Connect with us

Business

Wall Street's GameStop bug may have mutated; silver surges – CTV News

Published

 on


NEW YORK —
The erratic trading in shares of underdog companies like GameStop that turned markets combustible last week appears to have migrated to commodities, sending silver prices surging to an eight-year high.

Silver futures jumped almost 12% on Monday to over US$30 per ounce with .silversqueeze trending on Twitter. That exuberance spread to companies that mine precious metals, especially silver. Shares of Pan American Silver surged more than 9%, First Majestic Silver rose 18.7%, Hecla Mining spiked 21.8%, and Coeur Mining soared 17.6%.

Silver prices that appear to have gone haywire appear, at least in part, to be an outgrowth of the “WallStreetBets” forum on Reddit.

An online army of Reddit traders banded together for the past week to snap up thousands of shares of GameStop, AMC and other struggling chains, stocks that have been heavily shorted (bets that the stock will fall) by a number of hedge funds. In the process, they’ve done heavy damage to those hedge funds in a stunning reversal of financial power on Wall Street.

But the rush into silver futures has created confusion amid the chaos, with some retail traders on Reddit calling the surge in commodity prices a “false flag.”

“IT’S A TRAP!” one Redditor warned.

Some of these smaller traders believe the hedge funds that were pillaged last week are behind the surge in silver. Communications on messaging boards claim hedge funds have now become active on Reddit anonymously, attempting to drive them out of GameStop bets and into silver, but only after hedge funds had taken huge positions.

If it is a trap, no one can say for sure.

The number of GameStop shares that have been shorted (bets that the stock will fall), were slashed by more than half in recent days, according to a report Monday by the analytics firm S3 Partners.

Shares of GameStop Corp., which signalled a seismic and perhaps short-lived power shift in financial markets, fell 25% Monday. But the stock price, as it has been for more than a week, is tremendously volatile. The price was up sharply before the opening bell.

The battle over GameStop, according to Morgan Stanley, may have played a part in igniting a market correction.

The “correction has arrived,” wrote analyst Michael Wilson, saying that in addition to other market forces, aggressive short squeezes have “led to a significant degrossing by hedge funds,”

“Markets corrected 3-5% with many of our favoured trades taking a much needed and expected hit,” Wilson wrote. “This is normal in an exuberant bull market, but we don’t think the correction is over until leverage is reduced further by both institutional and retail investors.”

The narrative has burst from financial pages, reaching even the White House, where President Joe Biden and Treasury Secretary Janet Yellen were peppered with questions about it last week.

On Monday, White House press secretary Jen Psaki was asked about GameStop and said that the volatility raises “an important set of policy issues.”

“We think congressional attention to these issues is appropriate,” Psaki adds.

The story has also moved out of Reddit chatrooms and into places where silver actually trades hands. Coin dealers are being overwhelmed by orders Monday.

The Silver Mountain, a Netherlands-based bullion dealer, said on its website that, “Due to extreme market volatility we cannot accept any new orders at this moment,” adding it hoped to reopen by the afternoon.

——–

Jonathan Lemire contributed to this story from Washington.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Calling the passionate, the curious, and the creative: Staples Canada launches National Hiring Campaign

Published

 on

More than 1,000 associates to be hired across Canada in seasonal, part-time and full-time positions to help make Back to School simply amazing

 

Richmond Hill, ON, May 17, 2022 – Staples Canada, The Working and Learning Company, has launched a national hiring campaign to fill more than 1,000 positions in stores, supply chain, contact centres, sales teams, print and tech hubs, as well as corporate roles. All open roles are posted at careers.staples.ca with in-person and virtual interviews available at the different locations.

 

“The back to school season is the most exciting time of year for Staples associates – it’s a time where we get to connect with our customers to enable their success, and inspire them for months to come,” said Wanda Walkden, Chief Human Resources and Communications Officer, Staples Canada. “We’re invested in bringing in the best and brightest talent to inspire our customers and our communities, while also helping our associates further their own development and growth.”

 

Staples currently employs more than 11,000 associates across Canada within a variety of roles and locations. The company has presence in every province and the Northwest and Yukon territories. All locations are looking to fill a variety of roles.

 

Joining Staples comes with a number of benefits, which include:

 

·       Associate support: Staples offers extensive wellness benefits that are designed to support the physical, mental and financial well-being of associates. These include an employee and family assistance program, retirement savings plans with an employer match, performance bonuses, associate discounts, and more.

·       Diversity, Equity and Inclusion: Staples is committed to creating an inclusive and diverse work environment where each associate can bring their whole authentic self to work. Staples associates can join Business Resources Groups; groups that are by associates for associates and focus on various DE&I initiatives through partnerships, awareness and education.

·       Learning and development opportunities: At Staples, learning and development is a priority for all associates, with many opportunities for cross-department training, and leadership development programs in place to aid professional growth.

  • Educational support:  Each year, scholarships are awarded through the Staples Canada Annual Academic Scholarship Program to associates or children of associates attending post-secondary education. The company also offers tuition reimbursement for full-time associates to further their education.
  • Ability to make an impact: Each year, Staples associates partner with organizations like MAP, and take on local charitable giving initiatives including the School Supply Drive during back to school, as a continued commitment to communities across Canada.

 

All 300+ stores and Supply Chain, Contact Centres, Sales Teams, Print and Tech Hubs and, Corporate locations across Canada are participating in the national hiring campaign; visit careers.staples.ca to learn more and find the perfect job near you.

 

About Staples Canada

Staples Canada is The Working and Learning Company. With a focus on community, inspiration and services, the privately-owned company is committed to being a dynamic, inspiring partner to customers who visit its 300+ locations and staples.ca. The company has two brands that support business customers, Staples Preferred for small businesses and Staples Professional for medium to large-sized enterprises, as well as six co-working facilities in Toronto, Kelowna, Oakville and Ottawa under the banner Staples Studio. Staples Canada is a proud partner of MAP through its Even the Odds campaign, which aims to tackle inequities in communities across Canada and helps make a future that’s fair for everyone. Visit staples.ca for more information or get social with @StaplesCanada on Facebook, Twitter, Instagram and LinkedIn.

 

– 30 –

 

Media information:

Kathleen Stelmach, Staples Canada, 905-737-1147 Ext. 578, kathleen.stelmach@staples.ca

Noah Gomberg, Golin, 647-475-4721, NGomberg@golin.com

Continue Reading

Business

Gas prices set to drop in the GTA – CP24 Toronto's Breaking News

Published

 on


Drivers are set to get some relief at the pumps as gas prices are set to drop 13 cents per litre by Friday.

Average gas prices hit $209.9 per litre on Wednesday in southern Ontario, marking a new record high and a whopping 12-cent rise since last Friday.

However, President of Canadians for Affordable Energy Dan McTeague says prices are set to drop three cents to 206.9 per litre as of midnight and then 10 another 10 cents to 196.9 per litre by Friday.

McTeague said that the drop in prices is being driven by the unease of global markets over a potential recession.

Prices at the pumps have been elevated since late February due to fuel supply shortages amid Russia’s invasion of Ukraine and the international sanctions that have been imposed as a result of the war.

Natural Resources Canada said the average price for regular gasoline in Canada hit $2.06 per litre on Monday, with the most expensive price in Vancouver at $2.34 a litre.

On Wednesday, Statistics Canada reported that the annual inflation rate rose 6.8 per cent year-over year in April. The national agency added that Canadian drivers paid 36.3 per cent more for gas in April compared to a year ago.

-With files from The Canadian Press

Adblock test (Why?)



Source link

Continue Reading

Business

Stock markets sell off as inflation fears settle in – CBC News

Published

 on


Stock markets were a sea of red on Wednesday as financial results from major retailers suggested they’re having a hard time dealing with stubbornly high inflation.

The S&P 500 was down by more than four per cent, its worst one-day showing since June 2020 as investors reacted to troubling signs that consumers are slowing their spending in the face of high prices.

Shares in Target shed more than 25 per cent of their value after the retailer said its profit was cut in half because of higher costs and supply chain problems. It was the worst day for Target’s shares since Black Monday in 1987, and it came a day after rival Walmart painted a similar picture the day before.

Walmart’s shares fell by more than 11 per cent on Tuesday and another seven per cent on Wednesday, after the retailer warned of lower profits to come due to higher costs for transportation and wages, as well as supply chain issues. Tuesday’s sell-off was also the biggest one-day plunge in Walmart shares since 1987.

That gloom coming from two cost-conscious retailers sparked investor fears that if they are having problems navigating high inflation, many others must be, too.

“The strength of the consumer will be tested as both Walmart and Target signal rising pricing pressures are not easing,” analyst Edward Moya with foreign exchange firm Oanda said.

The Dow Jones Industrial Average shed almost 1,200 points or more than three per cent and the technology focused Nasdaq lost more than 500 points or more than four per cent.

Since the start of the year, the Dow is down by 14 per cent, the S&P by 18 per cent and the Nasdaq by 28 per cent, data from Bloomberg shows.

“Stocks are crumbling after Wall Street worries about economic growth after hearing a chorus of concerns of higher prices that won’t be easing anytime soon,” Moya said.

Statistics Canada reported on Wednesday that the country’s inflation rate ticked upwards again last month, to a new 31-year high of 6.8 per cent.

While the Toronto Stock Exchange fared better than its U.S. counterparts, it wasn’t immune to the sell-off, losing 389  points, or about two per cent, to close as just over 20,100 points late in the trading day. The benchmark Canadian index has lost about seven per cent of its value since the start of the year, and has been mostly lower of late since topping out at over 22,000 points in April.

“It’s a really rough day out there for stock markets,” Colin Cieszynski, chief market strategist at SIA Wealth Management, said in an interview with CBC News.

“The retailers in particular are starting to get squeezed between rising costs and softening demand,” he said. “We’ve just been seeing a stampede for the exits across stock markets today.”

Tech shares hit hard

Technology shares, which soared earlier in the pandemic as the world went increasingly digital and online due to COVID-19 lockdowns, continue to get hammered.

Apple shares lost six per cent to trade at their lowest level since October. Amazon shares lost seven per cent and the shares are now trading where they were in April 2020. Netflix lost another seven per cent and now trade at their lowest level since 2018.

Canadian tech companies also sold off, with shares in e-commerce firm Shopify, payment processing company Lightspeed and BlackBerry all off by about three per cent.

Cieszynski said the sell-off in technology shares makes sense, because the sector “tends to benefit … when investors are feeling confident and when investors are willing to take on risk.”

“At a time when investors are are retrenching, turning away from risk and going more defensive, [technology] tends to underperform,” he said.

Bitcoin dips below $30,000

Bitcoin was no exception as the world’s largest cryptocurrency continued its plunge, losing another five per cent to trade below $30,000 US for the first time since 2021.

“The speculative cryptocurrency excesses of 2021 may mark a similar fate for risk assets, as when the internet bubble burst in 2000,” Bloomberg Intelligence analyst Mike McGlone said.

Adblock test (Why?)



Source link

Continue Reading

Trending