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Inside the Market

Up-to-the-minute insights
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Top links: Goldman Sachs predicts major correction for stocks

SCOTT BARLOW

A roundup of what The Globe and Mail's market strategist Scott Barlow is reading this morning on the World Wide Web.

Few things can throw a chill into the average investor like a breakdown in so-called “blue chip” stocks, but that appears to be what’s happening south of the border. Poor earnings from the previously trustworthy bellweathers like Coca-Cola, IBM and AT&T have one hedge fund manager tweeting, hopefully with tongue in cheek, “If you are an adviser who’s stuffed all your clients into high dividend yielding ‘good companies’ I suggest you panic.”

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Today's analyst upgrades and downgrades

Darcy Keith

Inside the Market’s roundup of some of today’s key analyst actions. This file will be updated during the trading day.

Although Mullen Group Ltd.’s future earnings potential has declined, the stock’s outsized selloff warrants an upgrade, said Raymond James analyst Andrew Bradford.

On Wednesday, the oilfield services and trucking company released third-quarter earnings which fell short of analyst expectations. “As far as the magnitude of beats or misses go, an 8-per-cent deviation from the consensus figure isn’t unusual, though it does force us to lower our expectations for the balance of 2014 and 2015,” Mr. Bradford said.

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Similarities to 2012 slump suggests oil producers to rebound: Analyst

JEFFREY JONES

Several aspects of the slide in Canadian energy stocks look a lot like ones from the last big correction in 2012, and if they keep playing out the same way, some of the large producers are set to rebound shortly, according to a TD Securities Inc. analyst.

TD’s Menno Hulshof looked at Brent and West Texas Intermediate oil prices, share prices to net asset value and enterprise value to cash flow and found current valuations to be almost identical to the last sell-off, which was followed by a relief rally three months after the energy group bottomed out.

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Today’s small-cap stocks to watch

DARCY KEITH

Inside the Market’s roundup of some of the Canadian small caps making news and on the move today. This post will be updated through the morning.

Imperial Metals Corp. provided an update on the remediation efforts that are are ongoing at its Mt. Polley project in British Columbia. The update suggests that the immediate ‎items required to stabilize the site have been completed and that longer term remediation work is underway. As well, results from the investigation into the cause of the tailings dam failure are expected in early 2015.

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Before the bell: Stocks head for rally amid big earnings beats

Darcy Keith

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

U.S. and Canadian stock futures are on the rise this morning after markets got a shot of  better-than-expected economic news out of Europe and China at a time when slowing activity in those regions have been a key concern. Some key earnings beats in the U.S. - including Dow component Caterpillar - are helping stock futures to extend gains. S&P 500 futures are up about 0.70 per cent and TSX futures about 0.6 per cent.

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Wednesday's analyst upgrades and downgrades

Jody White

Inside the Market’s roundup of some of today’s key analyst actions. This file will be updated during the trading day.

CIBC World Markets analyst Kevin Chiang downgraded Exchange Income Corp. to "sector performer" from "sector outperformer" after its shares shot up Tuesday in reaction to news that the company sold its U.S. WesTower unit for $200-million (U.S.).

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Small-cap stocks to watch: REIT gets new CFO

JODY WHITE

Inside the Market’s roundup of some of the Canadian small caps making news and on the move today. This post will be updated through the morning.

Calloway Real Estate Investment Trust has announced the appointment of Peter Sweeney as chief financial officer. Mr. Sweeney most recently served as CFO of Allied Properties Real Estate Investment Trust, and will take over from interim CFO Mario Calabrese.

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Before the bell: Winning streak in stocks in jeopardy

Darcy Keith

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

North American stock futures are suggesting this morning that the four-day rally in the S&P 500 may come to a halt today.

Futures for all the major indexes are virtually unchanged, with European equities largely flat, even amid reports that the European Central Bank is considering buying corporate bonds to stimulate the economy. That move would add to covered bond purchases the bank began this week and is another step closer to a full-blown quantitative easing program, which markets are hoping for in the wake of weak economic data out of the region this month, especially in Germany. Worrying investors across the pond are reports this morning that at least 11 banks could fail a region-wide financial health check this weekend.

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Chinese stocks are a dubious haven from volatility

DAVID BERMAN

Chinese stocks have been a big disappointment for investors in recent years, but at least they offer one upside: In a world where most major indexes tend to zig and zag together, China’s benchmark index stands out with a low correlation.

That has helped during the turbulence of the past month. As The Economist pointed out in its analysis of the Shanghai Stock Exchange Composite index, U.S., European and Japanese indexes fell between 5 per cent and 9 per cent during the downturn that began in September, but the Shanghai index remained unchanged, giving it the look of a haven.

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Q&A: Rosenberg on dividend stocks, when markets will recover, and oil's dismal outlook

Darcy Keith

For this week's live discussion at Inside the Market, we were joined by David Rosenberg of Gluskin Sheff + Associates, one of the world's most widely followed economists.

Mr. Rosenberg answered questions on investing in the aftermath of the steep slide in stocks this fall that brought the TSX into correction territory. Last week, Mr. Rosenberg suggested the pullback was about 85 per cent done, based on a range of indicators he studies, contending that the correction has not yet fully run its course.

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Tuesday's analyst upgrades and downgrades

Darcy Keith

Inside the Market’s roundup of some of today’s key analyst actions. This file will be updated during the trading day.

At least 10 analysts raised their price targets on Apple Inc. after the tech giant beat Street profit and revenue expectations in its latest quarter, largely thanks to strong demand for its new iPhones.

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Top links: $79 oil = No shale boom

SCOTT BARLOW

A roundup of what The Globe and Mail's market strategist Scott Barlow is reading this morning on the World Wide Web.

A Sanford Bernstein report on the energy sector has bad news for the U.S. economy and good news for Canadian oil producers. Sanford Bernstein has calculated that a third of all U.S. shale production is not economically viable if the West Texas Intermediate crude oil benchmark price falls to $79 (U.S.) per barrel.

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Small-cap stocks to watch: Big-dividend paying stock sells U.S. unit, shares surge

JODY WHITE

Inside the Market’s roundup of some of the Canadian small caps making news and on the move today. This post will be updated through the morning.

MasTec Inc. announced it has acquired WesTower Communications Inc., a unit of Exchange Income Corp., for about $199-million in cash. The sale does not include the Canadian operations of WesTower. 

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Before the bell: U.S. stocks poised to extend rally

Darcy Keith

The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

Stock futures are pointing to gains on Wall Street when markets open this morning, led by Nasdaq, which is getting a boost from a rise in Apple shares in the premarket after its consensus-beating earnings report late Monday.

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Insiders snubbed Canadian banks as they went bargain hunting last week

Darcy Keith

Corporate insiders weren’t standing still while the TSX slipped into a full-fledged correction last week – they were snapping up beaten-down shares.

Yet, there was no across-the-board buying frenzy as markets took their harshest pounding this year. Insiders in energy, basic materials and consumer stocks were active, but officers and directors working in the financial sector were showing little appetite to buy, according to Ted Dixon, CEO of INK Research.

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Don’t start the bargain buying just yet

GORDON PAPE

Talk about your roller-coaster rides. Last week was a classic example of why investors get so nervous whenever October comes around. Triple-digit swings every day can be hard on the tummy.

It started badly. While we were blissfully eating Thanksgiving turkey on Monday, the Dow plunged 223 points. That set the stage for the TSX to play catch-up on Tuesday and it responded by dropping 191 points to move into official correction territory. By the close that day, the Composite stood at 14,036.68, down 10.5 per cent from the all-time high of 15,685.13, which was reached in intra-day trading just six weeks before on Sept. 3.

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Monday's analyst upgrades and downgrades

Tim Shufelt

Inside the Market’s roundup of some of today’s key analyst actions. This file will be updated during the trading day.

Rogers Communications Inc.’s stock has been driven down this year by overblown concerns over regulatory risks and operational issues, Canaccord Genuity analyst Dvai Ghose said.

Concerns over possible regulatory changes to wholesale roaming rates mandated by the Canadian Radio-television and Telecommunications Commission have negatively affected shares in the Big Three cellphone carriers this year.

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Top links: 10 reasons why the bull market can continue to charge ahead

SCOTT BARLOW

A roundup of what The Globe and Mail's market strategist Scott Barlow is reading this morning on the World Wide Web.

Markets looked to continue on strong late week results until technology earnings spoiled the party. International Business Machines Corp., among Berkshire Hathaway Inc.’s largest holdings, posted a wretched set of quarterly results and sent the stock almost nine per cent lower in pre-market – taking Dow Jones Industrial index futures with it. A sharp decline in revenues from emerging markets was to blame for the shortfall.

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Small-cap stocks to watch: Energy recycler soars on takeover bid

JODY WHITE

Inside the Market’s roundup of some of the Canadian small caps making news and on the move today. This post will be updated through the morning.

Primary Energy Recycling Corp., which captures and recycles recoverable heat and byproduct fuels from industrial processes, is being bought by a consortium led by Fortistar LLC $5.40 (U.S.) or about $6.07 (Canadian) a share in cash. This represents a 29 per cent premium to its closing price Friday.

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