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S&P/TSX composite falls to end a third-straight losing week on angst about Fed – CP24 Toronto's Breaking News

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3 years ago

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TORONTO – The rebound in Canada’s main stock index was short-lived as it pushed lower Friday to end a third-consecutive losing week amid concerns about impending action by the U.S. Federal Reserve.

The S&P/TSX composite index closed down 128.76 points to 20,633.27 despite hitting an intraday high of 20,825.21. The Toronto market had a strong morning start after posting its best performance in 10 months Thursday. It then lost ground throughout the session before recovering a bit approaching the close.

The TSX was down 2.3 per cent on the week but is up 18.4 per cent so far in 2021.

In New York, the Dow Jones industrial average was down 59.71 points at 34,580.08. The S&P 500 index was down 38.67 points at 4,538.43, while the Nasdaq composite was down 295.85 points or 1.9 per cent at 15,085.47.

Investors have been jittery this week in response to the more hawkish comments from the U.S. central bank around speeding up the tapering of bond purchases at the same time as a new COVID-19 variant has surfaces and economic activity is slowing, said Greg Taylor, chief investment officer of Purpose Investments.

“The risk this week is around the Fed making a policy error,” he said in an interview.

Taylor said investors have been nervous in the last few days about the Fed taking away stimulus while the economy in the rest of the world slows down a little bit.

Canadian markets have been somewhat insulated by strong bank earnings.

The heavyweight financials sector was slightly lower on the day, led by a 4.4 per cent drop by Canadian Western Bank. That was partially offset with BMO and CIBC rising 2.4 and 2.1 per cent, respectively, as the Canada’s big banks wrapped up strong quarterly reports that saw them each boost dividends.

Telecommunications was the only sector on the TSX to close higher on Friday.

The broad-based decrease on the TSX was led by health care and the technology sector, which sustained even stronger declines in the U.S.

Tech dropped 2.5 per cent as shares of Hut 8 Mining Ltd. fell 10.8 per cent while Lightspeed Commerce Inc. was down 7.7 per cent and Shopify Inc. was 2.4 per cent lower.

There was a disconnect in the sector’s movement because bond yields were weaker, which is typically a supportive move for these companies.

Big tech stocks have really come under pressure in the last few days as previous pandemic winners such as DocuSign Inc. suffered a 42 per cent decline, Taylor said. 42.2

After starting the day higher, energy lost 0.3 per cent as crude oil prices fell.

The January crude oil contract was down 24 cents at US$66.26 per barrel after climbing as high as US$69.22 in the morning. The January natural gas contract was up 7.6 cents at US$4.13 per mmBTU.

Suncor Energy Inc. and Cenovus Energy Inc. led the declines, losing 2.1 and 1.7 per cent, respectively.

The Canadian dollar traded for 78.05 cents US compared with 78.03 cents US on Thursday.

Materials also fell as copper prices softened while gold was stronger as shares of Lithium Americas Corp. lost 8.7 per cent.

The February gold contract was up US$21.20 at US$1,783.90 an ounce and the March copper contract was down 3.2 cents at nearly US$4.27 a pound.

Earlier, the United States and Canada posted November employment numbers. U.S. non-farm payrolls disappointed as they increased by 210,000 jobs, far below forecasts for about 550,000 jobs. However the unemployment rate fell to 4.2 per cent, the lowest since February 2020.

In Canada, the jobless rate fell to six per cent as 153,7000 jobs were added as the share of the core working population with a job climbed to an all-time high.

Taylor said markets were at risk coming into the week.

“We haven’t had a correction in a long time and were due for some volatility. The question will be when will buyers step back in.”

This report by The Canadian Press was first published Dec. 3, 2021.

Companies in this story: (TSX:CVE, TSX:SU, TSX:CWB, TSX:CM, TSX:BMO, TSX:HUT, TSX:LSPD, TSX:SHOP, TSX:LAC, TSX:GSPTSE, TSX:CADUSD

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What Difference Will You Make to an Employer?

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11 hours ago

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October 21, 2024

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Ex-Employer (Job)

It’s common knowledge that companies don’t hire the most qualified candidates. Employers hire the person they believe will deliver the best value in exchange for their payroll cost.

Since most job seekers know the above, I’m surprised that so few mention their Employee Value Proposition (EVP). Most job seekers list their education, skills, and experience without substantiating them and expect employers to determine whether they can benefit their company; hence, most resumes and LinkedIn profiles are just a list of opinions—borderline platitudes—that are meaningless and, therefore, have no value. Job seekers need to better explain, along with providing evidence, how they’ll contribute to an employer’s success.

Employers don’t hire opinions (read: talk is cheap); they hire results.

You’re not offering anything tangible when you claim:

 

  • I’m a great communicator.
  • I’m detail oriented.
  • I’m a team player.

 

Tangible:

 

  • “At Global Dynamics, I held quarterly town hall meetings with my 22 sales reps, highlighting our accomplishments, identifying opportunity areas, and recognizing outstanding performers.”
  • “For eight years, I managed Vandelay Industries IT department, overseeing a staff of 18 and a 12-million-dollar budget while coordinating cross-specialty projects. My strong attention to detail is why I never exceeded budget.”
  • “While working at Cyberdyne Systems, I was part of the customer service team, consisting of nine of us, striving to improve our response time. Through collaboration and sharing of best practices, we reduced our average response time from 48 to 12 business hours, resulting in a 35% improvement in customer feedback ratings.”

 

These examples of tangible answers provide employers with what they most want to hear from candidates but rarely do; what value the candidate will bring to the company. Typically, job seekers present their skills, experience, and unsubstantiated opinions and expect recruiters and employers to figure out their value, which is a lazy practice.

Getting hired isn’t based on “I have an MBA in Marketing and Sales,” “I’ve been a web designer for over 15 years,” “I’m young, beautiful and energetic,” blah, blah, blah. Likewise, being rejected isn’t based on “I’m overqualified,” “I’m too old,” “I don’t have enough education,” blah, blah, blah. Getting hired depends entirely on showing employers that you can add value and substance to their company; that you’ll serve a purpose.

When you articulate a solid value offer, the “blah, blah, blah” doesn’t matter. Job seekers focus too much on the “blah, blah, blah,” and when not hired, they say, “It’s not me, it’s…” The biggest mistake I see job seekers make is focusing on the “blah, blah, blah”—their experience and education—believing this is what interests employers. Hiring managers are more interested in whether you can solve the problems the position exists to solve than in your education and experience.

 

Not impressive: Education

Impressive: A track record of achieving tangible results.

 

You aren’t who you say you are; you are what you do.

 

If you want to be somebody who works hard, you have to actually work hard. If you want to be somebody who goes to the gym, you actually have to go to the gym. If you want to be a good friend, spouse, or colleague, you have to actually be a good friend, spouse, or colleague. Actions build reputations, not words.

The biggest challenge job seekers face today is differentiating themselves. To stand out and be memorable, don’t be like most job seekers, someone who’s all talk and no action. Any recruiter or hiring manager will tell you that the job market is heavily populated with job seekers who talk themselves up, talk a “good game” about everything they can “supposedly” do, drop names, etc., but have nothing to show for it.

More than ever, employers want to hear candidates offer a value proposition summarizing what value they bring. If you’re looking for a low-hanging fruit method to differentiate yourself, do what job seekers hardly ever do and make a hard-to-ignore value proposition.

  1. Increase sales: “Based on my experience managing Regina and Saskatoon for PharmaKorp, I’m confident that I can increase BioGen’s sales by no less than 25% in Winnipeg and the surrounding area by the end of 2025.”
  2. Reduce cost: “During my 12 years as Taco Town’s head of purchasing, I renegotiated contracts with key suppliers, resulting in 15% cost savings, saving the company over $450,000 annually. I know I can do the same for The Pasta House.”
  3. Increase customer satisfaction:“During my time at Globex Corporation, I established a systematic feedback mechanism that enabled customers to share their experiences. This led to targeted improvements, increasing our Net Promoter Score by 15 points. I can increase Dunder Mifflin’s net promoter score.”
  4. Save time: “As Zap Delivery’s dispatcher, I implemented advanced routing software that analyzed traffic patterns, reducing average delivery times by 20%. My implementation of this software at Froggy’s Delivery can reduce your delivery times by at least 20%, if not more.”

 

If you want to achieve job search success as soon as possible, structure your job search with a single thread that’s evident and consistent throughout your résumé, LinkedIn profile, cover letters and especially during interviews; clearly convey what difference you’ll make to the employer.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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4 days ago

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October 17, 2024

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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All Magic Spells (TM) : Top Converting Magic Spell eCommerce Store

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October 17, 2024

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