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The Week of April 23rd to April 29th, 2018 “A Brief Look Back Into Tomorrow”

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The Week of April 23rd to April 29th, 2018 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The new trading week began on Monday, April 23rd with most investors feeling somewhat confident now that all of the North American major markets were back on positive track.

 

 

 

Katanga Mining ‘KAT-T’ shares’ plunged by 49% to just $0.91 after the Democratic Republic of Congo moved to have the company’s Kamoto Copper Co. joint venture with the state dissolved.

 

 

 

The price of The Stars Group ‘TSGI-T’ stock surged up by over 15% to $43.02 after the Canadian online gaming company announced it was acquiring U.K. based gamer Sky Betting

& Gaming in a cash & stock deal of some $4.7-billion.

 

 

 

McDermott International ‘MDR-N’ shares’ also surged up by almost 16% to US$7.01 on word that Luxembourg based Subsea 7 had offered a competing bid of US$2.1-billion for the engineering and construction services company.

 

 

 

Tuesday, April 24th had the markets seemed to fall in unison on word that the interest rate on the all-important U.S. 10-year treasury note had reached the pinitol multi-year high interest rate of 3%.

 

 

 

Mitel Networks ‘MNW-T’ went against the grain as its stock price rose by over 9.5% to $14.29 on word the telecommunications company was being taken private by Searchlight Capital Partners in an all-cash deal of some US$2-billion.

 

 

 

The price of Freeport-McMoran ‘FCX-N’ shares’ dropped by 14.5% to US$16.08 after the Indonesian based copper miner lowered its sales forecast for the remainder of 2018.

 

 

 

It may because of the Donald Trump effect but for whatever reason – Twitter Inc. ‘TWTR-Q’ announced on Wednesday, April 25th that the social networking company had turned from a 1st-quarter loss of US$61.6-million in 2017 to a US$61-million profit in the 1st-quarter of 2018.

 

 

 

The price of Boeing Co. ‘BA‘ stock rose by over 4% to US$342.86 on after the aerospace giant reported it sold a record 763 aircraft in 2017 and better yet – raised its forecasts for the rest of 2018.

 

 

 

Texas Instruments ‘TXN-N’ shares’ climbed by almost 5% to US$103.00 after the electronics company beat the streets’ expectations with its 1st-quarter financials.

 

 

 

Conversely, the price of Wynn Resorts ‘WYNN-N’ fell by 5.5% after the casino company reported an unexpected 1st-quarter loss.

 

 

 

Thursday, April 27th had Ford Motor Co. ‘F-N’ announce the iconic automaker was phasing out North American production of traditional sedan passenger vehicles, save for very popular Ford Mustang, to focus on more profitable F-series pick-up trucks and SUVs.

 

 

 

Husky Energy ‘HSE-T’ shares’ fell by 8% to $17.54 after a fire broke out at its refinery in Superior, Wisconsin.

 

 

 

The price of Advanced Micro Devices ‘AMD-N’ surged up by 14% to US$11.06 after the chipmaker reported better than expected 1st-quarter financials.

 

 

 

Despite all the recent bad press – the price of Facebook Inc. ‘FB-N’ stock rose by 9.5% to US$1275.12 after the social networking company reported a 49% rise in year-over-year 1st-quarter revenue.

 

 

 

Friday, April 27th had petroleum analyst Baker Hughes ‘BHGE-N’ report that the number of active American drilling rigs rose by 8-rigs in the past week to 1,021 active drilling rigs while the number of active Canadian drill rigs fell by 8-rigs to 85 active drilling rigs.

 

 

 

Cameco Corp. ‘CCO-T’ showed that its cost cutting program is working as the Canadian uranium giant reported its first quarterly profit after losing money in the past 5-quarters.

 

 

 

The price of Detour Gold ‘DGC-T’ plunged by over 30% to $10.05 after the northern Ontario gold miner dramatically lowered its production guidance for the year ahead.

 

 

 

The TSX blew a fuse around midday and shut down for the rest of the trading day.

 

 

 

During the Week – the price of crude oil rose to a new 3½-year high of US$68.64-a-barrel and the CRB Spot Commodity Index reached a 10-month high of 447.

 

 

 

Excelsior Mining ‘MIN-T’ at $1.51, Parex Resources ‘PXT-T’ at $22.31 and West Fraser Timber ‘WFT-T’ at $95.10 all rose to new TSX 52-week trading highs while Enbridge Inc. ‘ENB-T’ at $37.36, Morguard Corp. ‘MRC-T’ at $161.00 and Transalta Renewables ‘RNW-T’ at $11.38 all fell to new 52-week trading lows.

 

 

 

For the Week – the Dow Industrials fell by 0.62% to 24,311, while the S&P 500 was unchanged at 2,670 and the NASDAQ lost 0.36% to 7,120. Up north – the TSX Composite Index gained 1.19% to 15,669 and the TSX Venture dropped by 2.61% to 784.

 

 

 

With Commoditiesgold bullion fell by 1.05% to US$1,324, with copper down by 2.53% to US$3.08, as crude oil was 0.45% lower at US$68.09 and natural gas was unchanged at US$2.77. Overall – the CRB Spot Commodity Index dropped by 0.90% to end the week at 442.

 

 

 

The Canadian dollar lost 0.56% against its southern neighbor to finish the week at US$0.7792.

 

 

 

And the closely watched CBOE Volatility Index or VIX dropped by another 1.48-points to end the week at a little less nervous level off 15.40.

 

 

 

And Finally – In a new world of rising interest rates it was of interest to note that a recent MNP survey found that 33% to respondents felt they may be pushed into bankruptcy due to rising interest rates.

Posted April 30, 2018

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