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 Week – crude 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 Commodities – gold 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 Wine – Global wine production fell by 1.7-billion liters in 2017 to a 60-year low of 25-billion liters.
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