CANADA STOCKS-TSX edges higher at open on energy support
Nov 18 (Reuters) – Canada’s main stock index inched higher at the open on Wednesday, buoyed by energy stocks as oil prices firmed on hopes OPEC and its allies will delay a planned increase in output.
* At 9:35 a.m. ET (14:35 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 6.64 points, or 0.04%, at 16,954.7.
Stock Alert: Lowe’s Tumbles 6% After Q3 Results
Shares of Lowe’s Companies Inc. (LOW) are losing almost 6 percent or $9.25 in Wednesday’s morning trade at $150.61 after the home improvement retailer’s third-quarter earnings missed analysts’ expectations.
Wednesday, Lowe’s reported that its third-quarter net income fell to $692 million or $0.91 per share from $1.05 billion or $1.36 per share in the year-ago period. However, adjusted earnings were $1.98 per share, compared to $1.41 per share in the prior year. Sales rose 28.3 percent to $22.31 billion from $17.39 billion last year.
Analysts polled by Thomson Reuters had a consensus estimate for earnings of $1.99 per share on revenues of $21.25 billion.
For the fourth quarter, Lowe’s projects adjusted earnings in a range of $1.10 to $1.20 per share, and total and comparable sales growth of about 15 percent to 20 percent. The Street expects earnings of $1.16 per share.
Lowe’s has traded in a range of $60.00 to $180.67 in the past 52 weeks.
The Mercedes-AMG GT Black Series is the world's fastest car … here
Fox News Autos test drive: 2020 Mercedes-Benz GLB 250
The Mercedes-Benz GLB is a smart utility vehicle with tons of tech, says Fox News Autos editor Gary Gastelu.
The Mercedes-AMG GT Black Series has claimed the title of world’s fastest production car.
Not in terms of top speed — a record that’s currently in dispute after the SSC Tuatara set a controversial 316 mph mark on a Nevada highway in October — but around a benchmark track.
The high performance coupe set a lap time of 6:43.616 at Germany’s Nurburgring Nordschleife, which is a punishing 12.8-mile stretch of rough and twisted track that automakers use to test sports cars and see how they measure up against their peers.
The 720 hp coupe driven by pro racer Maro Engle beat the previous record set by the $517,770 Lamborghini Aventador SVJ LP770-4 in 2018 by a scant 1.35 seconds, which almost makes the $389,000 GT Black Series look like a bargain.
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Amazon Roars Into the Holidays
While traders were enthralled with the Amazon.com Inc. (NASDAQ: AMZN) move into the pharmacy business, the huge e-commerce and cloud company showed it has more worlds to conquer. However, it is the core business that will drive earnings between now and the end of the year. Analysts who cover overall online shopping think that it could represent almost a third of holiday purchases.
Amazon’s shares reached an all-time high recently and have risen 70% this year, against an advance of 12% by the S&P 500. Its market cap is about $1.57 trillion.
Amazon’s revenue in the fourth quarter should surge above the third, particularly in its core North America e-commerce segment. Overall revenue in the third quarter was $96.1 billion. North America e-commerce was $59.3 billion of that. Amazon’s total operating income for the quarter was $6.2 billion, of which $2.3 billion was from North America e-commerce.
Unfortunately, much the holiday increase will be because the pandemic will keep people out of stores. That, combined with convenience, will have a trampoline effect on revenue.
Amazon’s forecast for the fourth quarter appears to be light, and therefore, easily beaten. Management put the range at $112 billion and $121 billion, up about 30% from last year’s number for the same period.
Watch for Amazon to blow above that number.
Dow edges higher as Pfizer touts vaccine trial, Boeing shares jump
US stocks edged higher on Wednesday, fueled by upbeat news from Pfizer and Boeing.
The Dow Jones industrial average was up 139 points, or 0.5 percent, and was on its way to erase its Tuesday dip. The small bump keeps the Dow within spitting distance of the never-reached 30,000 mark, at 29,922.51 — but still shy of Monday’s all-time intraday high of 29,964.29.
The benchmark S&P 500 index and tech-heavy Nasdaq, meanwhile, were both up 0.1 percent.
The modest gains were powered by Pfizer’s announcement that late-stage trials showed its coronavirus vaccine is 95 percent effective – up from the 90 percent it had reported earlier.
“The market has been expecting this, but it is still in the realm of positive news,” Quincy Krosby, chief market strategist at Prudential Financial, told The Post.
Pfizer and Moderna have said they could seek emergency clearance for the shots in the US as soon as this month, and both companies plan to have millions of doses ready by the end of the year.
“When we hear from Moderna that they are seeking market authorization, that will reinforce that we will receive a vaccine that will be delivered to groups that are considered the most vulnerable, probably by the end of the year,” Krosby added.
The Dow likewise got a boost on Wednesday after the US cleared Boeing’s 737 MAX for passenger flights after being grounded for two years. Boeing shares were recently up 3.6 percent at $217.60.