Stocks Take Pounding on Friday

Equities in Canada’s largest centre added Friday to its weekly losses, echoing weak sentiment on Wall Street, after Federal Reserve Chair Jerome Powell said U.S. monetary policy will need to be tight “for some time” before inflation is under control.

The TSX plummeted 299.05 points, or 1.5% to close off Friday at 19,873.20. Over the last five sessions, the index lost 238 points, or 1.2%.

The Canadian dollar fell 0.58 cents to 76.71 cents U.S.

Health-care weighed most heavily on the market by the close, with Canopy Growth down 47 cents, or 8.6%, to $4.97, while Aurora Cannabis dipped 18 cents, or 8.2%, to $2.01.

OpenText fell $6.55, or 13.6%, to $41.59, after the software company agreed to buy British enterprise software maker Micro Focus in an all-cash deal valuing it at $6 billion including debt. Elsewhere in the tech sector, Dye & Durham, sank 32 cents, or 6.2%, to … Read more

U.S. Non-Farm Payrolls Due Next Week

Monday

U.S.

Featured Earnings

HEICO Corporation (NYSE:HEI) (Q3) EPS projects for 65 cents, compared to 56 cents in the prior-year quarter.

Catalent Inc. (NYSE:CTLT) (Q4) EPS projects for $1.09, compared to $1.08 in the prior-year quarter.

H World Group Limited (NYSE:HTHT) (Q2) EPS projects for loss of 11 cents, compared to a gain of 18 cents in the prior-year quarter.

Tuesday

U.S.

Economic Lookahead

S&P Case-Shiller U.S. home price index (June)

Consumer confidence index (August)

Job openings (July)

Featured Earnings

Baidu, Inc. (NASDAQ: BIDU) (Q2) EPS projects for 83 cents, compared to $1.52 in the prior-year quarter.

CrowdStrike Holdings Inc. (NASDAQ: CRWD) (Q2) EPS projects for loss of 17 cents, compared to a loss of 21 cents in the prior-year quarter.

HP Inc. (NYSE: HPQ) EPS projects for $1.05 compared to $1.00 in the prior-year quarter.

Wednesday

U.S.

Economic Lookahead

Chicago manufacturing PMI (August)

Featured Earnings

Brown Forman Inc Class … Read more

Oil & Gas Industry Set For Record $1.4 Trillion Cash Flow In 2022

Oil and gas exploration and production (E&P) firms globally could generate combined cash flows of a record $1.4 trillion this year, thanks to high prices in the ongoing readjustment in the energy markets, Deloitte said in a new report on Thursday.

High oil and gas prices and financial discipline have turned the tide for the global upstream industry, and its efforts at capital discipline have paid off, Deloitte said.

Capital discipline has resulted in the oil and gas industry being “in one of its healthiest periods currently, with its lowest ever leverage ratio (20%) and one of its highest ever dividend yields (6%), compared to other sectors,” according to Deloitte.

The consultancy estimates that the industry will see its highest ever free cash flow of US$1.4 trillion in 2022 if Brent Crude price averages $106 per barrel.

Big Oil and U.S. shale producers alike reported record or close to record … Read more