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The Week of October 9th to October 15th, 2017 “A Brief Look Back Into Tomorrow”

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The Week of October 9th to October 15th, 2017 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The new North American trading week began on Monday, October 9th with the American markets having to go it alone as their Canadian cousins were closed for the northern country’s Thanksgiving holiday.

 

 

 

Costco Wholesale (COST-Q) shares’ fell by 6% to US$157.08 after the big box retailer’s      2nd-quarter financials showed signs of gross margin concerns.

 

Newly listed data centre service company Switch (SWCH-Q) had another good day as its share price rose another 22.6% to $20.84 on just its second day of trading.

 

 

 

Synchronoss Tech (SNCR-Q) shares surged up by almost 32% to US$14.11 after the telecom services company confirmed it was in buyout talks with Siris Capital Partners.

 

 

 

Tuesday, October 10th saw Sears Canada finally throw in the towel and ask the court for permission to close all of its 131 Sears, Sears Home and Hometown stores across Canada.

 

 

 

Canada Mortgage and Housing Corp. reported that the country created a seasonally adjusted 217,118 new home starts in September.

 

 

 

American International Group (AIG-N) said they expected to book about US$3-billion of      3rd-quarter insurance claims due to hurricanes Harvey, Irma and Maria.

 

Capstone Mining (CS-T) shares’ fell by 8% to $1.36 on Wednesday, October 11th after the copper miner’s 3rd-quarter production figures didn’t meet the streets’ expectations.

 

 

 

Going the other way – the price of Pretium Resources (PVG-T) surged up by 24% to $15.05 after the gold miner announced 3rd-quarter production over 82,200 ounces of gold from its flagship Brucejack mine in northern British Columbia.

 

 

 

And Canada’s largest marijuana producer – Canopy Growth (WEED-T) announced it plans to double its cannabis production by developing a 3-million square foot greenhouse facility in British Columbia.

 

 

 

Nividia Corp. (NVDA-Q) shares rose by 2% to a all-time high of US$188.93 after the company announced it had 25-automakers as customers for its new computer chip for fully autonomous vehicles.

 

 

 

Thursday, October 12th had internet giant Amazon.com (AMZN-Q) announced they would match last year’s numbers and hire 120,000 additional workers for the approaching busy holiday season.

 

 

 

Online auto marketer CarGurus, Inc. (CARG-Q) shares’ rose by almost 71% to US$27.30 on its first day of trading.

 

 

 

Just as the NAFTA talks are heating up – General Motors (GM-N) announced it intends to close one of their Detroit factories by the end of the year.

 

 

 

J.Jill Inc. (JILL-N) shares’ plunged by 51% to US$4.86 after the women’s fashion retailer sharply lowered its 3rd-quarter profit forecast.

 

 

 

Looking to the future – Royal Dutch Shell (RDS.A-N) announced it was buying NewMotionEurope’s leading electric vehicle charging company.

 

 

 

Friday, October (we’re nor superstitious) 13th had the Canadian Real Estate Association report that the average price of a Canadian home rose by 2.8% from a year ago to $487,000.

 

 

 

EPFR Global reported that global equity funds attracted a record US$6.6-billion of new investments last week.

 

 

 

Oilfield consultant Baker Hughes (BHGE-N) report that the number of active American drilling rigs fell by 8-rigs last week to 928 active drilling rigs, while the number of active Canadian rigs rose by 3-rigs to 212 active drilling rigs.

 

 

 

BNK Petroleum (BKX-T) shares’ surges up by over 22.5% to $0.38 following an encouraging flow report from its Brock 9-2H well in the company’s Tishomingo field in Oklahoma.

 

 

 

During the Week – the TSX Venture Exchange reached a new 4-month closing high of 797, while the TSX Composite rose to a new 8-month high of 15,807. Down south – the Dow industrials rose to a new record closing high of 22,873, with the S&P 500 reaching 2,555 and the NASDAQ Exchange setting a new all-time closing high of 6,606.

 

 

 

Copper Mountain Mining (CNNC-T) at $1.45, Finning International (FTT-T) at $29.53 and Spin Master (TOY-T) at $51.74 all moved up to new TSX 52-week trading highs while Birchcliff Energy (BIR-T) at $4.96, exactEarth Ltd. (XCT-T) at $1.00 and Fortress Paper     (FTP-T) at $4.31 all fell to new 52-week trading lows.

 

 

 

For the Week – the Dow industrials rose by 0.43% to 22,872, with the S&P 500 Index up by 0.16% to 2,553 and the NASDAQ Exchange ahead by 0.24% to 6,606. To the north – the TSX composite Index gained 0.50% to 15,807 while the TSX Venture Exchange gained 1.14%t o 797.

 

 

 

With Commoditiesgold bullion was up by 2.43% to US$1,306, with copper up by 3.30% to US$3.13 as crude oil gained 4.79% to US$51.65 and natural gas rose by 2.99% to US$2.99. Overall, the CRB Spot Commodity Index was up marginally to end the week at 430.

 

 

 

The Canadian dollar gained 0.45% against its American cousin to finish the week at US$0.8012.

 

 

 

And the closely watched CBOE Volatility Index or VIX eased marginally lower by 0.03-point to end the week at a very calm level of 9.62.

 

 

 

And Finally – With the current interest in crypto-currencies – it is of interest to note that according to Payment Canada – the amount of payments done by debit card rose from 20.4% in 2015 to 24.8% in 2016.

Posted October 16, 2017

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