October 24th, 2013 Business and Market Updates

We are seeing a rebound today after yesterdays declines across the globe.  China was off about three quarters of a point on the US declines and the dollar weakness, however after the market close positive manufacturing numbers were released which should translate to higher markets there tomorrow.  Japan was higher by about a third of a point.

Europe is stronger on the China news up about a half a point at midday however the Purchasing Managers Data there was weaker than expected.

US and Canadian futures are trading higher by about a third of a point regardless of the fact the Weekly Jobless Claims did not fall as far as expected.  Key word here – fall, which they did to 350000 down 12000 from the previous week.  Estimates were at 340000.


Gold is higher by about 7.00 to 1340. Oil continues the slide on supply strength to 96.20 down 0.66 and the loonie lower by about a quarter cent to 96.08.  The US and Canadian 10 year bonds are marginally higher with yields falling to 2.48% and 2.41% respectively.

In mandate earnings, another beat this morning with Deluxe Corp beating on the bottom and top line with guidance of revenue growth in the 4% to 5% range and earnings about 5%.  Altria also beat on both earnings and revenue and guided to a stronger 2014.  CMS Energy, met earnings and revenue estimates.

So far, of the 178 S&P 500 companies to report 138 have beat, 8 have met and 32 have missed.  This is a strong stat, however, the forward guidance has not been strong in many cases on either earnings growth or revenue growth.

On the positive side, Fed-Ex continues to report strong sales going into the holiday season with the stock as a solid barometer to economic conditions.  Caterpillar on the other hand continues to flounder which is a proxy for the global mining industry which continues to show weakness.

Kenneth A. Dick, BA, CIM, CFP, FCSI

Branch Manager & Portfolio Manager | Independent Wealth Management

Canaccord Genuity Wealth Management


May 29th, 2013 Market Update


The S&P/TSX Composite traded higher on Tuesday, as investors took
cheer after top officials in the European Central Bank and the Bank of
Japan pledged their support for continued monetary easing.

Bank of Nova Scotia (BNS), Canada’s third-biggest lender by assets, said
second-quarter profit rose 9.6% to $1.6 billion, on contributions from its
takeover of ING Groep’s (ING) Canadian business. Results missed
analysts’ estimates, however.

Gran Tierra Energy (GTE) said a horizontal exploration well in Peru
tested 3,095 barrels of oil a day. It also said it will begin an engineering
study to implement a long-term test to help bring new oil to market.

MTY Food Group (MTY) said it has agreed to buy most of the assets of
the Extreme Pita, PurBlendz and Mucho Burrito restaurant concepts for
$45 million. It said the purchase is the biggest in its history.

Baytex Energy (BTE) went lower after the CBC reported that as many as
six families have left an area in the Peace River due to emissions from a
Baytex heavy oil production site.

Novus Energy (NVS) released first-quarter operating and financial results
that were generally in line with forecasts given production volumes were
previously released in late April. The key takeaway from the release was
the encouraging results from its second quarter section pilot at Flaxcombe
testing the two distinct Viking cycles.


The S&P 500 rebounded from last week’s loss on Tuesday, after data
showed home prices rose in March by the most in seven years and a report
showed consumer confidence improved.

Tiffany’s (TIF) said its first-quarter net income rose 3% as sales improved
across all regions. Sales were helped by promotional events tied to
Tiffany’s 175th anniversary as well as a tie-in for “The Great Gatsby”
movie, for which the company designed the jewellery.

Solar module manufacturer Canadian Solar (CSIQ) reported a smallerthan-expected first-quarter loss on a steep fall in manufacturing costs, and
forecast higher solar panel shipments for the current quarter as it steps up
its presence in the high-margin Japanese market.

Offshore oil driller Seadrill (SDRL) beat forecasts with record core
earnings in the first quarter and it said high day rates and expected orders
would make the second quarter strong too.

Disclaimer:  This publication is a general market commentary and does not constitute a research report. Any reference to a research report or a recommendation is not intended to represent the whole report and is not itself a research report or recommendation. This  commentary is for informational purposes only and does not contain investment advice. This publication may be wholly or partially based on industry rumour, gossip and innuendo and as such is not to be relied upon as investment advice. Not intended for distribution within the United States. Canaccord Genuity Wealth Management is a division of Canaccord Corp. Member – Canadian Investor Protection Fund.

Corporate News For February 20th, 2013

In The United States

The S&P 500 touched its highest level in five years, on optimism over
dealmaking and data showing rising investor confidence in Germany.

Office Depot (ODP) surged, as did OfficeMax (OMX) after The Wall
Street Journal reported that the two office-supply retailers are in advanced
merger talks. Rival Staples (SPLS) was also up sharply on the report.

Google (GOOG) traded above $800 for the first time. The gain was, in
part, fuelled by reports that the Internet company is looking into launching
retail stores to sell Google-branded products.

Rockwood (ROC) jumped higher after the company reported Q4 revenue
that beat estimates. The company said sales during the most recent quarter
climbed 2% to $829 million, benefiting from higher sales from its lithium,
advanced ceramics and titanium dioxide pigments businesses.

Humana (HUM) fell as the Centers for Medicare and Medicaid Services
proposed a decline in 2014 rates for Medicare Advantage that was lower
than the health insurer had expected.

In Canada

The S&P/TSX Composite rose for the first time in four days, led by gains
among banks, after a measure showing an increase in German investor
confidence added to signs of a European economic recovery. Great-West

Lifeco (GWO) agreed to buy Irish Life Group for $1.75 billion from
Ireland’s government, as it seeks to expand European operations. The
transaction should add about $215 million, or 10%, to Great-West’s 2014E

Canadian National Railway (CNR) named Jim Vena, 54, its new Chief
Operating Officer after Keith Creel left earlier this month to be President
and COO of rival Canadian Pacific Railway (CP).

Fission Energy (FIS) and Alpha Minerals (AMW), who each own 50%
of the Patterson Lake South property, released news highlighting exciting
new results from ongoing drilling at the property. Results from hole
PLS13-038, which was a 385-metre step-out hole, yielded two zones of
strong mineralization. Keegan Resources (KGN) and PMI Gold (PMV)
announced that they are terminating their merger plans. The decision
comes as a result of the mutual determination of PMI and Keegan that it is
unlikely that PMI’s shareholders will approve the transactions
contemplated by the Arrangement Agreement.

Fortress Paper (FTP) jumped higher after the company announced that
they have hired Yvon Pelletier as the company’s new President of
Dissolving Pulp operations. Pelletier is a specialty cellulose industry
veteran with 30 years pulp and paper sector experience most recently as
EVP and President of Specialty Cellulose & Chemicals at Tembec (TMB).

Courtesy of Canaccord Wealth Management