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The Week of December 5th to December 11th, 2016 “A Brief Look Back Into Tomorrow”

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The Week of December 5th to December 11th, 2016 “A Brief Look Back Into Tomorrow”






The new trading week began on Monday, December 5th with the knowledge that the world had survived the Italian referendum vote, the major North American markets were still at or near multi-month or record highs and investors were seemingly happy to go along for the ride.




One wonders if corporate executives sometimes just get bored with what their companies’ are doing as Apple Inc. (AAPL-Q) confirmed it was considering pursuing its interest in self-driving vehicle technology.




At a time when many brick & mortar retailers are trying to establish an online presence, Amazon.Com Inc (AMZN-Q) goes the other way by announcing the launch of its Amazon Go all automated brick & mortar retail stores.




The price of Pacific Safety Products (PSP-V) rose by 22% to $0.25 after the body armour company received a second unsolicited take-over bid.




Christmas and Hudson’s Bay (HBC-T) go hand-in-hand in Canada but Tuesday, December 6th saw a lump of coal show up in The Bay’s stocking as its shares’ fell by 7% to $13.52 after the iconic retailer disappointed the street with its 3rd-quarter sales figures.




Neovasc Inc. (NVC-T) shares’ soared up by 69% to $3.21 following the specialty medical device company report of encouraging clinical results for its Tiara Mitral heart valve.




The American housing market continues to improve as luxury home builder Toll Bros (TOL-N) reported a 20% increase in quarterly orders and more importantly – forecast an improved 2017 to come.




Wednesday, December 7th saw the Bank of Canada do the expected and kept the country’s key interest rate steady at 0.5% as – “More moderate growth is anticipated in the                4th-quarter”.




Pharmaceutical stocks fell across the board as American President-elect Donald Trump takes a page from Hillary Clinton’s election platform and says he’s going to drive down the cost of medicines.




DH Corp (DH-T) shares’ rose by 14% to $21.87 on word that third parties were interested in purchasing the printing company.




Drone maker Aerovironment Inc. (AVAV-Q) shares’ plunged by over 14.5% to US$25.01 after the company reported a surprise 3rd-quarter loss.




Thursday, December 8th saw the European Central Bank state it was prepared to inject another half-trillion euros over the next 12-months into the eurozone economy.




CannaRoyalty (CRZ-V) began trading and the share price of the American based marijuana company quickly fell by 36% to $3.20.




The price of Stillwater Mining (SWC-N) stock rose by 18% to US$17.33 after America’s only pure platinum producer agreed to a US$2.2-billion all-cash takeover from South Africa’s Sibayne Gold (SBGL-Q).




Friday, December 9th had Baker Hughes report that the number of active American oil drilling rigs rose by 21-rigs last week to 498 active rigs.




Meanwhile, petroleum industry giant Chevron (CVX-N) announced a US$19.8-billion cutback in its 2017 exploration budget.




The price of Northern Dynasty (NDM-T) rose by another 27% to $2.53 as investors bet that the new Trump administration would look favourably on the company’s giant Pebble copper/gold project in Alaska.




And the price of Questerre Energy (QEC-T) surged up by over 46% to $0.76 as investors bet that the Quebec government would soon be approving petroleum exploration in that province.




DavidsTea Inc. (DTEA-Q) shares’ fell by over 26% to US$6.85 after the tea retailer failed to meet the streets’ expectations with its 3rdquarter financials and forward forecast.




During the Weeknatural gas rose to a new 2-year high of US$3.73 while the CRB Spot Commodity Index reached a new 13/4-year high of 427. The TSX reached a new 19-month closing high of 15,312 while the Dow Industrials, S&P 500 and NASDAQ  rose to  new respective record highs of 19,757, 2,260 and 5,445. Going the other way – the VIX feel to a 4-month low of 11.74.




CIBC (CM-T) at $112.34, KP Tissue Inc. (KPT-T) at $16.25 and Trican Well Service (TCW-T) at $4.50 all rose to new TSX 52-week trading highs while Exco Technologies (XTC-T) at $9.89, Hudson’s Bay (HBC-T) at $13.31, and Transat A.T. (TRZ-T) at $5.50 all fell to new 52-week trading lows.




For the Week – the Dow Industrials rose by 3.06% to 19,757, with the S&P 500 Index up by 3.10% to 2,260 and the NASDAQ Exchange ahead by 3.60% to 5,445. North of the border the TSX Composite gained 1.72% to 15,312 while the TSX Venture Exchange was down marginally to 749.




With Commoditiesgold bullion lost 1.53% to US$1,160 while copper rose by 1.14% to US$2.65, with crude oil down by 0.39% to US$51.48 and natural gas up by 8.43% to US$3.73. Overall, the CRB Spot Commodity Index gained 1.18% to finish the week at 427.




The Canadian dollar gained 0.88%against its southern neighbour to end the week at US$0.7587.




And the closely watched CBOE Volatility Index or VIX fell by 2.36-points to finish the week at a much calmer level of 11.76.




And Finally – As we rush ever so fast into the peak Christmas shopping season – a recent Manulife poll found that 47% of Canadians were not prepared for an unexpected financial setback such as a job loss or a large bill to pay.



Posted December 12, 2016

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