The new North American Trading week began on Monday July 31st with the U.S major indexes still pushing upwards to new record highs while leaving investors caught like deer in their headlights.
All of which led technical analysts David Tippin & Ron Meisels to comment – “Until the major parameters of the uptrend are conclusively broken, the rewards for investors will continue to lie staying on the bullish side.” (For a complete copy of this report please contact ‘Rod.Blake@Canaccord.com’.)
Tesla Motors (TSLA-Q) announced the number of advanced orders for its new Model 3 electric car had risen by 127,000 in the past year to over 500,000 cars.
Eldorado Gold (ELD-T) once again disappointed investors as the miner announced it was experiencing continued permitting delays for its flagship Skouries Gold project in Greece.
Conversely, Nexgen Energy (NXE-T) continued to impress investors after the mineral developer released a very prolific Preliminary Economic Assessment (PEA) on its flagship Arrow Uranium Deposit in the Athabasca region of northern Saskatchewan.
Tuesday, August 1st saw both Air Canada (AC-T) and WestJet Airlines (WJA-T) soar like eagles as both of Canada’s national air carriers handily beat the streets’ expectations with their 2nd-quarter financials.
Shopify Inc. (SHOP-T) shares’ rose by over 13.5% to $15.72 after the retail based software company impressed analysts’ with its 2nd quarter financials.
And the price of Lumber Liquidators (LL-N) stock surged up by 36% to US$33.61 after the once beleaguered retailer reported its 1st-quarterly profit in the past 2-years.
Wednesday, August 2nd had the price of Pacific Insight Electronics (PIH-T) shares’ soar up by 75% to $18.25 on word the electronics solutions company was being taken over by Methode Electronics (MEI-N) in an all-cash deal of some $144-million.
The price of Spin Master (TOY-T) stock surged up by 22% to $45.82 after the children’s entertainment company reported better than expected 2nd-quarter financials.
Conversely – the price of AutoNation Inc. (AN-N) shares’ fell by 7% to US$3.01 after the automobile retailer reported a bigger than expected buildup of vehicle inventory.
Kinross Gold (K-T) shares’ improved by almost 5% to $5.45 on Thursday, August 3rd after the senior gold miner reiterated its production forecast for the remainder of the year.
The price of Tesla Motors (TSLA-Q) stock gained another 6.5% to US$346.76 after the company announced it still receives 1,800 orders a day for its new Model 3 economy electric car.
Teva Pharmaceutical (TEVA-Q) shares’ plunged by over 24% to US$23.68 after the company reported a greater than expected drop in 2nd-quarter earnings.
Friday, August 4th began with Statistics Canada reporting that the country created 10,900 new jobs in July and that the unemployment rate fell by 0.2% to 6.3%.
To the south – The U.S. Labor Department reported their economy created 209,000 new jobs in July while their unemployment rate fell by 0.1% to 4.3%.
Meanwhile – Statistics Canada said that our balance of trade fell by $5-billion in June to a deficit of $3.6-billion.
Across the line – the U.S. Commerce Department said their trade deficit fell by 5.9% in June to US$46.6-billion.
Petroleum industry consultants Baker Hughes (BHGE-N) reported that the number of active American drilling rigs fell by 4 last week to 954 active drilling rigs while the number of Canadian rigs fell by 3 to 217 active drilling rigs.
During the Week – The Dow Industrials rose to a new record high of 22,093, while the price of copper reached a new 2-year high of US$2.89-a-pound and the Canadian Loonie followed suit with a new 2-yar high of US$0.8044.
Canfor Corporation (CFP-T) at $21.58, Lundin Mining (LUN-T) at $9.22 and Rogers Sugar (RSI.R-T) at $7.05 all rose to new TSX 52-week trading highs while Eldorado Gold (ELD-T) at $2.24, Imperial Oil (IMO-T) at $35.15 and TMAC Resources (TMR-T) at $10.68 all dropped to new 52-week trading lows.
For the Week – The Dow Industrials rose by 1.20% to 22,093, with the S&P 500 Index ahead by 0.20% to 2,477 while the NASDAQ Exchange fell by 0.36% to 6,352. In Canada – the TSX Composite Index improved by 0.85% to 15,258 as the TSX Venture Exchange fell by 0.91% to 766.
With Commodities – gold bullion fell by 0.86% to UDS$1,264, while copper gained 0.35% to US$2.89, as crude oil dropped by 0.52% to US$49.45 and natural gas fell by 5.10% to US$2.79. Overall, the CRB Spot Commodity Index was lower by 0.01% to end the week at 442.
The Canadian Dollar softened by 1.70% against its American counterpart to finish the week at US$0.7904.
And the closely watched CBOE Volatility Index or VIX eased lower by 0.34-point to end the week at a little calmer level of 9.95.
And Finally – With figure that suggest that live prevails – A recent joint study by the University of Alberta and Brigham Young University found that of young couples who had contemplated divorce – one year later 90% of them were glad they didn’t go through with it.
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