The new North American trading week began on Monday, October 30th with the surprise announcement that liquor giant Constellation Brands (STZ-N) had purchased a 9.9% interest in Canada’s largest marijuana grower Canopy Growth (WEED-T for a cash disposition of some $245-million.
Mogo Finance (MOGO-T) shares’ soared up by 31% to $5.15 after the company announced it was adding blockchain capabilities to help integrate Bitcoin and other cryptocurrencies into its digital world.
The price of CalAtlantic Group (CAA-N) surged up by over 21% to US$49.07 on word that Lennar Corp. (LEN-N) was buying its counterpart in a cash & stock deal of some US$5.7-billion that will create America’s largest homebuilding company.
Tuesday, October 31st had Statistics Canada report that he country’s gross domestic product or GDP fell in August by a unexpected 0.1%.
Market technical analysts David Tippin & Ron Meisels commented – “…the markets…are increasingly overbought and the prospects for a pullback are getting stronger.” (For a complete copy of this report please contact Rod.Blake@canaccord.com.)
Alterra Power (AXY-T) shares’ soared up by 55% to $7.84 on word that the alternative power company had accepted a $8.25 cash & stock buyout from fellow company Innergex Renewable Energy (INE-T).
The price of Puma Explorations (PUM-V) stock rocketed up by almost 47% to $0.11 after the junior explorer released encouraging drill hole copper/gold/lead/silver & zinc assays from its Murray Brook project in New Brunswick.
Kellogg Co. (K-N) shares’ rose by over 6% to US$62.53 after the giant foods company reported its first quarterly sales increase in the past 2-years.
DesRosiers Automotive Consultants reported on Wednesday, November 1st that Canada’s auto sales rose by 6.3% in October from one year ago to 164,200 units and were up by 5.6% for the year to date to 1.76-million vehicles.
Centerra Gold (CG-T) shares’ fell by 9% to $7.97 after the miner lowered its 2017 production guidance for its Mt. Milligan mine in central British Columbia.
The price of Estee Lauder (EL-N) stock rose by over 9% to US$122.11 after the world’s second largest cosmetics company forecast improved sales for the holiday season ahead.
Thursday, November 2nd had Tesla Motors (TSLA-Q) report a 3-month delay in target production for its new Model 3 sedan due to production bottlenecks.
The price of Blue Apron Holdings (APRN-Q) shares’ plunged by over 18.5% to US$3.80 after the meal delivery company reported an unexpected drop in subscriptions.
L Brands (LB-N) stock gained 8% to US$47.15 after the women’s apparel retailer beat the streets expectations with its October sales.
Friday, November 3rd saw Statistics Canada report that the economy created a better than expected 35,300 new jobs in October while the unemployment rate held steady at 6.3%.
Meanwhile – the U.S. Labor Department reported they created a less than expected 261,000 new jobs in October and their unemployment rate fell by another 0.1% to 4.3%.
Statistics Canada also reported that the country had a trade deficit in October of some $3.2-billion.
Petroleum industry analyst Baker Hughes (BHGE-N) reported that the number of active American drilling rigs fell by 11-rigs last week to 898 active rigs – while to the north – the number of active Canadian drilling rigs rose by 1-rig to 192-active drilling rigs.
After two appearances in bankruptcy court Stelco Holdings (STLC-T) began trading once again and the 107-year-old Hamilton, Ontario based steelmaker saw its shares’ rise by 13% on its first day of trading to $19.20.
Apple Inc. (AAPL-Q) shares’ rose by almost 3% to US$172.45 after the giant electronics company not only handily beat analysts’ expectations with its 4th-quarter financials – but better yet – raised its sales forecast for its new iPhoneX cell phone.
During the Week – crude oil rose to a new 2-year high of US$55.68-a-barrel as the TSX Composite Index reached a new all-time closing high of 16,029, while the American Dow Industrials and NASDAQ Exchange climbed to respective new record highs of 23,539 and 6,764, and the VIX fell to new all-time low of 9.14.
Bombardier Inc (BBD.B-T) at 3.13, North American Palladium (PDL-T) at $9.35 and Yangarra Resources (YGR-T) at $4.12 all rose to new TSX 52-week trading highs while Alexco Resources (AXR-T) at $1.41, Celestica Inc. (CLS-T) at $12.62 and Mountain Province Diamonds (MPVD-T) at $3.50 all fell to new 52-week trading lows.
For the Week – the Dow Industrials rose by 0.45% to 23,539, with the S&P 500 up by 0.27% to 2,588 and the NASDAQ ahead by 0.94% to 6,764. In the winter is here north – the TSX composite gained 0.41% to 16,020 and the TSX Venture Exchange improved by 0.64% to 792.
With Commodities – gold bullion eased lower by 0.08% to US$1,271, while copper gained 0.65% to US$3.13, with crude oil up by 3.30% to US$55.68 and natural gas up by 1.01% to US$2.99. Overall, the CRB Spot Commodity Index improved by 0.23% to finish the week at 429.
The Canadian dollar rose by 0.35% against its southern neighbour to end the week at US$0.7833.
And the closely watched CBOE Volatility Index or VIX dropped by 0.66-point to finish the week at a very calm level of 9.14.
And Finally – As the baseball season has ended and hockey, football and basketball carry on, it was of interest that according to a recent Washington Post UMass Lowell poll – 56% of men and 62% to women will yell at their televisions at some point during a sports broadcast.
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