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The Week of October 29th to November 4th, 2018 “A Brief Look Back into Tomorrow”

 

 

 

 

 

The new trading week began on Monday, October 29th with those investors who hadn’t sold in the past 2-weeks doing so start the week and drive equity prices ever lower again.

 

 

Red Hat Inc. ‘RHT-Q’ shares’ surged up by over 45% to US$169.83 after industry icon International Business Machines ‘IBM-N’ surprised the market by announcing a US$ 33-billion purchase of the cloud computing giant.

 

 

The airline industry is one of the most sensitive to petroleum prices and to that end – WestJet Airlines ‘WJA-T’ sighted higher fuel prices for a 66% fall in 3rd-quarter profits.

 

 

Tuesday, October 30th had General Electric ‘GE-N’ shares’ plunge by almost 9% to US$10.18 after the giant conglomerate reported a larger than expected 3rd-quarter loss and worse yet – cut its quarterly dividend to just one-cent-a-share.

 

 

And the stock price of Guyana Goldfields ‘GUY-T’ sank by 47% to just $1.62 after the emerging gold miner not only underperformed with its 3rd-quarter report but worse yet – lowered its production forecast for the rest of 2018.

 

 

Wednesday, October 31st saw Statistics Canada report that the country’s gross domestic product (GDP) rose by another 0.1% in August – the 7th-consectutive month of growth.

 

 

The price of General Motors Co. ‘GM-N’ stock gained 9% to US$36.59 after America’s largest auto company 3rd-quarter financials beat analysts’ expectations.

 

 

First Quantum Minerals ‘FM-T’ shares’ rose by over 5.5% to $11.73 after the multi-mineral miner impressed the street with its 3rd-quarter financials.

 

 

Maxar Technologies ‘MAXR-T’ shares’ plunged by over 44% to $19.55 after the aeronautical giant reported an unexpected 3rd-quarter loss and lower guidance for the rest of the year.

 

 

Overall – the markets opened lower and then rallied to close higher – a key signal that the current correction might have run its course.

 

 

Encana Corp. ‘ECA-T’ shares’ fell by over 12% to $11.80 on Thursday, November 1st

after the petroleum giant announced it was purchasing Houston based Newfield Exploration ‘NFX-N’ in an all-stock deal of some US$2.2-billion. Newfield’s stock rose by 15.5% on the announcement to US$23.33.

 

 

Wesdome Gold Mines ‘WDO-T’ stock rose by 6% to $4.02 after the mineral developer reported more encouraging drill-hole gold assays from its Kiena Deep project near Val D’Or, Quebec.

 

 

 

Friday, November 2nd had Statistics Canada report that the economy added 11,200 new jobs in October and the nation’s unemployment rate fell by 0.1% to 5.8%

 

 

A little south – the U.S. Labor Department reported their country added a better than expected 250,00 new jobs in October and their unemployment rate stayed at a 50-year low of 3.75%. The American economy has now added jobs for a record 97-consectutive months.

 

 

Petroleum industry analyst Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs eased lower by 1-rig last week to 1,067 active drilling rigs. The number of Canadian active drilling rigs fell by 2-rigs to 198 active drilling rigs.

 

 

Apple Inc. ‘AAPL-Q’ shares’ fell by 6.6% to US$207.28 after the i-giant’s 4th-quarter forecasts disappointed investors’ expectations.

 

 

The price of Dorel Industries ‘DII.B-T’ plunged by over 8% to $20.36 after the baby products, bicycle and home furnishing manufacturer warned that an ongoing U.S./China trade war would negatively affect the company’s performance forecasts.

 

 

During the Week – the price of natural gas rose to a new 1-year high of US$3.31/mmmcf.

 

 

Dow industrials fell to a new 3-month low of 24,443, with the S&P 500 and NASDAQ dropping to respective new 5-month lows of 2,641 and 7,050, while the TSX sank to a new 8-month low of 14,722 and the TSX venture plunged to a new 2½ -year low of 627.

 

 

Nevsun Resources ‘NSU-T’ at $5.85, Star Diamond ‘DIAM-T’ at $0.38 and WestHaven Ventures ‘WHN-T’ at $0.84 all rose to new TSX 52-week trading highs while BlackBerry Ltd. ‘BB-T’ at $11.55, IAMGOLD Corp. ‘IMG-T’ at $4.52 and Sleep Country Canada ‘ZZZ-T’ at $23.84 all fell to new 52-week trading lows.

 

 

For the Week – the Dow Industrials rose by 2.36% to 25,271, with the S&P 500 up by 2.41% to 2,723 and the NASDAQ ahead by 2.66% to 7,357. Up north – the TSX Composite gained 1.55% to 15,119 and the TSX Venture improved by 1.09% to 651.

 

 

With Commoditiesgold bullion dropped by 0.24% to uS$1,233, while copper gained 4.01% to US$2.81 as crude oil lost 6.58% to US$63.14 and natural gas rose by 11.82% to US$3.31. Overall – the CRB Spot Commodity Index was unchanged over the week at 417.

 

 

The Canadian dollar eased 0.01% lower against its American counterpart to end the week at US$0.7627.

 

 

And the closely watched CBOE Volatility Index or VIX fell by 4.65-points to finish the week at a much calmer level of 19.51.

 

 

And Finally – With figures that would seem to confirm that homeowners are using their largest asset as a piggy bank – a recent study by GfK found that almost 1/3rd of homeowners who earn less than US$30,000 feel it is OK to use their home equity to cover everyday bills.

 

 

And Finally-FinallyThe Week is taking a week away. If all goes according to plan this publication will once again appear sometime around Monday, November 26th.

Posted November 7, 2018

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