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Goldilocks jobs report ends flat week
Friday saw the release of the latest U.S. jobs numbers. The Goldilocks report stated that job hiring moderated, annual wage growth fell below 4%, employment gains topped Wall Street’s estimate, while unemployment fell from 3.7% to 3.9% (the street expected no change) The data injected optimism into the market on both sides of the border. The S&P closed the session up 0.41% to reach a new 2023 high of 4,604. The Nasdaq added 0.45% and the Dow 0.36%. For the week, though, the S&P was essentially flat while the Nasdaq gained 0.7% and the Dow 0.44%.
Key movers Friday were streamers Paramount Global which soared 12.11% and Warner Brothers Discovery which popped 6.01%. Elsewhere, Dollar General finished -3.84% and Alphabet -1.31% after being caught for faking its new Gemini AI demo. Canadian apparel name, Lululemon rallied 5.37% in New York. Despite the bullish sentiment, the U.S. 10-year yield inched up 4.231% and Bitcoin jumped 3.25% to $44,700 to resume its winning streak.
The picture was more mixed in Toronto as the TSX rose 0.26% Friday but shed twice a much for the week. Sectors were mixed as energy, financials and tech outperformed while telcos, discretionary and industrials lagged. CNQ was among the busiest stocks as it climbed 1.84%, Hudbay Minerals popped 6.07%, Equinox Gold closed -3.51%, Stella-Jones -3.94%, and Nuvei rallied 5.48%. WTI rebounded 2.7% to trade well above $71.
🎞 Paramount Global (PARA-Q) +12.11%
📺 Warner Bros. Discovery (WBD-Q) +6.01%
🛒 Dollar General Corp. (DG-N) -3.84%
🧮 Alphabet Inc (GOOG-Q) -1.31%
🩱 LuLulemon Athletica (US) (LULU-Q) +5.37%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +3.25%
🛢 Canadian Natural Rsrcs (CNQ-T) +1.84%
⛏ Hudbay Minerals (HBM-T) +6.07%
🥇 Equinox Gold (EQX-T) -3.51%
🌲 Stella-Jones Inc. (SJ-T) -3.94%
💾 Nuvei Corp (NVEI-T) +5.48%
UnlockRatingBasic Investing Metrics: Price-to-sales (P/S).
The calculation for P/S takes a company’s market capitalization (number of shares outstanding x share price) and divides by its total revenue. The interpretation of P/S is quite similar to P/E as it tells investors how much the market values every dollar of a company’s sales. Similarly, to P/E investors typically want to target a low P/S ratio.
Although P/E is typically the most widely utilized of the three ratios, P/S displays some advantages. For example, if an investor is analyzing a high growth company that is operating at a loss or has recently suffered a setback in earnings, P/S can provide a better insight.
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UnlockRatingYear end performance chase occurring as investors fear mediocrity, and pile into top performing stocks. Appearance of owning high flying tech stocks important to portfolio managers. Upcoming inflation announcement on Tuesday will be interesting to watch. If inflation rates continue to fall, and economy is strong - will be good for general investors. Currently there are lots of small cap names in Canada that present lots of opportunity.
This Week’s Stock Picks & BNN Top Picks Summary: KO-N, ABBV-N and 18 Stock and 6 ETF Top Picks (Dec 01-07)
This week were 22 Stock and 2 ETF Top Picks in a wide range of industries: Consumer, Healthcare, Technology, ETF, Industrials, Energy and Financials. Here are this week’s Top Picks as selected by: Billy Kawasaki, O’Reilly, Brianne Gardner, Allan Tong,… read more
