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The Week of February 4th to February 10th, 2019 “A Brief Look Back Into Tomorrow”

 

 

 

 

 

The new trading week began on Monday, February 4th with investors encouraged that January had produced some of the best North American market gains in recent memory. To which technical analysts David Tippin & Ron Meisels commented – “The January Indicator is bullish…But upside obstacles suggest a slow recovery process.” (For a complete copy of this report please contact rblake@cgf.com.)

 

 

Marijuana stocks rose on word that the World Health Organization had recommended that cannabis and its resin be removed as a schedule IV restrictive drug.

 

 

Oceanagold Corp. ‘OGC-T’ shares’ fell by almost 6.5% to $4.35 after the mid-tier gold producer failed to impress the street with its 2019 production and cost guidance.

 

 

The price of Clorox Co. ‘CLX-N’ stock rose by over 5.5% to US$158.38 after the multinational consumer products manufacturer impressed analysts with it 4th-quarter financials and optimist outlook for the year ahead.

 

 

Maxwell Technologies ‘MXWL-Q’ shares’ soared up by almost 50% to US$4.59 on word the Tesla Inc. ‘TSLA-Q’ was acquiring the electronics solutions company in an all-stock deal of some US$218-million.

 

 

Tuesday, February 5th saw BP PLC ‘BP-N’ stock rise by 3.5% to US$42.82 after the multinational petroleum company beat analysts’ expectations with its 4th-quarter financials.

 

 

Estee Lauder ‘EL-N’ shareholders’ were pleased to see their investment surge up by over 11.5% to US$152.02 after the global cosmetics company not only impressed with its 4th-quarter financials, but better yet, raised its financial outlook for the rest of 2019.

 

 

Similarly, the price of Ralph Lauren ‘RL-N’ stock rose by over 8% to US$124.16 after the global lifestyle products company beat the streets’ expectations with its 4th-quarter financials and firmed up its financial outlook for the rest of the year.

 

 

Aphria Inc. ‘APHA-T’ shares’ dropped by 9% to $12.80 and Green Growth Brands ‘GGB-C’ stock fell by 7% to $5.45 on Wednesday, February 6th after Aphria formally rejected Green Growth’s hostile all-stock take over of the Canadian marijuana producer.

 

 

Snap Inc. ‘SNAP-N’ shares’ surged up by 22% to US$8.59 after the photo sharing company impressed the street with its 4th-quarter financials and gave an optimistic outlook for 2019.

 

 

The price of Take-Two Interactive Software ‘TTWO-Q’ slumped lower by over 13.5% to US$92.53 after the innovative software company failed to meet analysts’ expectations with its 3rd-quarter financials and optimistic outlook.

 

 

Thursday, February 7th had BB&T Corp. ‘BBT-N’ and SunTrust Banks ‘STI-N’ announce they merge as equals in an all-stock deal of some US$66-billion to create America’s sixth largest bank by assets and deposits.

 

 

Fiat Chrysler Automobiles ‘FCAU-N’ stock dropped by over 12% to US$15.23 after the multi-national auto manufacturer lowered its 2019 sales guidance.

 

 

The price of Mullen Group ‘MTL-T’ stock fell by almost 4% to $11.75 after the Calgary based trucking company sighted reduced activity in the oil patch as reason for its poorer 4th-quarter financials and lowered guidance for the year ahead,

 

 

Twitter Inc. ‘TWTR-Q’ shares’ fell by 10% to US$30.80 after social media company failed to impress investors with its 4th-quarter financials and lowered guidance for 2019.

 

 

Statistics Canada reported on Friday, February 8th that the economy created a much better than expected 68,800 new jobs in January as the unemployment rate rose by 0.2% to 5.8%.

 

 

The Canada Mortgage and Housing Corporation (CMHC) reported that new housing starts fell by 2.65% in January to an annualized rate of 207,968 units.

 

 

Oil & gas industry consultant Baker Hughes ‘BHGE-N’ reported that the number of active American drilling rigs rose by 4-rigs last week to 1,1049 active drilling rigs. Up north – the number of Canadian active drilling rigs dropped by 3-rigs to 240 active drilling rigs.

 

 

With a tale of two toy companies – Hasbro Inc. ‘HAS-N’ fell by 9.5% to US$89.39 while Mattel Inc. ‘MAT-N’ rose by 23% to US$15.23 as – while both were profitable – the former failed to impress with its 4th-quarter financials and 2019 outlook while the latter did.

 

 

During the WeekCameco Corp. ‘CCO-T’ at $17.01, Enbridge Inc. ‘ENB-T’ at $49.45 and Village Farms Intl. ‘VFF-T’ at $8.80 all rose to new TSX 52-week trading highs while Akita Drilling ‘AKT.A-T’ at $3.25, Crescent Point Energy ‘CPG-T at $3.64, and Westport Fuel Systems ‘WPRT-T’ at $1.59 all fell to new 52-week trading lows.

 

 

For the Week – the Dow Industrials rose by 0.17% to 25,106, with the S&P 500 up by 0.04% to 2,708 and the NASDAQ ahead by 0.47% to 7,298. In the frozen north – the TSX Composite gained 0.82% to 15,633 while the TSX venture lost 1.77% to 612.

 

 

With Commoditiesgold bullion fell by 0.23% to US$1,318, while copper gained 1.44% to US$2.81 as crude oil dropped by 4.60% to US$52.72 and natural gas lost 5.49% to US$2.58. Overall, the CRB Spot Commodity Index was unchanged on the week at 413.

 

 

The Canadian dollar fell by 1.34% against its southern counterpart to end the week at US$0.7530.

 

 

And the closely watched CBOE Volatility Index or VIX dropped by 0.42-point to finish the week at a little calmer level of 15.72.

 

 

And Finally – For those thinking of entering the exotic word of cryptocurrencies might want to take note that QuadrigaCX, Canada’s largest cryptocurrency exchange is seeking creditor protection as it seems that its president & sole officer, and some $250-million in Bitcoins, has simply……..now wait for it….. disappeared!

Posted February 11, 2019

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