The Week of October 2nd to October 8th, 2017 “A Brief Look Back into Tomorrow”






The new North American trading week began on Monday, October 2nd with the U.S. major markets still at or near record highs while the Canadian counterparts strive to play catch-up.




To which technical analysts David Tippin & Ron Meisels commented – “It’s steady as we go for the bull market. Toronto’s renewed strength is a further sign of how comprehensive the overall bullish impulse is in international markets…any market weakness is an opportunity to invest in strong sectors and stocks.” (For a complete copy of this report please contact Rod.Blake@canaccord.com)




Quarterhill Inc. (QTRH-T) shares’ surged up by 22% to $2.00 after the company’s 3rd-quarter financials were well ahead of analyst expectations.




And the price of Endocyte Inc. (ECYT-Q) stock rocketed up by 159% to US$3.65 on word that the company’s experimental prostate cancer treatment was given the go-ahead for Phase 3 clinical trials.




Tuesday, October 3rd had the price of DHX Media (DHX.B-T) stock rise by 8% to $5.08 after the broadcasting company announce it was seeking strategic alternatives including the sale of part or all of the company in order to maximize shareholder value.




Delta Airlines (DAL-N) shares’ rose by over 6.5% to US$51.26 after company forecast an improved outlook for 3rd-quarter revenue.




General Motors (GM-N) reported their vehicle sales for September increased by 12% over the same month one year ago to 279,397.




Mylan N.V (MYL-N) shares’ surged up by over 16% to US$5.28 on Wednesday, October 4th on word the U.S. Food and Drug Administration (FDA) had approved the pharmaceutical company’s generic multiple sclerosis drug.




Office Depot (ODP-N) shares’ plunged by almost 18% to US$3.77 after the retailer lowered its sales guidance for the rest of 2017.




Thursday, October 5th saw TransCanada (TRP-T) announce they were withdrawing their applications for the highly controversial Energy East Pipeline and Eastern Mainline oil and natural gas projects.




Meanwhile – the U,S. Energy Information Administration (EIA) reported their country’s oil exports have now reached an average daily record high of 1.98-million barrels per day.




A recent RBC Capital Markets study finds that Canada’s pension plans are getting more exposed to real estate as their allocations to that sector rose from 9.7% to 13.3% in the past 10-years while their exposure to equities has dropped from 45.2% to 37.8% in the same time period.




Constellation Brands (STZ-N) stock rose by 4% to US$209.27 after the liquor manufacturer and distributor beat analyst’s expectations with its quarterly financials for a ninth consecutive quarter.




Friday, October 6th saw Statistics Canada report the country created a less than expected 10,000 new jobs in September while the unemployment rate held steady at a 9-year low of 6.2%.




Meanwhile the U.S. Labor Department reported their workforce fell by an unexpected 33,000 workers in September, but their unemployment rate dropped to a 16-year low of 4.2%.




Petroleum industry analyst Baker Hughes (BHGE-N) reported that the number of active American oilfield drilling rigs dropped by 4-rigs last week to 936 active rigs. The number of Canadian drilling rigs also dropped by 4-rigs to 209 active drilling rigs.




Aritzia Inc. (ATZ-T) shares’ fell by almost 6% to $13.38 after the women’s casual wear retailer failed to impress the street with its 2nd-quarter financials.




The Canadian markets traded quietly going into their Thanksgiving holiday long weekend.




During the Week – the TSX Venture Exchange rose to a 4-month closing high of 788 while the TSX Composite Index reached a new 5-month closing high of 15,776. Down south – the Dow Industrials, S&P 500 and NASDAQ all traded up to respective new record high closes of 22,776, 2,552 & 6,590. Meanwhile the VIX dropped to a new record low of 9.19.




Jamieson Wellness (JWEL-T) at $20.01, Taiga Building Products (TBL-T) at $1.65 and WestJet Airlines (WJA-T) at $27.50 all reached new TSX 52-week trading highs while Difference Capital (DCF-T) at $3.29, Granite Oil (GXO-T) at $3.14 and Teranga Gold (TGZ-T) at $2.75 all sank to new 52-week trading lows.




For the Week – the Dow industrials rose by 1.65% to 22,774, with the S&P 500 Index ahead by 1.19% to 2,549 and the NASDAQ Exchange up by 1.45% to 6,590. To the home of hockey north – the TSX Composite index gained 0.59% to 15,728 and the TSX Venture Exchange was ahead by 0.90% to 788.




With Commoditiesgold bullion fell by 0.62% to US$1,277, while copper gained 2.36% to US$3.03, as crude oil dropped by 4.57% to US$49.31 and natural gas was off by 4.65% to US$2.87. Overall, the CRB Spot Commodity Index rose by 0.70% to finish the week at 430.




The Canadian dollar was off by 0.55% against its American counterpart to end the week at US$0.7974.




And the closely watched CBOE Volatility Index or VIX rose by a marginal 0.02-point to finish the week at a still very calm level of 9.53.





And Finally – As we hear more and more about the oncoming onslaught of sell driving vehicles – it was of great interest to see that according to a recent DesRosiers Automotive

Consultants’ survey – while about 50% of Canadians said they would trust autonomous vehicles – only about 30% of them would consider replacing their current ride to buy one.

Posted October 10, 2017


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