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Quintfecta Of Records In North America

 

Allpennystocks.com
February 12, 2017

Week In Review

  

Week In Review For February 6, 2017 to February 10, 2017

This week on AllPennyStocks.com:

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WEEKLY UPDATE – QUINTFECTA OF RECORDS IN NORTH AMERICA

The Market View:

On Monday, stocks looked like they had a Super Bowl hangover. After that, though, you almost had to look to find a loser in the markets, as equities shot ahead, including new all-time highs for…

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A Few Things to Consider:

The Russell 2000 Small Cap Index (RUT) rose for the third straight week, gaining 11.01 points (+0.80%) to narrowly make a new all-time closing high at 1,388.84 on Friday. RUT is now only…

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Thoughts for the Week: This Idea is Gold:

Inflation hasn't been a concern in North America for about a decade, unless you're thinking about the lack of. Economic data is supportive of the idea that the sleeping giant of inflation is being roused,…

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Forex & Commodity Snapshot:

  • The Canadian Dollar lost ground against its US counterpart, depreciating last week by 0.46% to US$0.764193.
  • April Gold futures were the most actively traded, rising $15.10 per ounce, or 1.24%, to $1,235.90.
  • March Silver futures were the most actively traded, advancing $0.454 per ounce, or 2.60%, to $17.933.
  • March Copper futures were the most actively traded, tacking on $0.152 per pound, or 5.81%, to $2.768.
  • March West Texas Intermediate Crude futures were the most actively traded, nipping up by $0.03 per barrel, or 0.06%, to $53.86.

Equity Market Snapshot:
(All percentages on a weekly basis unless otherwise noted)

  • London-listed Reckitt Benckiser finalized a deal to buy Mead Johnson Nutrition (NYSE:MJN, +4.33%) for $90 per share, or approximately $16.6 billion. Including debt, Reckitt, who makes products like Lysol clearners and Mucinex cold medicine, is paying $17.9 billion. Most of the potential gains for MJN stock were already priced in, as the companies said on February 1 that they were in negotiations about a merger.
  • Canada's Fairfax Financial (TSX:FFH, +0.73%) agreed to pay NZ$1.17 per share, or about NZ$197 million (C$186.5 million, US$142.0 million), to acquire New Zealand insurer Tower Ltd. The buyout price represented a 48% premium to the value of shares of NZ-listed Tower stock the day before the deal was announced. For Fairfax, buying the third biggest insurer in Australia will give it a presence in a country for which it currently has minimal exposure. Tower currently offers a variety of insurances, including, but not limited to home, business, auto and travel, to a base of approximately 265,000 customers.
  • BlackBerry (TSX:BB, +5.93%) made the move completely to software with the once dominant smartphone maker penning a hardware licensing agreement with Optiemus Infracom Ltd. granting rights covering India, Sri Lanka, Nepal and Bangladesh. No terms for the deal were disclosed, but a Wells Fargo analyst estimates that BlackBerry is collecting $1 per handset from about seven million third-party sales each quarter. Last week's news covers the last places worldwide for BlackBerry to license hardware rights as it rebuilds itself as a software firm.
  • In January, the U.S. District Court for the District of Delaware ordered that Sanofi (NYSE:SNY, +4.77%) pull its heart disease medicine Praluent from the market, dealing a blow to the drug maker in its patent lawsuit with Amgen (NASDAQ:AMGN, +0.21%) and its similar drug, Repatha. Last week, the U.S. Court of Appeals for the Federal Circuit "stayed the injunction" during the appeal process, meaning that Sanofi can keep selling Praluent while the dispute is ongoing in court. Praluent is only a small portion of Sanofi's $30 billion in annual sales, but it still pulls in about $100 million each year.
  • Shares of FXCM, Inc. (NASDAQ:FXCM, -58.57%) spiraled lower following the Commodity Futures Trading Commission issuing an order settling National Futures Association charges, ultimately banning the retail currency broker from operating in the U.S. The CFTC concluded that FXCM had committed several major violations, including taking positions opposite its retail customers, lying about its positions to cover routing orders through a market maker it controls and more, subsequently fining the company $7 million and barring it from ever seeking to register with National Futures Association. FXCM management didn't deny or admit to the findings, but did agree to sell its US customer base to Gain Capital Holdings (NYSE:GCAP, +6.66%), which is expected to add significantly to Gain's profits.
  • In what seems to be an unusually frequent happing lately, more called it quits last week. Teva Pharmaceuticals (NYSE:TEVA, -6.53%) Erez Vigodman departed, effective immediately, replaced on an interim basis by Chairman Yitzhak Peterburg. Teva has been criticized for delayed drug launches and costly acquisitions, while simultaneously coping with pressures to its core generic drug business. At high-end jewelry company Tiffany & Co. (NYSE:TIF), top executive Frederic Cumenal stepped down, effective immediately, after only 22 months on the job. Michael J. Kowalski, chairman of Tiffany’s board of directors and previous CEO, will serve as interim CEO until a permanent replacement is found. Mumenal's decision was reportedly due to poor finanical performance.
  • Shares of Parex Resources (TSX:PXT, +4.99%) rose as the company said CEO Wayne Foo is retiring to be replaced by current president Dave Taylor. A more likely driver to the rise in shares, however, was Parex disclosing a 37% increase in proven and probable reserves at its oil and gas properties.
  • VBI Vaccines (TSX:VBV, +3.03%) received positive Scientific Advice from the Committee for Medicinal Products for Human Use (CHMP) of the European Medical Agency regarding the company's development path for its Sci-B-Vac™ vaccine in Europe. Sci-B-Vac™ is a third-generation hepatitis B vaccine with demonstrated safety and efficacy in over 300,000 patients in currently licensed markets. It is also being developed to seek approvals in the U.S. and Canada. The CHMP said it is supportive of VBI's proposed Phase 3 plan and also agreed that the product information, as well as data from ongoing studies, supports the Phase 3 studies and VBI's planned filing of a market authorization application for Sci-B-Vac.
  • Short seller Citron Research turned its crosshairs on Motorola Solutions (NYSE:MSI, -3.96%), putting a $45 price target on the company (45% below the price at the time) while citing vulnerabilities in its earnings channels. Against the backdrop of President Donald Trump vowing to crackdown on the government being overcharged, Citron notes that Motorola Solutions draws most of its profits from overpriced and aging U.S. handsets sold to the U.S. government.
  • Insurance broker Aon Plc (NYSE:AON, +1.34%) is selling its employee benefits outsourcing business to private equity firm Blackstone Group LP (NYSE:BX, -1.27%) for up to $4.8 billion, with payments structured as $4.3 billion upfront and another $500 million due upon hitting specific performance milestones. London-based Aon says it will use part of the proceeds to up its share buyback plan from $5 billion to $7.7 billion. For the price, Blackstone gets a business that processes work benefits for about 15% of the U.S.
  • The Canadian government stepped in and loaned Bombardier (TSX:BBD.B, -0.77%) C$372.5 million to aid two of the plane and train maker's CSeries and Global 7000 jet programs. While considerably less than the C$1 billion Bombardier first asked for, the company said that the loans were plenty given that the company is in a little better financial position than before. The funds will be supplied over four years and will bear zero interest. The government says it is prepared to defend its loans to Bombardier against rival jetmaking country Brazil, who has already threatened to take Canada to the World Trade Organization after Quebec pumped C$1 billion into Bombardier's long-delayed and over-budget CSeries.

Weekly Indices Results:

The S&P TSX Composite Index powered to a new record, gaining 252.73 points, or 1.63%, to 15,729.12. The TSX-Venture Composite had its seventh consecutive week of gains, adding 16.88 points, or 2.06%, to 836.16.

In the States, the Dow Jones Industrial Average closed in on 20,300 for the first time ever, rising 197.91 points, or 0.99%, on the week to 20,269.37. The much-broader S&P 500 printed a new all-time high, advancing 18.68 points, or 0.81%, to close at 2,316.10. The tech-rich NASDAQ Composite completed the record-setting week, jumping 67.36 points, or 1.19%, to 5,734.13.

Canadian Economic Data:
(All data in Canadian dollars and from Statistics Canada unless otherwise noted)

  • Municipalities issued $7.2 billion worth of building permits in December, down 6.6% from November. That was the biggest month-over-month decline since January 2016 and exceeded economist expectations for a decline of 4.0%. Lower construction intentions were recorded for all components, led by commercial buildings (-14.2% to $1.3 billion) and multi-family dwellings (-7.9% to $2.2 billion). In the residential sector (-4.1% to $4.9 billion), eight provinces posted declines while Ontario reported a record high. Nationwide, the value of permits for single-family dwellings was down 0.9% to $2.7 billion in December. The largest decreases were reported in Alberta and British Columbia, while Ontario was the only province to report an increase (+13.0% to $1.5 billion). The value of building permits totalled $84.5 billion in 2016, down 0.8% from the previous year. This was the fifth consecutive year that construction intentions have been over $80 billion.
  • Canada's merchandise trade balance with the world recorded its second consecutive monthly surplus, narrowing from a revised $1.0 billion in November to $923 million in December. Exports were up 0.8% to a record $46.4 billion on the strength of higher energy product prices (+15.9% to $8.5 billion) offsetting lower exports of motor vehicles and parts (-5.2% to $7.4 billion). Imports increased 1.0% to $45.5 billion, mainly on stronger imports of aircraft and industrial machinery (+21.8% to $1.5 billion). In real (or volume) terms, exports were down 1.4% in December as a result of declines in metal ores and non-metallic minerals as well as motor vehicles and parts. Import volumes were up 0.4% on higher real imports of industrial machinery, equipment and parts. Consequently, Canada's trade surplus with the world in real terms narrowed from $2.9 billion in November to $2.1 billion in December. Exports to the United States edged up 0.2% to $34.2 billion in December, while imports from the United States increased 1.3% to $29.7 billion. Consequently, Canada's merchandise trade surplus with the United States narrowed from $4.7 billion in November to $4.4 billion in December.
  • The Canadian Mortgage and Housing Corporation reported that housing starts increased in January to an annualized rate of 207,408 from a downwardly revised 206,305 in December. Economists predicted a 200,000-home annual pace. The multiple-unit segment, which includes condos, led the gains with an advance of 4.2%, while single-detached homes, the smaller market segment, fell by 4.6%. Unusually warm weather aided in housing starts surging 25.1% to a 96,883-unit clip in Ontario. Stumped in part because of a new tax being levied on foreign buyers starting in August, home building in British Columbia continued to hit the brakes, skidding 32.6% to 26,308.
  • The New Housing Price Index edged up 0.1% in December compared with the previous month, largely reflecting price increases in Ontario and Alberta. Analysts forecasted a 0.2% gain. Prices have risen at the national level for 21 consecutive months. Among the 21 census metropolitan areas (CMAs) surveyed, new housing prices were up in 10, down in 1 and unchanged in 10. Kitchener–Cambridge–Waterloo (+0.8%) and St. Catharines–Niagara (+0.8%) recorded the largest price gains among the CMAs covered by the survey. Prices rose 0.3% in Ottawa–Gatineau, Hamilton, Regina and Saskatoon. New housing prices were unchanged in the combined region of Toronto and Oshawa after 22 consecutive monthly price increases. New housing prices were down 0.1% in London. The NHPI increased 3.0% over the 12-month period ending in December, reflecting gains in 16 of the CMAs surveyed. The combined metropolitan region of Toronto and Oshawa (+8.0%) was the top contributor to the gain.
  • Canada added 48,300 joobs in January, crushing economist expectations for a flat month. The new jobs helped push the unemployment rate down to 6.8%, also beating predictions for the rate to hold at 6.9%. On a year-over-year basis, employment rose by 276,000 (+1.5%), with most of the increase occurring from August to January. Following a significant increase in December, full-time employment held steady in January. Compared with 12 months earlier, full-time employment was up 86,000 (+0.6%), with increases totalling 141,000 since August. Despite little change in January, part-time employment was up on a year-over-year basis (+190,000 or +5.6%). In January, 19.6% of employed persons worked part time, compared with 18.8% the same month a year earlier. In the 12 months to January, the number of hours worked declined by 0.8%. Nearly all of the employment growth in January came from the service sector, with increases in finance, insurance, real estate, rental and leasing (+21,000); business, building and other support services (+16,000); transportation and warehousing (+11,000); and public administration (+7,800). On the other hand, there were fewer people working in information, culture and recreation (-13,000).

This week, major economic reports include Monthly Survey of Manufacturing and CREAstats/MLS Sales on Wednesday; Employment Insurance on Thursday; and International Transactions in Securities on Friday.

U.S. Economic Data:

  • The Commerce Department reported that the trade deficit narrowed 3.2% in December from November to a seasonally adjusted $44.26 billion, besting economist predictions for a tightening to $44.7 billion. During December, exports rose 2.7%, bolstered by more sales of civiilian airplanes and airplane engines. Higher number of imports of autos played a role in imports increasing 1.5% during the month. For all of 2016, the trade shortfall tallied $502.25 billion, up 0.4% from 2015 and marking the highest level since 2012. The country ran a trade surplus of $247.82 billion for services, but registered a deficit of $750.07 billion for trading goods. Compared to 2015, total exports were down by 2.3% and total imports were lower by 1.8%. The trade gap with Mexico, which has become a focus of U.S. President Donald Trump, rose 4.2% to $63.2 billion during 2016, representing a five-year high. The shortfall with China, easily the largest U.S. trade partner, fell by 5.5% in 2016, but still came in at a whopping $347 billion.
  • The Labor Department said that initial claims for state unemployment benefits, a proxy for weekly layoffs, decreased by 12,000 to a seasonally adjusted 234,000 during the week ended February 4, hitting the second lowest level since the Great Recession (233,000 in early November 2016). Economists expected a rise to 249,000 claims for the week. The latest report marked the 101st straight that claims have been under 300,000, a level consistent with a healthy jobs market. That's the longest streak since 1970, a time when the labor market was much smaller. The four-week moving average of claims, considered by most as a better gauge of labor trends as it flattens week-to-week volatility, dropped by 3,750 to 244,250 last week, hitting the lowest level in 44 years.

This week, major economic data in the States will include Producer Price Index on Tuesday; Consumer Price Index, Retail Sales, and Industrial Production on Wednesday; and Initial Jobless Claims, Jobless Claims and Philly Fed Survey on Thursday.


  Forward Looking Statements

This report includes forward-looking statements that reflect the mentioned companies current expectations about its future results, performance, prospects and opportunities. the mentioned companies has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause the mentioned companies actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.

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