Whether in the country or across the border, the stock market seems primed for another crash. If the market was overpriced before the pandemic and is nearing the same level in just about five months, it means another correction might be right around the corner. There are other indicators, too, like the warning that Buffett Indicator flashed when the global economy to gross domestic product ratio surpassed the level previously seen before the 2000 tech bubble burst.
For the TSX, one specific indicator of an upcoming market crash might be Warren Buffett getting rid of Restaurants Brands International (TSX:QSR)(NYSE:QSR). Buffett’s Berkshire Hathaway partly funded the merger that created RBI in the first place.
A suffering business
Along with hospitality and travel, another industry that has suffered quite a lot during this pandemic is the food industry. Public places have been suffering for quite a while, mostly due to COVID-19 restrictions. During the times when restaurants were forced to close operations completely (no takeout or deliveries), people cooked at home.
No foot traffic means the majority of the business is slashed away. All the expensive investments such businesses made in aesthetics of their dining rooms all seem like a waste now. Renting or maintaining expensive premises is simply a drain on the resources. This has resulted in RBI, one of the five largest fast-food chains in the world, to close off hundreds of underperforming locations.
While one of the subsidiaries, Popeyes, saw the sales soar, Tim Hortons is suffering. The Canadian giant was already facing backlash and loyal customers turning away from the brand (partly because of the merger), and now the pandemic has made the situation even worse. RBI’s net earnings declined by 36% compared to the same quarter last year.
Should you get rid of RBI as well?
Not just yet. While there isn’t a lot of hope now, Buffett might come around and reconsider RBI, just like he did with Suncor. Even if he doesn’t change its mind, getting rid of RBI right now might not be a brilliant move for investors like us.
The bitter truth is that compared to the larger food chains, RBI is performing relatively poorly. McDonald’s has already recovered its pre-pandemic value, whereas Starbucks is 11.7% low from its pre-pandemic high and Yum! Brands are just 9.6% down. Compared to these fast-food chains, RBI’s valuation (20% lower than its pre-pandemic high) seems very weak.
According to the second-quarter results, two out of three brands have underperformed. But selling at its current valuation might not be prudent. Its dividends might be reason enough to keep the company in your portfolio for now. And if you still wish to get rid of it, wait for the stock to rise again. It will probably pick up pace as lockdown restrictions ease up.
If Buffett’s move indicates that TSX is about to see another crash, now would be an excellent time to identify which stocks you are going to buy. Look at the previous recovery of any of the stocks you are considering and figure out how low the stocks would have to fall to reach your desired valuation range.
Another crash might be a perfect opportunity to balance any losses you incurred in the first crash.
Source:- The Motley Fool Canada
BC health officials report 342 new cases of COVID-19 on Wednesday, August 4th – Victoria Buzz
The BC Ministry of Health reported 342 new cases of COVID-19 on Wednesday, August 4th.
There have been 150,973 cases of COVID-19 since the pandemic began.
New cases were reported in these health regions:
- Vancouver Coastal Health: 57
- Fraser Health: 66
- Island Health: 32
- Interior Health: 171
- Northern Health: 13
- Resident outside Canada: 3
There are currently 1,764 active cases of COVID-19 in the province.
147,409 people who tested positive have recovered.
There are now a total of 55 people in hospital due to COVID-19, 23 of whom are in critical care — ICU or acute care units.
There were no reports of deaths from COVID-related causes, making the provincial death toll at 1,772.
There are currently 5 outbreaks in long-term care (Holyrood Manor in Fraser Health, and Nelson Jubilee Manor, Kootenay Street Village, Cottonwoods Care Centre and Brookhaven Care Centre in Interior Health).
This section will be updated at 4:00 p.m. with Island Health updates.
81.5% of eligible people 12 and older in B.C. have received their first dose of COVID-19 vaccine and 67.9% have received their second dose.
In addition, 82.4% of all eligible adults in B.C. have received their first dose and 70.1% have received their second dose.
To date, 6,931,815 (+29,495) doses of the COVID-19 vaccine have been administered in BC; 3,146,669 (+25,358) of which are second doses.
Some links include:
At the time of this publication, 200,746,365 cases of COVID-19 had been recorded worldwide. 4,266,176 have died, and 180,828,978 have recovered.
COVID-19 in Ottawa: Fast Facts for Aug. 4, 2021 – CTV Edmonton
Good morning. Here is the latest news on COVID-19 and its impact on Ottawa.
- Ontario released its back-to-school plan on Tuesday.
- The number of known active COVID-19 cases in Ottawa dropped below 50 after rising over the last two weeks.
- The Canada Recovery Benefit is now unavailable to people who haven’t yet filed their taxes for 2019 or 2020
COVID-19 by the numbers in Ottawa (Ottawa Public Health data):
- New COVID-19 cases: One new case on Tuesday
- Total COVID-19 cases: 27,828
- COVID-19 cases per 100,000 (previous seven days): 4.0
- Positivity rate in Ottawa: 0.5 per cent (seven day average)
- Reproduction Number: 1.16 (seven day average)
Who should get a test?
Ottawa Public Health says you can get a COVID-19 test at an assessment centre, care clinic, or community testing site if any of the following apply to you:
- You are showing COVID-19 symptoms;
- You have been exposed to a confirmed case of the virus, as informed by Ottawa Public Health or exposure notification through the COVID Alert app;
- You are a resident or work in a setting that has a COVID-19 outbreak, as identified and informed by Ottawa Public Health;
- You are a resident, a worker or a visitor to long-term care, retirement homes, homeless shelters or other congregate settings (for example: group homes, community supported living, disability-specific communities or congregate settings, short-term rehab, hospices and other shelters);
- You are a person who identifies as First Nations, Inuit or Métis;
- You are a person travelling to work in a remote First Nations, Inuit or Métis community;
- You received a preliminary positive result through rapid testing;
- You are a patient and/or their 1 accompanying escort travelling out of country for medical treatment;
- You are a farm worker;
- You are an educator who cannot access pharmacy-testing; or
- You are in a targeted testing group as outlined in guidance from the Chief Medical Officer of Health.
Long-term care staff, caregivers, volunteers and visitors who are fully immunized against COVID-19 are not required to present a negative COVID-19 test before entering or visiting a long-term care home.
Where to get tested for COVID-19 in Ottawa:
There are several sites for COVID-19 testing in Ottawa. To book an appointment, visit https://www.ottawapublichealth.ca/en/shared-content/assessment-centres.aspx
- The Brewer Ottawa Hospital/CHEO Assessment Centre: Open Monday to Friday 10 a.m. to 5:30 p.m. Saturday and Sunday 8:30 a.m. to 3:30 p.m.
- COVID-19 Drive-Thru Assessment Centre at 300 Coventry Road: Open seven days a week from 10 a.m. to 2 p.m.
- The Moodie Care and Testing Centre: Open Monday to Friday from 8 a.m. to 3:30 p.m.
- The Ray Friel Care and Testing Centre: Open Monday to Friday from 8 a.m. to 3 p.m.
- North Grenville COVID-19 Assessment Centre (Kemptville) – 15 Campus Drive: Open Monday to Friday 9 a.m. to 5 p.m. Sunday from 9 a.m. to 1 p.m.
- Centretown Community Health Centre: Open Monday, Tuesday, Wednesday, Friday from 9 a.m. to 4 p.m.
- Sandy Hill Community Health Centre: Open Monday to Friday from 9 a.m. to 3 pm.
- Somerset West Community Health Centre: Open from 9 a.m. to 4 p.m. Monday to Wednesday, 1 p.m. to 4 p.m. Thursday and 9 a.m. to 2:30 p.m. on Friday
COVID-19 screening tool:
The COVID-19 screening tool for summer camp children and staff. All campers and staff must complete the COVID-19 School and Childcare screening tool daily.
Classic Symptoms: fever, new or worsening cough, shortness of breath
Other symptoms: sore throat, difficulty swallowing, new loss of taste or smell, nausea, vomiting, diarrhea, abdominal pain, pneumonia, new or unexplained runny nose or nasal congestion
Less common symptoms: unexplained fatigue, muscle aches, headache, delirium, chills, red/inflamed eyes, croup
The Ontario government released its back-to-school plan on Tuesday, detailing a return to the classroom, though some details remain unclear.
The province says all students will be returning to the classroom full time in September. Virtual options will still be available.
Masks will be mandatory for students in Grades 1 to 12, and recommended for kindergarten. They will not be required outdoors.
The government says school boards must be prepared for potential school closures and must have plans in place, but the government did not outline what might trigger a school closure. Chief Medical Officer of Health Dr. Kieran Moore said, in response to reporters’ questions, that he does not expect any schools will have to close this school year.
The government says the section in the back-to-school plan about managing cases and outbreaks in schools is still “forthcoming.”
Ottawa Public Health says one more person in the city has tested positive for COVID-19 and nine more cases are resolved.
To date, Ottawa has seen 27,828 laboratory-confirmed cases of COVID-19 since the pandemic began.
No new deaths were reported for a 19th straight day. The death toll from COVID-19 stands at 593 residents.
Active cases are back below 50 Tuesday but remain about 75 per cent higher than they were two weeks ago. The vaccination status of people who have recently tested positive has not been made public at this time.
There are zero active COVID-19 outbreaks in Ottawa.
The federal government says people who have not yet filed their 2019 or 2020 taxes are no longer eligible for the Canada Recovery Benefit (CRB).
However, a tax return from 2019 or 2020 is not required if you applied for fewer than 21 periods since September 27, 2020, and you applied for the time period of July 4 to 17, 2021, or earlier.
All other requirements for the CRB remain the same.
Robinhood spikes 65%, halted for volatility – Yahoo Canada Finance
Robinhood (HOOD) was temporarily halted for volatility this morning as the stock spiked 65% in the first minutes of trading. By 10:10 am ET, the stock was up 36%. The upward move comes a day after the investing platform’s stock spiked 24%. The stock price blew past its IPO price of $38 on Tuesday and closed at $46.80, in stark contrast to its public debut last week.
Retail interest could be a contributing factor for the upward move. Robinhood is one of the most mentioned stocks on Reddit’s WallStreetBets, according to SwaggyStocks. The stock’s comment volume has spiked over the last two days.
While short squeezes have often initially driven up “meme” stocks in the past, Robinhood’s move is not driven because of a short covering. “While there is some short side activity in HOOD, it is the long side which is main driver of its stock price volatility,” Ihor Dusaniwsky of S3 Partners told Yahoo Finance.
“The upward stock price pressure in HOOD is not a short squeeze for the simple reason that there has not been enough time for a large short position in HOOD to be accumulated,” he added.
High profile investments in Robinhood may also be driving the price higher. Last week Cathie Wood’s Ark Innovation ETF (ARKK) scooped up about 4.9 million shares of Robinhood, according to Bloomberg data.
Investors are keeping a close eye on the stock following Robinhood’s public debut last Thursday.
The stock sank as much as 12% below its IPO price during its first day of trading on the Nasdaq. Shares closed down 8% that day. Some questioned whether its lackluster performance had anything to do with Robinhood’s hybrid auction-style debut, a lack of lock-up period for 15% of shares held by employees and others, or concerns over regulatory headwinds.
Robinhood has been a key player in the retail trading boom involving GameStop (GME) and other stocks over the past year-and-a-half. In an unusual move, the company allocated about 35% of its shares to retail investors for its IPO.
The options market shows some investors are betting against an upward movement in the stock. Puts expiring August 20th outnumbered calls during the first day of options trading on Robinhood, according to Bloomberg data.
Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
How politics is tearing families apart | Cupp – Chicago Sun-Times
Impact of space station spin requires study, official says – CTV News
Dan Davies- Weekly Column – Horgan lacks plan to rebuild B.C. economy – Energeticcity.ca
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Health12 hours ago
How safe is it for fully vaccinated people to return to in-person work? One expert weighs in – CP24 Toronto's Breaking News
News10 hours ago
U.S. to outfit border agents with body cameras in major oversight move
Sports10 hours ago
Gold for Andre De Grasse, another huge 400m hurdles record
Tech16 hours ago
Facebook's WhatsApp rolls out option for disappearing photos, videos to take on Snapchat – Yahoo News Canada
Sports10 hours ago
Another record on track, Belarus sprinter heads for Poland
Sports10 hours ago
TOKYO OLYMPICS Update
Sports19 hours ago
Canada start time women's Olympic soccer final – TSN
Sports9 hours ago
Canada’s Warner starts fast to grab halfway lead in decathlon