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  • Stock news for investors: Big gains for Canada’s banks in Q1

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    Scotiabank reports $2.3B Q1 profit, up from $993M a year earlier

    Bank of Nova Scotia (TSX:BNS)

    Numbers for its first quarter:

    • Profit: $2.30 billion (up from $993 million a year ago)
    • Revenue: $9.65 billion (up from $9.37 billion)

    The Bank of Nova Scotia reported $2.30 billion in first-quarter net income, up from $993 million a year earlier. The bank says the profit amounted to $1.73 per diluted share for the quarter ended Jan. 31, up from 66 cents per diluted share in the same period a year earlier.

    Revenue totalled $9.65 billion, up from $9.37 billion.

    Scotiabank says its provision for credit losses was $1.18 billion for the quarter, up from $1.16 billion a year earlier.

    On an adjusted basis, Scotiabank says it earned $2.05 per diluted share in its latest quarter, up from $1.76 a year earlier.

    The average analyst estimate had been for an adjusted profit of $1.95 per share, according to LSEG Data & Analytics.

    Source Google

      

    EQB reports lower first quarter adjusted net income of $85.2M, raises dividend

    EQB (TSX:EQB)

    Numbers for its first quarter:

    • Profit: $85.2 million (down from $116.2 million a year ago)
    • Revenue: $306.8 million (down from $322.6 million)

    EQB Inc. reported adjusted net income of $85.2 million for the first quarter, down from $116.2 million during the same period a year earlier. On a per-share basis, that amounted to adjusted earnings of $2.26, down from $2.98 a year earlier.    

    The owner of EQ Bank says its adjusted net interest income came in at $263.4 million,  down from $270.6 million in the prior year quarter. 

    EQB says its adjusted revenue was $306.8 million during the period, down year over year from $322.6 million. 

    Chadwick Westlake, the CEO of EQB, says the company is energized to close its acquisition of PC Financial, announced in December of last year, and partner with Loblaw Companies.      

    EQB also raised its dividend by 16% year over year, now sitting at 59 cents per common share.

    Source Google

    National Bank reports $1.25B Q1 profit, up from $997M a year earlier

    National Bank of Canada (TSX:NA)

    Numbers for its fourth quarter:

    • Profit: $1.25 billion (up from $997 million a year ago)
    • Revenue: $3.89 billion (up from $3.18 billion)

    National Bank of Canada reported a first-quarter profit of $1.25 billion, up from $997 million a year earlier, helped by its acquisition of Canadian Western Bank. The bank says the profit amounted to $3.08 per diluted share for the quarter ended Jan. 31, up from $2.78 in the first quarter of 2025.

    Revenue totalled $3.89 billion, up from $3.18 billion a year earlier.

    National Bank’s provision for credit losses amounted to $244 million for the quarter, down from $254 million a year earlier.

    On an adjusted basis, National Bank says it earned $3.25 per diluted share in its latest quarter, up from an adjusted profit of $2.93 a year earlier.

    Analysts on average had expected an adjusted profit of $2.99 per share, according to LSEG Data & Analytics.

    Source Google

    BMO Financial Group reports $2.49B Q1 profit, up from $2.14B a year earlier

    BMO Financial Group (TSX:BMO)

    Numbers for its fourth quarter:

    • Profit: $2.49 billion (up from $2.14 billion a year ago)
    • Revenue: $9.82 billion (up from $9.27 billion)

    BMO Financial Group reported a first-quarter profit of $2.49 billion, up from $2.14 billion a year earlier. The bank says its profit amounted to $3.39 per diluted share for the quarter ended Jan. 31, up from $2.83 per diluted share in the same quarter last year.

    Revenue for the quarter totalled $9.82 billion, up from $9.27 billion a year earlier.

    The bank’s provisions for credit losses for the quarter amounted to $746 million, down from $1.01 billion.

    On an adjusted basis, BMO says it earned $3.48 per diluted share in its latest quarter, up from an adjusted profit of $3.04 per diluted share a year earlier.

    Analysts on average had expected an adjusted profit of $3.20 per share in the quarter, according to LSEG Data & Analytics.

    Source Google

    RBC reports $5.79B first-quarter profit, up from $5.13B a year earlier

    Royal Bank of Canada (TSX:RY)

    Numbers for its fourth quarter:

    • Profit: $5.79 billion (up from $5.13 billion a year ago)
    • Revenue: $17.96 billion (up from $16.74 billion)

    Royal Bank of Canada reported a first-quarter profit of $5.79 billion, up from $5.13 billion a year earlier. The bank says the profit amounted to $4.03 per diluted share for the quarter ended Jan. 31, up from $3.54 per diluted share a year earlier.

    Revenue totalled $17.96 billion, up from $16.74 billion.

    RBC’s provision for credit losses for the quarter amounted to $1.09 billion, up from $1.05 billion a year earlier.

    On an adjusted basis, the bank says it earned $4.08 per diluted share in its latest quarter, up from an adjusted profit of $3.62 per diluted share a year earlier.

    The average analyst estimate had been for an adjusted profit of $3.85 per share, according to LSEG Data & Analytics.

    Source Google

    TD reports $4.04B Q1 profit, up from $2.79B a year earlier

    TD Bank Group (TSX:TD)

    Numbers for its fourth quarter:

    • Profit: $4.04 billion (up from $2.79 billion a year ago)
    • Revenue: $16.59 billion (up from $14.05 billion)

    TD Bank Group reported a first-quarter profit of $4.04 billion, up from $2.79 billion a year earlier. The bank says the profit amounted to $2.34 per diluted share for the quarter ended Jan. 31, up from $1.55 per diluted share last year.

    Revenue totalled $16.59 billion, up from $14.05 billion.

    TD’s provision for credit losses amounted to $1.04 billion, down from $1.21 billion a year ago.

    On an adjusted basis, TD says it earned $2.44 per diluted share in its latest quarter, up from $2.02 per diluted share a year earlier.

    The average analyst estimate had been for a profit of $2.26 per share, according to LSEG Data & Analytics.

    Source Google

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    The Canadian Press

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  • Can AI Inference Replace Oil as the Next Reserve Currency?

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    Ray Dalio has been saying for a while that the dollar is in trouble. Not right now, not tomorrow, but rather at a structural level. His theory on the rise and fall of empires points to an intriguing pattern: roughly every 100 years, the world’s reserve currency gets replaced.

    Not because someone decides to replace it. But because change is unavoidable – and the underlying force that gave power to that currency shifts into something else.

    We’re about 100 years into dollar dominance. We’re getting closer.

    What Actually Backs a Reserve Currency

    Reserve currencies don’t just happen out of thin air. They’re backed by whatever the dominant economic force of the era is.

    Before the dollar it was the British pound, backed by the largest navy in the world and control over global trade routes. Before that, the Dutch guilder, backed by the most sophisticated merchant fleet of the time. Each transition happened because a new empire became dominant in the thing that mattered most for commerce.

    For the dollar, that thing was oil.

    The Petrodollar Was Never a Conspiracy

    After Bretton Woods collapsed in 1971, the dollar survived, and even consolidated, because oil was priced in dollars. You want oil, you need dollars. Every country needs oil, so every country needs dollars. Simple, unavoidable, effective.

    The dollar wasn’t backed only by abstract American values or military trust. It was backed by the one commodity the entire world had to buy, every single day.

    What If Oil Stops Mattering?

    Let’s try an exercise of imagination, and no, I’m not talking about electric cars. I’m talking about something way deeper.

    AI is already beginning to do what oil did for manufacturing — becoming the input for almost everything. It’s already at the foundation of drug discovery, legal work, financial modeling, logistics, content, code. The list grows every month.

    And there’s a wilder version of this argument. AI is even accelerating energy research. Fusion, which has been “20 years away” my entire lifetime, is suddenly getting real traction. Solar and battery optimization is increasingly AI-driven. If AI helps us get cheap, abundant energy, the physical scarcity of oil — the very thing that made it a geopolitical weapon — starts to dissolve.

    You could make energy at home. Not today, maybe not in five years. But it may happen soon.

    When that becomes a reality, the petrodollar loses its foundation.

    Inference Is the New Oil

    Unlike oil, which you had to drill for in specific places controlled by specific people, inference can be run anywhere you can build compute.

    It has all the properties that made oil work as a backing. It’s scarce — quality compute isn’t free, and good models need tons of energy to train. It’s universally needed — every sector of the economy is becoming dependent on it. And it’s measurable. We already have a unit: the token.

    Which is where PPT — price per token — becomes interesting. Not as a currency someone declares tomorrow, but as an index. The way price per barrel was the pulse of the oil economy, price per token might become the pulse of the inference economy.

    The Models Keep Getting Better

    Every six months, the frontier moves. What was cutting-edge a year ago is now available for almost nothing. The gap between the best proprietary model and a capable open source alternative keeps narrowing, and the compression has real consequences.

    The US currently leads on proprietary models. OpenAI, Anthropic, Google DeepMind — the frontier is American, backed by an overheated investment market pouring money into compute, talent, and infrastructure.

    China is doing something different. Instead of competing dollar for dollar on proprietary development, they’re doing what they’ve always done — taking the open layer and making it theirs. DeepSeek wasn’t a surprise. It was the result of a deliberate strategy: work within the open source ecosystem, optimize hard, and ship something affordable and at least as capable.

    The result is that you don’t need a billion-dollar data center to run useful inference anymore. You need a decent GPU, the right model, and electricity. We’re moving toward a world where someone can have serious compute in the back of their garage and use it to generate daily income — running local models, offering inference services, solving real problems for real people.

    This gives everyone a place at the table. A small place, yes, but still a place.

    But having a place at the table doesn’t mean you get to eat. The concentration of power we’re describing isn’t new — it echoes patterns from history. I’ve written before about how showing up is not enough anymore. The world is increasingly run by a handful of corporations, much like the Mongolian Empire consolidated power across continents. Those who were conquered had a choice: swear allegiance and deliver real value, or be erased. In an inference economy, the math is similar. To survive, you need to generate at least 5x your current value — enough to justify your seat. To thrive, you need 100x. The table is open, but the entry fee keeps rising.

    Inference Doesn’t Need a Country

    I’ve been thinking a lot about this during the last few years. We’re at a point where the nation-state framing starts to break down.

    The old model — one country controls the dominant resource, prices it in their currency, projects power through that control — made sense when the resource was physical. You can blockade oil, invade a country, take their president, problem solved. You can’t blockade a model weight file. You can’t invade it.

    If inference becomes the primary economic force, power won’t necessarily concentrate in Washington or Beijing. It will concentrate around whoever controls the compute layer, the data pipelines, and the distribution networks. That might be a country. Or it might be a corporation. Or it might be something we don’t have a word for yet.

    Neal Stephenson imagined something like this in Snow Crash, back in 1992. In that world, nation-states have fragmented into franchulates — corporate-run micro-nations, floating enclaves, sovereign territories defined not by geography but by who you pay allegiance to and what network you’re on. That famous novel reads less and less like fiction with every year.

    Language barriers disappear when AI makes communication frictionless. Cultural friction softens when every interaction is mediated and translated in real time. The things that historically kept people inside national containers start to matter less. What matters is access to compute, and who sets the rules of the network you’re on.

    Whoever controls the inference layer controls the economy that runs on top of it. That might look like a country. It might look like a platform. Dalio was right that the dollar is running out of road — he just observed the cycle, showing it on the map. What he didn’t map is that the next dominant force might not belong to any nation at all. The petrodollar logic was built for a world that is quietly becoming something else.

    These things move slowly, and then all at once.

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    dragos@dragosroua.com (Dragos Roua)

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  • Research Reports & Trade Ideas – Yahoo Finance

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    Analyst Report: American Tower Corp.

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    Analyst Report: Norfolk Southern Corp.

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    Analyst Report: Regency Centers Corporation

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    Analyst Report: Goodyear Tire & Rubber Co.

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  •  Stock news for investors: Mixed Q4 results with big profit gains for Enbridge, Nutrien, and Cenovus

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    It says adjusted earnings came in at 88 cents per share in the fourth quarter, up from 75 cents per share in the same quarter of 2024.

    Analysts on average had expected an adjusted profit of 77 cents per share, according to data compiled by LSEG Data & Analytics.

    The pipeline operator says earnings for 2025 as a whole worked out to $7.1 billion, up from $5.1 billion in 2024.

    Enbridge says it has a secured backlog of $39 billion as it advances numerous projects including expanded natural gas transmission and storage, solar power and added crude export capacity.

    Source Google

      

    Nutrien reports earnings of US$580M in Q4, up from US$118M in the previous year

    Nutrien Ltd. (TSX:NTR)

    Numbers for its fourth quarter:Numbers for its fourth quarter:

    • Profit: $580 million (up from $118 million a year ago)
    • Revenue: $5.34 billion (up from $5.1 billion)

    Nutrien Ltd. says it earned US$580 million during the fourth quarter, up from US$118 million the previous year. That amounted to diluted net earnings per share of US$1.18 during the period ended Dec. 31, up from 23 cents US in the prior-year quarter. 

    The Saskatoon-based company, which keeps its books in U.S. dollars, says its sales totalled US$5.34 billion in the fourth quarter, up year-over-year from US$5.1 billion. 

    Nutrien declared a quarterly dividend of 55 cents US per share, which represents about a one per cent increase from the prior dividend declared in November of last year. 

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    The company also says it approved the purchase of up to five per cent of Nutrien’s issued and outstanding common shares over a 12-month period.   

    Nutrien CEO Ken Seitz says the company expects to build on its momentum in 2026, helped by strong market fundamentals for potash.  

    Source Google

    Teck Resources reports Q4 profit and revenue up from year ago

    Teck Resources Ltd. (TSX:TECK.B)

    Numbers for its fourth quarter:

    • Profit: $544 million (up from $399 million a year ago)
    • Revenue: $3.6 billion (up from $2.79 billion)

    Teck Resources Ltd. reported its fourth-quarter profit and revenue rose compared with a year ago as it worked to complete its merger with Anglo American. The miner says its profit attributable to shareholders amounted to $544 million or $1.11 per diluted share for the quarter ended Dec. 31, up from $399 million or 78 cents per diluted share a year earlier.

    Revenue totalled $3.06 billion, up from $2.79 billion in the fourth quarter of 2024.

    On an adjusted basis, Teck says its profit from continuing operations amounted to $1.37 per diluted share, up from 45 cents per diluted share a year earlier.

    Teck chief executive Jonathan Price says the company continued to make meaningful progress on ramp‑up at its Quebrada Blanca mine, with improving production and tailings management facility development.

    Teck’s deal with Anglo American has received shareholder approval and cleared its Investment Canada Act review by Ottawa. The company says the deal remains subject to customary closing conditions, including regulatory approvals in multiple jurisdictions globally.

    Source Google

    Canadian Tire reports strong holiday season, Q4 revenue up from year earlier

    Canadian Tire Corp. Ltd. (TSX:CTC.A)

    Numbers for its fourth quarter:

    • Profit: $211 million (down from $365.2 million a year ago)
    • Revenue: $4.55 billion (up from $4.20 billion)

    Canadian Tire Corp. Ltd. reported its fourth-quarter revenue rose compared with a year earlier as chief executive Greg Hicks says the retailer had one of the best holiday seasons in recent memory.

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    The Canadian Press

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  • How often should you rebalance?

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    But markets do not stand still. Over time, some asset classes outperform while others lag. Stocks may surge ahead during a bull market. Bonds may stabilize the portfolio during downturns. As those returns compound at different rates, the asset mix begins to drift from your original allocations. 

    An 80% equity portfolio can quietly become 85% or 90% equities after a strong rally. A rough year for stocks can tilt you further into fixed income than you intended. Performance swings, good or bad, can push your portfolio away from the risk profile you originally chose. 

    At some point, the mix no longer reflects your original plan. So, should you step in and rebalance?

    You might look to large ETF providers for guidance. The answers are not always clear. The Vanguard Growth ETF Portfolio (VGRO), for example, states that its 80% stock and 20% bond portfolio may be rebalanced at the discretion of the sub-advisor. That leaves plenty of room for interpretation.

    Others are more prescriptive. The Hamilton Enhanced Mixed Asset ETF (MIX) uses 1.25x leverage on a 60% S&P 500, 20% Treasury, and 20% gold allocation. Hamilton specifies that it rebalances automatically if weights drift 2% from their targets. That is a tight band and implies frequent turnover.

    But you are not running a fund with institutional constraints or leverage targets. You are managing your own portfolio. For most DIY investors, a simpler approach works better. Rather than reacting to every small market move, sticking to a consistent, time-based rebalancing schedule can reduce complexity and prevent decision fatigue. 

    In today’s column, we will look at why you should rebalance, how different time-based approaches have historically behaved, and why consistency often matters more than perfect timing.

    Why rebalance your portfolio at all?

    Rebalancing is the process of selling assets that have grown beyond their target weight and buying those that have fallen below it, such that you restore your portfolio to its intended allocation.

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    When you combine assets that are not perfectly correlated and periodically rebalance them back to target weights, you create what is referred to as a rebalancing premium. The underlying explanation has to do with how returns compound. 

    The arithmetic return is the simple average of yearly or periodic returns. It treats each period independently. The geometric return is the compounded growth rate of your money over time. It shows what you actually earn after gains and losses build on each other.

    The arithmetic average of returns does not reflect the true investor experience. Investors live with the geometric return, which accounts for the effects of compounding and the impact of volatility. 

    Large swings in portfolio value widen the gap between arithmetic and geometric returns. By blending assets with different correlations and rebalancing them, overall volatility can be reduced. That narrows that gap and improves the compounding outcome. A simple back test illustrates this effect. 

    Source: testfolio.io

    From April 2007 through February 2026, U.S. stocks returned 10.5% annualized. U.S. bonds returned 3.16% annualized. If you simply averaged those two numbers, you get 6.83%.

    Now consider a portfolio that held 50% U.S. stocks and 50% U.S. bonds and rebalanced once per year. That portfolio returned 7.25% annualized over the same period. The difference between 7.25% and 6.83% of 0.42% per year reflects the benefit of combining and rebalancing the two asset classes rather than simply averaging their stand-alone returns.

    The improvement also shows up in risk-adjusted terms. The all-stock portfolio delivered a Sharpe ratio of 0.53. Bonds delivered 0.35. The 50-50 portfolio, rebalanced annually, achieved a Sharpe ratio of 0.62. Even though its raw return was lower than 100% stocks, it generated more return per unit of risk taken.

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    Tony Dong, MSc, CETF

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  • What happens when you inherit an IRA or 401(k)?

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    Spousal beneficiary

    When a spouse inherits an IRA or 401(k), they can take over the account as an inherited account or transfer the account into their own IRA or 401(k) on a tax-deferred basis. 

    IRA and 401(k) accounts generally have required minimum distributions (RMDs) beginning at age 73. These are subject to US withholding tax for a Canadian resident, and Canada taxes the withdrawal with a credit for the US tax already withheld. 

    A US citizen living in Canada must report their worldwide income on both a Canadian and US tax return. 

    Non-spouse beneficiary

    When a non-spouse beneficiary inherits, the account value is not subject to immediate tax. This differs from the taxation of an RRSP, DC pension, or other Canadian retirement accounts for non-spouse beneficiaries. These Canadian retirement accounts are generally fully taxable to the estate of the deceased. 

    Instead, taxes are payable on subsequent withdrawals from the inherited IRA or 401(k). This can provide an opportunity for tax deferral, as well as a potential decrease in the tax rate payable. A deceased Canadian taxpayer with a high income in the year of death may pay over 50% tax on their tax deferred retirement accounts. A non-spouse beneficiary with a low or moderate income may pay a significantly lower rate of tax. 

    There is a 10-year rule that allows withdrawals to be taken over up to 10 years following the account holder’s death. In the meantime, the account remains tax deferred in the US and Canada. 

    US withholding tax

    Withholding tax on US retirement account distributions to non-residents is typically 30%; however, a Canadian beneficiary can submit Form W-8BEN – Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding to the financial institution. This will allow them to withhold the lower 15% rate. 

    This is important because Canada will only allow a foreign tax credit for the 15% treaty rate. If a higher rate is withheld, a beneficiary may need to file a US tax return to get a refund from the Internal Revenue Service. 

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    Inherited Roth IRAs

    A Roth IRA is like a Canadian tax-free savings account (TFSA). A spouse beneficiary can take over the account or transfer it to their own Roth IRA.

    Roth IRAs are generally tax-free in the US and can also have tax-free status in Canada; however, an account holder must file an election with the Canada Revenue Agency (CRA) to maintain the tax-free Canadian status and ensure no new contributions are made. 

    A non-spouse inheriting has the same CRA election requirement, but has a different tax-free status opportunity. There is a 10-year rule for non-spouse beneficiaries, allowing only a limited tax-free growth period. 

    Roth IRA withdrawals are tax-free in the US and Canada. 

    Exceptions

    Disabled or chronically ill non-spouse beneficiaries may be exempt from the 10-year rule.

    The 10-year clock does not start ticking for minor beneficiaries until they attain the age of majority. 

    Summary

    IRA and 401(k) accounts work a little differently from Canadian RRSP, DC pension, and TFSA accounts on death. These US counterparts offer more favourable tax reduction opportunities.

    If you expect to leave a US account as an inheritance, or you are inheriting one of these accounts, it is important to understand the rules. They may impact how you draw down your assets in retirement and how you structure your estate.

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    Jason Heath, CFP

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    Analyst Report: New York Times Co.

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  • What replacing my tires taught me about planning for retirement

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    When my family and I moved to Canada seven years ago, we spent months driving through neighbourhoods trying to decide where we wanted to build our life. Every time I got excited about a quiet street, a peaceful cluster of homes, or a beautifully maintained community, my wife would gently remind me that I was admiring retirement communities. It happened so often that I began to joke that my ideal home would be across the street from one. As it turns out, that is exactly where we landed. We became friends with our elderly neighbors, admired the calm rhythm of their days, and began to understand something that had not been obvious to me before: retirement here was not an abstract concept, but rather something people had spent decades deliberately preparing for.

    Where I come from—I grew up in multiple countries, including India and in the Middle East—retirement exists, but it is not the organizing principle of financial life. The emphasis is on stability, on supporting family, on building something durable enough that life can evolve naturally rather than stop abruptly. You save because it is prudent. You invest because it creates opportunity. But you do not necessarily orient every financial decision around a distant, fixed endpoint called retirement.

    Canada is different. Here, retirement planning is not a suggestion. It is an expectation, reinforced through employer matching programs, tax-advantaged accounts like RRSPs and TFSAs, and public pension systems designed to provide stability later in life. These are powerful tools, but they assume something critical: that you understand why they matter.

    If you grow up inside this system, the logic feels intuitive. If you arrive later in life, it requires emotional and cultural adjustment. You are not just learning how to save. You are learning to think differently about time itself, to make decisions today that serve a version of yourself decades into the future.

    Retirement and re-tirement: drawing parallels

    This reality became unexpectedly clear to me recently while digging my wife’s car out after a heavy snowfall. As I cleared the snow, I noticed her tires were visibly worn—not dangerously so, but clearly nearing the end of their useful life. I called the dealership to ask about replacements. The price they quoted me was staggering. I promised to call them back, hoping I could find something cheaper, but the truth was unavoidable. I had not explicitly planned for this expense, even though tire replacement is as predictable as the seasons themselves.

    I had failed to plan for the re-tirement!

    The metaphor is obvious, but the lesson lies deeper than wordplay. Retirement itself is not a surprise expense. It is the financial equivalent of tire wear. It happens slowly, invisibly, over time, until the moment preparation stops being theoretical and becomes essential.

    Canada deserves enormous credit for building systems that allow people to prepare constructively for that moment. RRSPs provide tax deferral, TFSAs offer tax-free growth. Employer matching accelerates savings. These mechanisms, when used consistently, create pathways to financial independence that are both powerful and accessible.

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    But accessibility and understanding are not the same thing.

    Compare the best RRSP rates in Canada

    Why you need to engage with the retirement system

    The Financial Consumer Agency of Canada exists to promote financial literacy and empower Canadians to make informed financial decisions. Its National Financial Literacy Strategy speaks eloquently about accessibility, inclusion, and effectiveness. The language is thoughtful. The intentions are admirable. The documents are comprehensive.

    And that is all fine and dandy, but lived experience tells a more complicated story.

    Information exists. Action does not always follow.

    Knowledge without context or insight rarely changes behaviour. You can publish strategies, frameworks, and national literacy plans, but information alone does not create urgency. I knew tires eventually needed replacing, but until I experienced the cost myself, it never became something I actively planned for. Retirement works the same way. Being told to save is easy. Understanding what is truly at stake, and how it affects your independence and peace of mind, is what actually drives action. Without that insight, financial literacy remains theoretical.

    For many Canadians, particularly those who arrive from different financial cultures, retirement planning remains something they are told to do, not something they intuitively understand. 

    This is not a critique of the tools themselves; Canada’s retirement infrastructure is among the strongest in the world. It is a critique of how responsibility for navigating that infrastructure is quietly placed on individuals who may not fully understand its importance until much later.

    The reality is that retirement planning does not require perfection, it requires participation.

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    Vickram Agarwal

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  • Research Reports & Trade Ideas – Yahoo Finance

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    Analyst Report: Ford Motor Co.

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    Analyst Report: Autonation Inc.

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  • Stocks Settle Slightly Higher as Bond Yields Fall

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    The S&P 500 Index ($SPX) (SPY) on Friday closed up +0.05%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.10%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.18%.  March E-mini S&P futures (ESH26) rose +0.03%, and March E-mini Nasdaq futures (NQH26) rose +0.14%.

    Stock indexes recovered from early losses on Friday and settled higher. Falling bond yields were bullish for stocks on Friday after US January consumer prices rose less than expected, which may prompt the Fed to keep cutting interest rates.  The 10-year T-note yield fell to a 2.25-month low of 4.05% on the tame inflation news.

    Also, a recovery in software stocks was supportive of the overall market.  However, metal companies retreated on reports that the Trump administration is working to narrow its tariffs on steel and aluminum products.

    Stocks initially moved lower today, with the S&P 500 and Nasdaq 100 posting 1-week lows.  Worries over AI weighed on stocks and dampened market sentiment.  Concerns have surfaced that the latest tools released by Google, Anthropic, and other AI startups are already good enough to disrupt many sectors of the economy, including finance, logistics, software, and trucking.

    US Jan CPI rose +2.4% y/y, weaker than expectations of +2.5% y/y and the smallest pace of increase in 7 months.  Jan core CPI rose +2.5% y/y, right on expectations and the smallest pace of increase in 4.75 years.

    Q4 earnings season is in full swing, as more than two-thirds of the S&P 500 companies have reported earnings results.  Earnings have been a positive factor for stocks, with 76% of the 371 S&P 500 companies that have reported beating expectations.  According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth.  Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.

    The markets are discounting a 10% chance for a -25 bp rate cut at the next policy meeting on March 17-18.

    Overseas stock markets settled lower on Friday.  The Euro Stoxx 50 closed down by -0.43%.  China’s Shanghai Composite closed down -1.26%.  Japan’s Nikkei Stock 225 fell closed down -1.21%.

    Interest Rates

    March 10-year T-notes (ZNH6) on Friday closed up by +12 ticks.  The 10-year T-note yield fell -4.2 bp to 4.056%.  Mar T-notes climbed to a 2.25-month high on Friday, and the 10-year T-note yield fell to a 2.25-month low of 4.045%.  T-notes recovered from overnight losses and moved higher on the smaller-than-expected US Jan CPI increase, which is dovish for Fed policy.  Also, bond dealer short covering boosted T-note prices as dealers lifted short hedges placed in T-note futures this week to hedge against the $125 billion of T-note and T-bond sales in the Treasury’s quarterly refunding.

    European government bond yields moved lower on Friday.  The 10-year German bund yield fell to a 2.25-month low of 2.753% and finished down -2.4 bp to 2.755%.  The 10-year UK gilt yield slid to a 3.5-week low of 4.404% and finished down -3.6 bp to 4.416%.

    The German Jan wholesale price index rose +0.9% m/m, the largest increase in a year.

    Swaps are discounting a 3% chance of a -25 bp rate cut by the ECB at its next policy meeting on March 19.

    US Stock Movers

    Software stocks rallied on Friday, helping lift the broader market.  Crowdstrike Holdings (CRWD) closed up more than +4%, and ServiceNow (NOW) closed up more than +3%.  Also, Salesforce (CRM), Palantir Technologies (PLTR), and Oracle (ORCL) closed up more than +2%.  In addition, Adobe Systems (ADBE) closed up +0.54%, and Intuit (INTU) closed up +0.32%. 

    Cryptocurrency-exposed stocks rose on Friday after Bitcoin (^BTCUSD) rallied more than +4%.  Coinbase Global (COIN) closed up more than +16% to lead gainers in the S&P 500.  Also, MARA Holdings (MARA) closed up more than +9%, and Strategy (MSTR) closed up more than +8%.  In addition, Riot Platforms (RIOT) and Galaxy Digital Holdings (GLXY) closed up more than +7%.

    Metal companies retreated on Friday on reports that the Trump administration is working to narrow its tariffs on steel and aluminum products.  Century Aluminum (CENX) closed down more than -7%, and Steel Dynamics (STLD) closed down more than -4%.  Also, Cleveland-Cliffs (CLF) and Nucor Corp (NUE) closed down more than -3%, and Alcoa (AA) closed down more than -1%. 

    Tri Point Homes (TPH) closed up more than +26% after being acquired by Sumitomo Forestry for about $4.28 billion, or $47 a share.

    Rivian Automotive (RIVN) closed up more than +26% after reporting Q4 revenue of $1.29 billion, above the consensus of $1.26 billion, and forecasting full-year vehicle deliveries of 62,000 to 67,000, the midpoint above the consensus of 63,402.

    Maplebear (CART) closed up more than +9% after reporting Q4 total revenue of $992 million, stronger than the consensus of $971.8 million.

    Applied Materials (AMAT) closed up more than +8% after reporting Q1 adjusted EPS of $2.38, better than the consensus of $2.21, and forecasting Q2 adjusted EPS of $2.44 to $2.84, stronger than the consensus of $2.29.

    Roku (ROKU) closed up more than +8% after reporting Q4 net revenue of $1.39 billion, above the consensus of $1.35 billion, and forecasting full-year net revenue of $5.50 billion, better than the consensus of $5.34 billion.

    Dexcom (DXCM) closed up more than +7% after reporting Q4 revenue of $1.26 billion, better than the consensus of $1.25 billion.

    Arista Networks (ANET) closed up more than +4% to lead gainers after reporting Q4 revenue of $2.49 billion, better than the consensus of $2.29 billion, and forecasting Q1 revenue of $2.6 billion, above the consensus of $2.39 billion.

    Airbnb (ABNB) closed up more than +4% after reporting Q4 gross booking value of $20.4 billion, better than the consensus of $19.46 billion, and forecasting Q1 revenue of $2.59 billion to $2.63 billion, above the consensus of $2.54 billion.

    Pinterest (PINS) closed down more than -16% after reporting Q4 revenue of $1.32 billion, below the consensus of $1.33 billion, and forecasting Q1 revenue of $951 million to $971 million, weaker than the consensus of $980.9 million.

    DraftKings (DKNG) closed down more than -13% after forecasting full-year revenue of $6.5 billion to $6.9 billion, well below the consensus of $7.32 billion.

    Ryan Specialty Holdings (RYAN) closed down more than -12% after reporting Q4 total revenue of $751.2 million, weaker than the consensus of $774.7 million.

    Bio-Rad Laboratories (BIO) closed down more than -12% after reporting Q4 adjusted EPS of $2.51, below the consensus of $2.71.

    Constellation Brands (STZ) closed down more than -7% to lead losers in the S&P 500 after announcing Nicholas Fink will succeed Bill Newlands as CEO, effective April 13

    Norwegian Cruise Line Holdings (NCLH) closed down more than -7% after CEO Harry Sommer stepped down immediately and was replaced by John Chidsey.

    Expedia Group (EXPE) closed down more than -6% despite posting better-than-expected Q4 earnings after Bloomberg Intelligence warned that AI is “a long-term risk for the broader online travel industry.”

    Earnings Reports(2/17/2026)

    Allegion plc (ALLE), Builders FirstSource Inc (BLDR), Cadence Design Systems Inc (CDNS), Coca-Cola Europacific Partners (CCEP), Devon Energy Corp (DVN), DTE Energy Co (DTE), EQT Corp (EQT), Expand Energy Corp (EXE), FirstEnergy Corp (FE), Genuine Parts Co (GPC), Kenvue Inc (KVUE), Labcorp Holdings Inc (LH), Leidos Holdings Inc (LDOS), Medtronic PLC (MDT), Palo Alto Networks Inc (PANW), Republic Services Inc (RSG), Vulcan Materials Co (VMC).

    On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

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  • Stock news for investors: Q4 results from Manulife, Sun Life, Air Canada, and more

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    On a per share basis, its earnings for the quarter amounted to 83 cents, down about 6% year-over-year from 88 cents. 

    The insurer says adjusted earnings, or what it calls core earnings, came in at $2 billion during the fourth quarter, rising 5% from $1.9 billion a year earlier. Core earnings for Manulife’s Asia segment came in at US$564 million during the period, while core earnings for its Canada segment came in at $413 million. Both results were slightly better than a year earlier. 

    Manulife CEO Phil Witherington says 2025 was a defining year for the company as it achieved record core earnings.   

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    Sun Life Financial reports $722M Q4 profit, up from $237M last year

    Sun Life Financial Inc. (TSX:SLF)

    Numbers for its fourth quarter:

    • Profit: $722 million (up from $237 a year ago)

    Sun Life Financial Inc. says it earned $722 million in net income during the fourth quarter. That compares with a profit of $237 in the same quarter a year ago, when the Toronto-based insurer took a $186 million writedown and had lower-than-expected investment income

    Earnings for the period ended Dec. 31 worked out to $1.96 per share, up from $1.68 during the prior year quarter. 

    Underlying net income for its asset management and wealth business came in at $534 million, while underlying net income for its health and protection business came in at $308 million.

    The Toronto-based insurer says assets under management totalled $1.6 billion during the period, up from $1.54 billion during the same period a year earlier.   

    Sun Life CEO Kevin Strain says in a news release that the company saw robust earnings and sales in Asia and solid wealth sales in Canada. 

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    Cineplex reports $369,000 Q4 profit down from $3.3 million a year earlier

    Cineplex Inc. (TSX:CGX)

    Numbers for its fourth quarter:

    • Profit: $369,000 (down from $3.3 million a year ago)
    • Revenue: $334.8 million (down from $340.9 million)

    Cineplex Inc. reported a fourth-quarter profit of $369,000, down from $3.3 million a year earlier, as its revenue also edged lower. The movie theatre company says the profit amounted to a penny per diluted share for the quarter ended Dec. 31 compared with a profit of five cents per diluted share in the fourth quarter of 2024.

    Revenue totalled $334.8 million for the quarter, down from $340.9 million a year earlier, while theatre attendance totalled 10.1 million, down from 11.1 million. Box office revenue per patron was $13.87, up from $13.26 a year earlier, while concession revenue per patron rose to $9.92, up from $9.41 in the last three months of 2024.

    Cineplex also announced the retirement of Robert Bruce from its board of directors. The company says former Scotiabank executive Sean McGuckin will replace Bruce on the board.

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    Air Canada reports Q4 profit of $296 million, up from last year

    Air Canada (TSX:AC)

    Numbers for its fourth quarter:

    • Profit: $296 million (up from loss of $644 million a year ago)

    Air Canada reported $296 million in net income during its fourth quarter, up from a loss of $644 million during the same period a year earlier. Its diluted earnings per share amounted to $1 during the period, compared with a loss per share of $1.81 last year. 

    The Montreal-based airline says its operating revenue came in at a record $5.8 billion during the period ended Dec. 31, up year-over-year from $5.4 billion. 

    Michael Rousseau, Air Canada’s CEO, says the company’s results came amid shifting demand trends as well as continued macroeconomic and geopolitical uncertainty. 

    On Wednesday, Air Canada announced the acquisition of eight Airbus A350-1000 wide-body aircraft with rights to purchase another eight planes. 

    The airline moved to suspend flights to Cuba earlier this month due to a fuel shortage in the Caribbean country.  

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  • Old-school financial advice that no longer applies

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    As younger Canadians continue to face high housing costs, slowing wage growth and other challenges, age-old financial adages have become outdated, forcing a rethink of what smart money management looks like today. Here are some common rules of thumb for money management that financial advisers say need re-examining.

    Housing should only take up a third of your budget

    “If you’re trying to stick to this rule, you can only afford to buy a home that’s $500,000, which is well below the average across the country, and it doesn’t go very far in most major cities,” said Jason Nicola, certified financial planner at Vancouver-based Nicola Wealth. He cites research that shows just how much things have changed from previous generations.

    The home price-to-income ratio has steadily grown over the past several decades. Data shows that in the early 1980s, the home price-to-income ratio was about two to three. Now, the ratio sits closer to six or seven.  

    The home affordability challenge remains even after accounting for today’s lower interest rates. With mortgage rates of about 4.5% today, a young couple with $100,000 in gross income would have to spend at least 45% of their after-tax income just to cover monthly mortgage payments, let alone pay for property taxes, insurance, and maintenance, said Nicola.

    Though he doesn’t recommend it, he said it’s not uncommon to see some households spend up to 50% of their monthly income on housing costs. “I think it’s just the uncomfortable reality for a lot of people,” he said.

    Savings will grow with the power of compound interest

    Setting cash aside in a savings account may have benefited significantly from compound interest in the ’80s when rates ranged between 10% and 15%. But with “high-interest” savings accounts currently typically offering rates of 2% to 4%, experts say money should be invested rather than left sitting as cash.

    “Perhaps interest rates, the amount that you could receive has changed, but the power of compounding has not changed,” said Aldo Lopez-Gil, a financial adviser at Edward Jones based in Toronto.  He explains that given lower interest rates today, compounding growth is best seen in other savings vehicles like the tax-free savings account or first home savings account.

    Compare the best TFSA rates in Canada

    “I think there’s a gap in terms of education and understanding as to what investments can be put into a TFSA,” said Lopez-Gil. “In my experience, it’s a completely underutilized account by Canadians.”

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    Nicola agreed that there is still power in the compounding of returns over time, even though interest rates are lower now. That’s why he discourages keeping a three- to six-month emergency fund in a traditional savings account. 

    “Sure, it’s a great idea and it’s a really nice thing to have that gives you comfort. I just don’t think it’s a hard and fast rule,” he said. “[Very few] of my clients are going to have six months of spending just sitting in cash not earning any interest.”

    Start saving early for retirement

    While previous generations focused on paying down debt as quickly as possible and saving what remained, this approach may be unnecessary for young Canadians today.

    “People early in their careers are often in lower tax brackets, so an RRSP might not make much sense,” said Ainsley Mackie, portfolio manager with Verecan Capital Management. “Not all debt is bad debt. It doesn’t have to be rushed to pay it off,” she said. In fact, Mackie advised that having some debt and making regular payments will help build credit, a “super important goal” if you’re going to apply for a mortgage later.

    Invest your money or pay off debt?

    A comprehensive guide for Canadians

    She cautions against high-interest loans for recreational items like ATVs and snowmobiles—common “toys” in her town of Nelson, B.C., where rates on such loans can hover around 21%.

    Lopez-Gil thinks the current widespread perception of how much we need in retirement is overly emphasized. “I don’t think there’s a universal withdrawal rate that everybody could use,” he said. “The 4% rule has been talked about for decades [but] it does vary by person and their desired lifestyle.”

    Instead, he suggests young Canadians invest in themselves and their future earnings. “RESPs used to be a bit more restricted in terms of what you can use it for, but that has started to really open up,” he said.

    This advice comes as career paths for young Canadians look very different than they did for previous generations. 

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  • Canadians fear a tougher road to retirement—and plan to help their kids along the way

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    Canadians expect a tougher retirement than their parents

    Of all age groups, millennials have the gloomiest outlook, with nearly three quarters (73%) responding that their retirement plans will be harder to fulfill than their parents’. Baby boomers (60%) and Gen Z (61%) were somewhat more optimistic, with Gen X (67%) right at the national average.

    Survey respondents weren’t just worried about their own retirements—77% said providing for retirement would be harder for future generations. In fact, almost half (49%) expect to help their children out financially. They feel that support is necessary, even though 83% of those benefactors-to-be anticipate that it will come at the expense of their own standard of living in retirement.

    Perhaps surprisingly, Canadians at the younger end of the spectrum are most likely to foresee supporting their children into adulthood, with 68% of Gen Z respondents planning to do so. By contrast, just 38% of baby boomers see the need to assist their adult children with saving for retirement.

    Estate planning can be part of a retirement strategy

    “We are seeing more families thinking beyond their own retirement and planning for how wealth will be passed on to the next generation,” said Lydia Potocnik, vice-president and regional director, estate and trust services for BMO Private Wealth, in a release. “A well-structured, holistic strategy often includes estate planning, which can help parents support their children without compromising their own retirement security.”

    By and large, respondents to the Retirement Survey who used a financial advisor were content with the advice they are receiving, with 89% saying that their advisor helps them meet their financial goals and 44% strongly in agreement.

    The study was based on a November poll of 1,500 Canadian adults, weighted by gender, age and region to best represent the Canadian population. The results are considered accurate within 2.5 percentage points 19 times out of 20.

    How to improve your retirement readiness

    To improve your chances of retiring comfortably at a time of their choosing, BMO recommends you:

    • Start planning early: Define goals and determine a saving and investment strategy.
    • Practice discipline: Make and follow a budget that treats retirement savings as a regular expense.
    • Seek professional advice: Advisors can help you devise and monitor your portfolio and recommend strategies to match your circumstances, risk tolerance, and goals.

    Remember: You have until March 2, 2026 to contribute to your RRSP and obtain an income tax deduction for the 2025 tax year.

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    About Michael McCullough


    About Michael McCullough

    Michael is a financial writer and editor in Duncan, B.C. He’s a former managing editor of Canadian Business and editorial director of Canada Wide Media. He also writes for The Globe and Mail and BCBusiness.

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