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The Week of August 15th to August 21st, 2016 “A Brief Look Back Into Tomorrow”

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The Week of August 15th to August 21st, 2016 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The new trading week began on Monday, August 15th with the three major American markets at record highs and the Canadian markets at multi-month highs leaving investors hard pressed to find undervalued investment candidates.

 

 

 

All of which led technical analysts David Tippin & Ron Meisels to comment – “This has so far been an extraordinary year for a long-in-the-tooth bull and there are further all-time highs ahead.” (For a copy of the complete report please contact ‘rod.blake@canaccord.com’.)

 

 

 

Under our continuing heading of ‘Good News – Bad News’ – the good news from Aurinia Pharmaceuticals was that its Phase 2b Aura-LV clinical study in patients with Lupus nephritis successfully reached its primary endpoint. The bad news was that 13 of its 265 patients died during the study.

 

 

 

The shares’ of Performance Sports Group (PSG-T) plunged by almost 46.5% to $2.41 after the maker of Bauer and Easton sports gear reported it was unable to file its audited annual report due to an internal investigation by the company’s audit committee.

 

 

 

Tuesday, August 16th had some large fund managers ring up the cash register on this year’s gold trade as both the Soros Fund Management and Jana Partners reported they had recently exited their large holdings of the SPDR Gold Trust (GLD-N).

 

 

 

The price of Avigilon Corp. (AVO-T) stock plunged by over 25% to $9.98 after the video surveillance equipment company failed to impress the street with its 2nd-quarter financials.

 

 

 

IDM Mining (IDM-V) had a good day as its share price rose by over 14.5% to $0.24 after the junior mineral explorer reported encouraging drill hole gold & silver assays from its Red Mountain project in Golden Triangle area of northwestern British Columbia.

 

 

 

Titan Medical (TMD-T) shares’ sank by over 32.5% to $0.56 on word that development suppliers had suspended work on the company’s SPORT surgical System over funding issues.

 

 

 

The share price of Almadex Minerals (AMZ-V) surged up by 25%t o $1.10 on Wednesday, August 17th when the junior mineral explorer released encouraging gold/copper drill hole assays from their El Cobre project in Veracruz, Mexico.

 

 

 

Urban Outfitters (URBN-Q) shares’ rose by over 15% to US$36.04 after the retailer exceeded analysts’ expectations with its 2nd-quarter financials.

 

 

 

Thursday, August 18th had the new market favourite Ballard Power Systems (BLD-T) shares’ rise by another 9% to $2.75 after the zero emissions fuel cell company announced a distribution agreement with Toyota Tsusho Corp. (TTC) – the second such deal announced in the past month.

 

 

 

The investors of private prison companies Geo Group (GEO-N) and Corrections Corp. (CXW-N) saw their investments plunge by over 35% after the U.S. Justice Department suddenly announce plans to discontinue use private prisons for some of its contracts.

 

 

 

They must be doing something right as Wal-Mart Stores (WMT-N) announced an                  8th-consectutive quarter increased same store sales.

 

 

 

On Friday, August 19th Statistics Canada sighted cheaper energy costs as the main reason for the country’s annual inflation rate to drop by 0.2% in July to 1.3%.

 

 

 

Port activity is a good indicator of the economic health of a nation and Statistics Canada reported that cargo traffic for the important Port of Vancouver fell by 5.9% in the 1st half of the year.

 

 

 

Retail sales are another key indicator and Statistics Canada reported that retail sales fell in June by an unexpected 0.1%.

 

 

 

One sector seemingly doing well is wine as the share price of Diamond Estate Wines     (DWS-V) surges up by over 22% to $0.17 after the Ontario based winery reported a 26.6% increase in quarterly revenue.

 

 

 

During the Week – The Dow 30, S&P 500 and NASDAQ Indexes all rose to new respective record closing highs of 18,636, 2,190 and 5,265 while the TSX Venture Exchange reached a 22-month closing high of 839.

 

 

 

Canadian Natural Resources (CNQ-T) at $42.17, Finning International (FTT-T) at $24.07 and Rogers Communications (RCI.A-T) at $60.98 all reached new TSX 52-week trading highs while Aurinia Pharmaceuticals (AUP-T) at $2.23, Performance Sports Group (PSG-T) at $1.65 and Torstar Corp. (TS.B-T0 at $1.41 all slumped to new 52-week trading lows.

 

 

 

For the Week – The Dow Industrials softened by 0.13% to 18,553, while the S&P 500 Index was unchanged at 2,184 and the NASDAQ Exchange improved by 0.11% to 5,239. In Canada, the TSX Composite Index fell by 0.41% to 14,687 and the TSX Venture Exchange was also unchanged at 833.

 

 

 

With Commoditiesgold bullion rose by 0.15% to US$1,345, with copper up by 1.40% to US$2.18 while crude oil gained 8.41% to US$48.98 and natural gas fell by 0.76% to US$2.61. Overall, the CRB Spot Commodity Index rose by 0.24% to end the week at 412.

 

 

 

The Canadian dollar gained 0.71% against its American counterpart to finish the week at US$0.7777.

 

 

 

And the closely watched CBOE Volatility Index or VIX softened by 0.10-point to end the week at a slightly more complacent level of 11.45.

 

 

 

 

 

And finally – Cisco Systems (CSCO-Q) noted that the onslaught of new technology that has enabled the transition of the company from a network systems maker to more of software solutions has also forced its hand in laying off 5,500 or 7% of its 78,000 workforce.

 

Posted August 22, 2016

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