On Friday, Shares of Vale SA (ADR) (NYSE:VALE), gained 3.98% to $5.48. The stock attained the volume of 27.39 million shares.
The year-to-date (YTD) performance reflected a -30.82% below last year. During the past month the stock gains 5.59%, bringing three-month performance to -7.12% and six-month performance to -3.59%. The stock holds the market capitalization of $26.39 billion.
Vale’s stock inclined as commodity giant Glencore’s (GLNCY) cut to zinc production improvements commodities prices and benefits stocks within the mining sector.
Glencore will lower its global zinc production by roughly a third, or 500,000, in a cut equal to about 4% of the world’s total annual supply of the metal, according to the Wall Street Journal.
In doing so, Glencore has demonstrated leadership in boosting commodities prices, which have sharply declined in recent months amid the economic decline in China, the world’s top metals consumer. Reuters reports.
Vale S.A., together with its auxiliaries, engages in the research, production, and sale of iron ore and pellets, nickel, fertilizer, copper, coal, manganese, ferroalloys, cobalt, platinum group metals, and precious metals in Brazil and internationally. Its Bulk Material segment produces and extracts iron ore and pellet.
Shares of Applied Materials, Inc. (NASDAQ:AMAT), dropped -0.13% to $15.65, during its last trading session.
The stock saw its price movement on below-normal volume, as 14.90 million shares changed hands when contrast with its average daily volume of 17.27 million shares, with a year-to-date performance of -36.25%.
BC Capital Markets downgraded Applied Materials to “underperform” from “sector perform” on Monday.
The analyst firm lowered its price target for the chipmaker to $12 from $16.
RBC analysts said they expect Applied Materials’ capital expenditures to fall 15% year over year to $46 billion in calendar year 2016 due to a 38% drop in DRAM capex, a 17% drop in NAND spending, “flattish” foundry investment, and 4% growth in IDM.
“In our opinion, DRAM spending is positioned to decline in 2016 after two years of high level spending on new capacity and 20nm conversion,” RBC analysts wrote. “3D NAND in CY16 appears to be limited after Samsung filling up Xi’an fab with 90k capacity as Micron and Toshiba need to expand current fabs for 3D conversion.”
Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, flat panel display, solar photovoltaic (PV), and related industries worldwide.
Finally, California Resources Corp (NYSE:CRC), ended its last trade with 6.33% gain, and closed at $4.70.
The stock closed at a distance of 49.38% from 20-day simple moving average. In the last trading session, the stock’s price moved -20.38% below its 200 day moving average, changing hands as low as $4.16 per share. The stock is presently trading 35.79% above its SMA 50.
Care.com, Inc. is an online marketplace for finding and managing family care, in addition to a subscription-based social e-commerce service selling curated products designed for families. The Company’s platform provides families with a range of solutions.
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