A humorous look at the companies that caught our eye, for better or worse, this week.
MEXICAN PESO (DOG)
If you think Canadians were shocked and appalled by Donald Trump's victory, talk to someone who lives in Mexico. With the U.S. president-elect portraying Mexicans as killers and rapists, vowing to make Mexico pay for a wall and threatening to renegotiate the North American free-trade agreement, the peso plunged to a record low against the U.S. dollar. On the bright side, it just got a lot cheaper for Americans to enjoy a holiday in Cancun.
Peso, $0.0481 (U.S.) down 0.005 or 8.6% over week
MANULIFE FINANCIAL (STAR)
Things we never thought would happen: 1) A former reality-show host becoming U.S. president; 2) The Chicago Cubs winning the World Series; 3) Manulife Financial releasing results that were actually better than expected. Helped by growth in Asia and higher values for its investments, Canada's biggest life insurer posted a nearly 80-per-cent increase in profit for the third quarter, sending the stock to a huge gain – for a nice change.
MFC (TSX), $22.43 up $3.31 or 17.3% over week
VALEANT PHARMACEUTICALS (DOG)
For a company whose products are supposed to help people get better, Valeant sure has a knack for making investors feel sick. The latest example: The drug maker posted a $1.22-billion (U.S.) third-quarter loss, cut its 2016 forecast and warned that sales and adjusted earnings will both fall in 2017, hit by competition for some neurology and generic drugs. With Valeant's stock hitting a six-year low before rebounding, investors were feeling very ill indeed.
VRX (TSX), $24.42 down $1.32 or 5.1% over week
STELLA-JONES (DOG)
If you're in the market for utility poles or railway ties, now might be a good time to put in an offer. Stella-Jones – which makes these and other pressure-treated wood products – reported weaker-than-expected third-quarter results as soft demand for its products caused sales to miss estimates. With the sluggishness expected to last into 2017, investors who held the stock through this week's sell-off have some nasty splinters.
SJ (TSX), $41.83 down $5.66 or 11.9% over week
DOW JONES INDUSTRIAL AVG. (STAR)
Not sure how Donald Trump's presidency will affect the economy? The stock market apparently doesn't have a clue, either. When election results were rolling in late Tuesday night, Dow futures plummeted 750 points as investors reacted to the possibility of having the unpredictable Mr. Trump in the White House. But after his nicey-nice acceptance speech and cordial visit with Barack Obama, the Dow posted its best week in five years. Confused? You should be.
DJ ind. avg., 18,847.66 up 959.38 or 5.4% over week