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Gift to all banks with OSFI lowering capital buffer, which really increases ROE picture. Since GFC, they all traded at 11-12x PE forever. Surged up to 15x, and their growth profiles are really growing into valuations. All passed the bank stress test beautifully.
With valuations where they are, he'd be careful.
Commodities, stocks sink
Materials and oil continued to fall on Wednesday after WTI sank 4.4% to US$69.99, gold lost 2.86% to US$3,999 and silver tumbled 6.75% to US$57.50. Energy was the worst performer on the TSX as tech and staples fell short in propping up the Canadian index. The TSX shed nearly 30 points or 0.86%. Key movers: Shopify up 6.12%, Boyd Group 5.81%, CNQ -3.69%, Whitecap Resources -4.59% and Suncor -3.4%.
In New York, the S&P closed -0.1%, the Nasdaq -0.43% and the Dow up 0.36%. Tech continued to lose ground with Microsoft, for example, slipping 2.27%. Meanwhile, Charles River Labs rallied 8.31% while Apollo Global Management finished -6.13%, Blackstone -5.9% and Robinhood -5.87% The U.S. 10-year yield fell to 4.404%. Bitcoin slid 2.7% to US$60,725.
🛍 Shopify Inc. (SHOP.TO) +6.12%
🚗 Boyd Group Services Inc. (BYD.TO) +5.81%
🛢 Canadian Natural Rsrcs (CNQ.TO) -3.69%
🛢 Whitecap Resources (WCP.TO) -4.59%
🛢 Suncor Energy Inc (SU.TO) -3.4%
Ⓜ Microsoft Corp (MSFT) -2.27%
🧫 Charles River Labs Intl (CRL) +8.31%
🏛 Apollo Global Management (APO) -6.13%
🏛 Blackstone Group LP (BX) -5.9%
🏛 Robinhood (HOOD) -5.87%
🅱 Bitcoin (BTCUSD) (BTC-USD) -2.7%
Buying and selling.
If you're not sure whether to buy something or not, buy a little bit. It gives you confidence to buy a bit more, and a bit more, as you ease your way into a position.
Selling works exactly the same way. If it goes down, you're glad you sold some. If it goes up, you still own some.
US EQUITIES
The yield curve will steepen with the short end coming down which will spur capital markets activity.
US EQUITIES
They join the Dow on Monday which will give it a brief bounce. Key staff leaving hurt the stock earlier this week. Likes GOOG a lot.
He's long this name despite last Tuesday when they suggested they may be a seeing a slowdown in orders.
Weekly 52-Week Low (or 52-Week High): BLN-T, BNS-T, NFLX-Q, LULU-Q and More 52-Week Highs and Lows (Jun 17-23)
52-Week High TSX Stocks Here’s this week’s 52-week high stocks on Stockchase… 🚚 Industrials 🏛 Financials 💡 Utilities 💻 Technology 🛢Basic Materials 👨⚕️ Healthcare ⚡ Energy 52-Week Lows TSX Stocks Here’s this week’s 52-week lows stocks on Stockchase… 💻 Technology… read more
Chips sell-off hits markets
Overnight selling of the semis stocks in Asia swept across New York and Toronto markets on Tuesday. There were sharp losses in the chipmakers, led by Nvidia at -4.13%, Intel -6.14% and Sandisk -13.64%. In contrast, GE Healthcare jumped 5.08% and IBM 5.04%. The S&P closed -1.44, the Nasdaq -2.21% and the Dow -0.09%. Bitcoin slid over 3% to US$62,400. The U.S. 10-year yield held just under 4.5%.
Toronto fared better by slipping 0.21% or 74 points. Staples and telcos led eight sectors higher, while materials lagged the most. Heavy hitters included Alimentation Couche-Tard, jumping 11.68%, TC Energy 1.88%, CNQ -1.57%, Hudbay Minerals -8.81% and Open Text 6.1% as several software names rebounded. Silver fell 5.4% to US$61.45, gold declined US$80 to US$4,110 and WTI crude -0.66% to US$4,110.
💾 NVIDIA Corporation (NVDA) -4.13%
💾 Intel (INTC) -6.14%
💾 Sandisk Corp (SNDK) -13.64%
👨⚕️ GE HealthCare Technologies Inc (GEHC) +5.08%
💾 IBM Common Stock (IBM) +5.04%
🅱 Bitcoin (BTCUSD) (BTC-USD) -3%
🍱 Alimentation Couche-Tard (ATD.TO) +11.68%
🛢 TC Energy (TRP.TO) +1.88%
🛢 Canadian Natural Rsrcs (CNQ.TO) -1.57%
⛏ Hudbay Minerals (HBM.TO) -8.81%
💾 Open Text (OTEX.TO) +6.1%
Are many positives with the Canadian banks: strong cash flows, buying back shares, raise dividends and expanding into other businesses and territories like the U.S. Also, M&A, retail, mortgages and asset management are doing well. But the PEs are much higher than before (higher than American banks). Don't sell them here, but don't expect this momentum to last. Banks are in the sweet spot.
