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Inside the Market

Up-to-the-minute insights
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Entry archive:

Week's best web reads: 'Experts' make no better decisions than the rest of us

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

Do financial experts make better decisions than the rest of us? No, says a new study of mutual fund managers.

How magazine covers give off investment signals - and whether the Economist cover suggests Europe is a buy.

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Friday'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.

A handful of analysts downgraded Sirius XM Canada Holdings Inc. after a quarterly earnings miss driven by deteriorating revenue trends and incremental costs.

On Thursday, the company reported fourth-quarter profits that fell short of analyst expectations. The company also reported a reduction in new subscriptions and an uptick in customer churn.

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Top Links: More reasons to avoid BRICs, gold

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 Bank of Japan fired the monetary bazooka overnight and the doubling down on stimulus has direct implications for Canadian investors. One, it highlights the lack of success global central banks are experiencing in fighting deflation. More directly, the price of gold fell hard on the news which is exactly the reverse of what should happen when a central bank starts “printing money.” The investment thesis for gold, already under pressure, is deteriorating further.

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Small-cap stocks to watch: Burkina Faso gold miners dive amid civil unrest

Jody White

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

Iamgold Corp. shares have fallen amid reports that Burkina Faso's president Blaise Compaore has resigned, following violent protests. The company released a statement on Thursday that its Essakane mine, located 320 kilometres from Burkina Faso’s capital, Ouagadougou, continues to operate.

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Message from two former permabears: This bull market will go on

Tim Shufelt

In their days together at Merrill Lynch, Richard Bernstein and David Rosenberg stood out as contrarians to the optimistic consensus.   

Then the two famous bears became bulls.

Speaking to a business audience in Toronto on Thursday, the two men, now aligned in optimism, said they foresee strength for both the U.S. economy and U.S. stocks.

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Before the Bell: Japan stimulus stuns market, stocks surge

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.

An unexpected move by the Bank of Japan to aggressively expand the pace of its quantitative easing measures has ignited a surge in global equity markets this morning, paving the way for a strong rally in North American equities today.

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Three ETFs for (brave) TSX bargain hunters

ROB CARRICK

The Canadian stock market has bounced resoundingly after its early October plunge, but there are still some screaming bargains to be had.

Screaming is what you’ve been doing if you’re a long-time investor in the energy and material sectors as well as the TSX Venture Index. Each has lost money on a cumulative basis over the year to date, the past 12 months, the past three years and the past five years. Each, if you have the stomach for it, can be bought for your portfolio using exchange-traded funds.

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Thursday'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.

Investors have failed to recognize Cott Corp.’s advances in its transition away from soft drinks and toward new categories and customers, CIBC World Markets analyst Perry Caicco said.

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Top Links: This time, post-QE markets will be different

SCOTT BARLOW

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

Reasonable investors can expect some volatility after the U.S. Federal Reserve made the end of the third round of quantitative easing official on Wednesday – markets were very weak at the end of QE1 and QE2 and the “taper tantrum” of March 2013 also suggests that we’ll see some upheaval.

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Before the bell: Stocks head for losses, burst of earnings

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 a lower start for equity markets this morning, as comments from the U.S. Federal Reserve Wednesday have kept alive concerns that its first interest rate hike may not be all that far away.

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Small-cap stocks to watch: Gold producer plummets on dividend cut

DARCY KEITH

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

Yamana Gold Inc. cut its dividend, saying: "The level of this payout is a reflection of current and future anticipated cash flows in the context of current markets." Its quarterly dividend is now 1.5 cents a share compared with its most recent payment of 3.75 cents per share.

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Will Canada’s ETF price war spill over to mutual funds?

GORDON PAPE

If you thought ETFs were cheap before, take a fresh look. Vanguard, which is known for its low costs in the U.S., has slashed the fees on 11 of its Canadian-based products.

It’s the latest salvo in a price war that has seen Vanguard, a newcomer to Canada with a relatively small market share, put pressure on major competitors such as BMO and BlackRock’s iShares line-up.

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Wednesday’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.

Desjardins Securities says it is “more constructive” on the group of Canadian asset managers as a result of recent price weakness.

Volatile equity markets have dragged down asset manager stocks, resulting in a negative third quarter for the space, analyst Gary Ho said. Shares of the companies under coverage have declined by an average of about 15 per cent since the end of June, he said.

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Top Links: Two good reasons for market optimism

SCOTT BARLOW

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

There are some tremendous graphic depictions of the market available this morning, and two of them provide compelling arguments for investor optimism.

The first is from Gluskin Sheff + Associates Inc.’s David Rosenberg, who presented a chart showing that a U.S. bear market is highly unlikely. Mr. Rosenberg notes that all previous post-war recessions have been caused by either tightening monetary conditions – usually Federal Reserve interest rate hikes, or economic recessions. Neither of these is in the cards in the near future.

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Small-cap stocks to watch: Ballard Power sinks on revised guidance

DARCY KEITH

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

In a response to a request by the Investment Industry Regulatory Organization, African Gold Group Inc. says it is unaware of any material change in the company’s operations that would account for the massive spike in trading volume. Tuesday’s session saw volume of more than 22 million shares, compared to an average of only a few thousand.

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This low volatility ETF may be working too well

ROB CARRICK

An ETF designed to protect investors against the worst of a stock market decline seems to be working – maybe too well.

As of late October, the $291-million BMO Low Volatility Canadian Equity ETF (ZLB) had a year-to-date gain of 16 per cent, better than double the 7.1 per cent return of a sister product, the BMO S&P/TSX Capped Composite Index ETF (ZCN). With ZCN, you’re buying the returns of the S&P/TSX composite index. With ZLB, you’re buying a portfolio of stocks selected through a rules-based screening process designed to isolate the 40 least volatile stocks from among the 100 largest, most liquid stocks in the Canadian market.

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