The new North American trading week began on Monday, November 13th with the major markets finally off of their recent all-time highs, to which technical analysts David Tippin & Ron Meisels commented – “Conditions are developing to suggest that the current advance is nearing an end and that markets may experience pullbacks.” (For a complete copy of this report please contact Rod.Blake@canaccord.com.)
General Electric (GE-N) stunned the market after the Dow icon stating it would be selling off about twelve or US$10-billion of its subsidiaries, and cut its dividend in half for only the second time since 1938.
The price of Mattel Inc. (MAT-N) stock surged up by over 20% to US$17.62 on word that competitor Hasbro Inc. (HAS-N) was going to take another takeover run to the toy company.
Hempco Food (HEMP-V) shares’ rocketed up by 96% to $2.55 on word that Aurora Cannabis had acquired over 50% of the hemp seed food company.
The price of Pretium Resources (PVG-T) dropped by 8% to $13.30 after the norther British Columbian based gold company’s first full quarter of production figures failed to meet analysts’ expectations.
Tuesday, November 14th had Canadian aerospace company Bombardier Inc. (BBD.B-T) announce it has signed a letter of intent to supply up to 24 of its new CSeries jets to Egypt Air Holdings.
Ballard Power (BLDP-T) announced it had signed a agreement with giant engineering firm Siemens AG to supply zero-emission fuel cell engines for their Mireo light rail trains.
Amazon.com (AMZN-Q) enhanced its video streaming business by purchasing the global television rights to J.R.R. Tolkien’s ‘Lord of the Rings’ trilogy.
The price of Buffalo Wild Wings (BWLD-Q) stock surged up by 24% to US$145.30 after the restauranteur received a US$2.3-billion takeover offer from private equity firm Roark Capital Group.
Martinrea International (MRE-T) stock rose by 11% to $13.90 on Wednesday, November 15th after the auto parts company produced its 12th-consectutive quarter of record year-over-year adjusted earnings.
The price of Acorda Therapeutics (ACOR-Q) stock plunged by over 39.5% to US$17.04 after the pharmaceutical company reported that 5-people had died during a recent trial of its Parkinson’s disease drug tozadenant.
JA Solar (JASO-Q) shares’ fell by over 14% to US$6.88 after the solar panel manufacturer reported lower than expected 3rd-quarter earnings.
And the price of Target Corp. (TGT-N) stock dropped by 10% to US$54.16 after the giant retailer lowered its profit forecast for the upcoming holiday season quarter.
Thursday, November 16th had giant electronics retailer Best Buy (BBY-) join a growing list of retailers to lower its sales guidance for the upcoming holiday season.
The price of Cisco Systems (CSCO-Q) stock rose by 5.5% to US$55.33 after the giant telecommunications company reported better than expected 3rd-quarter financials.
Time Inc. (TIME-N) shares’ surged up by over 28% to US$16.23 on word that takeover offers for the publishing company were intensifying.
Wal-Mart (WMT-N) shares’ rose by 11% to US$99.64 after the world’s largest retailer handily beat the streets expectations with its 3rd-quarter financials.
Tesla Inc. (TSLA-Q) continued to disrupt the automotive world as on Friday, November 17th when founder Leon Musk introduced the company’s first all-electric transport truck that will be able to haul a full cargo 800-kilometers between charges. Mr. Musk also introduced their new ‘Roadster’ sports car that can accelerate from 0 – 60 miles-per-hour in just……now wait for it….1.9-seconds.
Oncolytics Biotech (ONC-T) shares’ surged up by 35% to $0.77 on word the pharmaceutical company had secured a licensing agreement Adlia Nortye to endeavor to develop treatments for cancer and metabolic diseases.
Abercrombie & Fitch (ANF-N) and Foot Locker (FL-N) saw their stock prices move up by 24% and 28% respectively after the retailers reported encouraging 3rd quarter financials and better still – both anticipated a better than expected holiday shopping season ahead.
During the Week – The TSX Venture Exchange climbed to a new 5½-month high of 803 while the NASDAQ Exchange rose to a new record closing high of 6,793.
Cott Corp. (BCB-T) at $21.70, Suncor Energy (SU-T) at $46.66 and West Fraser Timber (WFT-T) at $83.21 all reached new TSX 52-week trading highs while Enbridge Inc. (ENB-T) at $43.91, High Liner Foods (HLF-T) at $12.89 and Ritchie Bros Auctioneers (RBA-T) at $30.63 all fell to new 52-week trading lows.
For the Week – the Dow Industrials fell by 0.27% to 23,358, with the S&P 500 off by 0.12% to 2,579 while the NASDAQ Exchange rose by 0.47% to 6,783. On the Canadian side, the TSX Composite was off by 0.25% to 15,599 while the TSX Venture gained 0.38% to 799.
With Commodities – gold bullion improved by 1.65% to US$1,295, with copper down by 0.32% to US$3.07, as crude oil lost 0.42% to US$56.74 and natural gas fell by 3.02% to US$3.21. Overall, the CRB Spot Commodity Index fell by 0.70% to end the week at 428.
The Canadian dollar dropped by 0.49% against its southern cousin to finish the week at US$0.7835.
And the closely watched CBOE Volatility Index or VIX was off by 0.14-point to end the week at a slightly more calmer level of 11.43.
And Finally – A recent CNBC.com study found that the wealthiest 1% of the world’s population now own 50.1% of the world’s wealth – up from the 45.5% they owned in 2001.
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