Market Minute: Investors Rush Away From Gold; Earnings Parade

Gold prices drop
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Stocks suffered their biggest loss of 2013 yesterday, and gold plunged to its lowest level in two years. The Dow Industrials tumbled 265 points, the S&P 500 slid 36 and the Nasdaq dropped 78 points.

We're watching mining and gold stocks again today. Freeport McMoRan (FCX) and Cliffs Natural Resources (CLF) could recover some of yesterday's losses; both plunged 8 percent.

Carnival Cruise Lines (CCL) has reversed course and now says it will reimburse the U.S. for the cost of Coast Guard aid to help its Triumph and Splendor ships, both of which were disabled by fires.

Meanwhile, Royal Caribbean (RCL) is expected to unveil details of the latest ship in its fleet. The Quantum of the Seas will carry 4,100 passengers when it sets sail next year. Royal Caribbean is hoping to benefit from the series of mishaps involving Carnival.

Leading today's earnings parade: Coca-Cola (KO). Its net edged past expectations, and volume shipments rose a bit more than expected.

Goldman Sachs's (GS) earnings rose seven percent, also topping expectations. After the close today we'll get results from tech giants Intel (INTC) and Yahoo (YHOO).

Shares of HCA (HCA) are likely to slide. The healthcare operator warns that sales will fall short of expectations. It says growth in hospital admissions has slowed.

JCPenney (JCP) tapped its credit line for $850 million dollars, giving it enough cash for day-to-day operations as its new/old CEO tries to reverse the steep slide in sales. And Bloomberg reports the company may borrow against its real estate holdings to raise more cash. Analysts say these moves suggest that Penney sales are off to a bad start this year.

And Plains All-American (PAA) is building a pipeline to bring 200,000 barrels a day of oil from the Permian Basin in West Texas to the refineries near Houston. The company will invest up to $375 million in the project.

–Produced by Drew Trachtenberg

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First rule of investing: buy when the commodity is cheap-

April 16 2013 at 11:38 AM Report abuse rate up rate down Reply

Hope it keeps dropping, back to where it should be. People are tearing up creek beds, land, ruining water supplies and destroying mother earths beautiful face, in the pursuit of just a few dollars. It has to way or another. When those people who have claims, are to to reclaim land used for their pursuit....well they never seem to have the money to return the land to an almost natural state. When pushed....a lot of those loser claim owners go bankrupt......

April 16 2013 at 10:46 AM Report abuse rate up rate down Reply

This is a storm warning, from a globalizing world, an evolving singular Humanity -- and it will establish homeostasis as though a singular creature of flesh and blood. Perhaps for the moment, it comes as a mere "burp" in the general upward rise -- but the chaotic complex under the surface reveals itself a bit.

All the principles of interdependence and intense communication at different orders (as it were, regional, national, state/provincial/corporate, individual => organ system, organ, tissue, cell) are basically in place. In a patern repeated over and over again in nature, we sit at the verge of something much larger than ourselves -- a whole certainly greater than the sum.

Precious metals are really of very little practical value to this entity, and the attempt to gather and amass useful resources of this higher creature must eventually lead to a reaction like that of an immune system or excretion. In terms of our everyday world, it will be a global socio-economic reaction whose exact nature may not be understood till after-the-fact empirical analysis. As in a gas or a neural net, basic laws are maintained, but the actual parallel pathways through which this is carried out in a complex may not at all be obvious.

Simply put, gold will not ultimately prove some personal hyperinflation-immune lifeboat -- even a successful cancer will never outlive its host. We will ultimate all sink or swim together. Integral education, mutual responsibility, and the societal values/environment it will take to support these will be the only real lifeboat for us all.

I would suggest a look here: to get foodfor thought about all this.

April 16 2013 at 10:31 AM Report abuse +2 rate up rate down Reply
Phil Collins

What goes up must come down - Fools Gold !

April 16 2013 at 10:27 AM Report abuse rate up rate down Reply

no we aren't....we are jumping in with both feet...its back up today.

April 16 2013 at 10:07 AM Report abuse rate up rate down Reply

ha ha ha

April 16 2013 at 10:02 AM Report abuse rate up rate down Reply

Good! Gold was way overpriced!

April 16 2013 at 9:53 AM Report abuse rate up rate down Reply

been telling anybody who will listen, invest in food and water futures that will be the real gold in the next 10 yrs., not a shinny metal. try buying food with that and see what happens, good luck with that

April 16 2013 at 9:48 AM Report abuse +1 rate up rate down Reply