U.S. stock indexes were on track for their steepest fall in over a month on Thursday as lower commodity prices weighed on energy and materials stocks and comments by a Federal Reserve policymaker hinted at an interest-rate rise next month.
The rout hit all 10 major S&P sectors and pushed the Dow and S&P 500 below their 200-day moving averages.
Investors are keeping a watchful eye on whether the Fed in December will raise rates for the first time in nearly a decade, as is widely expected after recent strong jobs data.
In a speech on Thursday, Fed Chair Janet Yellen did not comment on the economy or the timing of a rate hike.
But New York Fed President William Dudley said “it is quite possible that the conditions the Committee has established to begin to normalize monetary policy could soon be satisfied.”
Following rapid gains in October, stock investors still concerned about China’s economy and the effects of a U.S. rate hike are taking money off the table, said Michael Matousek, head trader at U.S. Global Investors Inc in San Antonio, which manages about $1.3 billion.
“That’s why you have some of this selloff. We’re down but it’s not like the sky is falling,” Matousek said.
Still, the S&P and Dow were heading toward their worst one-day loss since Sept. 28.
The energy sector sank 2.1 percent. Chevron was down 2.2 percent.
The materials sector was off 1.8 percent, hurt by a 5.4 percent fall in miner Freeport-McMoRan and a 2.1 percent drop in Dow Chemical.
Alamos Gold Inc (USA) (NYSE:AGI) stock edged lower by -8.87% to close Thursday’s session at USD 2.98. The company’s shares hovered between USD 2.90 and USD 3.24 (marking a new 52-week low) during the session. The stock traded with the volume of 2.54 million shares, which was below its 3 month average volume of 1.34 million shares and below its 1 month average volume of 1.17 million shares. Over the last 5 days, Alamos Gold Inc‘s shares have declined by -22.4% and in the past one month it has moved down -36.86%. Furthermore, over the last three months, the stock has lost -23.98% and in the past six months, the shares have fell -46.01%. The stock is trading at a price to book ratio of 0.73 for the most recent quarter. Alamos Gold Inc (USA) (NYSE:AGI) on November 12, 2015 reported financial results for the third quarter ended September 30, 2015 and reviewed its operating, exploration and development activities.
“This marks our first quarter reporting consolidated results as the new Alamos with production of nearly 88,000 ounces. We are continuing to hit our operational targets at Young-Davidson, with record underground throughput in October, and we have commissioned the mill at Mulatos positioning us for a much stronger fourth quarter. We remain on track to achieve the low end of our full year consolidated production guidance of 375,000 to 425,000 ounces,” said John A. McCluskey, President and Chief Executive Officer.
Third Quarter 2015 Highlights
- Completed the merger between Former Alamos and AuRico on July 2, 2015.
- Produced 87,633 ounces of gold at total cash costs of $850 per ounce of gold sold and all-in sustaining costs (“AISC”) of $1,155 per ounce of gold sold.
- Sold 92,229 ounces of gold at an average realized price of $1,123 per ounce for revenues of $103.6 million.
- Realized a quarterly loss of $33.4 million, or $0.13 per share. This included $3.5 million of transaction costs related to the merger, a $2.5 million write-down of non-core exploration properties and a $4.0 million foreign exchange loss.
- Reported cash and cash equivalents and available-for-sale securities of $320.8 million as at September 30, 2015.
Boot Barn Holdings Inc (NYSE:BOOT) lost -8.38% to close Thursday’s session at USD 11.04. The shares of the company fluctuated in the range of USD 10.30 and USD 11.88 during the session. A trading volume of 2.00 million shares was recorded, which was less than its 1 month daily average volume of 501,323.00shares and below its 3 month average volume of 448.86K shares. Over the three months, Boot Barn Holdings Inc‘s shares have declined by -57.47% and in the past one year, it has lost -35.89%. Additionally, the stock’s year to date performance has declined -39.54%. Further, the company is trading at a price to earnings ratio of 210.23 and the stock is at a price to book ratio of 1.92. The company has 26.35 million shares outstanding with 0.72% insider ownership. Boot Barn Holdings Inc (NYSE:BOOT) on November 10, 2015 announced its financial results for the fiscal quarter ended September 26, 2015.
Highlights for the quarter ended September 26, 2015, were as follows:
- Net sales increased 50% to $129.7 million;
- Consolidated same store sales increased 0.1%;
- Core Boot Barn same store sales, which include bootbarn.com and exclude Sheplers, increased 1.6%;
- Pro forma adjusted net income was $1.2 million, or $0.04 per diluted share (GAAP net loss was $3.3 million, or $0.13 per share); and
- Acquired 25 stores and opened 6 new stores.
ArcelorMittal SA (ADR) (NYSE:MT)‘s stock decreased by -8.14% to close Thursday’s session at USD 4.85. The Company’s shares oscillated in the range of USD 4.79 and USD 5.05. A total of 18.28 million shares exchanged hands, which followed its 1 month daily average volume of 9.66 million shares and was below its 3 month average volume of 9.14 million shares. Over the last five days ArcelorMittal SA‘s shares have declined by -13.55% and in the past six months it has moved down -56.08%. Furthermore, the stock is trading 12.68% below its 52 week high and 4.79% above its 52 week low. The stock has weekly volatility of 4.53% and monthly volatility of 3.75% with ATR of 0.28 and beta of 2.42. ArcelorMittal SA (ADR) (NYSE:MT) on November 6, 2015 announced its results for the third quarter ended 30 September 2015. While Ebitda for the quarter was €496 million, the segment recorded an operating loss of €23 million, compared with an operating profit of €125 million for Q3 2014.
Record levels of imports, particularly from China and the CIS, have placed significant downward pressure on European steel prices. As a result, the segment`s operating profit for the third quarter was negatively impacted by a €256 million exceptional charge related to the write-down of inventory following the rapid decline of international steel prices.
ArcelorMittal Europe sales also decreased by -5.7 per cent to €6.9 billion this quarter, from €7.3 billion in the corresponding quarter last year, as a result of lower average selling prices and marginally lower steel shipments. Steel shipments in the third quarter decreased by -1.9 per cent to 9.6 million tonnes, compared with Q3 2014.