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Inside the Market

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

Entry archive:

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.

The outlook is bright for Canada’s Big Six banks, with Canadian Imperial Bank of Commerce showing particular promise, according to Scotiabank Equity Research analyst Sumit Malhotra.

“The strong run-up in the TSX Bank Index (+13% YTD, +29% YoY) has been underpinned by the solid operating performance of the sector, a relationship that we believe will again be on display in the upcoming Q3/14 results,” says Mr. Malhotra. “With a robust backdrop for market-sensitive revenue (we see 18% YoY growth) leading the way, our estimates have the banks posting a 7% increase in operating EPS, alongside dividend hikes from BNS and RY.”

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Top links: Lengthy loans cannibalize auto sector’s future

SCOTT BARLOW

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

Bloomberg reports that Canadian auto dealerships are offering eight year financing in a move that amounts to cannibalization of the industry’s future. There is, of course, a short term sugar-high for sales but this is merely pulling potential sales three to five years from now into the present – not driving the sale of additional vehicles. Auto analyst Dennis DesRosiers is quoted in the story, “‘On a 96-month loan it takes 80-plus months before you are back in the money,’ ” he said.

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How to find no-load ETFs

ROB CARRICK

Cheapo investors and no-load ETFs just naturally go together.

In the mutual fund world, a no-load fund can be bought and sold with no commission fee paid to the adviser or firm selling it. The parallel for people using exchange-traded funds is an ETF bought through an online brokerage firm that waives trading commissions for ETFs. No-load mutual funds cost nothing to buy, and so do no-load ETFs.

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Q&A: Top investing ideas from TriVest Wealth Counsel's Martin Pelletier

TIM SHUFELT

For this week's live discussion at Inside the Market, Martin Pelletier joins us for a discussion on the market at 1 pm (ET).

Mr. Pelletier is a portfolio manager at TriVest Wealth Counsel, a privately owned investment firm based in Calgary. The firm custom builds and manages investment portfolios for high-net-worth clients.

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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.

Canadian banks remain well-positioned to withstand revenue pressures through the second half of the year, much as they did in the first half, Barclays Securities analyst John Aiken said.

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Top links: Economist DeLong ‘very afraid’ for U.S. recovery

SCOTT BARLOW

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

University of California Berkeley economics professor Brad DeLong is extremely concerned about U.S. employment, particularly for younger age groups. He notes that females in the 25-54 demographic have only recovered one-ninth of the jobs relative to before the financial crisis and males in the same cohort have only recovered 40 per cent of the jobs.

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Sidestep economic risk with these market sectors

SCOTT BARLOW

The Canadian equity market is dominated by banking and resource stocks, making household debt levels and global economic growth the biggest investment risks for domestic investors.

There may not be a Canadian credit or housing crisis. But consumer debt is at record levels with little room for expansion, which threatens bank profits due to limited credit growth and consumption, and the bloated housing and mortgage markets.

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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.

Gildan Activewear Inc. is expected to see continued growth, despite missing third-quarter estimates, says Citi Research analyst Kate McShane.

Ms. McShane explains that while Gildan’s adjusted third-quarter earnings per share of $0.95 came in slightly below her estimate of $0.96, the company continued to post solid top-line growth.

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Top links: World’s hottest real estate market plunges

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 weak crude oil market and range-bound gold bullion price had me thinking that geopolitics was an overrated factor in recent market volatility. A six per cent plunge in London home prices, however, is changing my mind.

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Top links: Did George Soros really short the S&P?

SCOTT BARLOW

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

Quarterly regulatory filings uncovered that George Soros – one of the very few investors vying with Warren Buffet for the “best investor alive title” – has built a very large short position in the S&P 500.

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Friday’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.

Onex Corp. is unlikely to match the pace of growth it realized over the last few years, RBC Dominion Securities analyst Geoffrey Kwan said.

“Our downgrade reflects Onex becoming a victim of its own success,” Mr. Kwan said. The company has established a track record of profitable investments, generating growth in net asset value (NAV) and share price.

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On your own: DIY investing is cheap for a reason

ROB CARRICK

The cost of DIY investing has dropped like a stone in the past year or two, but the cost of using an adviser has been a lot more stubborn.

Still, some progress has been made in reducing the fees associated with having an adviser run your portfolio for you. Thank the exchange-traded fund industry for that. Intense competition between ETF providers has lowered the cost of investing in these products to the point where a simple but effective portfolio could cost you all of 0.15 per cent on an ongoing basis (read more on that here). This in turn has reduced costs for the clients of advisers who use ETFs.

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Thursday’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.

Metro Inc. is well-positioned to benefit from improving conditions for grocery chains, which could offer some relief from the industry’s intense competition, Desjardins Securities analyst Keith Howlett said.

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Top links: Average investor’s returns ‘shockingly terrible’

SCOTT BARLOW

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

Richard Bernstein and Associates measured the performance of the average retail investor over the past 20 years and the results are shockingly awful. According to the data, the average investor generated returns that were not just below the U.S. equity market, but well below the ten year bond and even below three month Treasury bills. It’s been so bad, even adopting Marketwatch’s tongue-in-cheek method of consulting palm readers for stock tips could be an improvement.

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What to do with a large, short-term investment

GORDON PAPE

It’s been a while since I looked into the Q&A inbox and it’s starting to fill up, so let’s get to some of your questions.

iShares ETF
Q – I would like more information about the iShares Conservative Allocation ETF (NYSE: AOK), which is a fund of funds. Are there MER charges on each fund or only on the entire ETF? – G.L.

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Cautious money managers shifting to ‘value’ stocks: survey

DAVID BERMAN

If you’re wondering if recent market jitters mark the beginning of a turbulent bout for stocks, you’re not alone: Professional money managers are turning cautious on the market, raising cash levels, lowering expectations and turning to the perceived safety of cheaper “value” stocks.

That’s the takeaway from Bank of America’s latest survey of 224 global fund managers with a combined $675-billion (U.S.) of assets under management, representing a substantial slice of the so-called smart money.

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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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