Military Metals acquires past-producing antimony project in Nevada
The Last Chance property is situated in Nye county, Nevada, approximately 18 km due west of the Round Mountain gold mine operated by Kinross Gold.
In a market hungry for good news, global economic bellwether Caterpillar Inc.’s strong quarterly results and upbeat outlook were rewarded handsomely.
Shares of the mining and construction equipment maker closed up 7.7% at $212.14 on Thursday, notching their biggest gain following an earnings report since April 2017. The rally added to an already great run for the stock, which is up 2.6% this year, compared to the S&P 500 Index’s 20% decline.
The company’s third-quarter profit and revenue both topped analysts’ estimates, and it expects a strong adjusted operating profit margin for the last quarter of the year.
Caterpillar’s resilient performance also helps calm investors as they frantically read the tea leaves of corporate earnings in a bid to understand if the global economy is going to slip into a recession. The company said strong demand for its machinery supported higher prices, helping to more than offset the erosion from rising raw-material costs that have plagued companies across sectors.
That, along with robust US economic data Thursday, injected some optimism into markets.
“Despite all the economic uncertainty out there, this was a really strong report with an across the board beat,” Bloomberg Intelligence analyst Christopher Ciolino said. “It should allay some concerns about a potential downturn as the industrial economy remains resilient with few signs of slowing.”
(By Esha Dey)
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