolio Value Via Earnings Yield Metric
Value investing seeks to profit from investing in stocks that appear to be trading at a discount to their intrinsic values and eventually make handsome returns when the stock price rises toward that value, reflecting the actual fundamentals.
One interesting ratio that you can consider for ferreting out attractively valued stocks is earnings yield. This metric, expressed in percentage, is calculated as annual earnings per share (EPS) divided by market price. While comparing stocks, if other factors are similar, the ones with higher earnings yield are considered undervalued, while those with lower earnings yield are seen as overpriced.
Earnings yield also facilitates the comparison of stocks with fixed-income securities. Investors often compare the earnings yield of a stock to the prevailing interest rates, such as the current 10-year Treasury yield, to get a sense of the return on investment it offers compared to virtually risk-free returns. If the yield on a stock is lower than the 10-year Treasury yield, it would be considered overvalued relative to bonds. Conversely, if the yield on the stock is higher, it would be considered undervalued. In this situation, investing in the stock market would be a better option for a value investor.
The Winning Strategy
We have set an Earnings Yield greater than 10% as our primary screening criterion but it alone cannot be used for picking stocks that have the potential to generate solid returns. So, we have added the following parameters to the screen:
Estimated EPS growth for the next 12 months greater than or equal to the S&P 500: This metric compares the 12-month forward EPS estimate with the 12-month actual EPS.
Average Daily Volume (20 Day) greater than or equal to 100,000: High trading volume implies that a stock has adequate liquidity.
Current Price greater than or equal to $5.
Buy-Rated Stocks: Stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) have been known to outperform peers in any type of market environment. You can see the complete list of today’s Zacks #1 Rank stocks here.
Our Picks
Here we discuss four of the 26 stocks that qualified the screening:
Wolverine designs, manufactures and distributes a range of casual and active footwear and apparel. Its strategy of delivering innovative, trend-right products, along with strong brand management, is resonating with consumers. WWW’s gross margins are improving thanks to supply-chain optimization, inventory reduction and effective pricing. Additionally, Wolverine is making significant progress in reducing its net debt.
The Zacks Consensus Estimate for Wolverine’s 2024 and 2025 earnings implies year-over-year growth of 1,600% and 51%, respectively. Estimates for 2024 and 2025 earnings per share have moved up by 3 cents and 1 cent, respectively, over the past 60 days. WWW currently sports a Zacks Rank #1 and has a Value Score of B.
PRA Group is a global financial and business services firm operating in the Americas, Australia, and Europe. The company's cash collections are increasing, driven by higher purchase volumes in the United States and Europe, with double-digit growth expected in 2024. PRAA's expansion beyond core debt collection into government collections and audit services is paying off, while strategic acquisitions are fueling its inorganic growth strategy.
The Zacks Consensus Estimate for PRA Group’s 2024 and 2025 earnings implies year-over-year growth of 162% and 51%, respectively. Estimates for 2024 and 2025 earnings per share have moved up by 63 cents and 29 cents, respectively, over the past 60 days. PRAA currently sports a Zacks Rank #1 and has a Value Score of B.
Great Lakes Dredge is the largest provider of dredging services in the United States. GLDD is poised for growth through strong domestic operations, high equipment utilization and solid project execution. Its strategic expansion into the offshore wind market aligns with America's decarbonization goals. With a robust backlog, enhanced fleet and focused initiatives, GLDD is well-positioned to capitalize on the growing dredging bid market.
The Zacks Consensus Estimate for GLDD’s 2024 and 2025 earnings implies year-over-year growth of 471% and 6%, respectively. Estimates for 2024 and 2025 earnings per share have moved up by 8 cents and 2 cents, respectively, over the past 60 days. Great Lakes Dredge currently carries a Zacks Rank #2 and has a Value Score of A.
Kronos is a leading producer and marketer of TiO2, a pigment for providing whiteness and opacity in various products. The company is set to benefit from higher demand for TiO2 in major markets. KRO’s efforts to cut costs and align production with demand are expected to support its margins. For full-year 2024, Kronos expects higher operating results driven by improved demand, higher selling prices and reduced production costs.
The Zacks Consensus Estimate for KRO’s 2024 and 2025 earnings implies year-over-year growth of 305% and 59%, respectively. Estimates for 2024 and 2025 earnings per share have moved up by 3 cents and 28 cents, respectively, over the past 60 days. Kronos currently carries a Zacks Rank #2 and has a Value Score of B.
You can get the rest of the stocks on this list by signing up now for a 2-week free trial to the Research Wizard stock picking and backtesting software. You can also create your own strategies and test them first before making investments.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Click here to sign up for a free trial to the Research Wizard today.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.
Zacks Investment Research
United States Steel Corporation X has launched ZMAG-coated steel, a revolutionary new carbon flat-rolled coated steel product. The steel, developed to be stronger, more resilient, and more sustainable than the current goods on the market, rises to the challenge of the world's worst environments, offering a new level of reliability and durability to the solar, automotive and construction industries.
ZMAG steel has a zinc-aluminum-magnesium coating that provides up to five times the corrosion resistance of standard galvanized steel. ZMAG-coated steel is also durable over time, cutting maintenance costs and increasing efficiency for products that must resist prolonged exposure to the environment, such as solar frames and racking systems. The steel, which is melted and made in the United States and coated at PRO-TEC in Ohio, eliminates the uncertainties of imported materials because it is 100% domestically manufactured.
The demand for materials that can survive severe and corrosive environments has never been higher in today's industrial scene. Whether it's rain, sleet, or snow, ZMAG-coated steel is robust enough to ensure long-lasting projects. ZMAG steel demonstrates U.S. Steel's dedication to lowering its environmental impact, as well as its waste-reducing manufacturing method and unparalleled endurance. In addition to greater strength and flexibility, U.S. Steel is providing an exclusive 25-year warranty on ZMAG-coated steel.
Shares of U.S. Steel have gained 3.2% over the past year compared with a 17.8% decline of its industry.
U.S. Steel, on its second-quarter call, said that it expects adjusted EBITDA for the third quarter in the band of $275-$325 million, factoring in recent pricing dynamics, which continue to adversely impact its business. It expects the results in the North American Flat-Rolled segment to soften as reduced spot prices more than offset continued strength in contract order book and lower spending. In the Mini Mill segment, X expects results to reflect lower spot prices and $30 million of associated start-up and one-time construction costs ahead of the planned start-up of Big River 2 in the fourth quarter.
The results in the Europe unit are forecast to be consistent with the second quarter as lower selling prices are offset by reduced raw material costs. The company expects weaker results in the Tubular segment for the third quarter due to reduced selling prices.
United States Steel Corporation Price and Consensus
United States Steel Corporation price-consensus-chart | United States Steel Corporation Quote
Zacks Rank & Key Picks
X currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN.
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 111.6% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. The Zacks Consensus Estimate for EGO's current-year earnings has been going up in the past 30 days. EGO, a Zacks Rank #1 stock, beat the consensus estimate each of in the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 68.1% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. HWKN, a Zacks Rank #1 stock, has rallied around 100.9% in the past year.
Zacks Investment Research
Eldorado Gold Corp. EGO is riding the highs of record gold prices in 2024. This Zacks Rank #1 (Strong Buy) is expected to grow earnings by the triple digits in 2024.
Eldorado Gold is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. Headquartered in Vancouver, Canada, it has a market cap of $3.3 billion.
Another Beat in the Second Quarter of 2024
On July 25, 2024, Eldorado Gold reported its second quarter 2024 results and beat on the Zacks Consensus by $0.07. Earnings were $0.33 versus the consensus of $0.26.
It was Eldorado Gold's 7th consecutive earnings beat.
Gold production was in line with the company's expectations for the quarter at 122,319 ounces. That was an increase of 12% from the prior year's quarter due to a 22% increase in production at Lamaque and 14% at Kisladaq. Production was slightly offset by lower production at Olympias due to intermittent work stoppages during ongoing negotiations for a new collective bargaining agreement.
Gold sales of 121,226 ounces were at an average realized gold price per ounce sold of $2,336. Gold sales rose 10% from the year ago period primarily due to the increased production at Lamaque and Kisladaq.
Production costs rose to $127.8 million from $116.1 million due to higher sales volumes as well as slightly higher cash costs.
Maintained its Production and Cost Outlook for 2024
Eldorado Gold still expects to produce 505,000 to 555,000 ounces of gold this year. Production continues to be weighted to the second half of the year.
Total cash costs are still expected to be between $840 and $940 per ounce sold and an average all-in sustaining costs (AISC) of $1,190 to $1,290 per ounce sold.
Analysts Are Bullish on 2024
With gold hitting new highs, and Eldorado Gold reaffirming its 2024 production, the analysts are bullish.
5 earnings estimates have been raised for 2024 in the last 60 days pushing up the Zacks Consensus to $1.35 from $1.09 in that period. It made just $0.57 last year so that is earnings growth of 136.8%.
But while 3 earnings estimates have also been revised higher for 2025, the consensus is only looking for $1.28 which is a decline of 4.9%.
It's still early to be looking at 2025, however.
Here's what it looks like on the price and consensus chart. This is what investors want to see: an earnings consensus that is going up and to the right.
Shares Bust Out to New 5-Year Highs
Shares of Eldorado Gold have rallied this year and have surged to new 5-year highs. But over those 5 years, the shares have also beat the return on gold itself.
Eldorado Gold is still cheap, even after the rally. With earnings on the rise, it has a forward P/E of just 11.9.
Unlike some other gold producers, however, Eldorado does not pay a dividend.
Zacks only has two #1 Rank (Strong Buy) stocks in the gold mining industry right now. Eldorado Gold is one of the two.
For investors looking for a mid-cap gold miner, Eldorado Gold should be on your short list.
Zacks Investment Research
AngloGold Ashanti plc AU and its Tropicana joint venture partner Regis have authorized the Havana underground project in Western Australia. This move is set to increase gold production at the Tropicana mine and extend its life.
AngloGold Puts Efforts to Boost Production at Tropicana
The Havana underground project is planned to enhance gold output between 2027 and 2029 beyond the Tropicana mine's existing production levels. Tropicana's gold production will be increased by three separate, underground sources once the Havana project is fully operational.
The Havana ore will be processed at the Tropicana facility, which can process 9.4 million tons of ore per year.
AU & Regis to Leverage Tropicana’s Existing Infrastructure
The Tropicana Gold Mine has a strike length of six kilometers and four mineralized zones. This includes the Havana deposit, which will be developed as part of the new underground project. An underground mine will be established 500-700 meters below the surface, beneath the active Havana open pit.
The project will use the Tropicana mine's existing infrastructure with minimal modifications, lowering costs and increasing efficiency.
AngloGold & Regis JV to Create Long-Term Value
Regis owns 30% of the Tropicana joint venture, with AngloGold owning the remainder.
The Havana underground project illustrates the possibility for further exploration and mine life extension, increasing its value and ensuring Tropicana's long-term subsurface expansion.
AU Q2 Earnings Beat Estimates, Rise Y/Y
In the second quarter of 2024, AngloGold reported a 19.3% year-over-year increase in revenues to $1.38 billion. The top line surpassed the Zacks Consensus Estimate of $1.23 billion. The company reported earnings per share of 60 cents, up from 17 cents in the second quarter of 2023. The bottom line beat the Zacks Consensus Estimate of 51 cents.
AngloGold’s Share Price Performance
Shares of the company have gained 70.7% in the past year compared with the industry’s growth of 35.5%.
AU’s Zacks Rank & Other Stocks to Consider
AngloGold currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO. CRS, IAG and EGO sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025 earnings is pegged at $6.06 per share. The consensus estimate for 2025 earnings has moved 17% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 155.9% in a year.
The Zacks Consensus Estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 44% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 137% in a year.
The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 22% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 103% in a year.
Zacks Investment Research
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