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What stock headlines and analyst reports got attention this week? Here is a press review which brings together various stock market texts.
September 5
Market news:
• Canadian pilots seeking better-paying positions in the United States as personnel shortages become apparent. The number of Canadian pilots seeking to fly in the United States tripled in 2022, according to unreleased U.S. government data, raising fears of a worsening shortage in Canada as pilots seek higher salaries.
• Canada’s tar sands carbon capture project struggles to secure critical contract. Canada is struggling to establish a key tool for large carbon capture and storage (CCS) projects, a representative of one of the largest such companies said, as the country seeks to establish critical incentives to reduce emissions from Alberta’s oil sands.
• SoftBank’s Arm is targeting a valuation of more than $52 billion for the year’s biggest U.S. IPO. SoftBank Group’s Arm is targeting a valuation of more than $52 billion for its IPO, putting the chip designer on course for the biggest IPO of the year.
• Chevron and unions begin mediation talks to avoid LNG strike in Australia. Chevron Australia and unions representing workers at two of the US energy major’s liquefied natural gas (LNG) facilities in Australia began talks on Monday aimed at averting strikes planned for Thursday if the parties fail to reach an agreement. agreement.
• The US Senate is ahead of the House of Representatives on budget bills to avoid shutting down government activities. Top Democrats in the US Senate will try to gain the upper hand over House Republicans in government funding negotiations when the chamber returns from its summer recess amid the threat of a government shutdown in October is looming on the horizon.
To monitor:
Canadian Western Bank (CWB, $29.30): the stock jumped 11.45% following the disclosure of its quarterly results and the Desjardins analyst increased its target price. The small bank from Western Canada presented its 3rd quarter results on Friday, and they definitely excited investors who caused the share price to jump nearly 11.5%.
Intact Financial Corporation (IFC, $193.99): The impact on the stock price of losses linked to natural disasters should be limited, according to the RBC analyst. The damage insurer whose head office is in Toronto, but a significant part of its activities is in Quebec, recently announced that the losses incurred linked to catastrophes on this date in the 3rd quarter were much higher than expected, which was not necessarily surprising given the number of forest fires, especially in British Columbia, episodes of hail in Ottawa and storms on the Canadian east coast, points out Geoffrey Kwan, analyst at RBC Capital Markets.
Laurentian Bank (LB, $36.29): no news on the sale of its assets, as well as its strategic review. The Quebec bank presented its financial results for the 3rd quarter of 2023 last Thursday. Investors then remained unsatisfied, because no details were provided regarding its strategic review, nor on the development surrounding the possible sale of the company, indicates Sohrab Movahedi, analyst at BMO Capital Markets. This caused a further decline in the stock, which found itself well below the level it had reached when the company announced that it was looking for a buyer.
