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Inside the Market

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

Entry archive:

The week's best web reads: The chart bulls don't want you to see

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.

Market views

This is the chart that stock bulls don't want you to see.

A top market timer thinks the S&P 500 will reach 2,150 by the end of this year.

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Friday'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 weren't celebrating Thursday as Canadian Imperial Bank of Commerce reported better-than-expected fiscal third-quarter results, pushing shares down 2.2 per cent for the day. But analysts today, mostly pleased with the results, are pushing price targets in the opposite direction, and at least one analyst sees the potential for the bank to be more aggressive in buying back stock.

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Top links: Apple’s plan to take over credit card industry

Scott Barlow

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

Back in 2011, the New York Times published a long feature suggesting, mostly correctly, that the U.S. fracking-based natural gas revolution was much more of a finance boom than a productive contribution to the country’s energy strategy. Thursday, the Financial Times Alphaville blog provided similar analysis on U.S. crude production with the much different conclusion that “Shale is not a Ponzi scheme.”

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Before the bell: Stocks rise amid weak euro zone inflation

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 a higher opening for Canadian and U.S. markets today, finding encouragement from European markets that are trading positively after a weak reading on euro zone inflation.

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The ETF investor's quandary in today's elevated market

Rob Carrick

Today's stock market is a bargain hunter's graveyard. Beaten down stocks can be found easily enough. But if you're an investor in exchange traded funds looking to buy individual sectors on the cheap, you're cooked.

The worst-performing sector of the S&P/TSX composite index in the 12 months to late August was materials. You know the story - a weak global economy has depressed demand for the metals that companies in this sector produce, while gold prices have been weak. Poor materials. Up just 7.6 per cent in the past year, making it by far the lamest of the 10 TSX sectors.

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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.

Analysts' price targets on National Bank of Canada are going up after the financial institution Wednesday reported better-than-expected fiscal third-quarter results.

There has also been at least one ratings upgrade: CIBC World Markets revised its recommendation to "sector performer" from "sector underperformer," as it raised its price target to $54 (Canadian) from $51.

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Top links: Advisory fees largest annual expense for moderate wealthy

SCOTT BARLOW

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

Motley Fool’s Morgan Housel recounts the numerous ways that the finance industry operates by its own rules to the detriment of investors. Mr. Housel seems amazed at what the industry gets away with in terms of hiding fees, poor performance and a lack of credentials.

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Small-cap stock watch: Shares in retailer hit 13-year lows

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 during the trading day.

Le Chateau Inc. shares fell sharply again today, continuing a week-long trend of investors selling the stock aggressively on little apparent fresh news.

The stock at one point cratered below the $1 mark, falling to as low as 97 cents - the weakest level since 2001. They closed the session at $1.04, down 10 cents, or 8.7 per cent. Shares started the week around $1.30; a year ago, they were trading above $5.

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Before the bell: Stock futures fall as Russian tensions 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.

Stock futures are pointing to a lower start for North American markets this morning, as a renewed flare-up in tensions in Russia and the Ukraine are once again prompting a risk-off mentality.

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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.

Analysts have been quickly moving up their price targets on Tim Hortons Inc. in the wake of the merger deal with Burger King Worldwide Inc.

Burger King agreed to acquire Tim Hortons for about $12.5-billion (Canadian), but because the deal involves both cash and stock, the precise value is a moving target. Tim Hortons investors will receive $65.50 in cash and 0.8025 a share of the combined entity for each share they own. 3G Capital, the investment firm that owns about 70 per cent of Burger King, will convert that stake into roughly 51 per cent of the new company.

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Top links: Taxpayers to pay $1-million per new auto sector job

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 Windsor Star reports that the Ontario government has pledged $385-million in assistance to Ford Motor Co. and the feds are considering matching the investment. The project, an expanded engine plant in Windsor, is expected to result in between 400 to 1,000 new jobs, which makes the taxpayer bill roughly $1-million per new job.

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Small-cap stock watch: REIT announces $1.6-billion in acquisitions

Stephanie Chan and 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 during the trading day.

Cominar Real Estate Investment Trust has purchased a portfolio of shopping centres and office buildings in a deal worth approximately $1.63-billion from Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec. The properties are located in Quebec and Ontario. In order to help fund the buy, Cominar said that it would issue $500-million worth of new units, with half of that to be bought by Ivanhoé Cambridge. The company will also receive additional $250-million in financing from Otéra Capital, the commercial real estate financing subsidiary of La Caisse.

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Before the bell: Stocks edge up, National Bank 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.

Markets are off to a rather subdued start today, with North American stock futures slightly higher and overseas markets mixed and holding close to unchanged.

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Kids almost in college? Time to de-risk your RESP

ROB CARRICK

The bills come due for this year’s university and college tuition just as the stock market heads into the historically treacherous month of September.

Memo to parents with registered education savings plans for their children: Do not put yourself in a position where a stock market correction can decimate the money you’ve been putting away for years.

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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.

After having recently surprised analysts with an unexpected boost to reserves, NuVista Energy Ltd. announced a deal to acquire additional land in the Wapiti Montney area of Alberta.

“We already liked the NuVista strategy and footprint, but they seem to be sending a more aggressive subtext if we read between the lines,” Raymond James analyst Kurt Molnar said. “Nuvista was already arguably land rich, but ‘artificially’ infrastructure/production/cash flow constrained.”

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Top links: Burger King tax inversion isn’t what it seems

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 Tim Hortons tie-up with Burger King became official Tuesday morning and investors looking for the tax drivers behind the deal should read the handy and entertaining guide to U.S. tax inversions by Bloomberg View’s Matt Levine.

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Small-cap stock watch: Miner files for bankruptcy protection

Stephanie Chan and 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 during the trading day.

Mercator Minerals Ltd. said it has filed notice that it plans to restructure under the Canadian Bankruptcy and Insolvency Act, after other efforts to resolve its financial difficulties - including the possible sale of the company - failed.

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Before the bell: Tim Hortons surges on Burger King merger

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 holding close to unchanged this morning as traders await the release of several U.S. economic reports and continue the debate on whether record stock values leave the market vulnerable to a painful correction.

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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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