Trending stocks today
Taiwan Semis sparks rally
On the heels of Super Micro Computer reporting a disappointing quarter and outlook, Taiwan Semiconductor delivered a beat and raised guidance to spur markets higher Thursday. The chipmaker finished 9.79% higher, but the Nasdaq ended up only a handful of points, while the S&P was flat, and the Dow edged up 0.37% to make a new high of 43,239. SMCI, by the way, closed -2.39% as Travelers soared 9.0%, and Expedia jumped 4.75% after a report that Uber -2.44% was interested in the company. The U.S. 10-year yield inched up to 4.096% while Bitcoin declined 0.9% to US$67,000.
In Toronto, the TSX also hit new highs after rallying 0.52%. Only two sectors, including energy, showed mild weakness, while all others gained. Consumer Staples, materials and financials led. TD traded the most hands and rose 0.53% as Royal Bank gained 0.69% to make a new high, CHW advanced 1.59%, GFL Environmental 2.88% and Onex 3.57%. WTI added 0.44% to US$70.70 while gold added US$17 to a high of US$2,691.
💾 Taiwan Semiconductor MFG. (TSM-N) +9.79%
💾 Super Micro Computer (SMCI-Q) -2.39%
✈ Expedia (EXPE-Q) +4.75%
🚖 Uber (UBER-N) -2.44%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.9%
🏛 Toronto Dominion (TD-T) +0.53%
🏛 Royal Bank (RY-T) +0.69%
🏛 Chesswood Group (CHW-T) +1.59%
♻ GFL Environmental Inc. (GFL-T) +2.88%
🏛 Onex Corp (ONEX-T) +3.57%
UnlockRatingOur PAST TOP PICK with RNR is progressing well. To remain disciplined, we recommend trailing up the stop (from $230) to $253 at this time.
UnlockRatingPipelines have been great this year and he recently took the trade off, yet they've continued to run. Continue to look strong. If he's correct about rates going higher again, and bond proxies coming under pressure, people will still want yield. If inflation comes back, he thinks pipelines are going to be the new hot thing.
BUZZING ON SOCIAL MEDIAS
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- Taiwan Semiconductor MFG. (TSM-N)
- Oklo (OKLO-N)
- NVIDIA Corporation (NVDA-Q)
- ASML Holding (ASML-Q)
- Main Street Capital Corp. (MAIN-N)
- Altria Group Inc (MO-N)
- Foot Locker (FL-N)
- Microsoft Corp (MSFT-Q)
- Intel (INTC-Q)
- Tesla Inc (TSLA-Q)
- Invesco QQQ Trust Series 1 (QQQ-Q)
- Realty Income Corp (O-N)
- High Tide Inc. (HITI-X)
- Apple Inc (AAPL-Q)
- Blackstone Group LP (BX-N)
Weekly 52-Week Low (or 52-Week High): BAM-T, IAG-T, ONC-T, CCB-X and More 52-Week Highs and Lows (Oct 02-08)
52-Week High TSX Stocks Here’s this week’s 52-week high stocks on Stockchase… 🏛 Financials 🚚 Industrials ⚡ Energy === read more
UnlockRatingCompany Highlight: Agnico Eagle Mines Limited (AEM)
Agnico Eagle Mines (AEM) is a major gold mining company in Canada, known for its extended history of gold exploration, development, and production. It has a diversified portfolio of mines mostly in North America with a few projects across Europe. AEM has been somewhat acquisitive over the years, with the acquisition of Kirkland Lake Gold in 2022. The name offers operational stability since most of its operations are in Canada, the US, and Finland, which are miner-friendly regions.
AEM has been one of the most solid performers in the Canadian materials space, with a 10-year total return CAGR of 14.8%. In terms of its financials, it pays a 1.9% dividend yield, has a strong track record of sales and earnings estimates, and analyst estimates have been rising over the past year. The company is highly dependent on the price of gold, but with the underlying price of gold rising to new highs over the past several months, we feel AEM has some solid tailwinds. It is a large gold miner ($55 billion market cap) and both EBITDA and sales have grown nicely over the years (37% and 28% five-year CAGRs, respectively).
Its valuation has compressed over the years, reaching a forward P/E multiple of 18X today. Given the expected growth in sales and earnings over the next year (29% and 78%, respectively), we like the prospects of AEM today, particularly with a rising spot price of gold.
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UnlockRatingBullish. The index has a floor at 7,058 and at 6,888. Don't worry about the RSI rising, because the underlying security is still making higher highs. The S&P is not overbought, but just right, based on her charts. As long the index stays above 7,058, it will continue to trade well above its moving averages (13, 26 and 40 months). Based on the regular S&P cap-weighted index: the S&P has a floor of support at 5,669 and could well reach 5,940. Nasdaq 100 chart: support is at 19,481, then 19,277, with a ceiling of resistance at 20,690 from July. If the index breaks that, then it will shoot higher.
Uranium fuels TSX higher
Recent deals by megatech companies to secure nuclear energy propelled the TSX on Wednesday to new highs. The Canadian index climbed 0.5% to 24,561 as uranium names soared: Cameco by 7.55%, Energy Fuels 14.87% and Denison Mines 11.57%. Meanwhile, Air Canada rallied 4.35%, but Celestica ended the day -4.68%. WTI remained at US$70.50 a barrel while gold added US$11 to US$2,673.
On Wall Street, the Dow advanced 0.79% to its own high of 43,077 while the S&P rose 0.47% and the Nasdaq 0.28%. Earnings were the key driver as United Airlines took off by 12.44%, Delta 6.79% and Morgan Stanley 6.5%. Nvidia rallied 3.13% as the most-active name while Walgreens gained another 6.24%. The U.S. 10-year yield held around 4.016% while Bitcoin increased 2% to US$67,860.
⛏ Cameco Corporation (CCO-T) +7.55%
⛏ Energy Fuels Inc. (EFR-T) +14.87%
⛏ Denison Mines Corp (DML-T) +11.57%
🛫 Air Canada (AC-T) +4.35%
🧬 Celestica Inc (CLS-T) -4.68%
🛫 United Airlines Holdings (UAL-Q) +12.44%
🛫 Delta Air Lines Inc (DAL-N) +6.79%
🏛 Morgan Stanley (MS-N) +6.5%
💾 NVIDIA Corporation (NVDA-Q) +3.13%
💊 Walgreen Boots Alliance (WBA-Q) +6.24%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2%
UnlockRatingIn this sector, you can't avoid it. It affects every single player. Look at AMZN and all the data centre providers. There are only so many customers. TSM also has massive concentration risk. The whole supply chain is massively vertically integrated, so there's customer concentration risk and supply chain risk the whole way through. If you want to be in the space, you have to accept it.
Weak markets, but Canadian inflation falls
Bay and Wall streets backed away from recent record highs on Tuesday, finishing mildly in the red. However, annual inflation in Canada for September came in at 1.6%, which was below expectations and returned to its lowest level since February 2021. Increasingly, the street expects the Bank of Canada to cut interest rates on October 23, perhaps by 50 basis points. The TSX declined 0.13% during the session, though most sectors were positive, led by healthcare, utilities and real estate. However, they were outweighed by major losses in energy after Israel announced it would not bomb Iran’s oil assets.
This sent WTI plunging 4% to trade below US$71 as CNQ closed -5.72% and Baytex -6.31%. Meanwhile, Bausch Health rallied 5.66%, Brookfield Business Partners 4.64% and Orla Mining 4.36%. Gold climbed 0.5% to US$2,661 to remain at elevated levels.
On Wall Street, the S&P closed -0.76%, the Dow -0.75% and the Nasdaq -1.01%. ASML pre-reported weak earnings and its shares tanked 16.26% but also brought down Nvidia by 4.69% from record highs. Elsewhere, Walgreens soared 15.78% after announcing major layoffs, Schwab jumped 6.1% after beating earnings and Carnival rallied 6.63%. The U.S. 10-year yield slipped to 4.036% as Bitcoin added 1% to US$66,600.
🛢 Canadian Natural Rsrcs (CNQ-T) -5.72%
🛢Baytex Energy Corp (BTE-T) -6.31%
👨⚕️ Bausch Health Companies Inc. (BHC-T) +5.66%
🏛 Brookfield Business Partners LP (BBU.UN-T) +4.64%
⛏ Orla Mining (OLA-T) +4.36%
🧬 ASML Holding (ASML-Q) -16.26%
💾 NVIDIA Corporation (NVDA-Q) -4.69%
💊 Walgreen Boots Alliance (WBA-Q) +15.78%
🏛 Charles Schwab Corp (SCHW-N) +6.1%
🚢 Carnival Corp. (CCL-N) +6.63%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1%
UnlockRatingMarket looks great as breadth broadens. It's hard to fight this strength. Looking at past soft landings: we may be getting another one because of strong job growth and stock market, but credit is tightening and if employment weakens, that will be a concern. We'll see. Also, global strife could spark an issue. You want to be in this market, but beware of a sharp reversal as in 2001 and 2008 (crashes) by balancing stocks and bonds, and consider adding managed futures to your portfolio.
UnlockRatingOur PAST TOP PICK with ACGL is progressing well. To remain disciplined, we recommend trailing up the stop (from $95) to $105 at this time.
