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Inside the Market

Up-to-the-minute insights
on developing market news

Entry archive:

The week's best web reads: Don't wait until May to sell and go away

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.

Trends

This year, it may be worth selling in April and going away.

This pesky, old-fashioned indicator is still saying U.S. stocks are cheap.

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Which online broker offers the best value?

ROB CARRICK

Do it monthly and keep it cheap.

If you want to get started as a do-it-yourself investor, there’s your plan. Make monthly contributions to your investments by automatic electronic funds transfer, and focus on index-tracking exchange-traded funds that are cheap to both buy and own. Which online brokerage firms are best for this type of investing? Let’s take a broker-by-broker look

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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. For breaking analyst actions prior to market open every day, read our Before the Bell morning report.

Desjardins Securities analyst Michael Parkin upgraded Agnico Eagle Mines Ltd. to "buy" from "hold," after news of its joint bid with Yamana Gold to buy Osisko Mining sparked a plunge in its share price on Wednesday.

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Before the bell: Stock futures rise amid 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.

There's a cautious tone in markets this morning as some of the biggest companies in the U.S. report first-quarter earnings and tensions rise in Ukraine.

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The TSX advantage: Earnings forecasts are rapidly rising

DAVID BERMAN

Canada’s benchmark index is standing out among its global counterparts this year, and in a good way. The S&P/TSX composite index is up 5.5 per cent, outperforming benchmarks in Europe, Japan and the United States. But the Canadian index is looking good based on another measure as well: Earnings expectations are heading higher.

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Stocks that will win from China’s shift to a consumer economy

SCOTT BARLOW

A recent series of Chinese economic data will do little to help domestic resource investors, but there are also encouraging signs that the government plan to rebalance the economy towards consumer spending – one that would provide major investment opportunities – is gaining traction.

The Chinese economic data that is most heavily associated with Canadian resource stocks – gross domestic product growth, money supply, and industrial production – has all been reported below analyst expectations over the past few days. Fixed asset investment growth was reported at 17.6 per cent, the lowest level since 2002.

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Top low-cost ETF picks for an RESP

GORDON PAPE

A few weeks ago I wrote an article about investing strategies for Registered Education Savings Plans (RESPs). In it, I used mutual funds as examples in illustrating the various evolutionary stages of an RESP portfolio.

Frankly, I was surprised by the amount of negative feedback it generated. It appears there is a lot of animosity towards mutual funds out there, apparently based mainly on their high costs relative to exchange-traded funds (ETFs). Some people even accused me of shilling for the mutual fund industry.

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Wednesday'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. For breaking analyst actions prior to market open every day, read our Before the Bell morning report.

Canaccord Genuity analyst Rahul Paul upgraded Golden Star Resources Ltd. to "buy" from "hold," believing that the risk-reward trade-off for investors is relatively attractive right now following the stock's 28 per cent dive over the past month.

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Before the bell: Stock futures up sharply after China GDP

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 up sharply this morning and overseas markets are trading positively, after China's latest reading on gross domestic product surprised modestly to the upside.

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Optimism still alive as Nasdaq flirts with correction territory

DAVID BERMAN

Most eyes are on the S&P 500 during this month’s market turbulence, but that could change soon: the Nasdaq composite index is nearing official correction territory after falling 9.2 per cent from its high on March 5.

That puts it painfully close to the 10 per cent threshold that most observers use to define corrections and would mark a significant wound to the five-year-old bull market.

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Gold plunges, and bond yields are to blame

SCOTT BARLOW

Recent price action in gold and U.S. bond markets confirms that in the present environment, higher U.S. bond yields are the mortal enemy of bullion investors.

Stronger-than-expected U.S. economic data has sent 10-year U.S. Treasury yields higher in recent days. At the same time, the gold spot price has fallen sharply.

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Money managers bet big on value stocks

DAVID BERMAN

Wall Street strategists have been arguing that recent market jitters coincide with a rotation out of high-priced growth stocks and into cheaper value stocks. Turns out, money managers are thinking along the same lines.

Bank of America’s fund manager survey for April revealed that a net 40 per cent of respondents believe that value stocks will outperform growth stocks over the next 12 months. That’s a record high and more than triple the level since the March survey.

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BMO offers low-cost mutual funds for DIY investors

ROB CARRICK

Do-it-yourself investors are finally getting some love from the mutual fund industry.

A DIY investor is generally a fee-conscious investor, which means mutual funds are increasingly being bypassed in favour of cheaper exchange-traded funds. The mutual fund industry’s answer is the D-series fund, which has a much lower fee than conventional funds. This is made possible by stripping out advice fees. In a typical equity fund, a full percentage point of the management expense ratio goes to advisers and their firms.

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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. For breaking analyst actions prior to market open every day, read our Before the Bell morning report.

Raymond James analyst Alex Terentiew cut his price target on Teck Resources Ltd. as he scaled back his near- and long-term projections for metallurgical coal prices. He also warns that Teck, in the face of a weakening coal market, may find it difficult to sustain its dividend without drawing on its $2-billion in credit facilities by the end of next year.

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Q&A: Dividend stock picks that Benjamin Graham would approve of

Darcy Keith

For this week's live discussion at Inside the Market, we were joined by Marian Hoffmann, portfolio manager with Sionna Investment Managers.

Marian is the lead portfolio manager for the firm’s income-focused strategies and has been with the company for 10 years. She has an Economics degree from Yale University and holds the Chartered Financial Analyst designation.

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The bullish view of first-quarter earnings

DAVID BERMAN

It’s hard to see corporate earnings as a good reason to be enthusiastic about stocks right now. As we’ve pointed out before, earnings expectations in the first quarter have been slashed to the point where they raise serious questions about the S&P 500’s lofty valuation.

The bulls’ response: Low earnings growth in the first quarter is no reason to shy away from stocks.

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Before the bell: China stocks, gold sink but U.S. futures rise

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 modestly higher this morning amid a very busy day of economic data and a handful of key U.S. corporate earnings. S&P 500 futures are up 0.2 per cent after trading near flat earlier today.

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Corporate insiders signal trouble ahead for TSX energy sector

Darcy Keith

Investor sentiment for Canadian oil and gas stocks is running the highest in years, with the S&P/TSX capped energy index at 52-week highs and up more than 22 per cent over the past 12 months.

But there’s one group of investors less than enthusiastic about the energized sector right now: corporate insiders. And that’s worth noting, given that officers and directors who execute trades in the companies they work for tend to be more right on their investment calls than the general population.

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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).

Follow Scott on Twitter @SBarlow_ROB

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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