TSX flirts with correction territory, posts worst week since 2008 - CP24 Toronto's Breaking News | Canada News Media
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TSX flirts with correction territory, posts worst week since 2008 – CP24 Toronto's Breaking News

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5 years ago

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Ross Marowits, The Canadian Press


Published Friday, February 28, 2020 9:56AM EST


Last Updated Friday, February 28, 2020 6:21PM EST

TORONTO – Canada’s largest stock index flirted with correction territory Friday after plunging for a sixth-straight day, capping off its worst week since the global financial crisis of 2008.

The S&P/TSX composite index was down as much as 821 points after a technical problem forced an early end to trading on the Toronto Stock Exchange on Thursday.

That marked an 11.5 per cent drop from the record high set Feb. 20.

It partially recovered to move slightly below the 10 per cent correction threshold but was still the worst day in 15 months, losing 454.39 points or 2.7 per cent to close at 16,263.05.

In New York, the Dow Jones industrial average was down 357.28 points at 25,409.36. The S&P 500 index was down 24.55 points at 2,954.21, while the Nasdaq composite was up 0.89 of a point at 8,567.37.

Although the markets clawed back from early losses, in part due to supportive comments from Federal Reserve chairman Jerome Powell, they concluded the worst week since the global financial crisis in 2008 and arguably the worst week of all-time.

The TSX was down 8.9 per cent for the week while Nasdaq was off 10.5 per cent, S&P 500 down 11.5 per cent and the Dow off 12.3 per cent.

Philip Petursson, chief investment strategist at Manulife Investment Management, says the volume of trades for ETFs that didn’t really exist in the last selloffs and the steepness of this week’s decline makes this the worst week ever.

“I think it’s just a function of the market today that it’s very easy to hit the sell button in a vehicle that is an indiscriminate seller of all the securities within that investment vehicle,” he said in an interview.

Petursson said the TSX hasn’t been hit as badly as U.S. exchanges because its valuations didn’t rise as much, ensuring that a cheaper market has a greater margin of safety.

Gold has helped to cushion the TSX from the more severe declines sustained in the U.S. but the precious metal that’s typically a safe haven for investors fell 4.6 per cent on the day.

The April gold contract was down US$75.80 at US$1,566.70 an ounce and the May copper contract was down 3.15 cents at US$2.54 pound.

Oil plunged to its lowest level since late December 2018 on concerns that the spreading virus known as COVID-19 will suppress demand from China and elsewhere as businesses curtail activities and consumers reduce travelling and spending that form a key part of the U.S. economy.

The April crude contract was down US$2.33 at US$44.76 per barrel and the April natural gas contract was down 6.8 cents at US$1.68 per mmBTU.

Other sectors on the TSX, including defensive parts of the market, all suffered dramatic decreases led by materials and telecommunications.

Lower metal prices pushed the materials sector down 5.2 per cent as shares of miners First Majestic Silver Corp. and Centerra Gold Inc. each lost more than 11 per cent.

Telecommunications fell 4.1 per cent as regulatory hearings into the future of wireless services concluded with a consumer advocacy group saying that high wireless internet prices will only get worse unless the CRTC makes a dramatic move to increase competition.

Shaw Communications Inc. fell 5.4 per cent, while Rogers Communications Inc., BCE Inc., and Telus Corp. also saw steep share declines.

The Canadian dollar traded for 74.47 cents US, the lowest level since June, compared with an average of 74.84 cents US on Thursday.

Petursson said the big concern for investors that prompted the market selloff is that corporate earnings will ultimately be hit by an economic disruption caused by the ripple effect of companies scaling back operations and staffing which results in weaker consumer spending.

“As money gets passed around, spent, that is going to dramatically slow down and that’s going to impact economies and ultimately as far as the market is concerned, that’s going to impact earnings,” Petursson said.

He expects the volatility will continue with markets likely losing more ground even as investors are looking for some clarity about the coronavirus.

“I don’t think we’re going to get it next week. I think we can continue to see volatility but perhaps not to the same extent as we’ve seen this week,” he said.

“The coronavirus was the catalyst to the selloff this week in that it forced market participants to take a look at the fundamentals. The market was ahead of the fundamentals a week ago and so this is an adjustment to where we should have been.”

This report by The Canadian Press was first published Feb. 28, 2020.

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What Difference Will You Make to an Employer?

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12 hours ago

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October 21, 2024

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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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4 days ago

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October 17, 2024

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