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The Week of May 7th to May 13th, 2018 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The new North American trading week began on Monday, May 7th with commodities suddenly in investors’ focus with crude oil and lumber trading at respective new multi-year and all-time highs.

 

 

 

Giant Swiss based food company Nestle SA ‘NSRGY-OTC’ announced it will pay US$ 7.15-billion for the rights to market Starbucks Corp. ‘SPUX-Q’ products throughout the world.

 

 

 

Hudson’s Bay ‘HBC-T’ surprised no-one when then iconic Canadian retailer announced it was selling its historic downtown Vancouver, BC retail building to an as yet unnamed Asian entity for a very nice sum of $675-million.

 

 

 

Dorel Industries ‘DII.B-T shares’ fell by over 7% to $25.03 after the consumer products company’s 1st-quarter financials failed to meet the streets’ expectations.

 

 

 

Tuesday, May 8th saw multi-national money continue to leave Canada as Royal Dutch Shell ‘RDS.A-N’ announced it was selling its 8% holding of Canadian Natural Resources ‘CNQ-T’ in an all-cash deal of $4.3-billion.

 

 

 

Nevsun Resources ‘NSU-T’ shares’ shot up by almost 17% to $4.46 after the Serbia based miner received an unsolicited $5.00 cash & stock take-over bid from Lundin Mining ‘LUN-T’ and Euro Sun Mining ‘ESM-V’.

 

 

 

Higher fuel prices are beginning to hit their mark as Westjet Airlines ‘WJA-T’ sighted fuel costs as one of the reason’s Canada’s second largest airline posted an unexpected 1st-quarter loss.

 

 

 

Dean Foods ‘DF-N’ shares’ rose by almost 17% to US$9.74 after the dairy producer sighted cost cutting in helping it deliver a better than expected 1st-quarter report.

 

 

 

Walmart Inc. ’WMT-N’ announced on Wednesday, May 9th that the giant retailer would invest US$16-billion for a 77% interest in India’s e-commerce firm Flipkart.

 

 

 

CanWel Building Materials ‘CWX-T’ shares’ rose by almost 8% to $7.33 after the company beat the streets’ expectations with its 1st-quarter financials.

 

 

 

Kinross Gold ‘K-T’ stock price fell by over 11% to $4.73 after the mid-tier gold producer disappointed the market with its 1st-quarter financials.

 

 

 

The price of TripAdvisor Inc. ‘TRIP-Q’ surged up by almost 23% to US$47.62 after the internet travel & booking company reported better than expected 1st-quarter financials.

 

 

 

Thursday, May 10th had Great Canadian Gaming ‘GC-T’ shares’ soar up by almost 27% to $47.22 after the casino company topped the streets’ consensus with its 1st-quarter financials.

 

 

 

Canada’s largest auto parts manufacturer Magna International ‘MG-T’ raised its sales & profits forecasts for the rest of 2018.

 

 

 

Pan American Silver ‘PAA-T’ stock rose by almost 10% to $23.09 after the Central & South American based silver miner reported better than expected 1st-quarter financials.

 

 

 

L-Brands ‘LB-N’ shares’ fell by 7% to US$31.68 after the women’s apparel & comfort retailer company issued a 1st-quarter profit warning.

 

 

 

Friday, May 11th had Statistics Canada report that the economy lost an unexpected 1,100 jobs in April but the unemployment rate remained unchanged at 5.8%.

 

 

 

Petroleum industry analyst Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs rose by 13-rigs last week to 1,045 active drilling rigs. Farther north, the number of active Canadian drilling rigs fell by 7-rigs to just 79 active drilling rigs.

 

 

 

Symantec Corp. ‘SYMC-Q’ shares’ plunged lower by over 33% to US$19.47 after the cyber-security company disclosed that its audit committee was investigating some “concerns” raised by an employee.

 

 

 

The price of Yelp Inc. ‘YELP-Q’ fell by almost 8% to US$44.02 after he restaurant rating company released its 1st-quarter financials.

 

 

 

During the Weekcrude oil hit another 3½-year high of US$71.38-a-barrel and lumber reached another all-time high of US$592.90/mbf.

 

 

 

Bombardier Inc. ‘BDB.B-T’ at $4.34, Dundee Precious Metals ‘DPM-T’ at $3.60 and Suncor Energy ‘SU-T’ at $51.40 all rose to new TSX 52-week trading highs while Chesapeake Gold ‘CKG-T’ at $2.15, Dorel Industries ‘DII.A-T’ at $24.25 and WestJet Airlines ‘WJA-T’ at $19.18 all fell to new 52-week trading lows.

 

 

 

For the Week – the Dow Industrials rose by 2.34% to 24,831, with the S&P 500 up by 2.44% to 2,728 and the NASDAQ ahead by 2.68% to 7,403. To the north – the TSX Composite Index was up by 2.00% to 15,983 and the TSX Venture Exchange improved by 1.42% to 783.

 

 

 

With Commoditiesgold bullion dropped by 0.30% to US$1,319, while copper gained 0.65% to US$3.11, as crude oil rose by 1.18% to uS$70.54 and natural gas improved by 4.43% to US$2.83. Overall – the CRB Spot Commodity Index fell by 0.454% to end the week at 444.

 

 

 

The Canadian dollar rose by 0.45% against the American dollar to finish the week at US$0.7818.

 

 

 

And the closely watched CBOE Volatility Index or VIX fell by 2.05-points to end the week at a much calmer level of 12.72.

 

 

 

And Finally – Wine prices may be going up as according to the International Organization of Vine and WineGlobal wine production fell by 1.7-billion liters in 2017 to a 60-year low of 25-billion liters.

Posted May 15, 2018

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