Latest news with #stockmarket
Bloomberg
2 hours ago
- Business
- Bloomberg
McDonald's Shares Slump as GLP-1 Risks Spur Rare Sell Rating
McDonald's Corp. shares slumped on Tuesday after Redburn Atlantic slapped the burger chain with its sole sell rating, saying shifting consumer patterns due to weight-loss drugs and inflation are cause for concern. Shares of McDonald's fell as much as 1.6% in premarket trading on the downgrade, a two-notch cut from Redburn's previous buy rating. The stock has declined for six straight days, it's longest losing streak in a year, after closing just below a record high in mid-May.
Bloomberg
2 hours ago
- Business
- Bloomberg
Stocks Have Likely Bottomed, Says Morgan Stanley's Wilson
Morgan Stanley Chief Equity Strategist Mike Wilson says unless the US trade war with China re-escalates in a negative fashion, trade issues won't be enough to take the momentum out of stocks. In a note, Wilson reiterated his 12-month price target of 6,500 points, implying gains of about 8% from current levels. He is on "Bloomberg Surveillance." (Source: Bloomberg)
Globe and Mail
3 hours ago
- Business
- Globe and Mail
Stocks Post Modest Gains on Signs of Progress in US-China Trade Talks
The S&P 500 Index ($SPX) (SPY) Monday closed up +0.09%, the Dow Jones Industrials Index ($DOWI) (DIA) closed unchanged, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.17%. June E-mini S&P futures (ESM25) are up +0.03%, and June E-mini Nasdaq futures (NQM25) are up +0.07%. Stock indexes on Monday settled slightly higher, with the S&P 500 posting a 3-1/2 month high. Signs of progress in the US-China trade talks pushed stock prices higher on Monday after trade negotiators for both countries agreed to meet again on Tuesday. Gains in stocks accelerated on Monday when Kevin Hassett, head of the National Economic Council, said the US is willing to remove restrictions on some tech exports to China for assurances that China will ease limits on rare earth shipments. M&A activity is supportive of stocks after Qualcomm on Monday agreed to buy Alphawave IP Group Plc for about $2.4 billion. Also, IonQ agreed to buy Oxford Ionics in a deal valued at $1.075 billion. Lower bond yields also boosted stocks as the 10-year T-note yield on Monday fell -2 bp to 4.48%. China's trade report was weaker than expectations and was bearish for global growth prospects. China's May exports rose +4.8% y/y, weaker than expectations of +6.0% y/y. Also, May imports fell -3.4% y/y, weaker than expectations of -0.8% y/y. The markets this week will focus on any fresh tariff news and the US-China trade negotiations. On Wednesday, May CPI is expected to tick up to +2.5% y/y from +2.3% y/y in April, and May CPI ex-food and energy is expected to increase to +2.9% y/y from +2.8% y/y in April. On Thursday, weekly initial unemployment claims are expected to fall -6,000 to 241,000. Also, the May final-demand PPI is expected to increase to +2.6% y/y from +2.4% y/y in April, while May PPI ex-food and energy is expected to remain unchanged from April at +3.1% y/y. On Friday, the preliminary June University of Michigan US consumer sentiment index is expected to climb +1.3 to 53.5. The markets are discounting the chances at 0% for a -25 bp rate cut at the next FOMC meeting on June 17-18. Overseas stock markets on Monday settled mixed. The Euro Stoxx 50 closed down -0.16%. China's Shanghai Composite rose to a 3-week high and closed up +0.43%. Japan's Nikkei Stock 225 climbed to a 1-week high and closed up +0.92%. Interest Rates September 10-year T-notes (ZNU2 5) Monday closed up +8 ticks. The 10-year T-note yield rose +0.2 bp to 4.508%. Sep T-notes Monday recovered early losses and settled higher on optimism that progress was being made in US-China trade talks, which could lead to lower tariffs and reduced inflation concerns. T-note prices also saw some support from the weaker-than-expected Chinese trade report, which was negative for global economic growth. T-notes on Monday initially moved lower, and the 10-year T-note yield rose to a 1-week high of 4.516%. T-notes were under early pressure on Monday after the price of WTI crude oil rallied to a 2-1/4 month high, boosting inflation expectations. Also, supply pressures weighed on T-notes as the Treasury will auction $58 billion of 3-year T-notes on Tuesday as part of this week's $119 billion auction schedule of T-notes and T-bonds. European government bond yields today are moving higher. The 10-year German bund yield fell -0.9 bp to 2.567%. The 10-year UK gilt yield fell -1.2 bp to 4.632%. ECB Governing Council member Kazimir said the ECB is nearly, if not already, at the end of its interest rate cut cycle. Swaps are discounting the chances at 13% for a -25 bp rate cut by the ECB at the July 24 policy meeting. US Stock Movers Strength in chip stocks on Monday supported the broader market. Advanced Micro Devices (AMD), ARM Holdings Plc (ARM), Qualcomm (QCOM), and ON Semiconductor (ON) closed up more than +4%. Also, Texas Instruments (TXN) closed up more than +3%. In addition, Intel (INTC), KLA Corp (KLAC), ASML Holding NV (ASML), Micron Technology (MU), and NXP Semiconductors NV (NXPI) closed up more than +2%. Goodyear Tire & Rubber (GT) closed up more than +10% after BNP Paribas Exane upgraded the stock to outperform from neutral with a price target of $15. Etoro Group Ltd (ETOR) closed up more than +10% after Mizuho Securities initiated coverage on the stock with a recommendation of outperform and a price target of $80. Steven Madden Ltd (SHOO) closed up more than +4% after Williams Trading LLC upgraded the stock to buy from hold with a price target of $31. ABM Industries (ABM) closed up more than +3% after Baird upgraded the stock to outperform from neutral with a price target of $56. IonQ (IONQ) closed up more than +2% after agreeing to buy Oxford Ionics in a deal valued at $1.075 billion. Synopsys (SNPS) and Cadence Design Systems (CDNS) closed up more than +1% after DigiTimes reported that access to technical support platforms from the companies had been restored in China in the wake of a phone call last week between US President Trump and Chinese President Xi Jinping. AppLovin (APP) closed down by more than -8% to lead losers in the Nasdaq 100 after S&P Dow Jones Indices announced there are no changes to the S&P 500 Index, erasing speculation that the stock might be added to the index. Intuitive Surgical (ISRG) closed down more than -5% after Deutsche Bank Downgraded the stock to sell from hold with a price target of $440. Insurance stocks declined on Monday, putting pressure on the overall market. Aon Plc (AON) closed down more than -4%, and Allstate (ALL), Arthur J Gallagher (AJG), Marsh & McLennan (MMC) closed down more than -3%. Also, American International Group (AIG), Progressive Corp (PGR), Willis Towers Watson Plc (WTW), and Erie Indemnity (ERIE) closed down more than -2%. In addition, Travelers Cos (TRV) closed down more than -3% to lead losers in the Dow Jones Industrials. EchoStar (SATS) closed down more than -8% after the Wall Street Journal reported the company is weighing a potential Chapter 11 bankruptcy filing amid an FCC review of certain of its wireless and satellite spectrum rights. Cheniere Energy (LNG) closed down more than -6% on signs of insider selling after an SEC filing showed Director Shear sold $1.06 million of shares last Thursday. Robinhood Markets (HOOD) closed down more than -2% after Reburn downgraded the stock to sell from neutral with a price target of $48. Core & Main Inc (CNM), GameStop Corp (GME), Gitlab Inc (GTLB), J M Smucker Co/The (SJM).
National Post
3 hours ago
- Business
- National Post
DATA Communications Management Corp. Announces Normal Course Issuer Bid
Article content BRAMPTON, Ontario — DATA Communications Management Corp. (TSX: DCM; OTCQX: DCMDF) ('DCM' or the 'Company'), a leading Canadian provider of print and digital solutions that help simplify complex marketing communications and workflow, announced today that the Toronto Stock Exchange (the 'TSX') has accepted a notice filed by the Company of its intention to make a normal course issuer bid (the 'NCIB') with respect to its outstanding common shares (the 'Common Shares'). Article content The notice provides that the Company may, during the 12 month period commencing June 12, 2025 and ending no later than June 11, 2026, purchase, through the facilities of the TSX, up to 4,220,210 Common Shares, being approximately 10% of the 'public float' (as such term is defined in the policies of the TSX) of such Common Shares as at May 31, 2025. Article content The daily average trading volume of the Common Shares for the six calendar months ended May 31, 2025 (the 'ADTV'), calculated in accordance with the rules of the TSX for purposes of the NCIB, was 47,421 Common Shares. Daily purchases will be limited to 25% of the ADTV, or up to 11,855 Common Shares, other than block purchase exemptions in accordance with TSX rules. During the period of the NCIB, purchases will be made on the open market by the Company through facilities of the TSX and any other exchange or alternative trading system in Canada in accordance with the rules and policies of the TSX. The actual number of Common Shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of the Company. The Company has appointed Clarus Securities Inc. as its broker to conduct the NCIB transactions. Article content The price that the Company will pay for any such Common Shares will be the market price of such Common Shares on the TSX at the time of acquisition. Common Shares purchased under the bid will be cancelled. As at May 31, 2025, 55,308,951 Common Shares were outstanding. Article content Prior to commencing purchases under the NCIB, DCM also intends to establish an automatic share purchase plan under which its designated broker will purchase Common Shares within a defined set of criteria. Article content The Company believes that the market price of Common Shares is such that their purchase from time to time would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders. Article content In addition to purchases under the NCIB, the Company may from time to time make other purchases of the Common Shares in accordance with applicable securities laws and rules of the TSX. Article content About DATA Communications Management Corp. Article content DCM is a leading Canadian tech-enabled provider of print and digital solutions that help simplify complex marketing communications and operations workflow. DCM serves over 2,500 clients including 70 of the 100 largest Canadian corporations and leading government agencies. Our core strength lies in delivering individualized services to our clients that simplify their communications, including customized printing, highly personalized marketing communications, campaign management, digital signage, and digital asset management. From omnichannel marketing campaigns to large-scale print and digital workflows, our goal is to make complex tasks surprisingly simple, allowing our clients to focus on what they do best. Article content Additional information relating to DATA Communications Management Corp. is available on and in the disclosure documents filed by DATA Communications Management Corp. on SEDAR+ at Article content Certain statements in this press release constitute 'forward-looking' statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. When used in this press release, words such as 'may,' 'would,' 'could,' 'will,' 'expect,' 'anticipate,' 'estimate,' 'believe,' 'intend,' 'plan,' and other similar expressions are intended to identify forward-looking statements. These statements reflect DCM's current views regarding future events and operating performance, are based on information currently available to DCM, and speak only as of the date of this press release. Article content These forward-looking statements involve a number of risks, uncertainties, and assumptions. They should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Many factors could cause the actual results, performance, objectives or achievements of DCM to be materially different from any future results, performance, objectives or achievements that may be expressed or implied by such forward-looking statements. We caution readers of this press release not to place undue reliance on our forward-looking statements since a number of factors could cause actual future results, conditions, actions, or events to differ materially from the targets, expectations, estimates or intentions expressed in these forward-looking statements. Article content The principal factors, assumptions and risks that DCM made or took into account in the preparation of these forward-looking statements and which could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are described in further detail in our most recent annual and interim Management Discussion and Analysis filed on SEDAR+, and include but are not limited to the following: industry conditions are influenced by numerous factors over which the Company has no control, including: declines in print consumption; labour disruptions at suppliers and customers, including Canada Post; the impact of tariffs and responses thereto (including by governments, trade partners and customers), which may include, without limitation, retaliatory tariffs, export taxes, restrictions on exports to the U.S. or other measures, increases in the cost of our input costs, and the effect of governmental regulations and policies in general; our ability to achieve and meet our revenue, profitability, free cash flow and debt reduction targets for 2025 and in the future; while we have received consents from our lenders for the declaration and payment of the special dividend and regular recurring dividend, including the exclusion of the special dividend from our fixed charge coverage ratios, our financial leverage may increase, and there is no guarantee that we will pay such dividends in the future; our ability to comply with our financial and other covenants under our credit facilities, which may preclude us from paying future dividends if our outlook and future financial liquidity changes; and, our ability to repurchase Common Shares under the NCIB is subject to our compliance with our financial and other covenants under our credit facilities. Article content Additional factors are discussed elsewhere in this press release and under the headings 'Liquidity and capital resources' and 'Risks and Uncertainties' in DCM's Management Discussion and Analysis and in DCM's other publicly available disclosure documents, as filed by DCM on SEDAR+. Article content Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated, or expected. Unless required by applicable securities law, DCM does not intend and does not assume any obligation to update these forward-looking statements. Article content Article content Article content Article content Contacts Article content Mr. Richard Kellam President and Chief Executive Officer DATA Communications Management Corp. Tel: (905) 791-3151 Article content Article content
Reuters
4 hours ago
- Business
- Reuters
UK listing rules not to blame for firms fleeing London stock market, regulator says
LONDON, June 10 (Reuters) - Britain's rules for firms listed on the stock market are not the reason for companies leaving the London exchange, the chief executive of the Financial Conduct Authority said on Tuesday, following fintech Wise (WISEa.L), opens new tab announcing a move to the U.S. last week. "I'm not hearing it's regulatory, I'm hearing its much wider," Nikhil Rathi told a hearing of lawmakers, when asked why companies were moving their listings elsewhere. Instead, Rathi cited factors such as the bigger pool of capital in the United States, the low ownership of UK equities by pension funds and limits on executive pay.
