adplus-dvertising
Connect with us

Business

The close: Wall Street closes lower as Intel dives, gold rally shelters TSX – The Globe and Mail

Published

 on


Wall Street retreated on Friday, heading into the weekend with a broad sell-off due to weak earnings, surging coronavirus cases and geopolitical uncertainties. The TSX was also lower, although losses were more modest thanks to a rally in gold stocks as bullion pushed through US$1,900 an ounce.

The S&P/TSX Composite index closed down 21.59 points, or 0.13%, at 15,997.06. All the major sectors were lower, except for gold-stock heavy materials, which gained 2.05%. Several precious metals miners, including Agnico Eagle Mines, gained 4% or more. But it was Sierra Wireless that was a true standout on the TSX, rallying nearly 18% after agreeing to divest its China-based automotive embedded module product line for US$165-million in cash.

For the second day in a row, the tech sector weighed heaviest on all three major U.S. stock averages. Intel Corp led the decline, its shares plunging 16.2% after the chipmaker reported a delay in production of a smaller, faster 7-nonometer chip.

Story continues below advertisement

“There’s a skittishness ahead of the weekend after yesterday’s tech and growth sell-off,” said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

“It’s been an unbelievable ride for the Nasdaq and tech over the last two moths,” Detrick added. “A well-deserved correction makes a lot of sense in our view.”

Each index – including the TSX – posted a weekly loss, with the S&P 500 and the Dow snapping three-week winning streaks. Nasdaq had its weakest week of the last four.

The retreat followed a rally that brought the S&P 500 to nearly 5% below its record high reached in February. The bellwether index is now near break-even for the year, while the Nasdaq has gained more than 15% year-to-date.

“With the rally we’ve seen so far in July, it makes sense to see anxiety ahead of a huge earnings week, the Fed decision and what’s likely to be the worst GDP in our lifetimes,” Detrick added.

Momentum stocks Apple, Alphabet Inc and Amazon.com are scheduled to post results on July 30, the day the U.S. Commerce Department is due to give its first take on second-quarter GDP. Analysts project that the economy dropped by a bruising 35% during the three-month period.

More than 1,000 Americans died from COVID-19 on Thursday, the third straight day for that grim milestone as total cases surged past 4 million.

Story continues below advertisement

Beijing fired back at Washington shuttering China’s Houston consulate by closing the U.S. consulate in the city of Chengdu.

The Dow Jones Industrial Average fell 182.44 points, or 0.68%, to 26,469.89, the S&P 500 lost 20.03 points, or 0.62%, to 3,215.63 and the Nasdaq Composite dropped 98.24 points, or 0.94%, to 10,363.18.

Of the 11 major sectors in the S&P 500, all but consumer discretionary closed in the red. Tech was the biggest percentage loser.

Healthcare lost ground, dropping 1.1% ahead of executive orders by President Donald Trump aimed at lowering drug prices.

Second-quarter earnings season charges ahead, with 128 constituents of the S&P 500 having reported. Of those, 80.5% have cleared a very low bar of analyst expectations.

American Express Co fell 1.4% after reporting an 85% slump in quarterly profit after setting aside nearly $628 million to cover potential defaults.

Story continues below advertisement

Verizon Communications Inc’s beat analyst profit and revenue estimates as the telecom saw strong demand due to stay-at-home mandates, boosting its shares by 1.8%.

Honeywell International Inc’s cost-cutting efforts resulted in better-than-expected second-quarter profit, but cautioned of many unknowns going forward. Its shares dropped 2.8%.

Intel rival Advanced Micro Devices Inc jumped 16.5%.

Tesla Inc extended Thursday’s losses, falling 6.3%.

Safe-haven gold pierced the $1,900 per ounce ceiling for the first time since 2011 as the worsening U.S.-China row added to fears over the hit to a global economy already reeling from the coronavirus pandemic.

Spot gold climbed 0.7% to $1,899.68 per ounce by 2:00 p.m. EDT (1800 GMT), after hitting $1,905.99, the highest since September 2011.

Story continues below advertisement

Prices gained 5% for the week, their best since week ended March 27. U.S. gold futures settled up 0.4% at $1,897.5.

“The only thing I can see to take the wind out of gold’s sails is the rapid development of a coronavirus vaccine, because until that happens, all this uncertainty (in markets) will stay with us,” said StoneX analyst Rhona O’Connell.

Non-yielding gold has surged over 25% this year, underpinned by low interest rates and stimulus from central banks.

Silver fell 0.2% to $22.67 per ounce, but was up over 17% for the week, its best since 1987, bolstered by hopes for a revival in industrial activity.

“Investors are perceiving silver as being undervalued compared to gold and that is why silver has really surged,” said Kitco Metals senior analyst Jim Wyckoff, adding that the next price target would be $25.

Reuters, Globe staff

Story continues below advertisement

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Let’s block ads! (Why?)

728x90x4

Source link

Continue Reading

Business

Stop Asking Your Interviewer Cliché Questions

Published

 on

Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

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.

Continue Reading

Business

Canadian Natural Resources reports $2.27-billion third-quarter profit

Published

 on

 

CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

Published

 on

 

CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending