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National Best Bid and Offer - NBBO
What does it Mean? A term applying to the SEC requirement that brokers must guarantee customers the best available ask price when they buy securities and the best available bid price when they sell securities.
Investopedia Says...
NBBO is the bid and ask the average person will see. Day traders usually use Level 2 market maker screens to see ALL the bids and offers for a particular stock.
The NBBO is updated throughout the day to show the highest and lowest offers for a security in all exchanges and market makers.
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Does anyone have a way to display the tape on DROOY between 9:31 and 9:36 (Eastern). If a trade was consumated at $1.45 (50k shares?)would it not by definition be a NBBO determined price? I'm confused.
DROOY - tried to exit my position today at $1.44. Watched the ticker go to $1.45 at about 6:32am PST. Brokerage looking into the lack of trade. Is that stock a BB? If so, they say they can't "force the trade".
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May I ask how that worked out? It looked to me as tho you should be entitled to a fill as it wasn't 'hit' on the opening bell....
Ameritrade's charts show it touched 1.45 at the opening as well as 9:34 and 9:36....
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Dan, they responded."We challenged the trade for you and unfortunately we were unable to get an execution. The National Best Bid Offer (BBO) never got up to your price and therefore they are not requried to execute your trade. They did not have a buyer at your price. "
So, I guess not all trades are BBO's. I saw a trade go off higher than my asking price while my limit sell order was active. This will be an expensive lesson as I waited for their determination while the price dropped. I knew if I sold the shares, they wouldn't validate the earlier trade. Live and learn.
Would somebody give RMBS a quick kick in the BU$$.
DROOY sold 2nd position @ $1.06 . Still waiting to hear about the earlier trade.
"I have recently read about a new So. African "use it or lose it" regulation that will pressure mining companies to either develop their non producing properties or stand the risk of having their mining licenses revoked for said properties and auctioned off to other interested parties."
Thanks to both you and Fred for your comments. I wasn't aware of the above. Hard to believe the government would try to force a company out of business that had been there since 1895.
"I wouldn't touch any of the SA golds.
Too much politics..."
Hmmmmm. That also goes for oil, pharma, bios like GERN, real estate that is manipulated by the fed, retailers like wal-mart, gold in general.....I could add more. Life is political.
"Opinion, DROOY is up 20% off of it's low."
That's what's called putting lipstic on a pig.
DROOY OUCH WTF is the bottom. Now printing .92
DROOY doubled down at 1.05 expecting 1.00 to hold
Thanks for the inquiry. I still haven't got a response back from Harris. They were going to check "downstairs". DROOY
If I get that trade forced, I may be looking to buy back at1.10-1.15. Looks like cheap ore and a strong rand is doing a number on them.
DROOY - tried to exit my position today at $1.44. Watched the ticker go to $1.45 at about 6:32am PST. Brokerage looking into the lack of trade. Is that stock a BB? If so, they say they can't "force the trade".
delete
QCOM out for now loss of .40
This is pricing power!
Back to Company News List for RIO
UPDATE 3-Miners revel while steelmakers reel on iron ore price
Wed Feb 23, 2005 10:13 AM ET
By James Regan
SYDNEY, Feb 23 (Reuters) - Mining companies may well be grinning at the expense of their steel-making customers on the prospects of soaring iron ore prices after Japan's Nippon Steel Corp. (5401.T: Quote, Profile, Research) agreed to a 71.5 percent price hike with producers in Australia and Brazil.
Analysts have been quick to rejig profit estimates for miners in anticipation of similar settlements in the sale of the key ingredient of iron ore to a steel industry booming on the back of strong demand from China.
The increase negotiated separately by Companhia Vale do Rio Doce (VALE5.SA: Quote, Profile, Research) (RIO.N: Quote, Profile, Research) and Rio Tinto Ltd./Plc. (RIO.AX: Quote, Profile, Research) (RIO.L: Quote, Profile, Research) seems to be acting as a benchmark, as steelmakers gear up for annual record output set to exceed 2004's 1.05 billion tonnes.
CVRD clinched a 71.5 percent increase on Wednesday with the world's fifth largest steelmaker, South Korea's POSCO (005490.KS: Quote, Profile, Research), prompting analysts to conclude that all CVRD's clients, including those in Europe would have to follow suit.
"This is a very important year for iron ore miners," AME Mineral Economics steel analyst Dallas Horadam said.
Australia's mining giants of BHP Billiton Ltd./Plc. (BHP.AX: Quote, Profile, Research) (BLT.L: Quote, Profile, Research) and Rio Tinto Ltd./Plc. are seen benefiting most from a hike in prices, which would vindicate decisions to spend billions of dollars digging new outback mines.
For steel makers from China to South Korea, it would mean their biggest cost blow outs in more than 50 years.
Each one percent rise in iron ore prices adds about $14 million to Rio Tinto's bottom line. Every $1 rise adds about $60 million to BHP Billiton's profit.
Analysts said that if the agreement for shipments between April 1, 2005 and March 31, 2006 is adopted industry wide, it would undermine a hard fought 8 percent rise steel price mills won from their customers in January.
CHINA WOES
"The new price is very high. Chinese steel firms could try to buy more domestic iron ore, but the problem is that the grades are generally lower," said steel analyst Xu Aihua, of Chinese metal consultancy Antaike.
On Wednesday Chinese shipping and trade sources said that agreement had also been reached between CVRD and Chinese steel mills for a 71.5 percent price hike, effectively accepting prices hammered out by their Japanese rivals.
With China's 2004 iron ore imports totalling 208 million tonnes, up 40.5 percent from the previous year, the country is now the world's top importer of the raw material.
"We haven't heard from China yet, but...we expect it will be the same, normally in the iron ore business it tends to roll out globally," Mike Kilbride, operations director at South Africa's biggest iron ore producer Kumba Resources (KMBJ.J: Quote, Profile, Research) told Reuters.
Kumba exported around 20.9 million tonnes of iron ore in 2004, of which 40 percent went to China, with exports to Europe at 34 percent and most of the remainder to Japan.
Iron ore miners argue big increases are justified, given a paltry 18.6 percent rise last year amid the biggest boom in steel making in decades.
The hike means steel mills will pay on average $80 a tonne for ore in the next shipping year, up from $46.65.
Haakan Murby, managing director of Jernkontoret, the Swedish steels producers association, estimated the increase in iron ore prices could add 25 percent to the cost of steel.
That raised the threat of substitution.
"The aluminium people will realise they have a chance to take over a substantial part of the automotive market for example. The same applies to construction, where steel faces competition from wood and concrete," Murby said.
The International Iron and Steel Institute says world crude steel production rose 8.8 percent to a record 1.05 billion tonnes in 2004.
"This price increase reflects unprecedented demand for our products, driven by the continuing growth in steel consumption, particularly in China," Rio Tinto's iron ore group chief executive, Sam Walsh, said.
The deal, announced by CVRD on Tuesday, enraged its main customer, European steel producer Arcelor (CELR.PA: Quote, Profile, Research), which said in a statement that it did not consider the settlement "a benchmark for 2005 contracts".
While Simon Downes, manager for ore procurement at Anglo-Dutch steel producer, Corus (CS.L: Quote, Profile, Research) (CS.AS: Quote, Profile, Research) told Reuters, "We don't comment on negotiations,"
Japan's steel makers want to reach quick deals with miners to assure their customers there will be enough steel to go around, averting a repeat of last year, when a shortage forced Japanese auto makers, including Nissan Motors Co. (7201.T: Quote, Profile, Research), to cut production.
Mitsubishi Heavy Industries Ltd. (7011.T: Quote, Profile, Research), Japan's biggest machinery maker, has already more than halved its profit outlook to 10 billion yen ($95.8 million) for the year ending March 31, citing higher steel prices and a supply shortage. ($1=A$1.27) ($1=104.38 yen) (Additional reporting by Chikafumi Hodo in Tokyo, Nao Nakanishi in Hong Kong, Lucy Hornby in Shanghai, Oh Jung-hwa in Seoul, James Macharia in Johannesburg, Nick Trevethan in London and Denise Luna in Rio de Janeiro)
OSX.X oil (services) keeping a cap on this market
RMBS Looks attractive here but I've already got all I want.
Jim, thanks to your delay, I was able to pick up some in the premarket at a little discount. I was never much of a NASCAR fan but I am now.
"DROOY is the way to go."
He called the dip to 1.40 correctly. For this stock to have legs would not the dollar need to strengthen against the rand? In your analysis, how does the timing look on this one?
Baby boomers drinking more wine and spirits, less beer. Take it from me, I know.
NEM That laggard. The POG is now almost 427 and NEM stuck below 43. I remember when POG hit 430 and NEM was 50. We've either got alot of catching up to do OR the POG is about to tank.
China's strategy for resources:
http://www.kitco.com/ind/Ridley/feb142005.html
ALTI picked up one more position at 4.05
"closed all gern shorts will re-enter on the spike up."
BTK up nicely today, will GERN follow?
Out of SNDK at 26
ALTI. Nice buy, I got some at $4.30 and have one more order in at just above $4
I think the jury is still out on whether this is a pump and dump. Some would say if it walks like a duck and sounds like a duck....Others would say it's just smart business to take advantage of the curent positive announcements and raise some much needed cash.
I don't see the new offering as a real problem. This is a small company with a lot of projects on the table. This is a good opportunity to raise cash for more research.
The fact that they didn't announce the offering to Phil yesterday is good. I think it would have been illegal to do so. Maybe we have a level playing field here. ALTI
Looking to buy a little more ALTI here at $4.30
"I find it difficult to eat my salad with all those vegetables screaming in pain"
I promise never to mow my lawn again.
BTK I was expecting the biotecks to lead this rally. Since November the BTk has actually lagged the NAZ. In the coming week, as selling opportunities present themselves, I am going to lighten my load by at least half. Looking to sell positions in LJPC, ISIS, GERN and CRIS. AMGN already gone. Starting here to raise cash in anticipation of Zeev's Nazascare.
ALTI the marine industry (especially sailboats)is another area that could benefit from quick charge times, reduced weight and more charge cycles. I assume if they can do hybrid cars they have a deep cycle type battery.
ALTI was a lot more fun yesterday
"New foreign crises build in Venezuela and North Korea"
Canadian oil stocks looking better and better. The strong loonie is an added benefit. I'm in ECA and SU for long term.
I really don't think you should make fun of undertakers. Afterall, they be the last ones to let you down.
In SONS here at 5.31
"but for some strange reason PETD is not doing its "tagalong" to oil/gas prices"
I'm noticing the same thing with ECA
Steel stocks are hot today
SCHN ? big pop
Joe, As I recall, MSFT has a pretty good chunk of AAPL stock.