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Energy, Financial Shares Dragging Down Canadian Market

Energy, Financial Shares Dragging Down Canadian Market

(RTTNews) – The Canadian stock market is down in negative territory with investors largely making cautious moves, reacting to earnings news from across the border, and following updates about coronavirus relief talks and global economic data.

Information technology stocks are finding good support. Telecom and industrial shares are among the other notable gainers. Energy, materials, financial and consumer discretionary shares are weak.

The benchmark S&P/TSX Composite Index is down 76.41 points or 0.46% at 16,486.40 about a quarter past noon. The index, which edged up to 16,569.88 at the start, fell to a low of 16,449.83 subsequently.

In the energy section, Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), Parex Resources (PXT.TO), Suncor Energy (SU.TO), MEG Energy (MEG.TO) and Cenovus Energy (CVE.TO) are down 3 to 5%.

Methanex Corp (MX.TO), Teck Resources (TECK.B.TO), Osisko Gold Royalties (OR.TO), Canfor Corp (CFP.TO), Novagold (NG.TO), Hudbay Minerals (HBM.TO) and Agnico Eagle Mines (AEM.TO) are among the prominent losers in the materials space. These stocks are currently down 2.5 to 4%.

In the financial space, CDN Western Bank (CWB.TO), National Bank of Canada (NA.TO), Fairfax Financial Holdings (FFH.TO), Toronto-Dominion Bank (TD.TO), Manulife Financial (MFC.TO), Laurentian Bank (LB.TO) and Sun Life Financial (SLF.TO) are down 1 to 2.5%.

Consumer discretionary shares Canada Goose Holdings (GOOS.TO), Spin Master (TOY.TO) and Magna International (MG.TO) are down sharply.

Technology stock BlackBerry (BB.TO) is up nearly 10%. Absolute Software (ABT.TO) is rising 5.7% and Docebo Inc. (DCBO.TO) is gaining about 4.5%. Enghouse Systems (ENGH.TO) and Kinaxis Inc. (KXS.TO) are up 2.5% and 1.6%, respectively.

Air Canada (AC.TO) has slashed its price to buy Canadian tour operator Transat A.T. Inc (TRZ.TO), to about C$188.7 million ($143.86 million), down from C$720 million, as COVID-19 weighs on travel demand, the companies said in a statement on Saturday.

Shares of Air

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Thinking about buying stock in DouYu, Adamis Pharmaceuticals, Altimmune, FuelCell Energy, or Ovid Therapeutics?

Thinking about buying stock in DouYu, Adamis Pharmaceuticals, Altimmune, FuelCell Energy, or Ovid Therapeutics?

Thinking about buying stock in DouYu, Adamis Pharmaceuticals, Altimmune, FuelCell Energy, or Ovid Therapeutics?

Thinking about buying stock in DouYu, Adamis Pharmaceuticals, Altimmune, FuelCell Energy, or Ovid Therapeutics?

PR Newswire

NEW YORK, Oct. 12, 2020

NEW YORK, Oct. 12, 2020 /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for DOYU, ADMP, ALT, FCEL, and OVID.



To see how InvestorsObserver’s proprietary scoring system rates these stocks, view the InvestorsObserver’s PriceWatch Alert by selecting the corresponding link.

(Note: You may have to copy this link into your browser then press the [ENTER] key.)

InvestorsObserver’s PriceWatch Alerts are based on our proprietary scoring methodology. Each stock is evaluated based on short-term technical, long-term technical and fundamental factors. Each of those scores is then combined into an overall score that determines a stock’s overall suitability for investment.


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SOURCE InvestorsObserver

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BP Ignores Oil Market Fundamentals In Latest Energy Outlook

BP Ignores Oil Market Fundamentals In Latest Energy Outlook

Peak demand has been on the oil industry’s radar for some time but mainly as a distant event with vague implications. BP tried to change that last month with a bearish long-term forecast for oil demand that said peak demand is either here now or will arrive in the next few years.

The UK oil major has made a cottage industry of its long-term Energy Outlook, which is eagerly awaited by oil and gas companies for its insights about future supply-demand trends. However, the overall response this time from most in the industry was that BP jumped the shark.

It’s true that the Covid-19 pandemic has stunted oil demand — and continues to do so — but to suggest that the market won’t recover to its pre-virus growth trajectory is quite a leap. One only has to look at BP’s new business strategy to see what is more likely driving the forecast. 

Along with several of its European peers, BP aspires to “net-zero” carbon emissions by 2050 and plans to shift investment away from its core oil and gas operations to low-carbon and renewable energy projects in the coming years. 

Under its plan to become an “integrated energy company,” BP will boost its low-carbon spending to $5 billion annually by 2030 while reducing oil and gas production by at least 1 million barrels of oil equivalent per day from 2019 levels. That

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Enphase Is Capitalizing On The Booming Home Energy Market (NASDAQ:ENPH)

Enphase Is Capitalizing On The Booming Home Energy Market (NASDAQ:ENPH)

The solar industry has been on fire over the past few quarters. Solar MLPE giant Enphase (ENPH) has been on a particularly solid run and continues to surge upwards. Despite an ongoing pandemic, Enphase has approximately quadrupled in market capitalization since March.

Enphase is an increasingly dominant force in the promising solar MLPE space. The company is also successfully moving into the even larger home energy industry. Enphase is at the forefront of a rapidly changing distributed energy industry and continues to innovate at a rapid rate.

Strong Performance Continues

Enphase continues to be one of the strongest performers in the revitalized solar industry. The company has consistently outperformed expectations, which has contributed to the company stunning rise over the past year. While the company’s Q2 revenue of $125.5 million decreased ~6% Y/Y, this revenue figures still impressive considering the industry-wide impact of COVID-19.

Enphase has transformed from one of the most overlooked solar companies to one of the largest solar companies in the world. The company’s success in the MLPE space, particularly with microinverters, has allowed it to expand its reach far beyond just solar MLPE products. Enphase is now a serious contender in the far larger home energy market.

Enphase has seen its value skyrocket in recent years.

Chart
Data by YCharts

Source: YCharts

Expanding Reach

The energy industry is set to undergo dramatic changes in the coming years. The arrival of cost-effective solar PV and energy storage is changing the dynamic of how energy is delivered. The residential market is already starting to transform with the arrival of cost-effective distributed energy.

Enphase is contributing greatly to this transformation with its innovative solar MLPE products. However, the company is now starting to dramatically widen its addressable market by moving into the wider home energy market. The opportunities in the

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Is the Options Market Predicting a Spike in Gulfport Energy (GPOR) Stock?

Is the Options Market Predicting a Spike in Gulfport Energy (GPOR) Stock?

Investors in Gulfport Energy Corporation GPOR need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 15, 2021 $1.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?

Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?   

Clearly, options traders are pricing in a big move for Gulfport Energy shares, but what is the fundamental picture for the company? Currently, Gulfport Energy is a Zacks Rank #1 (Strong Buy) in the Oil and Gas – Exploration and Production – United States industry that ranks in Top 34% of our Zacks Industry Rank. Over the last 60 days, three analysts have increased their earnings estimates for the current quarter, while none have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from a loss of 21 cents per share to a loss of 20 cents in that period.

Given the way analysts feel about Gulfport Energy right now, this huge implied volatility could mean there’s a trade developing. Often times, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move

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