Stocks making the biggest moves midday: Micron, Barrick Gold, Canopy Growth and more
- July 6, 2019
- Posted by: consortiumconsultancy
- Category: Economics
Chipmakers— Shares of chipmakers fell broadly, including Micron falling 0.4% and Qualcomm dropping close to 1% but ending the day positive, after Samsung said its second-quarter profit would likely be down 56% from a year ago. The world’s largest smartphone maker and supplier of memory chips cited a weakening demand for chips.
Barrick Gold, Newmont Goldcorp— Gold stocks fell on Friday after U.S. job data rebounded strongly in June, which lowered the chances of an interest rate cut by the Federal Reserve this month and raised the value of the U.S. dollar. Shares of Barrick Gold fell nearly 2% and ended the day down 0.5% and shares of Newmont Goldcorp fell more than 2% and closed down 0.88%.
J.P. Morgan Chase, Bank of America, Citigroup— Bank stocks rose after a stronger-than-expected jobs report jolted interest rates higher. U.S. employment grew by 224,000 jobs in June, easily topping expectations. The benchmark 10-year Treasury note yield jumped to trade back above 2%. J.P. Morgan was up 0.6%, Citigroup rose 0.8% while Bank of America gained 0.72%.
Canopy Growth— Shares of cannabis company Canopy Growth fell 2.2% after the Globe and Mail reported that CEO Bruce Linton’s departure from the company followed contention with Constellation Brands CEO Bill Newlands. The report citing sources familiar said Constellation Brands attempted to increase its control over Canopy since becoming it largest shareholder, causing conflict between Linton and Newlands.
Rio Tinto, BHP Group— Shares of mining companies Rio Tinto and BHP fell 5.1% and 3.9% respectively after a report from the China Securities Journal said that authorities in China were concerned over iron ore’s recent price jump. The drop in metals on the strong dollar also added to the decline.