'It is going to be pretty bad for Hamilton': Mayor Andrea Horwath on U.S. steel and aluminum tariffs
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Hamilton Mayor Andrea Horwath speaks about the impact U.S. President Donald Trump's doubling of steel and aluminum tariffs will have on her city's economy.
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CBC
21 minutes ago
- CBC
Winnipeg council approves sweeping housing zoning reforms
Winnipeg city council approved a package of sweeping housing zoning reforms overnight after days of debate. Council members proposed dozens of amendments in a hearing that went late into the night Thursday, but the reforms council approved did not change substantially from what city staff had recommended. Property owners can now build up to four units on all housing lots in the city, and buildings up to four storeys can be constructed within 800 metres of frequent transit, without the need for a public hearing, as long as they meet certain design standards. Critics of the changes say they take away the right of people to have a say on developments in their neighbourhoods. But Mayor Scott Gillingham said the city needed to make these changes to qualify for $450 million in federal housing funding from a number of different programs, including the housing accelerator fund. The mayor and other supporters say the new rules will lead to more homes being built faster, which will lower the cost of housing. In a news release, Gillingham said the changes will allow for a greater variety of housing in more neighbourhoods, making it easier for young workers, families and older adults to find a place to live. The city began the process of making these reforms in November 2023, when it agreed to implement zoning changes in exchange for receiving $122.4 million from the federal housing accelerator fund, which is intended to speed up housing construction. Other programs, like the Canada housing infrastructure fund and the Canada public transit fund, also made the money conditional on municipal governments making it easier to build housing.
Globe and Mail
27 minutes ago
- Globe and Mail
Why Broadcom Stock Slumped Today
Broadcom (NASDAQ: AVGO), the semiconductor company that's profited so much from the artificial intelligence (AI) revolution of late, saw its stock slump 3% through 10 a.m. ET this morning after reporting that it beat earnings last night... just barely. Heading into the company's fiscal second quarter of 2025, which ended May 4, analysts forecast Broadcom would earn $1.57 per share in adjusted profits on sales of just under $15 billion. In fact, Broadcom earned $1.58 per share, and its sales were $15 billion. Broadcom Q1 earnings Sales grew 20% year over year in Q2, setting a new quarterly record boosted by 46% year-over-year growth in revenue from AI chips. Adjusted earnings grew twice as fast, up 43%, but generally accepted accounting principles (GAAP) earnings did even better, more than doubling to $1.03 per share. (So while GAAP profits weren't nearly as good as non-GAAP, at least they're growing faster.) On the other hand, Broadcom noted that its free cash flow (FCF) in Q2 was only $6.4 billion. And while that represented 44% year-over-year growth, in line with adjusted earnings growth, it was apparently less than the $7 billion FCF that analysts had hoped Broadcom would produce. This realization seems to be outweighing the news of the earnings beat, and depressing Broadcom stock today. Is Broadcom stock a buy? Should investors be worried about this? Not necessarily. While I'm not usually thrilled to see such a large gap between GAAP earnings and non-GAAP earnings, Broadcom's generating tremendous free cash flow -- $22.7 billion over the last 12 months, or nearly twice reported net income. The stock's valuation is high; its price-to-free-cash-flow ratio is 52.5. But Broadcom is growing FCF fast enough that I think the valuation might be justified -- and Broadcom stock could still be a buy. Should you invest $1,000 in Broadcom right now? Before you buy stock in Broadcom, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Broadcom wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,395!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $858,011!* Now, it's worth noting Stock Advisor 's total average return is997% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
Globe and Mail
27 minutes ago
- Globe and Mail
Why Concrete Pumping Stock Is Down Big Today
Economic headwinds and bad weather conspired to cut construction activity, which in turn ate into results at Concrete Pumping Holdings (NASDAQ: BBCP). Shares of the multinational concrete provider traded down 17% as of 11 a.m. ET after the company reported results that fell short of Wall Street expectations. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Headwinds weigh on results Concrete Pumping plays a key part in the construction supply chain, providing concrete and concrete waste management services at job sites in the U.S. and in the United Kingdom. But there is only so much the company can do when demand for concrete slows, a scenario that played out in the most recent quarter. The company lost $0.01 per share on revenue of $93.96 million in its fiscal second quarter ending April 30, compared to Wall Street's forecast for a $0.04 per-share profit on sales of $99 million. Concrete Pumping did a good job keeping costs in line and gross margin is actually up slightly for the first six months of fiscal 2025 compared to a year ago, but the macro story was too much to overcome. "In the second quarter, we continued to navigate a challenging construction environment, marked by persistent macroeconomic headwinds and regional weather disruptions," CEO Bruce Young said in a statement. Management is not anticipating an immediate bounce back. Concrete Pumping cut its full-year revenue forecast to $380 million to $390 million, from $425 million to $445 million, saying it is not forecasting a "meaningful" recovery in the construction market until its fiscal 2026. Is Concrete Pumping stock a buy? Even with the declines, Concrete Pumping is still a long-term winner, up 62% over the past five years. The company has a lot of debt, $387 million at quarter's end, compared to a market capitalization of $317 million, but management remains confident enough in cash flows to pursue opportunistic acquisitions and boost its share buyback program by $15 million. For investors who are bullish long-term on the need for infrastructure revitalization in the U.S. and Western Europe and who are willing to ride out a near-term storm, this decline in Concrete Pumping shares could be viewed as a buying opportunity. Should you invest $1,000 in Concrete Pumping right now? Before you buy stock in Concrete Pumping, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Concrete Pumping wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,395!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $858,011!* Now, it's worth noting Stock Advisor 's total average return is997% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
