Global Markets
Canadian Markets
Canada’s main stock index edged higher on Thursday, bolstered by investor sentiment as the final quarterly earnings from the nation’s major banks were released. The financial sector, a significant component of the index, performed well due to positive earnings surprises and robust loan growth. This strength offset weakness in other sectors, such as energy, as oil prices faced downward pressure.
American Markets
In the U.S. stocks traded in a mixed performance, following a session where all three (Dow Jones, S&P 500, and Nasdaq) had closed at record highs. Market participants were cautious, weighing the impact of potential Federal Reserve policy changes and mixed economic data. Retail and technology sectors showed divergence, with some companies reporting weaker-than-expected guidance despite strong overall economic growth.
European Markets
European stocks maintained proximity to one-month highs. Investors largely shrugged off concerns about political instability in France. This political upheaval was expected to lead to a reshuffling of leadership, but market sentiment remained resilient, driven by strong corporate earnings across the eurozone.
Japanese Markets
Japan’s Nikkei 225 gained for a fourth straight session, underpinned by robust earnings from export-focused companies and a weaker yen, which bolstered optimism in the manufacturing sector
Corporate Stock News
- Air Products and Chemicals Inc: Activist investor Mantle Ridge has nominated four board candidates, with a key vote scheduled for January 23, 2025.
- American Eagle Outfitters Inc: Adjusted annual comparable sales growth targets to 3%. Q3 profits exceeded estimates at $0.48/share.
- Apple Inc: Plans a $1 billion manufacturing plant in Indonesia for smartphone components.
- AstraZeneca Plc: FDA approved Imfinzi for limited-stage small cell lung cancer.
- AT&T Inc, Lumen Technologies Inc, T-Mobile US Inc, and Verizon Communications Inc: Chinese hackers stole telecom metadata in a cyberespionage campaign.
- Autozone Inc: JPMorgan raised the price target to $3,400, citing consistent performance.
- Bank of Montreal: Reported a drop in Q4 profit, impacted by rising provisions for credit losses.
- Canadian Imperial Bank of Commerce: Q4 adjusted net income rose, driven by a reduction in credit loss provisions.
- Campbell’s Co: Missed first-quarter net sales expectations; target price cut by JPMorgan.
- Costco Wholesale Corp: Target price raised by JPMorgan after strong November sales.
- Dell Technologies Inc, Nvidia Corp & Super Micro Computer Inc: xAI aims to develop a Memphis-based supercomputer to enhance AI capabilities.
- Eli Lilly and Co: UK’s NICE endorsed Mounjaro for NHS treatment of certain obesity cases.
- Equinor ASA & Shell Plc: Collaboration announced for offshore British oil and gas ventures.
- HSBC Holdings Plc: Lisa McGeough named U.S. president and CEO, the first woman in over a decade to hold this role.
- Honda Motor Co Ltd: Recalled over 205,000 SUVs due to fuel leak risks in 2023-2025 models.
- Intel Corp: Focused on selecting a manufacturing-savvy CEO to sustain business momentum.
- Merus NV: FDA approved Bizengri, targeting specific genetic cancers.
- National Bank of Canada: Target price lowered by TD Cowen due to market challenges.
- Nvidia Corp: Evaluating partnerships for Arizona-based chip production and exploring AI initiatives in Vietnam.
- Southwest Airlines Co: Revised Q4 revenue expectations upward amid strong travel demand.
- Synopsys Inc: Issued a revenue forecast below estimates for FY2025 due to weaker China sales.
- Target Corp: Florida judge dismissed Target’s motion to throw out a lawsuit related to shareholder concerns over Pride merchandise backlash.
- UnitedHealth Group Plc: CEO Brian Thompson was fatally shot in New York; investigation ongoing.
- Vodafone Group Plc: Approved a $19 billion merger with Hutchison’s Three UK.
- Yelp Inc: Requested federal court intervention against a Texas lawsuit over notices on pregnancy centers.
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