The report on Visa Inc. is updated and rated Buy at $256. It's an incredibly high quality company with a powerful market position. While it's not exactly cheap, the valuation based on the P/E ratio is noticeably lower than its historic average. It w...
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Rate reset preferred shares have done very well indeed in the past year.
A year ago many rate reset preferred shares were under $20. But they appeared set to offer capital gains as they reset at higher interest rates and because market interest ra...
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Did some giant "stop-the-presses" event take place over the weekend? You wouldn't know it from looking at equity markets on Monday where it was business as usual.
The S&P 500 and Toronto were each up an unremarkable 0.3%.
TFI International ...
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On Thursday the S&P 500 was down 0.9% but Toronto was up 0.9%.
U.S. inflation numbers came in tame this morning with a small decrease of 0.1% in prices from May to June. That was the first such month-over-month decrease since May 2020. Inflati...
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On Tuesday the S&P was up 0.1% while Toronto was down 0.4%.
Starbucks was down 2.4% to $72.75. It's 52 week is $108 and it hit over $120 in 2021. The forward P/E ratio is 18.7. It's still a powerhouse world scale brand and I expect it will rec...
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The report on WSP Global is updated and rated Weak Buy/Hold at $217. It's a profitable and steady business and likely to rise in the long term. But currently it is expensive in relation to earnings and its earnings growth, while still good, has slow...
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The report on Dollarama is updated and rated (lower) Buy. Due to a high price / earnings level I could just as easily call it a hold. But its likely to continue to do well in the long term. If it does pull back noticeably that will be a buying opport...
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The report on Costco is updated and rated Sell at $886.
This is a fantastic company but it seems to me that a trailing adjusted earnings P/E of 56 and a forward P/E of 49 is getting into the realm of irrational exuberance.
But be aware that of ...
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The report on Alimentation Couche-Tard is updated and rated (lower) Buy at $78. This is a tough call at this time. On the one hand it has an absolutely fantastic track record and closed a large acquisition in Europe at the start of this calendar year...
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On Thursday Toronto was up 0.1% while the U.S. markets were closed for the holiday.
AutoCanada was down 1.9%. I was going to say this was likely related to the cyber attack on its systems provider but that provider has said that all dealers that i...
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Note that today (Monday, June 24) is the last day to sell before the higher capital gains inclusion rate kicks in. And that's becasue "settlement" is now down to one day. Selling today is cutting it very close but I understand qualifies for the lower...
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On Friday, the S&P 500 was down 0.2% and Toronto was down 0.1%.
Canada is apparently considering massive tariffs on Chinese Electric Vehicles, which the U.S. and Europe are also doing. I don't know what the tariff is today but I suspect that t...
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The report on Uranium miner Cameco is updated but rated only a speculative Weak Buy.
This stock is up 114% since It was first added to the site on October 30, 2022 rated Highly Speculative Weak Buy as way to play the resurgence in the nuclear powe...
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I received the following comment from a subscriber asking for my thoughts:
"The Melcor family owns most of the shares in MR.UN and MRD. Thus they control the price it is at and keep it at a price that benefits the Melcor Family. They are getting o...
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On Tuesday the S&P 500 was up 0.25% and Toronto was up 0.1%.
The Canadian Western Bank rate reset preferred share CWB.PR.B was up 3.15% to $23.26 (but some of that came in the last trade of the day). I don't know if the National Bank proposed ...
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On Wednesday, the S&P 500 was up another 0.85% and Toronto was up 0.3%.
The big story for us was Canadian Western Bank up 68%. Not the hoped for 100%. But because this is an all-stock deal that could take 18 months to close and could face regu...
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Canadian Western Bank is trading up about 71% at $$42.77 abut 15 minutes after the open.
Since I was planning to sell I would have liked to see it trade up around $48 or more. The offer price yesterday was indicated to be worth $52.24. But that wa...
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After the close today, it was announced that National Bank has agreed to purchase Canadian Western Bank in an all-stock deal. Bases on National Banks' price the premium could be 110%. But National Bank has just done a big subscription receipts sale w...
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Royal Bank of Canada is updated and rated (lower) Buy at $146.35 or U.S. $106.39. It's a strong company and will continue to grow over the years. But the near term is uncertain given loan losses and a probably recession. It's had a huge recovery sin...
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The report on Canadian Western Bank is updated and rated Buy at $25.33. The shares in many ways look very much under-valued. But they are forecasting no earnings growth in the next six months although they do forecast loan growth and higher lending s...
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lululemon is updated adn rated (higher) Buy at $312. It's a high quality company. It's growth is lower now than its historic torrid pace but it looks to be attractively prices.
Last year on September 9 I updated it and rated it Speculative Buy at ...
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The report on RioCan is updated and rated Buy at $16.88
The unit price is down 9% this year to date. Yet the REIT in many ways is firing on all cylinders. It's occupancy is about 97%. On new leases where a tenant has moved out it has re-leased at ...
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On Wednesday the S&P 500 was down 0.7% while Toronto was down a hefty 1.65%.
Canadian Western Bank was down 3.55% - pulled down by the weaker results and higher losses reported by Bank of Montreal. I'm expecting their earnings report to be goo...
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I notice that RioCan has slumped to $16.90 down from closer to $19 early this year. The yield is 6.5%. They continue to report very high occupancy and management seems optimistic. They just issued $300 million of 7 year debt at 5.46%. That strikes me...
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On Friday, the S&P 500 was up 0.7%, but this simply recovered the decline on Thursday. Toronto was up 0.5%. - which did not quite recover the loss on Thursday.
Costco was up 1.8% to $810. At 53 times trailing earnings and 47 times projected ea...
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I've updated the yields and ratings on most of the preferred shares.
It was around this time last year that I became quite bullish on preferred shares. As of now the rate resets have given quite strong gains on top of paying their dividends. But t...
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Further to last evenings comment. I had noticed that a former Sears Canada CEO Mark Cohen who is now a retail professor at a university was commenting negatively about Walmart's strategy.
My recollection (a...
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On Wednesday, the S&P 500 was unchanged while Toronto was down 0.1%.
Shopify got hammered down 18.5% after releasing disappointing Q1 results. It's been a volatile stock in terms of price. My last update called it a "highly speculative hold". ...
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On Wednesday, the S&P 500 was down 0.3% while Toronto was up 0.1%.
Starbucks got clobbered down 16% after reporting a weak quarter. "China comparable store sales declined 11%, driven by an 8% decline in average ticket and a 4% decline in compa...
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The report on Enbridge Inc. is updated and rated Buy at $48.
Really I probably did not need to do any analysis to conclude that this is a Buy given the 7.6% dividend yield and given its massive and important assets. But I went ahead and read the a...
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On Thursday the S&P 500 was down 0.2% while Toronto was up 0.2%.
A while back I mentioned I was buying a few shares in TH International which is Tim Hortons in I believe China. I don't know much about it at all but someone was recommending it ...
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Wednesday's action saw the S&P 500 down 0.6% while Toronto was up 0.1%.
Let's see, oil is at $83 which is solidly profitable for the oil companies while not too hard on the consumer. (I mean it could be a lot worse for consumers, $120 oil is n...
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March inflation numbers came out and the the headline increase was 2.9% year over year (so still running hot). BUT key core measures used by the Bank of Canada were lower than expected at around 2%. Good news!
The federal bud...
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Today, I updated the Emera rate reset EMA.PR.H in the Subscriber home page to Buy at $22.46. The last update called it Strong Buy at a somewhat lower price. This preferred share has been quite volatile. It's been as low as $18.30 in October and was c...
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The report for CWB.PR.B is updated and rated Buy at $21.81 to yield 7.3% and the report for CWB.PR.D is updated and rated Buy at $25.30 to yield 7.56%.
See the Subscriber Home page. Both of these have one more dividend at their former lower rates ...
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Spruce Point Capital Management has issued a strong-sell report on WSP Global and they are "short" the company. The stock is down a relatively modest 5% to $210.
Listening to the Spruce Point founder this morning on BNN, I think he had some valid ...
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On Monday, the S&P 500 was down 0.7%Â and Toronto was down 0.5%. The market is beginning to fear that interest rate cuts are not so imminent after all. The Canadian 5 year bond yield is at 3.67%.
Oil is strong at US $85 which is good news for ...
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The report on Berkshire Hathaway is updated and rated and rated (lower) Buy. It is somewhat expensive in relation to earnings and book value. On the one hand if I had a large position I would be tempted to trim it. On the other hand selling Berkshire...
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CWB.PR.B will reset to pay 6.371% of $25 (2.76% spread plus today's 3.611% 5 year Canada bond yield) so $1.59275 per year. This is a 7.39% yield on today's price of $21.54. I believe this is attractive since it also seems likely that there will be a ...
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After a disastrous attempt to move to a new host location, the site is back up, as you can see. I will resume updates and comments tomorrow. Looking forward to it. My apologies for this site being down so long....
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On Friday the S&P 500 was down 0.65% while Toronto was up 0.1%.
TransAlta was down 3.5%. It seems to be living up to its old reputation as a poor investment. I was hoping it was on better footing with new management and a lot of changes to its...
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The report on AutoCanada is updated and rated Speculative Buy at $23.75. Revenues have been increasing strongly. Earnings per share are volatile and have declined in recent quarters after very strong results in 2021 and 2022. The gross margin or mark...
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The Melcor REIT has suspended its distribution due to a cash crunch and is undertaking a strategic review. Meanwhile it is is still generating cash and it does not appear to be in danger of going broke. There's potential upside from the strategic rev...
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The Q4 results for the Melcor REIT show some continued weakness but were not dire.
The conference call was very brief and the two or three analysts that cover this are probably not too interested in promoting it. They like all of us owners have b...
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CWB's results were "okay" as I expected. Headlines say their provision for loan losses was up year-over-year (also up from last quarter). But one year algo they had a negative provision for credit losses (income as opposed to expense). The provision ...
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On Thursday the S&P 500 was up 0.5% and Toronto was up 0.6%.
The rate reset preferred share TD.PF.A was up 2.5% to $21.88. It's up 17% this year to date which is pretty darn good a preferred share. It resets on October 31 and the market may be...
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On Wednesday, the S&P 500 was down 0.25 and Toronto was down 0.35%.
After the close Stantec and WSP Global were out with earnings reports. I believe WSP was a good report but a headline suggests that Stantec "missed Q4 estimates". Stantec itse...
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The report on TransAlta is updated. It's been "generating" attractive levels of free cash flow. It looks under valued. But it is a very cyclical and hard to predict business. It also has a weak balance sheet although the CEO claims it is a strong bal...
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Tuesday's action saw the S&P 500 up 0.2% and Toronto about unchanged.
West Fraser Timber was up 4.3%. It continues to do well even while shutting and curtailing certain mills. It may be that the industry is being smart and refusing to under-cu...
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On Monday, the S&P 500 and Toronto were each down 0.4%.
Canada's big banks will be reporting earnings this week with two reporting tomorrow. It will be interesting to see the loan loss provisions and what percent of residential mortgages have ...
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On Friday the S&P 500 was about flat while Toronto was up 0.45%.
The Melcor REIT got clobbered down 23% after the news that I mentioned on Thursday. I'm hopeful that something good will come out of the review but there is certainly no guarante...
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As I have mentioned, I fully expect CWB to redeem their CWB.PR.D shares on April 30. Those shares would otherwise reset at a huge spread of 5.04% above the 5 year Canada bond yield.
I had thought that the CWB.PR.B rate reset preferred shares would...
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The various preferred shares have done well since I updated them in mid December. Today I updated the Enbridge's ENB.PF.A. It was rated Strong Buy on December 16 at $15.47 and is up 12% since then.
It will reset to a higher dividend on December 1 ...
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Markets gained ground on Thursday with the S&P 500 up 0.6% and Toronto up a hefty 1.6%.
Canadian Tire ended the day down only 0.3% after reporting a very weak Q4. The weakness is not shocking and it seems likely to persist for some time. Still...
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The report on these shares is updated and rated Buy at $20.95. The last update was December 18 when they were at $17.76 and looked quite attractive. They are less attractive after the gain since then but are still reasonably attractive.
...
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Tuesday was quite a negative day in the markets after U.S. core inflation came in hotter than expected. This means that interest rate cuts are not likely to happen as soon as was hoped.
The S&P 500 was down 1.4% and Toronto was down 2.3%.
I...
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The report on Linamar is updated and rated Buy at $65.33.
It looks quite cheap based on valuation and is very well managed. But it is in a tough and cyclical industry and the ROE is not as high as it was historically. I think its a good bet at thi...
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Our reference article that gives a list of Canadian ETFs and their fundamental value ratios and comments on their attractiveness is freshly updated. This includes, ETFs for stocks, bonds and commodities (Oil, gold, silver and natural gas). This is a ...
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Tuesday's action saw the S&P 500 up 0.2% and Toronto up 0.4%.
I see news today that several regional bank share prices in the U.S. have declined. At least one bank, New York Community Bank could be facing a run on deposits and its share price ...
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The report on Starbucks is updated and rated Buy at $95.41. This is a very high quality company but it's valuation is arguably somewhat high. Overall, this is probably a good stock to take an initial position in with a view to holding for the long te...
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On Tuesday, the S&P 500 was down 0.1% while Toronto was uo 0.1%
After the close MicroSoft reported what one analyst said was insanely high operating earnings growth. But in After hours trading the shares are down although only down 0.3%.
Me...
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The report on Ceapro is updated and rated Highly Speculative Buy / Hold at $0.16.
This company has been quite a disastrous investment over the years. At the end of 2022 it looked like it might be set for much better days. Instead, revenue has plun...
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On Thursday, the S&P 500 was up another 0.5% and Toronto was up 0.4%.
U.S. GDP for Q4 came in strong which could have spooked markets due to inflation concerns but apparently a price index came in showing lower inflation.
Toll Brothers was ...
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On Tuesday, the S&P 500 ended the day up 0.3% and Toronto was up 0.5%
The two Brookfield Office Properties preferred shares were up another 6.3% and 3.3%. BPO.PR.A has a 52 week range of $7.06 to $16.09 and closed today at $10.63. That's some ...
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The report on Metro is updated and rated (lower) Buy at $69.76. It should do well long term. But the company itself is project earnings per share this year to be flat to down 2% due to some learning curve costs as new distribution centers become oper...
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On Friday, the S&P 500 surged 1.2% and Toronto was up 0.7%
The two Brookfield Office Properties preferred shares on out list ere up 5.9% and 4.5%. This has been an extremely volatile and mostly losing investment. These are risky but it appears...
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Thursday's action saw the S&P 500 up 0.9% and Toronto up 0.3%.
Apple was up 3.3%. It's "almost" like Warren Buffett knew what he was doing when he bought about five? years ago at far far lower prices and put in $30 billion or so!
WSP Global...
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On Wednesday the S&P 500 was down 0.6% and Toronto was down 1.2%.
Strong retail sales figures for the US are dashing hopes of an imminent decline in interest rates. The five year Canada bond yield is back above 3.5%. Lower oil prices weighed o...
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Canadian inflation for December came in as expected at 3.4%. "Excluding gasoline, the headline CPI slowed year over year, from 3.6% in November to 3.5% in December." Hopes for the Bank of Canada to lower interest r...
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January 15, 2024: U.S. markets were closed for the Martin Luther King jr. holiday today. Toronto was up 0.3%. I did double my rather small position in TransAlta this morning. It was up 2.1% today. Capital power might have been a better choice but I h...
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The report on Visa Inc. is updated and rated (lower) Buy at $260.
This has been and is likely to continue to be a very high quality investment. It's not cheap but is also not extremely expensive in relation to earnings and its quality. It's been a...
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Wednesday session saw the S&P 500 up 0.1% and Toronto up 0.65%.
AutoCanada jumped 8.2% on the news that I mentioned in my previous post. I think management here is strong and aggressive in pursuing profits and improvement. But the high debt is...
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The report on Toll Brothers is updated and rated Weak Buy / Hold at $104. This stock has surged from about $68 just two months ago. Its contracts to build new homes have surged recently and so the stock price could very well continue to rise. Home Bu...
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On Friday the S&P 500 was up 0.2% while Toronto was up 0.6%.
On Thursday and continuing somewhat on Friday the tow Brookfield Office Properties (BPO)Â preferred shares were down a total of over 10% after S&P downgraded the debt of its pare...
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On Wednesday, the Fed delivered quite the Christmas Present indicating that the rate increases are over and that its likely that there will be three rate cuts by the end of next year.
Stocks and bonds jumped as this news came out at 2 pm eastern.
...
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On Monday the S&P 500 was up 0.4% while Toronto was down 0.1%.
Costco was up another 2.1%. I have long said it's a powerhouse. But I have been surprised at the recent gains. It's expensive at 43 times trailing earnings and 39 times analyst for...
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On Friday, the S&P 500 was up 0.4% and Toronto was up 0.3%.
lululemon was up 5.4% as the market decided it liked its earnings results. I'd be tempted to trim my position at this price ($490). If I do so, I'll be hoping to buy back in at a lowe...
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I saw a mention today that Canadian Utilities is offering to covert it's thinly traded class B voting shares to Class A non-voting shares on a one-for one basis. The parent ATCO Inc. controlled by the late Ron Southern's family owns 97.4% of the B sh...
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On Wednesday, the S&P 500 was down 0.4% and Toronto was down 0.5%
Shopify was down 4.8%.
After the close CN Rail announced a small U.S. acquisition but it is pending U.S. approval. They said the deal "closed into a voting trust" pending app...
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This is an update on a very disappointing investment.
I've rarely had any penny stocks on the site but RIWI Corporation was on the site from July b2020 until I believe the end of 2021. Unfortunately the price in that time has slipped from $2.95 to...
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Markets ended the week with strong growth on Friday as bond interest yields fell even as the Fed Chair tried to warn he might possibly not be done raising interest rates yet. (The market did not believe him).
On Friday, the S&P 500 was up 0.6%...
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On Tuesday, the S&P 500 was up 0.2% while Toronto was about unchanged.
The market appears to be increasingly convinced that the that peak of interest rates has been reached. The yield on the 5 year government of Canada bond is down to 3.7%. In...
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On Friday, markets were little changed with the S&P 500 up 0.1% and Toronto down 0.1%.
The rate reset preferred shares were mostly up on the day. These have mostly done quite well in the past month since they dipped at the end of October.
M...
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