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Inside the Market

Up-to-the-minute insights
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Entry archive:

Why interest rates are going nowhere

GORDON PAPE

If we’re to take the words of our central bankers at face value, low interest rates will still be around though most of 2015 and perhaps into 2016.

Last week’s Bank of Canada statement and the quarterly Monetary Policy Report were gloomy about the prospects for a speedy economic recovery, both here and internationally.

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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.

Raymond James analyst Steve Hansen upgraded CanWel Building Materials Group Ltd. to "outperform" from "market perform" after strong second-quarter earnings raised his confidence level that CanWel's acquisition strategy is paying off.

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Top links: Our market strategist's picks for Wednesday must reads

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 brilliant post by Bloomberg View’s Matt Levine highlights the absurdity of derivatives, capital gains taxation and hedge fund regulation. Mr. Levine’s piece describes an ongoing legal battle to determine the correct “magic words” that will either result in Deutsche Bank and Barclays being handed huge fines, or allow hedge fund Renaissance Capital to avoid a massive tax bill.

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Wednesday's small-cap stocks to watch

Stephanie Chan, Sonali Verma and Darcy Keith

Inside the Market’s roundup of Canadian small caps making news and on the move today. This post will be updated during the trading day.

CanWel Building Materials Group Ltd. beat second-quarter estimates with an EPS of 24 cents versus the consensus of 16 cents. The company announced that its second-quarter revenues were up 12.2 per cent from the same time last year, increasing to $226-million from $210-million. Building material distributor Canwel said that the increase was driven by higher demand for products after the particularly harsh winter Canada saw this year. Gross margin also increased 28 per cent.

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Before the bell: TSX heads for new record, earnings galore

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 pointing to modest gains at the open, although the focus of today's trading will be on what individual stocks will be doing rather than the major indexes, as corporate earnings pour out at a rapid pace.

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A fund for the fearful, and fearful of missing out

ROB CARRICK

Two kinds of fear torment today’s investors: Fear of falling stock markets, and fear of missing out on future gains.

A single low-cost mutual fund takes care of both, to a limited extent. The fund is Beutel Goodman Canadian Equity-D, and it’s worth a look if you’re a long-term investor seeking a vehicle that will give you your fair share of gains in good markets and while playing comparatively good defence in down markets.

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Tuesday'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.

Canaccord Genuity analyst Phil Skolnick is advising clients to sell their shares of Imperial Oil Ltd. after its stock price surged far past those of its peers.

Mr. Skolnick acknowledges that Imperial Oil warrants a premium multiple due to perceived protection from its majority owner, ExxonMobil, along with its longer-than-average reserve life. However, its share price has outperformed peers by an average 10 per cent since its last low reached on Feb. 5, and he believes the stock’s valuation is overly stretched at this point.

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Top links: Market anxiety is steadily growing

SCOTT BARLOW

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

Global markets are showing increasing signs of risk aversion and investors need to pay close attention to assess whether it’s a geopolitics-related correction or something more dangerous.

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Tuesday's small-cap stocks to watch

Stephanie Chan, Sonali Verma and Darcy Keith

Inside the Market’s roundup of Canadian small caps making news and on the move today. This post will be updated during the trading day.

Shares in Pretium Resources Inc. are sharply lower today on news that the company has entered into an agreement with a syndicate of underwriters in connection with its previously announced offering of common shares.

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Before the bell: Stocks set to rise as earnings flood out

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.

Investors are putting on a brave face this morning, sending global markets higher despite the recent flare-up in geopolitical tensions and nagging feelings that stocks may be priced for perfection unless corporate earnings grow at an impressive pace.

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Monday'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.

The time has arrived for optimism in the base metals sector, said Dundee Securities analyst Joseph Gallucci, who expects producers of such metals as copper and nickel to strongly outperform the broader market over the next 12 to 18 months. He raised his price targets on the Canadian mining companies he covers.

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Top links: The most dangerous phrase in investing

SCOTT BARLOW

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

The phrase that preceded the biggest client losses during my 20-year career in brokerage was “it’s a great story” as a description of small-cap stocks. Stories by their nature are sanitized, palatable versions of reality and were frequently used to hide inconvenient truths like high valuation levels, regulatory risk and unproven business plans.

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Monday's small-cap stocks to watch

Stephanie Chan and Darcy Keith

Inside the Market’s roundup of Canadian small caps making news and on the move today. This post will be updated during the trading day.

CounterPath Corp., a developer of desktop, tablet and mobile voice-over-Internet-Protocal software products and solutions, announced that it has been awarded a patent from the U.S. Patent and Trademark Office that protects its unique methods of authenticating a VoIP softphone application on a device via a GSM-based telephone network rather than via traditional username/password requirements. The patent strengthens the value of CounterPath's Operator Over the Top solution offerings and enables mobile operators to offer an improved seamless VoIP user experience for customers, the company said in a statement.

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Before the bell: Stocks weaken amid geopolitical tensions

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.

With geopolitical tensions still running high this morning in the Middle East and Russia, and North American markets still not far from record high territory, traders are displaying little conviction to broaden equity exposure. U.S. and Canadian stock futures, as well as most Asian and European markets, are all modestly lower, with investors largely gravitating to defensive areas of the market.

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Contra Guys: Joining the insiders in Cascade Bancorp

BEN STADELMANN

Two columns ago, the focus was First United Corporation, a smallish regional bank based in Oakland Maryland, which Benj bought for the Contra the Heard portfolio he manages. There is another local, Cascade Bancorp (CACB) that he added for his personal account. The sole reason that this was not bought as a Contra stock is because the President’s Portfolio is already bulging with financials. While he is willing to overweight, there is a fine line between tipping in a direction and going overboard.

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The week's best web reads: 5 worst investing ideas of 2014

Darcy Keith

Inside the Market's weekend roundup of some of last week's best investing reads on the Internet, which are highlighted every morning in our Before the Bell report.

Insight

The top 5 worst investing ideas Barry Ritholtz has heard this year.

Some say the stock market’s high price-to-earnings ratio is justified by low interest rates. Think again, writes Mark Hulbert.

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Blog contributors

David Berman

David Berman has been writing about business and investing since 1995. He has written for a number of magazines, including Canadian Business and MoneySense.

Follow David on Twitter @@dberman_ROB

Darcy Keith

Darcy Keith has been a business journalist since 1992 and joined the Report on Business in 2010 from Yahoo! Canada, where he was the senior editor of finance.

Follow Darcy on Twitter @eyeonequities

Scott Barlow

Scott Barlow is The Globe's in-house market strategist. He is a 20-year veteran of Canadian investment banks, including Merrill Lynch Canada, CIBC Wood Gundy and Macquarie Private Wealth (MPW).

Rob Carrick

Rob Carrick has been writing about personal finance, business and economics for close to 20 years. He joined The Globe and Mail in late 1996 as an investment reporter and has been personal finance columnist since November 1998.

Follow Rob on Twitter @rcarrick

Sonali Verma

Sonali Verma is digital editor and investment editor at the Report on Business. She has worked as a reporter, editor and producer of business news at Reuters, CNBC and Bloomberg News since 1995.

Follow Sonali on Twitter @SVerma__

David Milstead

A business journalist since 1994, David Milstead began writing for The Globe and Mail in 2009. During eight years at the Rocky Mountain News in Denver, Colo., he individually or jointly won nine national awards from SABEW, the Society of American Business Editors and Writers.

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