The new trading week began on Monday, November 28th with most investors shocked to see the post Trump victory American major Indexes at record highs instead of the apocalyptic lows that some had predicted.
All of which led technical analysts David Tippin & Ron Meisels to comment – “A minor pullback through the first half of December is likely. A year-end rally should then take most of the major market indices to new all-time highs.” (For a complete copy of this report please contact ‘Rod.Blake@canaccord.com’.)
IWG technologies (IWG-V) shares’ soared up by almost 30% to $0.42 after the water solutions company announced it was being taken over by a private company in an all-cash deal of some $16.5-million.
The price of Time Inc. (TIME-Q) surged up by over 17.5% to US$16.00 after the publishing company rejected a all-cash US$1.78-billion takeover bid from Edgar Bronfman Jr.
Tuesday, November 29th saw the Canadian Federal Government finally approve the Kinder Morgan’s (KMI-N) 590,000 bbls/day Trans Mountain Pipeline Expansion from Edmonton, Alberta to Vancouver, British Columbia along with Enbridge Inc.’s Line 3 370,000 bbls/day Replacement Pipeline from Edmonton to Superior, Wisconsin, while rejecting Enbridge’s 525,000 bbls/day Northern Gateway Pipeline from Edmonton to Kitimat, BC.
ICC International (ICC-V) shares’ soared up by 128% to $1.14 on its first day of trading after the company announced it had closed its initial transaction and had been selected by the Uruguayan government to produce and distribute psychoactive cannabis in that South American country.
The price of Thor Industries (THO-N) stock rose by over 12.5% to US$101.80 after the recreation vehicle company impressed the street with its 1st-quarter financials.
Crude oil prices soared up by almost $4 to US$50 on Wednesday, November 30th as the markets reacted to OPEC’s decision to reduce its daily production by 1.2-million bbls/day to 32.5-million bbls/day.
Quest Pharmatech (QPT-V) shares’ surged up by over 72% to $0.16 after the company announced positive interim phase 2B results for its lead cancer drug oregovomab.
The price of American Eagle Outfitters (AEO-N) fell by almost 12.5% to US$16.56 after the retailer reported a slower rate of growth and worse yet, lowered its profit guidance.
Thursday, December 1st had DesRosiers Automotive Consultants report that Canadian light-vehicle sales rose by 10.4% in November to 160,573 units.
In a move not seen before – Caterpllar Inc. (CAT-N) issued a statement refuting the street’s consensus that the giant heavy equipment manufacturer would earn $3.25-a-share in 2017.
The price of Mettrum Health (MT-V) surged up by over 28% to $7.60 after the Ontario marijuana producer agreed to a $430-million all-cash takeover offer from fellow producer Canopy Growth (CGC-T).
Express Inc. (EXPR-Q) shares’ fell by over 20% to US$10.64 after the company joined a growing list of retailers to lower their sales outlooks for the holiday season ahead.
Friday, December 2nd was all about jobs as Statistics Canada reported the economy created a better than expected 10,700 new jobs in November, dropping the unemployment level by 0.1% to 6.8%. Across the line, the U.S. Labor Department reported their economy created a better than expected 178,000 ne w jobs in November and that their unemployment rate fell by 0.3% to just 4.6%.
Starbucks Corp. (SBUX-Q) CEO Howard Schultz announced he was stepping down to become Executive Chairman of the company he helped transform into the world’s largest coffee retailer.
During the Week – the CRB Spot Commodity index reached a 17-month high of 422, while the TSX Composite rose to an 18-month high of 15,083 and the Dow Industrials reached a record high 19,192.
Badger Daylighting (BAD-T) at $32.43, Canadian Natural Gas Index (GAS-T) at $10.80 and Taseko Mines (TKO-T) at $0.93 all reached new TSX 52-week trading highs while Cardiome Pharmaceuticals (COM-T) at $3.25, Global Telecom & Utilities Trust (HGI.UN-T) at $9.29, Novadaq Technologies (NDQ-T) at $10.06 all fell to new 52-week trading lows.
For the Week – the Dow Industrials gained 0.09% to 19,170, while the S&P 500 fell by 0.95% to 2,192 and the NASDAQ dropped by 2.65% to 5,256. In Canada, the TSX Composite lost a marginal 0.15% to 15,053 while the TSX Venture improved by 1.9% to 749.
With commodities – gold bullion lost 0.25% to US$1,177, while copper fell by 2.63% to US$2.63, while crude oil gained 12.03% to US$51.60, with natural gas ahead by 7.81% to US$3.45. Overall, the CRB Spot Commodity index rose by 1.23% to end the week at 422.
The Canadian dollar improved by 1.89% against its southern cousin to finish the week at US$0.7529.
And the closely watched CBOE Volatility Index or VIX rose by 1.73-points to end the week at a slightly more nervous level of 14.07.
And Finally – With Christmas fast approaching PNC Financial calculated that, thanks to a drop in the price of partridges, the combined price of the 12-items of Christmas only increased by a few hundred dollars this year to US$34,363.49.
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