The new trading week began on Monday, January 9th with the major North American equity markets at or near multi-year or record highs – although some would say not convincingly so.
Coming out of a very busy Christmas shopping season and Statistics Canada reported that the country’s consumer confidence fell by 0.3 in the first week of January to 56.5.
This day marked the 10th anniversary of the game changing Apple (AAPL-Q) iPhone.
Auryn Resources (AUG-T) shares’ rose by almost 13% to $3.44 on word that gold mining giant Goldcorp Inc. (G-T) was taking a 12.5% or $41.2-million stake in the junior mineral explorer.
Similarly, the price of Ariad Pharmaceuticals (ARIA-Q) stock soared up by 73% to US$23.75 after Takeda Pharmaceutical (TKPHF-OTC) announced it would buy the cancer drug company in an all-cash deal of some US$4.66-billion.
And the shares’ of Surgical Care Affiliates (SCAI-Q) surged up by almost 16% to US$56.42 after the health insurer agreed to a US$2.3-billion all-cash buyout from industry giant UnitedHealth Group (UNH-N).
Tuesday, January 10th saw uranium stocks move higher on word that the world’s largest supplier of U3O8 – Kazakhstan announced that it would voluntarily cut its annual production by 10% or some 5-million pounds of yellowcake.
Bee Vectoring (BEE-V) shares rose by over 16.6% to $0.35 after the honey bee company announced contracts to supply bees to several U.S. strawberry growers.
The price of Hudson’s Bay (HBC-T) shares’ plunged by almost 13% to $10.16 after Canada’s iconic retailer lowered its 4th-quarter sales and profit expectations.
The markets traded cautiously and health care issues traded lower on Wednesday, January 11th as Donald Trump held his first news conference since becoming the U.S. President elect.
Front Range (FRK-V) shares’ plunged by over 45% to $0.48 after the petroleum explorer failed to impress the street with drilling results from its Pepper program in Alberta.
The price of Natcore Technology (NXT-V) soared up by over 26.6% to $0.38 after the company announced a significant solar project in Vietnam.
Thursday, January 12th had the price of Fiat Chrysler (FCAU-Q) stock plunge by over 10% to US$9.96 after the U.S. Environmental Protection Agency (EPA) accused the Auto company of cheating on some of its diesel truck emissions tests.
The price of Arizona Mining (AZ-T) shares’ rose by almost 14% to $2.82 after the mineral developer released more encouraging lead/zinc/silver drill hole assays from its Hermosa project in Arizona.
The price of DragonWave Inc. (DWI-T) dropped by over 22% to $3.02 after the microwave systems company failed to meet the streets’ expectations with its 3rd-quarter financials.
Friday, January 13th saw Takata Corp. (TKTDY-OTC) join a growing list of auto companies (there’s never just one cockroach) being caught or convicted of hiding or altering defective components – as the Japanese airbag manufacturer admitted to 15-years of hiding potentially deadly airbag defects.
Empire Co. (EMP.A-T) announced they had hired former Canadian Tire CEO Michael Medline as CEO of the giant grocer.
While on a related note – the U.S. Commerce Department reported that their department store sales fell by 5.6% on 2016 – the 11th straight year of falling department store sales.
During the Week – the TSX Venture Exchange rose to a new 31/2-month high of 795 while the NASDAQ Exchange reached to a new record closing high of 5,574, the CRB Spot Commodity Index climbed to a new 2-year high of 434 and the VIX fell to a 21/2-year low of 11.25.
Bombardier Inc. (BBD.B-T) at $2.60, Laramide Resources (LAM-T) at $0.50 and TMX Group (X-T) at $76.00 all reached new TSX 52-week trading highs while Hudson’s Bay (HBC-T) at $8.97, Logistec Corp. (LGT.A-T) at $36.01 and Novadaq Technologies (NDQ-T) at $7.95 all fell to new 52-week trading lows.
For the Week – The Dow industrials fell by 0.39% to 19,886, with the S&P 500 Index off by 0.09% to 2,275 while the NASDAQ Exchange gained 0.96% to 5,574. To the north, the TSX Composite Index was marginally higher at 15,497 and the TSX Venture Exchange was up by 0.51% to 795.
With commodities – gold bullion rose by 2.13% to US$1,198, with copper up by 5.49% to US$2.69, while crude oil fell by 1.35% to US$53.26 and natural gas improved by 3.04% to US$3.39. Overall, the CRB Spot Commodity Index gained 2.12% to finish the week at 434.
The Canadian dollar gained 0.85% against its American cousin to end the week at US$0.7618.
And the closely watched CBOE Volatility Index or VIX dropped by 0.07-point to finish the week a very calm level of 11.25.
And Finally – for those who still thing that electric cars are not much more that street legal gold carts – Tesla Motors (TSLA-Q) boasts that their Model S P100D Ludicrous sedan can accelerate from 0 – 60 miles per hour in just…….now wait for it….2.5-seconds.
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