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The Week of November 10th to November 16th, 2014 “A Brief Look Back into Tomorrow”

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The new trading week begins on Monday, November 10th with investors holding American equities wondering what all the ‘correction’ fuss was about as in just three short weeks their markets had quickly rebounded from their deepest correction since the Great Recession to once again establish new record highs, while the gold bugs were hoping that the previous week’s late bounce in the price of gold bullion wasn’t in the nature of a ‘dead cat’, and TSX Venture Exchange investors wondering just what it was they did to deserve to have their junior exchange trade down to record lows.




Dendreon Corp. (DNDN-Q) shares’ plunged by almost 81% to US$0.18 when the pharma company announced it may sell its Provenge prostate cancer drug as part of a Chapter 11 restructuring effort.




Lest We Forget – Remembrance Day services in Canada and Veterans’ Day services were held on Tuesday, November 11th to remember all of our fallen universal soldiers.




Trucks were the talk of the day with Ford Motor Co. (F-N) announcing that assembly line production had begun on its revolutionary aluminum body F150 pick-up trucks that will.

take off some seven hundred pounds of vehicle weight.




Meanwhile the share price of Martinrea International (MRE-T) fell by almost 18% to $10.13 when the automotive supplier missed the street’s expectations’ with its 3rd quarter financials.




China’s largest online retailer Alibaba Group Holdings (BABA-N) announced they sold an amazing US$9.3-billion worth of goods during Monday’s Singles’ Day promotion.




The real cost of lower crude oil prices start to hit home on Wednesday, November 12th when Canadian Finance Minister Joe Oliver told the nation that lower crude oil prices could cut   $3-billion of nominal growth from the country’s economy this year and if they stay low will reduce next year’s expected budget surplus down by $4.5-billion to just $1.9-billion.





Susquehanna Bancshares (SUSQ-Q) shares’ surged up by over 32.5% to US$13.12 when the Atlantic region bank agrees to a US$2.5-billion cash & stock buyout from North Carolina’s bank holding company BB&T (BBT-N).




Trading in BlackBerry Ltd. (BB-T) got pretty exciting on Thursday November 13th when the share price of the recently forgotten smartphone company rose by almost 10.5% to $14.09 when it  announced plans of arrangements to launch and run Blackberry platforms with the cloud’s Salesforce (CRM-N) andelectronic market giant Samsung.




Warren Buffet’s conglomerate Berkshire Hathaway (BRK.A-N) agrees to purchase Proctor & Gamble’s (PG-N) Duracell battery unit in a cash & stock deal worth some US$4.7-billion.




The share price of Caesars Entertainment Corp. (CZR-Q) rose by almost 25% to US$13.92 on word the company had worked out a prearranged Chapter 11 bankruptcy plan for its Atlantic City based  Caesars Entertainment and Operating Co.




Baker Hughes Inc. (BHI-N) shares’rose by 15% to US$58.75 on word it was in take-over discussions with fellow petroleum service giant Halliburton Co. (HAL-N) that, if completed, would form a company that was about half as big as industry giant Schlumberger (SLB-N).




The markets rose on Friday, November 14th when the U.S. Commerce Department reported their retail sales rose by 0.3% in October and the University of Michigan Index of Consumer Confidence rose by a better than expected 2.5-points in November to 89.4.




Similarly, Statistics Canada reported our manufacturing sales rose by a greater than expected 2.1% in September to $53-billion.




The International Energy Agency reported that America’s combined production of crude oil, condensate and natural gas liquids rose in October to record 12.2-million barrels-a-day.





GASFRAC Energy Services (GFS-T) shares’ tumbled by 16% to $0.63 when the petroleum services company warned it may be in violation of its revolving credit facility by the end of the year.




And Movado Group (MOV-N) shares’ plunges by over 29% to US$27.31 when the high end watch maker missed the street’s expectations for its 3rd quarter financials and worse yet, lowered its guidance for 2015.




The American Exchanges continued their push to new highs during the week as the DJIA established a new closing high of 17,653, with the S&P 500 Index climbing to a new all-time high of 2,040 and the NASDAQ Exchange setting a new 14-year closing high of 4,689. To the downside, crude oil fell to a new 4-year low of US$74.61.




And just when it seemed that no one was watching, three dogs of the tech sector suddenly were back in favour when BlackBerry Ltd. (BB-T) at $14.26, Open Text (OTC-T) at $67.62,  and Sierra Wireless (SW-T) at $44.53 all established new TSX 52-week closing highs, while Big Rock Brewery (BR-T) at $11.63, Endeavour Silver (EDR-T) at $2.75, and Pacific Rubiales  (PRE-T)at $14.00 all set new 52-week trading lows.




For the WeekThe Dow Industrials gained another 1.03% to 17,635, with the S&P 500 Index up by 0.39% to 2,040 and the NASDAQ Exchange higher by 1.21% to 4,689. In the ……. it’s cold north, the TSX Composite Index improved by 1.03% to 14,843 and the lowly TSX Venture Exchange finally returned a winning week by gaining 0.91% to 777.




Gold bullion gained 1.71% to US$1,190, while copper was unchanged at US$3.04, with crude oil off by 3.47% to US$75.92 and natural gas down by 7.54% to US$4.17. Overall, the CRB Spot Commodities Index eased by a further 0.44% to 454.




The Canadian dollar improved by 0.34% against the American buck to end the week at US$0.8857.




And the closely watched CBOE Volatility Index or VIX rose by a marginal 0.29-point to finish the week at a slightly more nervous level of 13.41.




And Finally – The recent drop in energy prices helps lower income people more than the wealthy as according to the Bank of America Merrill Lynchhouseholds with an annual income of less than $50,000 spend an average of 21% of their earnings on energy costs, from home heating to filling their vehicle gas tanks.

Posted November 17, 2014

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