Canada’s main stock index opened down Tuesday with lower crude prices pressuring energy stocks. On Wall Street, key indexes were also in the red at the start of trading amid a flood of corporate results.
At 9:31 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was down 66.99 points, or 0.32 per cent, at 20,609.75.
In the U.S., the Dow Jones Industrial Average fell 47.06 points, or 0.14 per cent, at the open to 33,828.34. The S&P 500 opened lower by 10.61 points, or 0.26 per cent, at 4,126.43, while the Nasdaq Composite dropped 68.40 points, or 0.57 per cent, to 11,968.81 at the opening bell.
Earnings continued to dominate on Tuesday, with the first of a slew of big tech results this week due after the bell when Alphabet and Microsoft report. Alphabet stock is up about 20 per cent so far this year while Microsoft has gained about 17 per cent, Michael Hewson, chief market analyst with CMC Markets U.K., notes.
“With Facebook owner Meta Platforms due tomorrow and Amazon on Thursday, any disappointment here could well prompt investors to reassess earnings expectations over the course of the rest of the year,” Mr. Hewson said.
“That being said it’s more likely that this week’s earnings numbers could merely shift the markets focus to next week’s Fed meeting when we are likely to see another 25-basis-point rate hike.”
U.S. investors also got results this morning from McDonald’s and General Motors among others.
In Canada, West Fraser Timber and construction company Aecon report after the close.
Meanwhile, Canadian National Railway Co. reported record first-quarter revenue, helped by higher crude prices and a bumper grain crop.
CN posted revenue of $4.31-billion for the quarter ended March 31, up 16 per cent from $3.71-billion a year earlier. On an adjusted basis, diluted earnings per share rose 38 per cent to $1.82 from $1.32 a year ago, topping analysts’ forecasts of $1.72 per share, according to financial data firm Refinitiv.
Overseas, the pan-European STOXX 600 was down 0.32 per cent by midday. Britain’s FTSE 100 fell 0.14 per cent. Germany’s DAX was flat and France’s CAC 40 slid 0.57 per cent and 0.61 per cent, respectively.
In Asia, Japan’s Nikkei edged up 0.09 per cent. Hong Kong’s Hang Seng dropped 1.71 per cent.
Commodities
Crude prices turned negative ahead of the release of the latest U.S. weekly inventory figures.
The day range on Brent was US$82.44 to US$83.06 in the early premarket period. The range on West Texas Intermediate was US$78.49 to US$79.07.
“Time will tell whether OPEC+ decision to cut output will push oil prices back to US$100 as some feared but it doesn’t look particularly promising at this point,” OANDA senior analyst Craig Erlam said.
“The economic outlook has deteriorated but the degree to which that is the case is still unclear.”
Later in the day, the American Petroleum Institute reports its weekly inventory numbers. More official U.S. government figures will follow on Wednesday morning.
Analysts expect to see U.S. inventories fall by 1.7 million barrels last week.
Meanwhile, Reuters reports that bookings in China for trips abroad during the upcoming May Day holiday signal an ongoing recovery in travel to Asian countries.
“Investors expressed optimism that Chinese holiday travel would boost fuel demand in the world’s largest oil importer,” Leon Li, an analyst at CMC Markets, said.
In other commodities, spot gold was steady at US$1,988.27 per ounce early Tuesday morning, while U.S. gold futures was unchanged at US$1,999.40.
“The uncertainty over the outlook has seen the rally stall just shy of record highs and while traders don’t seem particularly keen to give up on it, the fact that interest rate expectations have become slightly more hawkish recently has made rediscovering momentum challenging,” Mr. Erlam said.
Currencies
The Canadian dollar was lower while its U.S. counterpart rose against a group of world currencies as risk sentiment weakened.
The day range on the loonie was 73.58 US cents to 73.94 US cents in the early premarket period. Over the past month, the Canadian dollar is up about 0.22 per cent against the greenback.
“The CAD is struggling again as risk appetite weakens and investors shy away from commodity FX,” Shaun Osborne, chief FX strategist with Scotiabank, said.
There were no major Canadian economic releases due Tuesday.
On world markets, the U.S. dollar index was last up 0.2 per cent at 101.48 in a flight to safety as worries about the health of the financial system resurfaced following earnings from First Republic Bank and UBS, Reuters reported.
The euro was down about 0.2 per cent against the U.S. dollar but still holding above US$1.10. The euro has gained about 1.7 per cent so far in April.
Britain’s pound was down 0.2 per cent at US$1.2463, but not far from the 10-month high of US$1.2545 reached earlier this month, according to figures from Reuters.
In bonds, the yield on the U.S. 10-year note was lower at 3.449 per cent in the predawn period.
More company news
McDonald’sglobal comparable sales rose 12.6 per cent in the first quarter, it said on Tuesday, blasting past Wall Street estimates as the burger chain banked on higher menu prices and more customer visits. Sales also rose by the same 12.6 per cent for all of McDonald’s Corp’s geographical segments. Analyst had expected an 8.54 per cent rise globally, according to Refinitiv IBES data. –Reuters
General Motors Co on Tuesday lifted its full-year profit and cash flow forecasts, citing stronger-than-expected demand and higher prices, even as pre-tax profits for the first quarter fell. The No. 1 U.S. automaker said it expects full-year pre-tax profits in a range between US$11-billion and US$13-billion, up US$500-million from a prior forecast. –Reuters
First Republic Bank shares sank more than 20 per cent just after Tuesday’s opening bell after the U.S. lender said deposits plunged by more than US$100-billion in the first quarter and it was exploring options such as restructuring its balance sheet. The deposit slump overshadowed profits that beat expectations for the beleaguered lender, which was shored up through an injection of deposits by larger U.S. banks last month after the collapse of two U.S. regional lenders. The bank plans to slash expenses by cutting executive compensation, paring back office space, and laying off nearly 20% to 25% of employees in the second quarter, it said Monday. –Reuters
UBS Group set aside more money to draw a line under its involvement in toxic mortgages, dealing a heavy blow to first-quarter profit as it prepares to integrate fallen rival Credit Suisse. Switzerland’s biggest bank reported a 52-per-cent slide in quarterly profit, having set aside a further US$665-million to cover the costs of the U.S. residential mortgage-backed securities that played a central role in the global financial crisis. –Reuters
PepsiCo Inc on Tuesday raised its annual revenue and profit forecasts, betting on steady demand for its sodas and snacks as well as price hikes to offset rising costs. The company said it expects 2023 organic revenue to rise 8%, compared with its prior forecast of a 6% increase. PepsiCo now sees annual core earnings per share of $7.27, compared with $7.20 earlier. –Reuters
3M Co said on Tuesday it would cut about 6,000 positions globally as the U.S. industrial conglomerate looks to restructure its business amid waning demand and increasing costs. Shares of the St. Paul, Minnesota-based company were up 1.6% at $106.7 premarket. –Reuters
Economic news
(9 a.m. ET) U.S. S&P CoreLogic Case-Shiller Home Price Index (20 city) for February.
(9 a.m. ET) U.S. FHFA House Price Index for February.
(10 a.m. ET) U.S. new home sales for March.
With Reuters and The Canadian Press
(10 a.m. ET) U.S. Conference Board Consumer Confidence Index for April.
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.
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 more—to 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.
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.
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.
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