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Bank of Montreal shares experienced their largest surge since 2020, driven by renewed confidence in the bank's credit stability. Scotiabank's Meny Grauman upgraded the bank to sector outperform and raised the price target to C$160, while CIBC's Paul Holden also increased his rating to outperformer.
Donald Trump has proposed blanket tariffs on goods from Canada, Mexico, and China, aiming to address issues like drug trafficking and immigration while protecting American interests. Foreign nations may view these tariffs as a negotiating tactic, raising questions about their potential responses and the implications for American consumers.
Cohere Inc., an AI startup valued at over $5.5 billion, is collaborating with CoreWeave Inc. to establish a multibillion-dollar data center in Canada, supported by the Canadian government. The company, with around 400 employees, operates from Toronto and San Francisco.
lululemon athletica Inc. focuses on designing and marketing technical sportswear for men and women, offering a range of products including pants, T-shirts, and accessories. As of January 28, 2024, the company operates 711 stores globally, with net sales primarily from directly operated stores (45.9%) and online sales (44.8%). Geographically, 66% of sales come from the United States, followed by Canada (13.4%), China (10%), and other regions (10.6%).
Canada's jobless rate surged to 6.8%, the highest in three years, despite adding 51,000 jobs in November. This increase, driven by a rise in job seekers and temporary layoffs, suggests a stronger case for the central bank to accelerate rate cuts. Economists had anticipated a smaller job gain and a lower unemployment rate of 6.6%.
Canada's farmers harvested 34.96 million tons of wheat in 2024, exceeding expectations and last year's yield. However, the rapeseed harvest fell to 17.85 million tons, 7% lower than 2023, while soybean production rose by 8.4% to 7.57 million tons. Barley production dropped significantly by 11.4%, contrasting with a 27% increase in oat production.
WELL Health Technologies reported record Q3 2024 revenue of $251.7 million, a 23% increase from the previous year, driven by organic growth and a 41% rise in patient visits. However, the company faces challenges, including a projected 17.4% annual earnings decline and vulnerability to natural disasters, impacting its financial outlook. Despite these hurdles, WELL's valuation suggests it may be undervalued in the market, with a net debt to equity ratio of 27.7%.
Canada’s six largest banks are set to increase variable compensation for employees in 2024, with an average bonus pool rise of 12.2% compared to the previous year. Notably, Royal Bank of Canada, Canadian Imperial Bank of Commerce, and National Bank of Canada are leading the increases, despite a challenging environment for dealmaking and capital markets.
Toronto-Dominion Bank reported earnings of C$1.72 per share for its fiscal fourth quarter, falling short of the C$1.83 average analyst estimate due to weak performance in its US banking operations. The bank is suspending its growth guidance as it reassesses business priorities following a historic money-laundering settlement with US authorities.
DC Wallet, powered by Radix technology, has partnered with AFC India Ltd to accelerate CBDC adoption in India. This collaboration aims to enhance financial inclusion by integrating with local banks and providing solutions for various sectors, reaching over 200 million users. The platform features advanced security, fast transactions, and cross-border payment capabilities, supporting the unbanked population and facilitating remittances from the Indian diaspora.
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