Posted on

May 16, 2017 Newsletter

Dear Friends,

Tangents:

On May 16, 1960, a harsh exchange between Soviet leader Nikita Khrushchev and President Dwight D. Eisenhower doomed a much heralded summit conference between the two nations, following the Soviet downing of an American U-2 reconnaissance plane.
Go to article »

PHOTOS OF THE DAY

A woman examines ‘Monogram,’ a sculpture by artist Robert Rauschenberg, during a preview of a retrospective exhibit of his work at the Museum of Modern Art in New York. The exhibit opens on May 21. JUSTIN LANE/EUROPEAN PRESSPHOTO AGENCY

Snowplows clear snow at the Great St. Bernard Pass in Switzerland. VALENTIN FLAURAUD/EUROPEAN PRESSPHOTO AGENCY
Market Closes for May 16th, 2017

Market

Index

 Close Change
Dow

Jones

 20979.75 -2.19

 

-0.01%
 
S&P 500 2400.67 -1.65

 

-0.07%
 
NASDAQ 6169.871 +20.197

 

+0.33%
 
TSX 15543.33 -86.14

 
-0.55%

International Markets

Market

Index

 Close Change
NIKKEI 19919.82 +49.97
+0.25%
HANG

SENG

 25335.94 -35.65
-0.14%
SENSEX 30582.60 +260.48
+0.86%
FTSE 100* 7522.03 +67.66
+0.91%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.570 1.593
CND.

30 Year

Bond

 2.225 2.249
U.S.   

10 Year Bond

 2.3239 2.3398
U.S.

30 Year Bond

 2.9897 3.0032

Currencies

BOC Close Today Previous  
Canadian $ 0.73526 0.73340
US

$

 1.36007 1.36351
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50760 0.66331
US

$

 1.10847 0.90214

Commodities

Gold Close Previous
London Gold

Fix

 1234.20 1233.30
     
Oil Close Previous
WTI Crude Future 48.66 48.85

Market Commentary:
On this day in 1972, economist Milton Friedman rings the opening bell at the Chicago Mercantile Exchange to inaugurate the world’s first day of trading in foreign-currency futures.
Number of the Day
65
The number of days it took the S&P to go from 2300 to 2400.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower after a rally in oil prices stalled, offsetting a gain in materials shares.
     The S&P/TSX Composite Index fell 86 points or 0.6 percent to 15,543.33 after earlier gaining as much as 0.5 percent. Energy stocks tumbled 1.2 percent as the price of West Texas Intermediate crude lost 0.4 percent. Early optimism about production cuts was tempered and investors are hoping data out Wednesday will show that the U.S. supply glut is easing. Bonterra Energy Corp. fell 3.2 percent and Cenovus Energy Inc. lost 2.9 percent.
     The materials index gained 0.7 percent as copper prices rallied. Ivanhoe Mines Ltd. and Turquoise Hill Resources Ltd. both added more than 5 percent.
     In other moves:
* Aimia Inc. lost a further 12 percent, adding to its rout since Air Canada said Thursday it would cut ties with the loyalty program and launch its own rewards plan; Aimia is down 63 percent since then
* BlackBerry Ltd. gained 5.3 percent. Macquarie raised its price target on the stock to a street high of C$16.20
* Air Canada added 5 percent to its highest level since 2007 after the Canadian government introduced legislation to raise the foreign ownership limit for major airlines
US
By Jeremy Herron
     (Bloomberg) — The dollar weakened for a fifth day as the euro rallied amid an ebbing of political risks in the region at the same time turmoil gripped Washington. Technology shares continued a rally, sending the Nasdaq Composite Index to fresh record.
     Chipmakers paced gains in U.S. shares Tuesday, while the S&P
500 Index touched an intraday record before selling in defensive shares dragged the measure lower. Treasuries climbed, with yields on the 10-year note holding near 2.32 percent. The greenback fell to a November low, helping emerging-market equities notch a seventh straight gain. Oil’s rally stalled, while gold’s extended to the longest in four weeks.
     Investors largely looked past the most recent in a string of negative events that have dogged Trump’s administration, even as the missteps likely add to doubts about his ability to deliver on plans to boost infrastructure spending and cut taxes. Focus instead remains on the strength of the global economy and central bank stimulus, though housing data Tuesday in the U.S. added to signs that growth is having trouble accelerating.
     What investors will be watching:
* Singapore exports and Malaysia CPI for April are due Wednesday, and the Australian jobs report comes a day later.
* The U.S. Energy Information Administration is projected to report that crude stockpiles declined by 2.67 million barrels in the week ended May 12, according to a Bloomberg survey of analysts.
* OPEC’s internal Economic Commission Board meets in Vienna Wednesday to discuss the market in preparation for the group’s formal meeting on May 25.
* Wednesday’s U.K. labor report may reveal pay rose 2.1 percent, down from 2.2 percent.
* Japanese GDP for the first quarter will be out on Thursday.

      And here are the main movers:
     Stocks
* The S&P 500 Index fell 0.1 percent to 2,400.67 at 4 p.m. in New York. It earlier touched an all-time high of 2,405.77.
* The Nasdaq Composite and Nasdaq 100 indexes added at least 0.3 percent to close at records. AMD Micro Devices Inc. jumped 12 percent on reports of a licensing deal.
* Home Depot Inc. rose 0.9 percent after earnings beat estimates. TJX Cos. slid 4.1 percent and Dick’s Sporting Goods Inc. lost 14 percent, the most since May 2014, as results disappointed.
* The Stoxx Europe 600 fell less than 0.1 percent.
* Emerging market equities rose a seventh day, the longest rally since March.

      Currencies
* The Bloomberg Dollar Spot Index slid 0.6 percent for a fifth straight loss that left it at the lowest since Nov. 8.
* The euro climbed 1.2 percent to $1.1087, the strongest level since Nov. 4.
* The yen rose 0.6 percent to 113.15 per dollar, after dropping 0.4 percent Monday.

      Commodities
* West Texas Intermediate oil slipped 0.4 percent to settle at $48.66 a barrel in New York, after surging 2.1 percent Monday.
* Brent for July settlement decreased 17 cents to $51.65 a barrel on the London-based ICE Futures Europe exchange.
* Gold futures rose 0.5 percent to settle at $1,236.40 an ounce, up for a fourth session.
* Lead fell to the lowest level since January as weak economic data from China added to worries about metals demand.

      Bonds
* The yield on 10-year Treasuries slipped two basis points to 2.33 percent after climbing two basis points Monday.
* Investors piled into long-dated European bond sales on Tuesday with the U.K. and France seeing orders of more than $67 billion following Emmanuel Macron’s election win.

Have a wonderful evening everyone.

 

Be magnificent!

Watching and listening are a great art.
By watching and listening we learn infinitely more than we do from any books.
Books are necessary, but watching and listening sharpen your senses.
Krishnamurti

As ever,

 

Carolann

 

It is better to fail at originality than to succeed in imitation.
                                                  -Herman  Melville, 1819-1891

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 15, 2017 Newsletter

Dear Friends,

Tangents:

Birthday: May 15, 1856, L. Frank Baum
When L. (Lyman) Frank Baum wrote The Wonderful Wizard of Oz for children, it was not so much as a  piece of fiction, but as a real tale they could  lose themselves in.  Born on this day in 1856, Baum did many things until he joined illustrator Maxfield Parish in 1897 to create his first book, Mother Goose in Prose.  In 1900, he wrote the instantly successful story of Dorothy and the Tin Man, Glinda and the Wicked Witch of the West, Toto and Aunt Em – characters now familiar to an astonishing number of people all over the world.  Baum followed up with thirteen more books about Oz until his death in 1919.
We’re off to see the Wizard,
The Wonderful Wizard of Oz.
You’ll find he is a whiz of a Wiz!
If ever a Wiz!  there was…

www.thewizardofoz.warnerbros.com
PHOTOS OF THE DAY

Italian artist Lorenzo Quinn’s installation called ” Support” is seen on Ca’ Sagredo palace during the 57th La Biennale of Venice, in Venice, Italy.

Ryoichi Ando (R), 27, a virtual-reality researcher and an inventor of “Bubble Jumper,” competes with his opponent as they demonstrate the sport in Tokyo, Japan.
Market Closes for May 15th, 2017

Market

Index

 Close Change
Dow

Jones

 20981.94 +85.33

 

+0.41%
 
S&P 500 2402.32 +11.42

 

+0.48%
 
NASDAQ 6149.676 +28.443

 

+0.46%
 
TSX 15629.47 +91.59

 
+0.59%

International Markets

Market

Index

 Close Change
NIKKEI 19869.85 -14.05
-0.07%
HANG

SENG

 25371.59 +215.25
+0.86%
SENSEX 30322.12 +133.97
+0.44%
FTSE 100* 7454.37 +18.98
+0.26%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.593 1.569
CND.

30 Year

Bond

 2.249 2.231
U.S.   

10 Year Bond

 2.3398 2.3240
U.S.

30 Year Bond

 3.0032 2.9865

Currencies

BOC Close Today Previous  
Canadian $ 0.73340 0.72934
US

$

 1.36351 1.37110
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49643 0.66826
US

$

 1.09748 0.91118

Commodities

Gold Close Previous
London Gold

Fix

 1233.30 1231.25
     
Oil Close Previous
WTI Crude Future 48.85 47.84

Market Commentary:
On this day in 1997, Amazon.com Inc. goes public with a market capitalization of $660 million.
Numbers of the Day
4
The number of times the Dow Jones Industrial Average has fallen or risen by 1% or more this year, the least for any comparable period since 1965.
8 million
The approximate number of U.S. households that have abandoned traditional pay television or eschewed signing up entirely over the past five years. The surge in cord-cutting has set off a race among media companies to be included in new “skinny” streaming bundles that are reshaping the American TV landscape.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks gained the most in more than a week amid a broad-based rally spurred by higher commodity prices.
     The S&P/TSX Composite Index added 92 points or 0.6 percent to 15,629.47, its biggest gain since May 5. Banks, industrials and energy companies pushed the benchmark higher. 
     Crude prices jumped 2 percent to $48.78 a barrel. Saudi Arabia and Russia said they favor extending oil-output cuts through the first quarter of 2018. Precision Drilling Corp. gained 5.3 percent after it told investors it expects to have an additional five rigs contracted and activated over the next three weeks.
     In other moves:
* Badger Daylighting Ltd. tumbled 9.7 percent, adding to Friday’s 14 percent loss, as the cost of training workers hurt its profit and a prominent short-seller said the shares are overvalued
* Eldorado Gold Corp. lost 7.8 percent. The miner reached a C$590-million deal to acquire Integra Gold Corp.
* Aimia Inc. lost 7 percent. The loyalty-program operator was cut to junk by S&P after Air Canada said it won’t renew its contract
* Premium Brands Holdings Corp. gained 5.3 percent, a record high, following strong first-quarter earnings
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed after equities posted their first back-to-back drop in almost a month, as commodity prices staged an early advance and financial shares rallied.
     The S&P 500 Index rose 0.5 percent to 2,402.32 at 4 p.m. in New York, a fresh record and first close above 2,400. The Dow Jones Industrial Average climbed 0.4 percent to 20,981.94, shy of its March 1 high, while the Nasdaq Composite added 0.5 percent to a record 6,149.67. Stocks on Friday extended a weekly drop as April consumer prices and retail sales reinforced expectations for tepid economic growth.
* Small-caps up 0.8%
* Nine of 11 S&P 500 industry groups higher
* S&P 500 Financials up 0.8% on gains in all but one company; Navient (NAVI) and Charles Schwab (SCHW) add at least 2.3%
* Energy shares up 0.6% as WTI oil adds 2.2%
** Crude higher after Saudi Arabia and Russia favored extending a production-cut deal for another nine months — longer than expected
* Materials stocks ahead 0.8% as Bloomberg Commodity Index pares early gains to end up 0.1% for 4th straight advance
* Utility, real estate and telecom shares lag broader market
* 10-year Treasury yield up less than 2bps
* Stock movers (moves at least 2 standard deviation away from 20-day avg percent change):
** Up movers: Cisco (CSCO), Halliburton (HAL), Netapp (NTAP), Qorvo (QRVO), J&J (JNJ)
** Down movers: none
* STREET WRAPS:
** Moody’s Analytics Deal Is Good Fit With Bad Price
** Cyber Attack Is Wake-Up Call on Security Spending
** Lower U.S. Sales, Margin Erosion Weighs on Glenmark* Volume 11% below 30-day average in S&P 500 at this time
** Volume movers: Symantec (SYMC), Qorvo (QRVO), Regency Centers (REG), Ralph Lauren (RL), Cisco (CSC) all trading with volume at least 2.5x 30-day average
* VIX up to 10.4
** Volatility movers: Boston Properties (BXP), Mettler-Toledo (MTD), Comerica (CMA), Borgwarner (BWA), Paccar (PCAR) have highest put/call volume ratio in S&P 500
* POLITICS:
** North Korea boasted on Monday that a new rocket could carry a “large-size heavy nuclear warhead” over long distances, with analysts estimating it could reach U.S. military forces on the island of Guam
** Attorneys from the Justice Department will again come before a federal appeals court to try to salvage President Donald Trump’s order banning travel from six mostly Muslim nations, after a judge said it appeared to be discriminatory
** France: Edouard Philippe, the center-right mayor of the port city of Le Havre, was named France’s new prime minister
* ECONOMY:
** U.S.: May New York Fed Empire Index at -1.0, est. 7.5; prices paid and new orders both fell
** China: The world’s second-largest economy slowed in April as authorities crack down on the nation’s swelling financial leverage; industrial output rose 6.5% last month from a year earlier, compared to 7% seen by economists and 7.6% in March
* EARNINGS:
** Earnings season coming to close: more than 90% of the S&P 500 firms have reported
*** Of those, 78% beat profit projections and 64% topped sales estimates, data compiled by Bloomberg show
** After-market Monday: none
** Pre-market Tuesday: Staples (SPLS), Home Depot (HD), TJX Cos (TJX)

Have a wonderful evening everyone.

 

Be magnificent!

To conquer the subtle passions
seems to me to be far harder than the
physical conquest of the world by the force of arms.
Mahatma Gandhi

As ever,

 

Carolann

 

The longer I live, the more beautiful life becomes.
                       -Frank Lloyd Wright, 1867-1959

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 12, 2017 Newsletter

Dear Friends,

Tangents:
Annually on May 12, National Limerick Day celebrates the birthday of English artist, illustrator, author and poet Edward Lear (May 12, 1812 – Jan. 29, 1888).  Lear is known mostly for his literary nonsense in poetry, prose and limericks.
National Limerick Day also celebrates the limerick poem.  Limerick poems were popularized by Edward Lear’s book “Book of Nonsense” in 1846.
A limerick is a very short, humorous, nonsense poem. Within a limerick, there are five lines.  The first two lines rhyme with the fifth line and the third and fourth line rhyme together.

There was a Young Lady whose chin
Resembled the point of a pin;
So she had it made sharp, and purchased a harp,
And played several tunes with her chin.

There was an old man with a beard
Who said “It is just as I feared!”
Two owls and a hen
Four Larks and a wren
Have all built their nests in my beard.

TODAY IN HISTORY
On May 12, 1943, during World War II, Axis forces in North Africa surrendered.

Go to article »

PHOTO OF THE DAY
thai.jpg
Royal attendants carried seed rice during a royal plowing ceremony in Bangkok, Thailand, today. The annual event – dating back some 700 years – marks the beginning of the growing season for rice in Thailand. The country produces some 30 million tons of rice a year and is the world’s No. 2 rice exporter, after India.
Sakchai Lalit/AP
Market Closes for May 12th, 2017

Market

Index

 Close Change
Dow

Jones

 20896.61 -22.81

 

-0.11%
 
S&P 500 2390.90 -3.54

 

-0.15%
 
NASDAQ 6121.234 +5.270

 

+0.09%
 
TSX 15537.88 -12.67

 
-0.08%

International Markets

Market

Index

 Close Change
NIKKEI 19883.90 -77.65
-0.39%
HANG

SENG

 25156.34 +30.79
+0.12%
SENSEX 30188.15 -62.83
-0.21%
FTSE 100* 7435.39 +48.76
+0.66%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.569 1.605
CND.

30 Year

Bond

 2.231 2.244
U.S.   

10 Year Bond

 2.3240 2.3909
U.S.

30 Year Bond

 2.9865 3.0295

Currencies

BOC Close Today Previous  
Canadian $ 0.72934 0.73014
US

$

 1.37110 1.36961
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49887 0.66717
US

$

 1.09319 0.91475

Commodities

Gold Close Previous
London Gold

Fix

 1231.25 1223.15
     
Oil Close Previous
WTI Crude Future 47.84 47.83

Market Commentary:
On this day in 1817, the Warsaw Stock Exchange opens for trading in Warsaw, Poland, handling primarily government and corporate bonds.
Number of the Day
17.52%
The percent decline in Macy’s shares, the largest decrease in its stock since October 2010. At $24.31, it was also the lowest close for Macy’s stock since August 2011.
Canada
By Lu Wang
     (Bloomberg) — Canadian stocks fell, with the benchmark index staging a third straight weekly decline, as financial firms extended losses that were triggered by a Moody’s Investors Service credit downgrade of the country’s largest banks.
     The S&P/TSX Composite Index slipped 0.1 percent to 15,537.88 at 4 p.m. in Toronto. The measure is down 0.3 percent over five days, the worst week since mid-April.
     In other moves:
* Home Capital Group Inc. dropped 15 percent. The mortgage lender said on a conference call that a few companies have expressed interest, but it’s not rushing to make a deal.
* Hudson’s Bay Co. dropped 4.6 percent. The owner of Saks Fifth Avenue said first-quarter sales were difficult because of lower store traffic, a promotional environment and the continued shift to online shopping. Same-store sales fell 2.9 percent on a constant currency basis.
* Badger Daylighting Ltd. sank 14 percent. The provider of non- destructive excavating services reported first-quarter earnings that missed analyst estimates.
* Ithaca Energy Inc. jumped 22 percent after saying Delek Group intends to offer C$1.95 per share for the stock it doesn’t already own.
US
By Brian Chappatta
     (Bloomberg) — The dollar fell while Treasuries rallied after tepid data on retail sales and inflation in the U.S. economy rekindled concern that growth won’t accelerate to levels economists project. U.S. stocks ended the day mixed, gold erased a weekly loss, and crude stayed below $48 a barrel.
     The S&P 500 Index fell as Nordstrom Inc. became the latest retailer to miss earnings estimates. Small caps retreated 1 percent in the week, while technology shares edged higher. The dollar pared a weekly gain, while 10-year Treasury yields fell to 2.32 percent after retail sales in April rose less than forecast and inflation slowed. The Bloomberg Commodity Index rose for a third day, recovering from a 16-month low. European stocks struggled for direction following the biggest drop in three weeks Thursday.
     Consumer prices rebounded last month, though at a slower pace than expected, while retail sales advanced after an unexpected drop in March. That was enough to bolster the case for Federal Reserve tightening in June, though not enough to ignite stocks or upset bonds. Investors cast a wary eye on Washington, where President Donald Trump escalated his war with fired FBI director James Comey at the same time his cabinet attempted to move forward on trade and regulatory reforms.
     Read our Markets Live blog here.
     Here are key events investors will be watching:
* Chinese President Xi Jinping hosts world leaders including Russian President Vladimir Putin at a summit promoting his $500 billion trade-and-infrastructure plan, which is called the Belt and Road Initiative. The summit begins Sunday and will showcase Xi’s plans to remake global trade patterns in China’s favor.
     Here are the main moves in markets:
     Stocks
* The S&P 500 fell 0.2 percent to end the week at 2,390.67 at 4 p.m. in New York. The index lost 0.4 percent in the period, the first slide in four weeks.
* The Nasdaq Composite Index capped a weekly gain with a rise of 0.1 percent. Small caps in the Russell 2000 Index sank 1 percent in the five days.
* The Stoxx Europe 600 rose 0.3 percent to turn in a gain of the same amount in the five days.
* The MSCI Emerging Market Index rose 0.3 percent to cap a fifth straight advance, its longest rally since March. The measure climbed to the highest in 11 months.

      Currencies
* The Bloomberg Dollar Spot Index slipped 0.3 percent. It rose 0.4 percent in the past five days, the first weekly advance in a month.
* The yen added 0.5 percent to 113.289 per dollar, trimming its drop for the week.
* The euro gained 0.6 percent to $1.0929, to pare a weekly decline to 0.6 percent.

     Bonds
* The yield on 10-year Treasury notes fell six basis points to 2.32 percent, after retreating three basis points Thursday. That left the rate lower by two basis points in the week.
* The five-year breakeven rate, which measures the yield spread between Treasuries and Treasury Inflation Protected Securities, fell about 0.06 percentage point Friday, on pace for the biggest drop since June, while the 10-year gauge sank the most this year.
* Benchmark yields in France, Germany and the U.K. dropped.

     Commodities
* Oil’s rebound ran out of steam as investors focus on all the production that OPEC can do nothing about. Crude capped the first weekly gain with an advance of 1 cent Friday to settle at $47.84.
* West Texas Intermediate rose 3.4 percent in the week, but is down 11 percent in 2017.
* Gold advanced 0.3 percent to settle at $1,227.70 an ounce in New York for a third straight day of gains. The metal rose 0.1 percent in the week after touching the lowest level since mid- March on Tuesday.
* Aluminum rose as China’s top state smelter suspends production capacity of intermediate material alumina. London aluminum added 0.9 percent to settle at $1,891 a ton.
* Cotton prices jumped to the highest in almost three years amid signs of tightening global supplies and buoyant demand as exports reached a government target in the U.S., the world’s biggest shipper.

 

Have a wonderful weekend everyone.

 

Be magnificent!

There will have to be rigid and iron discipline
before we achieve anything great and enduring,
and that discipline will not come by mere academic argument
and appeal to reason and logic.
Discipline is learnt in the school of adversity.
Mahatma Gandhi

As ever,

 

Carolann

 

Not on one strand are life’s jewels strung.
                 -William Morris, 1834-1896

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 11, 2017 Newsletter

Dear Friends,

Tangents:

Look up at the full Moon tonight!

With spring in full bloom May’s Full Moon is commonly known as the Full Flower or Big Leaf Moon. The Arapaho Indians referred to this Full Moon as “when the ponies shed their shaggy hair”

MOON
-by Billy Collins

The moon is full tonight
an illustration for sheet music,
an image in Matthew Arnold
glimmering on the English Channel,
or a ghost over a smoldering battlefield
in one of the history plays.

It’s as full as it was
in that poem by Coleridge
where he carries his year-old son
into the orchard behind the cottage
and turns the baby’s face to the sky
to see for the first time
the earth’s bright companion,
something amazing to make his crying seem small.
 
And if you wanted to follow this example,
tonight would be the night
to carry some tiny creature outside
and introduce him to the moon.
 
And if your house has no child,
you can always gather into your arms
the sleeping infant of yourself,
as I have done tonight,
and carry him outdoors,
all limp in his tattered blanket,
making sure to steady his lolling head
with the palm of your hand.
 
And while the wind ruffles the pear trees
in the corner of the orchard
and dark roses wave against a stone wall,
you can turn him on your shoulder
and walk in circles on the lawn
drunk with the light.
You can lift him up into the sky,
your eyes nearly as wide as his,
as the moon climbs high into the night.

On May 11, 1973, charges against Daniel Ellsberg for his role in the Pentagon Papers case were dismissed by Judge William M. Byrne, who cited government misconduct.
Go to article »
PHOTO OF THE DAY

 

Market Closes for May 11th, 2017

Market

Index

 Close Change
Dow

Jones

 20919.42 -23.69

 

-0.11%
 
S&P 500 2394.44 -5.19

 

-0.22%
 
NASDAQ 6115.965 -13.178

 

-0.22%
 
TSX 15550.55 -82.65

 
-0.53%

International Markets

Market

Index

 Close Change
NIKKEI 19961.55 +61.46
+0.31%
HANG

SENG

 25125.55 +110.13
+0.44%
SENSEX 30250.98 +2.81
+0.01%
FTSE 100* 7386.63 +1.39
+0.02%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.605 1.639
CND.

30 Year

Bond

 2.244 2.265
U.S.   

10 Year Bond

 2.3909 2.4141
U.S.

30 Year Bond

 3.0295 3.0407

Currencies

BOC Close Today Previous  
Canadian $ 0.73014 0.73152
US

$

 1.36961 1.36701
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48769 0.67218
US

$

 1.08622 0.92063

Commodities

Gold Close Previous
London Gold

Fix

 1223.15 1222.95
     
Oil Close Previous
WTI Crude Future 47.83 47.33

Market Commentary:
On this day in 1861, the New York Stock Exchange bans all trading in Confederate stocks and bonds.
QUOTE OF THE DAY
One doesn’t paint the house in a little black dress … Detroit is trying to make us work in a tuxedo

Doug Cooper, a rancher north of Casper, Wyo., on refusing to buy a new truck. As auto makers load up their vehicles with gizmos and gadgets, they are leaving some drivers dazed, confused and frustrated.
Number of the Day
166 million
Snap reported 166 million daily users in the past quarter, up 8 million from the previous period and up 44 million from a year earlier—its slowest year-over-year growth rate in at least two years.
Canada
By Lu Wang
     (Bloomberg) — Canadian stocks fell after Moody’s Investors Service downgraded credit ratings at six of the country’s largest banks.
     The S&P/TSX Composite Index slipped 0.5 percent to 15,550.55 at 4 p.m. in Toronto as financial shares retreated 0.8 percent .
     Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada and Royal Bank of Canada had their debt ratings cut on concern that over-indebted consumers and high housing prices have left lenders vulnerable to potential losses.
     In other moves:
* Aimia Inc. tumbled 63 percent. Air Canada, the country’s largest airline, will launch its own loyalty program and end its relationship with Aimia, operator of the current Aeroplan, in 2020. Separately, GMP Securities analyst Martin Landry downgraded the stock to reduce from buy. Air Canada climbed 11 percent.
* Merus Labs International Inc. soared 59 percent after agreeing to be bought by Norgine for C$1.65 a share.
* Continental Gold Inc. surged 32 percent. Newmont Mining Corp. agreed to acquire 37.4 million shares of the gold producer for C$4.00 apiece.
* Magna International Inc. added 4.8 percent, after reporting first-quarter profit that beat analyst estimates. The auto supplier forecast full-year revenue of $36.6 billion to $38.3 billion, with the midpoint beating expectations.
* Real Matters Inc. was little changed at C$12.89 in its trading debut. The real estate data and software firm raised about C$157 million ($114 million) in the first major initial public offering by a Canadian technology company in two years.
US
By Cecile Gutscher and Jeremy Herron
     (Bloomberg) — U.S. stocks fell from records, though losses eased in afternoon trading as crude’s rally took the price of a barrel back above $48 in New York. Treasuries rose with gold as tepid earnings raised new doubts about the strength of the American consumer.
     The S&P 500 Index pared the worst of its declines by more than half as health-care and consumer-staples producers rebounded. Retailers remained under pressure as disappointing results from Macy’s Inc. and Kohl’s Corp. added to concerns that the U.S. consumer continues to hold back on spending. Canadian equities fell after Moody’s Investors Service cut ratings on six of the nation’s largest banks amid housing woes. The dollar was little changed, while Treasury yields slipped below 2.40 percent on 10-year notes. Oil rose past $48 a barrel.
     The weak sales at department stores underscored rising angst that the biggest part of the U.S. economy isn’t picking up the pace enough to raise growth rates. Investors will get a fresh read on Friday with U.S. retail sales. At the same time, political intrigue continues to roil Washington two days after the president abruptly fired the head of the FBI. The path for interest rates will remain a major focus amid growing bets for a Fed increase in June and talk of tapering by the European Central Bank.
     Read our Markets Live blog here.
     Here are the key events this week:
* March industrial production data the same day could prompt a revision to the first reading of euro-area GDP growth. Germany’s preliminary growth figure for the first quarter is also Friday.
     And here are the main moves:
     Stocks
* The S&P 500 lost 0.2 percent to 2,394.58 at 4 p.m. in New York, retreating from an all-time high.
* Macy’s fell the most since 2008 and to a six-year low, while Kohl’s slid to a 15-month low. Whole Foods Market Inc. led gains among consumer staples companies.
* The Russell 2000 Index slumped 0.7 percent for the biggest loss among major indexes.
* The S&P/TSX Composite Index slid 0.6 percent, with banks in the measure falling 0.8 percent to pace the drop. Valeant Pharmaceuticals International Inc. jumped 8.7 percent, pushing its three-day gain to 41 percent.
* Emerging-market equities climbed for a fourth session, leaving the MSCI gauge higher by 2.4 percent so far in the week.
* The Stoxx Europe 600 fell 0.6 percent, after gaining 0.2 percent Wednesday to the highest level since August 2015. 
     Currencies
* The euro fell 0.1 percent to $1.0861 even as the Bloomberg Dollar Spot Index slipped 0.1 percent. The yen advanced versus the dollar.
* The Canadian dollar dropped 0.3 percent after Moody’s Investors Service downgraded six Canadian banks.
     Bonds
* The yield on 10-year Treasury notes fell three basis points to 2.39 percent after rising for the past three sessions.
* German benchmark yields rose one basis point to 0.43 percent.
     Commodities
* Oil climbed for a second day, leaving the worst of last week’s rout behind for now, as U.S. stockpiles fell and two OPEC members said there’s a consensus to extend output cuts.
* West Texas oil rose 1.1 percent to $47.83 a barrel after jumping more than 3 percent Wednesday.
* Gold futures added 0.5 percent to $1,225.30 following the longest losing streak since October.
* Iron ore on SGX AsiaClear in Singapore fell as much as 4.5 percent to $59 a ton, the lowest since October amid a clampdown on leverage in China, the top consumer, and expanding global supply.
* Copper rallied after reports that China’s central bank will inject cash into the world’s second-largest economy.

 

Have a wonderful evening everyone.

 

Be magnificent!

All things are linked together through cause and effect.  There is no such thing as an accident,
When we cannot find the link between cause and effect in an event, we call it an accident.
Swami Prajnanpad

As ever,

 

Carolann

 

The whole problem with the world is that fools and fanatics
are always so certain of themselves, but wiser people
so full of doubts.
                                   -Bertrand Russell, 1872-1970

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 10, 2017 Newsletter

Dear Friends,

Tangents:

Just returned from one of the annual investment conferences that I attend every year in NYC and came away with many cogent perspectives on current market trends and specific investment ideas from industry leaders, so very worthwhile.
I was able to get to the theatre a couple of evenings and saw the plays Oslo and Sweat, both of which have achieved wide critical acclaim, in fact  Sweat won the Pulitzer prize this year.  It certainly gives a convincing portrayal of the societal dissonance that exists in the US today, especially the dysfunctional working class.  It underscores the themes that led to the election of an a political neophyte and the subsequent political chaos that has ensued – so anathema to what we regard as the American psyche. 
Oslo is disturbing in that it reminds us that the power to change the world is always within reach, but orchestrated by the very few, the powerful political elite, who show their human frailty, ego and vulnerability in this play.   It is the humanity of leaders that handicaps progress in the world – and by that I mean, peace in the world.

May 10, 1534 – Jacques Cartier sights Cape Bonavista after a rapid three week crossing from St-Malo; stopped ten days by ice; then skirts east coast of Newfoundland; his first voyage to Canada under a commission from king François I, “to discover certain islands and lands where it is said that a great quantity of gold and other precious things are to be found”; he had previously sailed with Verrazano to Nova Scotia and Newfoundland in 1524. Bonavista, Newfoundland.

The secret of change is to focus all of your energy, not on fighting the old, but on building the new. –Socrates.

PHOTOS OF THE DAY

Utility poles line a road near the Ariake Sea at high tide in Tara, Saga Prefecture, southwestern Japan. Eugene Hoshiko/AP

Aerial view of Semanggi bridge during sunset in Jakarta, Indonesia. Beawiharta/Reuters
Market Closes for May 10th, 2017

Market

Index

 Close Change
Dow

Jones

 20943.11 -32.67

 

-0.16%
 
S&P 500 2399.63 +2.71

 

+0.11%
 
NASDAQ 6129.145 +8.558

 

+0.14%
 
TSX 15633.21 +64.01

 
+0.41%

International Markets

Market

Index

 Close Change
NIKKEI 19900.09 +57.09
+0.29%
HANG

SENG

 25015.42 +126.39
+0.51%
SENSEX 30248.17 +314.92
+1.05%
FTSE 100* 7385.24 +43.03
+0.59%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.639 1.616
CND.

30 Year

Bond

 2.265 2.237
U.S.   

10 Year Bond

 2.4141 2.3941
U.S.

30 Year Bond

 3.0407 3.0230

Currencies

BOC Close Today Previous  
Canadian $ 0.73152 0.72904
US

$

 1.36701 1.37167
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.48574 0.67307
US

$

 1.08685 0.92009

Commodities

Gold Close Previous
London Gold

Fix

 1222.95 1220.40
     
Oil Close Previous
WTI Crude Future 47.33 45.88

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed with a gain, boosted by energy companies after new data showed U.S. crude stockpiles fell for a fifth week.
     The S&P/TSX Composite Index added 64 points or 0.4 percent to 15,633.21. Energy stocks rose 1.1 percent as the price of West Texas Intermediate crude jumped 3.3 percent to $47.38 a barrel. Crew Energy Inc. and Spartan Energy Corp. both gained more than 7 percent.
     The materials index also gained, adding 0.8 percent as the price of gold rose with renewed political concerns in the U.S. Iamgold Corp. jumped 8.4 percent after reporting an unexpected profit.
     In other moves:
* Element Fleet Management Corp. rose 8.8 percent after first- quarter operating earnings per share beat estimates
* Sleep Country Canada Holdings Inc. gained 7.3 percent. The mattress retailer reported 11.9 percent same-store sales growth
* TMX Group Ltd. lost 6.7 percent, the most since 2015, after first-quarter earnings missed expectations.
US
By Robert Brand
     (Bloomberg) — U.S. stocks added to all-time highs as oil jumped above $47 a barrel, while the dollar’s rally faltered as markets showed resilience in in the face of Washington political wrangling.
     The S&P 500 Index edged higher, enough to claim a second closing record this week, as markets looked past President Donald Trump’s firing of FBI Director James Comey. Energy shares led gains as crude surged almost 4 percent. The greenback fell for the first drop in three days as Federal Reserve Bank of Dallas President Robert Kaplan cast doubt on the pace of rate hikes. Treasuries slipped, while gold ended the longest run of losses since October. Emerging-market equities rose to the highest in almost two years.
     Investors focused on oil’s rebound and corporate profits that signal the global economy is on firming footing. While Washington focused on the firing’s political implications, the impact on Trump’s policy agenda was deemed largely remote. The turmoil comes as political risks ease in Europe and corporate earnings suggest the global economy is on the mend.
     Read more on Trump’s dismissal of Comey here.
     “All in all, this does not support the view that the U.S. Trumpflation trade faces an easy road ahead of it,” Michael Every, head of financial markets research at Rabobank Group in Hong Kong, wrote in a note. “It underlines that real surprises can pop up out of the box at any time right now.”
     Here’s what investors will be scrutinizing:
* Earnings are expected from companies including Deutsche Telekom AG and Snap Inc. Toyota Motor Corp. and SoftBank Group Corp. posted results after the close of Japanese markets.
* The Bank of England on Thursday publishes its interest-rate decision and quarterly Inflation Report.

      Here are the main moves in markets:
     Stocks
* The S&P 500 rose 0.1 percent to 2,399.64 at 4 p.m. in New York.
* Boeing Co. fell 1.3 percent and Walt Disney Co. lost 2.2, leading the Dow Jones Industrial Average to a 0.2 percent slide.
* The CBOE Volatility Index edged toward 10, near a 24-year low.
* Emerging-market equities rose for a third day, pushing the MSCI index to the highest since June 2015.
* The Stoxx Europe 600 ended higher 0.2 percent, add to its highest close since August 2015.

      Currencies
* The Bloomberg Dollar Spot Index lost 0.1 percent after climbing 0.4 percent Tuesday, amid subdued trading as focus shifted away from the greenback.
* The euro slipped to $1.0867, while the pound was little changed at $1.2931.

      Bonds
* The yield on 10-year Treasury notes rose one basis point to 2.41 percent after a soft auction of the notes.
* Benchmark German yields dropped one basis points to 0.422 percent, while French yields were down two basis points to 0.843 percent.

      Commodities
* Gold futures climbed the most in more than two weeks amid uncertainties fueled by North Korea’s reported plans for a nuclear test. Bullion added 0.2 percent to settle at $1,218.909.00 an ounce, rebounding from five days of declines.
* West Texas oil jumped 3.4 percent to settle at $47.33 a barrel, resuming gains after dropping 1.2 percent on Tuesday.
Have a wonderful evening everyone.

 

Be magnificent!

I declare out loud to whoever wants to believe me:
I have no word in my mouth
that is not in your heart!
Kabir

As ever,

 

Carolann

 

There is a way to look at the past.  Don’t hide from it.
It will not catch you if you don’t repeat it.
                                       -Pearl Bailey, 1918-1990

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,]
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 9, 2017 Newsletter

Dear Friends,

Tangents:

PHOTOS OF THE DAY

A cat named La Madonna walks on the roof beam of a restaurant located inside the iconic Central Market of Santiago, Chile, Friday. Founded in 1872, the market is known for its restaurants and fresh seafood stands. Esteban Felix/AP

Bangladeshi female workers carry sand unloaded from a ferry at the river Buriganga in Dhaka, Bangladesh, on Friday. Mohammad Ponir Hossain/Reuters
Market Closes for May 9th, 2017

Market

Index

 Close Change
Dow

Jones

 20975.78 -36.50

 

-0.17%
 
S&P 500 2396.92 -2.46

 

-0.10%
 
NASDAQ 6120.586 +17.926

 

+0.29%
 
TSX 15569.20 -82.88

 
-0.53%

International Markets

Market

Index

 Close Change
NIKKEI 19843.00 -52.70
-0.26%
HANG

SENG

 24889.03 +311.12
+1.27%
SENSEX 29933.25 +7.10
+0.02%
FTSE 100* 7342.21 +41.35
+0.57%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.616 1.586
CND.

30 Year

Bond

 2.237 2.200
U.S.   

10 Year Bond

 2.3941 2.3868
U.S.

30 Year Bond

 3.0230 3.0247

Currencies

BOC Close Today Previous  
Canadian $ 0.72904 0.73016
US

$

 1.37167 1.36957
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49158 0.67043
US

$

 1.08742 0.91961

Commodities

Gold Close Previous
London Gold

Fix

 1220.40 1229.80
     
Oil Close Previous
WTI Crude Future 45.88 46.43

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks opened lower as energy stocks fell and Valeant Pharmaceuticals International Inc. surged.
     The S&P/TSX Composite Index lost 39 points or 0.3 percent to 15,611. Health care stocks jumped 4.2 percent as Valeant gained 11 percent after boosting its cash pile and its full-year forecast.
     The energy index fell 0.5 percent as the price of crude lost 0.8 percent to $46.07 a barrel. Investors are weighing comments that Saudi Arabia and Russia could extend production cuts to offset rising U.S. shale output.
     In other moves:
* Home Capital Group Inc. jumped 18 percent. The struggling lender agreed to sell as much as C$1.5 billion worth of mortgages and loan renewals to an unidentified buyer
* Open Text Corp. fell 6.6 percent following third-quarter results that missed the lowest analyst estimate
* Hydro One Ltd. lost 4 percent. The Ontario government is selling C$2.79 billion worth of shares in the utility
* Ensign Energy Services Inc. fell 4.7 percent after the company was cut to underperform at Scotiabank
* Bombardier Inc. added 1.9 percent. The company’s biggest outside shareholder withdrew support for Chairman Pierre Beaudoin, while its Chinese joint venture won two contracts valued at $158 million
US
By Jeremy Herron
     (Bloomberg) — Most U.S. stocks fell as renewed selling in commodities from gold to crude sent materials producers lower. The dollar gained as bets increased for a hike in U.S. borrowing costs next month. Equity volatility remained near a 24-year low.
     The S&P 500 Index slipped from a record, while technology shares boosted the Nasdaq Composite Index to a fresh all-time high. Bloomberg’s Dollar Spot Index showed the greenback at the highest in a month in the wake of a hawkish comments from Federal Reserve officials. Treasuries were steady. Oil slipped toward $46 a barrel on glut concerns. Emerging-market assets proved resilient, with equities gaining a second day.
     Calm blanketed financial markets, with measures of equity and fixed-income volatility at multiyear lows after the dissipation of concerns over European populism in the wake of the French election. Impending central bank meetings, a potential unwind of the Fed balance sheet and more scheduled elections have so far failed to dent optimism. But with stocks at or near records, there is little impetus to place further bets on riskier assets.
     Key events this week:
* Earnings continue to be released, with Walt Disney Co., Mitsubishi Corp., Toyota Motor Corp. and Deutsche Telekom AG among the most notable.
* The Bank of England on Thursday publishes its interest-rate decision and quarterly Inflation Report.
     Here are the main moves in markets:
     Stocks
* The S&P 500 fell 0.1 percent to 2,396.83 as of 4 p.m. in New York.
* The CBOE Volatility Index edged higher after closing Monday at the lowest since December 1993.
* The Stoxx Europe 600 added 0.5 percent, the highest since August 2015. Miners rose 1.7 percent.
* Emerging-market shares climbed 0.3 percent for a second day of gains.
     Currencies
* The Bloomberg Dollar Spot Index advanced 0.5 percent after jumping 0.5 percent on Monday.
* The euro traded at $1.0875, down 0.4 percent. The currency fell 0.7 percent Monday following Macron’s victory as France’s next president, after trading at the highest level since November.
     Bonds
* The yield on 10-year Treasury notes rose one basis point to 2.40 percent after climbing four basis points on Monday.
* French 10-year yields increased two basis points to 0.86 percent. Similar maturity German yields increased one basis point, to 0.43 percent.
     Commodities
* Gold fell to the lowest in almost 2 months as investors turn their attention to the outlook for rising U.S. interest rates amid easing political uncertainty in Europe.
* Futures dropped 0.9 percent to settle at $1,216.10 an ounce, even after the China Gold Association said demand in the biggest consumer could jump to a four-year high.
* Crude fell as Libyan output rose to the highest in more than two years, getting in the way of OPEC’s efforts to drain a global glut.
* West Texas Intermediate oil slipped 1.2 percent to settle at $45.88 a barrel. Brent for July settlement slipped 61 cents, or 1.2 percent, to $48.73 a barrel
* Zinc and nickel pulled base metals higher as mining equities stage rebound.

 

Have a wonderful evening everyone.

 

Be magnificent!

“There is only one happiness in this life, to love and be loved.” George Sand

As ever,

 

Karen


 “My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.” Maya Angelou

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 8, 2017 Newsletter

Dear Friends,

Tangents:

PHOTOS OF THE DAY

Tourists takes photos of Russian jets flying over the Kremlin in Moscow on Thursday during a rehearsal for the Victory Day military parade, which will take place on May 9 to celebrate 72 years since the victory of World War II. Pavel Golovkin/AP

A group of tourists walk behind a window covered with raindrops on a rainy, windy day in the historic center of Berlin on Thursday. Markus Schreiber/AP
Market Closes for May 8th, 2017

Market

Index

 Close Change
Dow

Jones

 21012.28 +5.34

 

+0.03%
 
S&P 500 2399.38 +0.09

 

—
 
NASDAQ 6102.660 +1.902

 

+0.03%
 
TSX 15652.08 +70.04

 
+0.45%

International Markets

Market

Index

 Close Change
NIKKEI 19895.70 +450.00
+2.31%
HANG

SENG

 24577.91 +101.56
+0.41%
SENSEX 29926.15 +67.35
+0.23%
FTSE 100* 7300.86 +3.43
+0.05%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.586 1.543
CND.

30 Year

Bond

 2.200 2.151
U.S.   

10 Year Bond

 2.3868 2.3487
U.S.

30 Year Bond

 3.0247 2.9887

Currencies

BOC Close Today Previous  
Canadian $ 0.73016 0.73270
US

$

 1.36957 1.36842
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49584 0.66852
US

$

 1.09220 0.91559

Commodities

Gold Close Previous
London Gold

Fix

 1229.80 1228.05
     
Oil Close Previous
WTI Crude Future 46.43 46.22

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed higher as energy companies hit their highest level in two weeks, bolstered by assurances from Saudi Arabia and Russia that they’re working to extend production cuts.
     The S&P/TSX Composite Index added 70 points or 0.5 percent to 15,652.08. Energy shares jumped 1.3 percent as the price of crude gained for a second day to $46.45 a barrel. The biggest gainers were Nexgen Energy Ltd., up 8.7 percent, and Bonavista Energy Corp., up 6.9 percent.
     The materials index rose 0.3 percent as miners backtracked some of last week’s losses, when they were pressured by falling metals prices. Eldorado Gold Corp. gained 4.5 percent.
     In other moves:
* Home Capital Group Inc. jumped 17 percent after earlier falling as much as 13 percent. The troubled mortgage lender suspended its dividend and added two former pension fund executives to its board
* Enerplus Corp. added 6.1 percent after gaining 11 percent Friday. The energy company’s price target was boosted to a Street high at Macquarie after its first-quarter results “smashed” expectations
* DHX Media Ltd. gained 4.6 percent. Fine Capital said it sees the shares rising to C$20 to C$30 as its children’s content is monetized
* AGT Food & Ingredients Inc. tumbled 13 percent after the pulse processor missed first-quarter earnings per share estimates by C$0.15
US
By Samuel Potter
     (Bloomberg) — U.S. stocks ended virtually unchanged near all-time highs, while the dollar rose with Treasury yields as volatility drained from financial markets after a convincing defeat of populism in France’s presidential election. 
     The CBOE Volatility Index slumped to its lowest closing price since 1993. The S&P 500 Index rose by less than one point to close at a fresh record. The euro weakened after climbing for five of the past six days, as the result of the French vote was largely priced into equity markets. That added to dollar gains, while declines in Treasuries sent the 10-year yield to 2.38 percent. Oil edged above $46 a barrel.
     Volatility faded from the U.S. equity and bond markets after Emmanuel Macron’s decisive triumph over the anti-euro Marine Le Pen dealt a blow to the populist wave that has roiled western democracies for the past year. But there was little room for a relief rally as the outcome was largely priced into markets. Investor focus now shifts to reading on the global economy for fresh signs that growth is accelerating after better-than-forecast data on American jobs.
     Here’s what investors will be watching this week:
* South Korea heads to the polls on Tuesday to elect a new president following the ouster of Park Geun-hye in a corruption scandal.
* Earnings this week include results from Walt Disney Co., Mitsubishi Corp., Toyota Motor Corp. and Deutsche Telekom AG.
     Here are the main moves in markets:
     Stocks
* The S&P 500 rose less than one point to 2,399.38 as of 4 p.m. in New York, a new record. It pushed 0.1 percent higher shortly after the open to a fresh intraday high of 2,401.36, before falling as much as 0.2 percent. * The Nasdaq 100 Index edged up 0.2 percent to claim another closing record, while small caps slumped 0.4 percent. 
* The Stoxx Europe 600 slipped 0.1 percent, dragged down by miners.
* Emerging-market shares jumped 0.6 percent.
     Currencies
* The euro fell 0.6 percent to $1.0931, after gaining as much as 0.2 percent earlier. The currency has been trading near the highest level since November.
* The Bloomberg Dollar Spot Index advanced 0.5 percent following four straight weeks of declines.
     Bonds
* The yield on 10-year Treasury notes rose three basis points to 2.38 percent.
* French benchmark yields ended virtually unchanged at 0.841 percent while German equivalents stayed at 0.418 percent.
     Commodities
* West Texas Intermediate fluctuated before settling 21 cents higher at $46.43 a barrel in New York.
* Copper, the most actively traded commodity on the London Metal Exchange, slumped to a four-month low on Monday, wiping out gains for the year. Refined imports by China fell 30 percent to 300,000 metric tons in April, the lowest since October, according to preliminary customs data.
* Gold futures were little changed at $1,227 an ounce.

 

Have a wonderful evening everyone.

 

Be magnificent!

 “The real opportunity for success lies within the person and not in the job.”– Zig Ziglar

As ever,

 

Karen

 

“The journey of a thousand miles begins with one step.”– Lao Tzu

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 5, 2017 Newsletter

Dear Friends,

Tangents:

PHOTOS OF THE DAY

A mother goose swims with her four gosling on the Main River in Frankfurt, Germany, on Wednesday. One gosling fell into the river with no chance to get out again. The mother jumped into the river to help followed by her other three goslings. In the end, the father decided to join as well. Michael Probst/AP

Tea garden workers carry sacks filled with tea leaves at Durgabari Tea Estate on the outskirts of Agartala, India, on Thursday. Jayanta Dey/Reuters
Market Closes for May 5th 2017

Market

Index

 Close Change
Dow

Jones

 21006.94 +55.47

 

+0.26%
 
S&P 500 2399.29 +9.77

 

+0.41%
 
NASDAQ 6100.758 +25.421

 

+0.42%
 
TSX 15582.04 +185.34

 
+1.20%

International Markets

Market

Index

 Close Change
NIKKEI 19445.70 +135.18
+0.70%
HANG

SENG

 24476.35 -207.53
-0.84%
SENSEX 29858.80 -267.41
-0.89%
FTSE 100* 7297.43 +49.33
+0.68%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.543 1.537
CND.

30 Year

Bond

 2.151 2.145
U.S.   

10 Year Bond

 2.3487 2.3505
U.S.

30 Year Bond

 2.9887 2.9967

Currencies

BOC Close Today Previous  
Canadian $ 0.73270 0.72720
US

$

 1.36842 1.37515
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.50124 0.66612
US

$

 1.09995 0.90913

Commodities

Gold Close Previous
London Gold

Fix

 1228.05 1228.45
     
Oil Close Previous
WTI Crude Future 46.22 45.52

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks opened higher, boosted by financial and materials shares amid strong jobs growth in the U.S. and a rebound in commodity prices following three days of declines.
     The S&P/TSX Composite Index added 65 points or 0.4 percent to 15,461.97 at 9:50 a.m. Materials stocks rose 1.1 percent as beaten-down miners regained some ground.
     Financial shares gained 0.2 percent with Canada’s Big 5 banks leading the benchmark to the upside. The U.S. added more jobs than expected in April and the unemployment rate fell to a pre-crisis low of 4.4 percent. By contrast, Canada added fewer than expected jobs and the pace of annual wage increases fell to a record low.
     In other moves:
* Wood-product manufacturer Stella-Jones Inc. jumped 5.7 percent following strong earnings Thursday and an upgrade to buy at Laurentian Bank
* Home Capital Group Inc. rose 9 percent. The troubled mortgage lender is replacing founder Gerald Soloway, accused of misleading investors, with former banker Alan Hibben on its board
* Sierra Wireless Inc. jumped 14 percent after beating first- quarter expectations and forecasting second-quarter revenue ahead of analyst estimates
* Bonavista Energy Corp. gained 8.1 percent. The company reported an unexpected first-quarter profit
* Air Canada gained 5.7 percent. The airline reported a first- quarter adjusted loss that was narrower than analysts expected
US
By Oliver Renick
     (Bloomberg) — U.S. stocks climbed after jobs data showed a rebound in payrolls and energy shares recovered as oil prices remained volatile after dropping below $45 a barrel for the first time since November.
     The S&P 500 added 0.4 percent to 2,399 at 4 p.m. in New York. The benchmark has moved in a tight range this week, despite relatively strong corporate results. The Dow Jones Industrial Average rose 55 points to 21,007.
* Telecom shares up 1.5%; 10-year Treasury yield little changed
* Financial shares down 0.1%
* Energy shares up 1.6% as oil jumps 2%; materials stocks add 1.4%
** Oil earlier dropped 3.9%, below $45 a barrel for the first time since OPEC agreed to cut output in November as U.S. shale confounds the producer group’s attempts to prop up prices that have collapsed about 7.3% this week
* Volume in S&P 500 down 10% from 30-day average
* VIX up to 10.6
* U.S. equity funds saw net outflows of $9.3 billion in the week to May 3, the second-largest outflows in six weeks, BofAML strategists wrote in a note, citing EPFR Global data
* POLITICS:
** Passage of the House’s health-care bill gives the Obamacare repeal effort new life after months of wrangling, but key Republican senators are already pushing it aside to write their own bill with no clear timetable to act
** Trump’s Reciprocal Tax Faces Rough Ride Under World Trade Rules
* ECONOMY:
** U.S. payroll gains rebounded in April by more than forecast (+211,000) and the jobless rate unexpectedly fell to 4.4%, signaling that the labor market remains healthy and should support continued increases in consumer spending
** While the unemployment rate is now the lowest since May 2007, wages were a soft spot in the report, climbing 2.5% from a year earlier (+2.7% est.)
* EARNINGS:
** After-market Friday: Berkshire Hathaway (BRK/A)
** Pre-market Monday: Newell Brands Inc (NWL), Mallinckrodt PLC (MNK), Sysco Corp (SYY), Cimarex Energy Co (XEC), Tyson Foods Inc (TSN), AES Corp/VA (AES)

Have a wonderful weekend everyone.

 

Be magnificent!

“My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.” Maya Angelou

 

As ever,

 

Karen

 “Believe you can and you’re halfway there.” —T. Roosevelt

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 4, 2017 Newsletter

Dear Friends,

Tangents:

Carolann is away at an Investment Conference for a few days, I will be writing the newsletter of her behalf.

PHOTOS OF THE DAY

People watch a light display during activities to mark ‘May the 4th,’ Star Wars Day, at Gardens by the Bay in Singapore on Thursday. Edgar Su/Reuters

A bird feeds it’s chick at a park in Beijing on Thursday. Reuters
Market Closes for May 4th, 2017

Market

Index

 Close Change
Dow

Jones

 20951.47 -6.43

 

-0.03%
 
S&P 500 2389.52 +1.39

 

+0.06%
 
NASDAQ 6075.336 +2.786

 

+0.05%
 
TSX 15396.70 -146.44

 
-0.94%

International Markets

Market

Index

 Close Change
NIKKEI 19445.70 +135.18
+0.70%
HANG

SENG

 24683.88 -12.25
-0.05%
SENSEX 30126.21 +231.41
+0.77%
FTSE 100* 7248.10 +13.57
+0.19%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.537 1.545
CND.

30 Year

Bond

 2.145 2.146
U.S.   

10 Year Bond

 2.3505 2.3198
U.S.

30 Year Bond

 2.9967 2.9689

Currencies

BOC Close Today Previous  
Canadian $ 0.72720 0.72838
US

$

 1.37515 1.37292
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.51001 0.66225
US

$

 1.09807 0.91069

Commodities

Gold Close Previous
London Gold

Fix

 1228.45 1250.30
     
Oil Close Previous
WTI Crude Future 45.52 47.82

Market Commentary:
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks posted a triple-digit decline as a widespread retreat in commodity prices weighed heavily on energy and materials stocks.
     The S&P/TSX Composite Index fell 146 points or 0.9 percent to 15,396.70, its lowest level in more than six weeks. Energy stocks lost 2.5 percent as West Texas Intermediate crude tumbled 5 percent to $45.44 a barrel amid growing signs that OPEC cuts have failed to eliminate a surplus of crude. Baytex Energy Corp. fell 6.5 percent and Enerplus Corp. lost 6 percent.
     The materials index fell 2.3 percent as weaker-than- forecast manufacturing data out of China weighed on base metal prices for a second day. Precious metal prices also fell, with Asanko Gold Inc., First Majestic Silver Corp., Silver Standard Resources Inc. and Yamana Gold Inc. all down 8 percent or more.
     In other moves:
* The volatility continued at Home Capital Group Inc. The alternative mortgage lender lost 12 percent as regulators began a series of hearings into allegations it misled investors about its mortgage book
* Uni-Select Inc. tumbled 11 percent after its first-quarter sales missed the lowest analyst estimate
* TransAlta Renewables Inc. fell 5.6 percent following a downgrade at TD Securities
* Empire Co. Ltd. gained 4.2 percent. The grocery retailer plans to deliver C$500 million in cost savings by the end of fiscal 2020
US
By Oliver Renick
     (Bloomberg) — U.S. stocks were little changed, with financial stocks offsetting losses in telecom and energy shares as the price of crude oil fell.
     The S&P 500 Index lost less than 0.1 percent to 2,389.52 at 4 p.m. in New York. The benchmark hasn’t posted gains or losses exceeding 0.2 percent for seven straight sessions, and has struggled to top a record last seen on March 1. The Dow Jones Industrial Average lost 6 points to 20,951.47 Thursday.
* Russell 2000 down 0.2% after opening higher
* Financial stocks end 0.2% higher after adding as much as 1% in early trading
* Energy shares lose 1.9% with oil down 5% for third loss this week
* Telecom shares down 1.1% as real estate stocks reverse earlier losses to edge higher; 10-year Treasury yield up 3 bps
* S&P 500 volume 12% higher than 30-day average
** Volume movers: Viacom, General Mills, Scripps, Willis Towers Watson and Kraft Heinz all trading with volume at least 5x 30- day average
* VIX up to 11
** Volatility movers: Kimco Realty, Vertex Pharma, Time Warner, Digital Realty and Rockwell Automation have highest put/call volume ratio in S&P 500
* Facebook down 0.6% after saying it expects revenue growth to slow “meaningfully” after it stops increasing the frequency of marketing spots in the news feed later this year
* POLITICS:
** House Republicans mustered just enough votes to pass their health-care bill Thursday, salvaging what at times appeared to be a doomed mission to repeal and partially replace Obamacare under intense pressure from President Donald Trump to produce legislative accomplishments
** The 217-213 vote sends the American Health Care Act to the Senate, where it has little chance of being passed in its current form
* ECONOMY:
** Bloomberg Consumer Comfort: consumer confidence last week held close to the highest level in more than 15 years as Americans felt a little better about their finances and whether it’s a good time to spend
** March durable goods orders rise 0.9%, compared with 0.7% estimate
** U.S. worker productivity declined in the first quarter by the most in a year as growth in the world’s largest economy weakened
** Filings for U.S. unemployment benefits dropped more than forecast last week, consistent with a robust labor market, a Labor Department report showed Thursday
* EARNINGS:
** Of the firms that have already reported, 78% beat profit forecasts and 63% topped sales projections, data compiled by Bloomberg show
** After-market Thursday: CBS Corp (CBS), PerkinElmer Inc (PKI), Marathon Oil Corp (MRO), Motorola Solutions Inc (MSI), Monster Beverage Corp (MNST), Consolidated Edison Inc (ED), Stericycle Inc (SRCL), Activision Blizzard Inc (ATVI)
** Pre-market Friday: Moody’s Corp (MCO), Welltower Inc (HCN), Cognizant Technology Solutions Corp (CTSH), CenterPoint Energy Inc (CNP), Cigna Corp (CI), Ameren Corp (AEE), Dentsply Sirona Inc (XRAY), Berkshire Hathaway Inc (BRK/A)

 

Have a wonderful evening everyone.

 

Be magnificent!

 “Keep your eyes on the stars and your feet on the ground.” —Theodore Roosevelt

 

As ever,

 

Karen

 

“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one that has opened for us.” – Alexander Graham Bell

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Posted on

May 3, 2017 Newsletter

Dear Friends,

Tangents:
On this day in…
1469 – Niccolo Macchiavelli was born.
1936 – Baseball Hall of Famer Joe DiMaggio made his major league debut with the New York Yankees.
1937 – Margaret Mitchell won a Pulitzer Prize for her novel “Gone with the Wind.”
1948 – The Supreme Court ruled that covenants prohibiting the sale of real estate to blacks and other minorities were legally unenforceable.

And on May 3rd, 1810, Lord Byron , on board the frigate Salsett, wrote to Henry Drury the following immortal words.  In the legend to which he refers, Leander swam the Hellespont every night to be with the priestess Hero; one night he drowned, whereupon Hero threw herself into the sea:

Now we are in the Dardanelles waiting for a wind to proceed to Constantinople.  This morning I swam from Sestos to Abydos, the immediate distance is not above a mile but the current renders it hazardous, so much so, that I doubt whether Leander’s conjugal powers must not have been exhausted in his passage to Paradise.  I attempted it a week ago and failed owing to the north wind and the wonderful rapidity of the tide, though I have been from my childhood a strong swimmer, but this morning being calmer I succeeded and crossed the “broad Hellespont” in an hour and ten minutes.
   The Troad is a fine field for conjecture and snipe-shooting, and a good sportsman and an ingenious scholar may exercise their feet and faculties to great advantage upon the spot, or if they prefer riding, lose their way (as I did) in a cursed quagmire of the Scamander [river].  The only vestige of Troy, or her destroyers, are the barrows supposed to contain the carcasses of Achilles, Antilochus, Ajax, etc., but Mt. Ida is still in high feather, though the shepherds are nowadays not much like Ganymede…
   I see not much difference between ourselves and the Turks, save that we have foreskins and they none, and they have long dresses and we short, and that we talk much and they little.  In England the vices in fashion are whoring and drinking, in Turkey, sodomy and smoking; we prefer a girl and a bottle, they a pipe and pathic [catamite]…I like the Greeks, who are plausible rascals, with all the Turkish vices without their courage.  However some are brave and all are beautiful, very much resembling the busts of Alcibiades, the women not quite so handsome.
   At Malta I fell in love with a married woman and challenged an aide-de-camp of General Oakes (a rude fellow who grinned at something, I never rightly knew what), but he explained and apologized, and the lady embarked for Cadiz, and so I escaped murder and adultery. –from The Book of Days.

Be careful with your words.  Once they are said, they can be only forgiven, not forgotten.
PHOTOS OF THE DAY

Britain’s Kate, Duchess of Cambridge, looks at lambs in a field with schoolchildren on Wednesday during a visit to the Farms for City Children charity in Gloucester, England. The charity gives young people from inner cities the chance to spend a week on a working farm. Richard Pohle/AP

A mother goose swims with her four gosling on the Main River in Frankfurt, Germany, on Wednesday. One gosling fell into the river with no chance to get out again. The mother jumped into the river to help followed by her other three goslings. In the end, the father decided to join as well. Michael Probst/AP

An honor guard marches during Constitution Day celebrations in the Old Town in Warsaw, Poland, on Wednesday. Constitution Day commemorates the adoption of the Polish constitution in 1791, which was Europe’s first and the world’s second written constitution. Kacper Pempel/Reuters
Market Closes for May 3rd, 2017

Market

Index

 Close Change
Dow

Jones

 20957.90 +8.01

 

+0.04%
 
S&P 500 2388.13 -3.04

 

-0.13%
 
NASDAQ 6072.551 -22.815

 

-0.37%
 
TSX 15543.41 -76.51

 
-0.49%

International Markets

Market

Index

 Close Change
NIKKEI 19445.70 +135.18
+0.70%
HANG

SENG

 24696.13 +81.00
+0.33%
SENSEX 29894.80 -26.38
-0.09%
FTSE 100* 7234.53 -15.52
-0.21%

Bonds

Bonds % Yield Previous  % Yield
CND.

10 Year Bond

 1.545 1.513
CND.

30 Year

Bond

 2.146 2.135
U.S.   

10 Year Bond

 2.3198 2.2892
U.S.

30 Year Bond

 2.9689 2.9760

Currencies

BOC Close Today Previous  
Canadian $ 0.72838 0.72924
US

$

 1.37292 1.37130
     
Euro Rate

1 Euro=

   Inverse
Canadian $ 1.49430 0.66921
US

$

 1.08841 0.91877

Commodities

Gold Close Previous
London Gold

Fix

 1250.30 1255.45
     
Oil Close Previous
WTI Crude Future 47.82 47.66

Market Commentary:
On this day in 1933, President Franklin D. Roosevelt appoints Nellie Tayloe Ross as director of the U.S. Mint. She is the first woman to hold the position. She serves five terms, retiring in 1953.
NUMBER OF THE DAY
$100 million
The charge General Motors is taking to write off its operations in troubled Venezuela, where authorities last month unexpectedly seized its production plant on a court order.
Canada
By Kristine Owram
     (Bloomberg) — Canadian stocks closed lower with all sectors in the red as a rout in copper prices weighed on materials producers.
     The S&P/TSX Composite Index lost 77 points or 0.5 percent to 15,543.14. Materials stocks fell 1.3 percent as the price of copper tumbled as much as 4.5 percent, its biggest drop since 2015, leading other base metals lower. Teck Resources Ltd. was the biggest drag on the benchmark, falling 5.8 percent.
     Energy stocks slipped 0.2 percent along with the price of oil after data from the U.S. Energy Information Administration showed crude stockpiles declined less than forecast.
     In other moves:
* Tahoe Resources Inc. jumped 15 percent after the company’s first-quarter earnings beat the highest analyst estimate
* Home Capital Group Inc. fell 12 percent. Canadian banks and financial firms are showing little interest in buying the company
* Kinross Gold Corp. gained 11 percent, the most in almost a year, as earnings per share and revenue beat estimates
* Cott Corp. fell 5 percent. The beverage maker said it expects2017 revenue of about $3.7 billion, below the average estimate.
US
By Oliver Renick
     (Bloomberg) — U.S. stocks ended little changed Wednesday after Federal Reserve officials held benchmark interest rates steady and continued to assert strength in the economy. Apple shares pared earlier losses after the company reported iPhone sales that missed analysts’ estimates.
     The S&P 500 lost 0.1 percent at 4 p.m. to 2,388 in New York. The benchmark rose 0.1% on Tuesday as investors assessed corporate earnings. The Dow Jones Industrial Average was little changed at 20,957 on Wednesday.
* Financial (+0.6%) and energy (+0.3%) stocks were the biggest gainers on day; financial shares reversed earlier drop of as much as 0.5%
* Real estate, materials and telecom shares down at least 0.6%
* Bonds decline, with 10-year U.S. Treasury yield up 4 bps
* Volume in S&P 500 16% above 30-day average
** Advanced Micro Devices trading 150% above 30-day average for 7% of S&P 500 volume
** Akamai Technologies, Delphi Automotive, Verisk Analytics and Molson Coors and Automatic Data Processing all trading with volume at least 5x 30-day average
* VIX up to 10.6
** Volatility movers: Kimco Realty, Sempra Energy, Host Hotels & Resorts, Hologic Inc. and Ball Corp have the highest put/call volume ratios in the S&P 500
* POLITICS:
** President Donald Trump hosted Palestinian Authority leader Mahmoud Abbas at the White House on Wednesday as he weighed how to approach the Middle East
** Russian President Vladimir Putin continued his diplomatic push for a plan to establish safe zones in Syria backed by peacekeepers as he began talks with Turkish leader Recep Tayyip Erdogan in the Black Sea resort of Sochi on Wednesday
* ECONOMY:
** Expectations for an interest rate hike in June jumped to more than 95%, according Fed funds futures trading, as Fed officials said economic growth wouldn’t derail the committee’s plan to raise rates twice more this year
** Apple sold 50.8 million iPhones in the quarter ended April 1, down from 51.2 million units in the same period a year earlier and less than the 51.4 million predicted in a Bloomberg survey of analysts
** About two-thirds into the U.S. earnings season, 74% of companies beat EPS estimates, versus 69% a year ago, according to data compiled by Bloomberg. In absolute terms, EPS are up 14% year over year, set to be the strongest quarterly profit growth since 2011
** Market’s reaction to the robust earnings season has been muted so far, and asymmetric to the downside, JPMorgan equity strategists Emmanuel Cau and Mislav Matejka wrote in a note
** After-market Wednesday: Pioneer Natural Resources Co (PXD), Lincoln National Corp (LNC), CenturyLink Inc (CTL), Concho Resources Inc (CXO), Prudential Financial Inc (PRU), CF Industries Holdings Inc (CF), Federal Realty Investment Trust (FRT), Qorvo Inc (QRVO), Facebook Inc (FB), Murphy Oil Corp (MUR), Albemarle Corp (ALB), MetLife Inc (MET), Williams Cos Inc/The (WMB), Kraft Heinz Co/The (KHC), American International Group Inc (AIG), Transocean Ltd (RIG), Alliant Energy Corp (LNT), American Water Works Co Inc (AWK), Level 3 Communications Inc (LVLT)
** Pre-market Thursday: Ball Corp (BLL), Fluor Corp (FLR), Scripps Networks Interactive Inc (SNI), Global Payments Inc (GPN), PPL Corp (PPL), Dominion Resources Inc/VA (D), Regeneron Pharmaceuticals Inc (REGN), Willis Towers Watson PLC (WLTW), Eversource Energy (ES), Quanta Services Inc (PWR), Gartner Inc (IT), Chesapeake Energy Corp (CHK), AmerisourceBergen Corp (ABC), Occidental Petroleum Corp (OXY), Viacom Inc (VIAB), Church & Dwight Co Inc (CHD), Incyte Corp (INCY), Zoetis Inc (ZTS), Apache Corp (APA), Kellogg Co (K)
* First Word Street Wraps:
** Sprint Falls as Future Hinges on T-Mobile M&A: Street Wrap
** New Etsy CEO Won’t Turn Things Around Any Time Soon: Street Wrap
** First Solar Soars on Series 6 View, Suniva Petition: Street Wrap

 

Have a wonderful evening everyone.

 

Be magnificent!

Guard your tongue, for it is highly dangerous;
unguarded words can cause terrible distress.
A single bad word can destroy a vast quantity of good.
A wound caused by fire will eventually heal;
but  a wound caused by the tongue leaves a scar that never heals.
Valluvar

 

As ever,

 

Carolann

 

Consider the postage stamp, my son.  It secures success through its ability to stick to one thing until it gets there.
                                                                                                        -Josh Billings, 1818-1885

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Portfolio Manager &
Senior Vice-President

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com