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  • News for investors: Nvidia smashes Q3 expectations as AI frenzy continues – MoneySense

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    The results announced late Wednesday provided a pulse check on the frenzied spending on AI technology that has been fueling both the stock market and much of the overall economy since OpenAI released its ChatGPT three years ago.

    Nvidia has been by far the biggest beneficiary of the run-up because its processors have become indispensable for building the AI factories that are needed to enable what’s supposed to be the most dramatic shift in technology since Apple released the iPhone in 2007. But in the past few weeks, there has been a rising tide of sentiment that the high expectations for AI may have become far too frothy, setting the stage for a jarring comedown that could be just as dramatic as the ascent that transformed Nvidia from a company worth less than $400 billion three years ago to one worth $4.5 trillion at the end of Wednesday’s trading.

    Nvidia’s report for its fiscal third quarter covering the August-October period elicited a sigh of relief among those fretting about a worst-case scenario and could help reverse the recent downturn in the stock market. 

    “The market should belt out a heavy sigh, given the skittishness we have been experiencing,” said Sean O’Hara, president of the investment firm Pacer ETFs.

    The company’s stock price gained more than 5% in Wednesday’s extended trading after the numbers came out. If the shares trade similarly Thursday, it could result in a one-day gain of about $230 billion in stockholder wealth.

    Nvidia earned $31.9 billion, or $1.30 per share, a 65% increase from the same time last year, while revenue climbed 62% to $57 billion. Analysts polled by FactSet Research had forecast earnings of $1.26 per share on revenue of $54.9 billion. What’s more, the Santa Clara, California, company predicted its revenue for the current quarter covering November-January will come in at about $65 billion, nearly $3 billion above analysts’ projections, in an indication that demand for its AI chips remains feverish.

    The incoming orders for Nvidia’s top-of-the-line Blackwell chip are “off the charts,” Nvidia CEO Jensen Huang said in a prepared statement that described the current market conditions as “a virtuous cycle.” In a conference call, Nvidia Chief Financial Officer Collette Kress said that by the end of next year the company will have sold about $500 billion in chips designed for AI factories within a 24-month span Kress also predicts trillions of dollars more will be spent by the end of the 2020s.

    In a conference call preamble that has become like a State of the AI Market address, Huang seized the moment to push back against the skeptics who doubt his thesis that technology is at tipping point that will transform the world. “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang insisted while celebrating “depth and breadth” of Nvidia’s growth.

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    The upbeat results, optimistic commentary and ensuring reaction reflects the pivotal role that Nvidia is playing in the future direction of the economy — a position that Huang has leveraged to forge close ties with President Donald Trump, even as the White House wages a trade war that has inhibited the company’s ability to sell its chips in China’s fertile market.

    Trump is increasingly counting on the tech sector and the development of artificial intelligence to deliver on his economic agenda. For all of Trump’s claims that his tariffs are generating new investments, much of that foreign capital is going to data centers for AI’s computing demands or the power facilities needed to run those data centers.

    “Saying this is the most important stock in the world is an understatement,” Jay Woods, chief market strategist of investment bank Freedom Capital Markets, said of Nvidia.

    The boom has been a boon for more than just Nvidia, which became the first company to eclipse a market value of $5 trillion a few weeks ago, before the recent bubble worries resulted in a more than 10% decline. As OpenAI and other Big Tech powerhouses snap up Nvidia’s chips to build their AI factories and invest in other services connected to the technology, their fortunes have also been soaring. Apple, Microsoft, Google parent Alphabet Inc. and Amazon all boast market values in the $2 trillion to $4 trillion range.

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    Freezer issue dents Metro’s bottom line in Q4, says costs to continue into Q1

    Metro Inc. (TSX:MRU)

    Numbers for its fourth quarter of 2025:

    • Profit: $217 million (down from $219.9 million a year ago)
    • Revenue: $5.11 billion (up from $4.94 billion)

    Grocery and drugstore retailer Metro Inc. was hit by costs related to problems at its frozen food distribution centre in Toronto in the fourth quarter, with financial impacts expected to continue into the first quarter. The company said operations at the facility resumed last week after it was shut down for almost two months, but the temporary closure cost it $22.5 million in Q4 as it reported slightly lower annual profits.

    Metro chief executive Eric La Flèche said the company expects the distribution centre to be essentially back to normal by the end of December. “I want to thank all our teams who continue to execute our contingency plan to supply our stores, thereby minimizing the impact on our customers,” he said in a statement on Wednesday.

    Metro was forced to stop work at the Toronto frozen food distribution centre on Sept. 12 due to an issue with its refrigeration system. It resumed operations on Nov. 10. La Flèche said on the call that a mechanical issue, not one related to automation, was responsible for the problems with the refrigeration system. He added that the company is currently working with insurers to confirm the amount it will be able to recover. 

    “Looking forward to Q1 of 2026, we estimate that the direct costs associated with the rental of temporary chilling equipment and with the execution of our contingency plan will impact our net earnings by approximately $15 million to $20 million,” chief financial officer Nicolas Amyot said on the company’s conference call Wednesday.

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    The Canadian Press

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  • Stock market continues to fade as investors hedge against AI hype

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    The U.S. stock market sank sharply in early trading, with investors increasingly skittish about the strength of the artificial intelligence boom. 

    The S&P 500, which set a record high in late October, fell 78 points, or 1.2%, to 6,594 roughly an hour into Tuesday’s session. The Dow Jones Industrial Average and tech-heavy Nasdaq Composite dropped 1.2% and 1.6%, respectively. 

    The S&P 500 remains up more than 12% this year, the Dow has added 8% and the Nasdaq has risen more than 15%.

    AI pioneer Nvidia was again the heaviest weight on the market. The chipmaker’s drop of 3.2% brought its loss for the month to nearly 11%, putting it in “correction” territory, or when a stock falls at least 10% from its previous high. The company is scheduled to report is third-quarter financial results on Wednesday. 

    “Stocks are extending their losses so far on [Tuesday] as sentiment stays downbeat and investors continue to dial back on tech exposure,” market analyst Adam Crisafulli of Vital Knowledge said in a research note.

    What Nvidia does matters disproportionately to investors because it’s the most influential stock on Wall Street. It can almost single-handedly steer the direction of the S&P 500 on some days because of its immense size, after fervent demand for its AI chips helped it briefly top $5 trillion in total value. The S&P 500 sits at the heart of many investors’ 401(k) accounts.

    “The boost AI has given to the U.S. stock market since the launch of ChatGPT has been so strong that the S&P 500 would currently be closer to 5,000 without it,” John Higgins, chief markets economist with Capital Economics, said in a note to investors. “It’s therefore hardly surprising that investors are preoccupied with whether the gains racked up by titans in the sectors at the heart of this transformative technology can be sustained.”

    Nvidia’s and the U.S. stock market’s struggles are a sharp turnaround from months of relentless rallying since April, when Wall Street sold off after President Donald Trump shocked the world with stiff tariffs.

    That rally, though, was so strong that critics said it may have carried stock prices too high, too fast and left the market at risk of a sharp drop. They pointed in particular to stocks swept up in the mania around AI.

    Despite Wall Street’s recent stumble, many big investors expect stocks to recover, according to the latest monthly survey of global fund managers by Bank of America Global Research. But when asked what the No. 1 risk for the market is, one with a lower probability of happening but a high chance of damage, 45% pointed to an AI bubble. That beat out trouble in the bond market, inflation and trade wars.

    The highest net percentage of investors in 20 years is also saying companies are “overinvesting,” according to the survey. The worry is that all the investment pouring into AI chips and data centers worldwide may not produce the kind of revolution that proponents have been predicting, or at least not as profitable a one.

    Other high-flying areas of the market with their own evangelists have also been struggling lately. Bitcoin’s price briefly fell below $90,000 during the morning, down from nearly $125,000 last month.

    Elsewhere on Wall Street, Cloudflare fell 3.1% after an issue at the internet infrastructure provider caused global outages for ChatGPT and other services.

    In the bond market, Treasury yields eased. The yield on the 10-year Treasury sank to 4.09% from 4.13% late Monday.

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  • What’s behind the dip in the stock market and what does it mean for you?

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    What’s behind the dip in the stock market and what does it mean for you? – CBS News










































    Watch CBS News



    The Dow, S&P 500 and Nasdaq all dropped around 1% at Monday’s close. It comes as tech giants and retailers are set to release earnings reports. CBS News business analyst Jill Schlesinger explains what it means for your wallet.

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  • Goldman Sachs unveils stock market forecast through 2035

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    Goldman Sachs has quietly dropped a rare stock market forecast, which stretches all the way to 2035, while delivering a twist most U.S. investors won’t love.

    Following a decade that has been defined by tech-fueled gains along with expanding valuations, Goldman feels the next decade will look remarkably different.

    The bank forecasts just a 6.5% annual return for the S&P 500, a stark contrast from the typical double-digit run to which most investors have become accustomed.

    Earnings, and not multiple expansion, will be delivering the bulk of those lofty gains, a shift signaling a more “normal” market environment ahead.

    However, the bigger surprise is where Goldman sees the biggest opportunities. Instead of the usual Silicon Valley-led outperformance, the firm feels the biggest upside will come from places U.S. investors tend to overlook.

    Goldman Sachs expects global stocks to return 7.7% annually through 2035, driven largely by earnings growth.Photo by Aditya Vyas on Unsplash

    Goldman’s point of view is mostly simple.

    The days when pricing multiples would be doing all the heavy lifting are virtually over.

    <em>Long-term S&P 500 trailing returns chart</em>
    Long-term S&P 500 trailing returns chart

    The firm’s 6.5% return prediction only makes sense once we examine the underlying math, which involves steady 6% earnings growth, a mild valuation headwind, and a modest dividend yield.

    It’s a reminder that the next 10 years won’t reward investors for chasing the euphoria but will reward businesses that consistently grow, price smartly, and deliver real results.

    Goldman’s valuation call is blunt.

    The firm believes that today’s P/E levels are “very high relative to history,” which, more importantly, cannot be sustained once the structural tailwinds that were turbocharging margins fade away.

    Their updated model now suggests a fair-value price-to-earnings ratio of 21x by 2035, which points to a gradual pullback from the current 23x ratio.

    Related: Jim Cramer delivers urgent take on the stock market

    Their logic mainly rests on a couple of constraints.

    Firstly, profit margins are already near record highs after jumping from 5% in 1990 to roughly 13% today. That increase was primarily driven by global supply chain efficiencies, as well as decades of declining interest and tax expenses. Goldman feels these tailwinds are unlikely to repeat.

    More Wall Street:

    Secondly, the firm embeds a 4.5% 10-year Treasury yield into its framework, which leaves virtually nothing for valuations to grow from here.

    Hence, the result is mostly a decade that’s defined by earnings, and not a multiple stretch.

    Moreover, Goldman’s call lands at a point when corporate America continues to overdeliver. It has seen back-to-back quarters of broad earnings beats, which shows that the engine is running hotter than most expected.

    • Q2 wasn’t exactly a “Mag 7” mirage, but was more of a full-on earnings upgrade. By August, 66% of the S&P 500 reported, and 82% ended up beating EPS estimates while 79% beat on sales. Blended EPS growth struck even higher at 10.3% year over year, more than 50% the pre-season 2.8% forecast.

    • Q3 kept the momentum going. Two-thirds of businesses have already reported, with 83% beating EPS estimates while 79% topped sales forecasts, comfortably above five- and 10-year averages. The index seems to be on track for 10.7% earnings growth, its fourth straight quarter of double-digit bottom-line gains.

    • Big Tech is carrying the league. In both Q2 and Q3, eight of the S&P’s 11 sectors posted year-over-year earnings growth, while 10 sectors are growing sales, powering a 19- then 20-quarter streak of uninterrupted revenue expansion.

    Goldman’s long-term math makes a simple point for U.S. investors in that the best returns of the next 10 years won’t come from the U.S. at all.

    Though the S&P 500 posts a healthy 6.5% baseline, Goldman highlights Emerging Markets at +10.9%, Asia ex-Japan at +10.3%, and Japan at +8.2%.

    Related: Cathie Wood dumps $30 million in longtime favorite

    EM and Asian markets usually benefit from more robust nominal GDP expansion along with structural reforms, including growing payout ratios, which Goldman expects to lift EM dividend yields from 2.5% to 3.2% by 2035.

    Throw in governance upgrades in areas such as Korea and China, and suddenly these regions feel like compounding machines.

    The real kicker, though, is currency.

    Goldman’s FX strategists believe the U.S. dollar is 15% overvalued, forecasting a decade-long reversal that would lift USD-translated EM returns by 1.7% per year. Historically, dollar-related weakness coincides with foreign-market outperformance.

    Also, there’s earnings power for investors to consider.

    EM EPS growth is spearheaded by China and India, which drives the 10.9% baseline return. Japan’s reforms are expected to drive earnings to 8.2% returns.

    Related: Top analyst revamps S&P 500 target for the rest of the year

    This story was originally reported by TheStreet on Nov 15, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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  • Bitcoin Plunges to Six Month Low as Crypto Traders Worry We’re Nowhere Near the Bottom

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    Bitcoin’s price sank on Friday, dipping below $95,000 before recovering slightly by early afternoon ET. The price currently sits at $95,400, down 3.2% on the day and down 15% from a month ago.

    Bitcoin hit a six-month low Friday as the price of cryptocurrencies seemed to be largely tracking the stock market, which frequently happens. Markets opened lower on Friday before similarly rebounding. The S&P 500 is down 1.2% this month, according to CNN, and the Dow is down 0.6%.

    Crypto traders often think of themselves as being part of a new financial system, independent of whatever is happening on Wall Street. But price fluctuations often mirror the Dow Jones and NASDAQ, and can often seem even more dramatic with wild swings.

    Bitcoin traders often believe they can predict where prices are headed, leading to all kinds of theories that get picked up in the crypto press and applied to Bitcoin. The worrisome chart of the day seems to be the “classic five-phase Wyckoff Distribution,” which CoinTelegraph warns might mean Bitcoin could fall to as low as $86,000. They may as well be reading tea leaves and animal entrails, of course. But gamblers love to have a system.

    Three weeks ago, CoinTelegraph ran an article about how Bitcoin could be on track to hit $200,000 by the end of this year. As in 2025. As in six weeks from now.

    Bitcoin’s price hit an all-time high above $126,000 back on Oct. 6 but has struggled over the past month as investors pull their money out. Bitcoin magazine reports that roughly 815,000 BTC worth almost $79 billion has been sold by long-time holders in the past 30 days.

    The price of other major cryptocurrencies was largely down on Friday, with Ethereum down 1.5% on the day (down 30% over the past three months) and XRP down 2.4% (down 27.4% over the past three months). Binance’s BNB seemed to be the exception to the daily trend, up 0.4% on the day and up 7.62% over the past three months. However, BNB is way down (23.4%) from the highs it reached a month ago, when Bitcoin was also doing well.

    If the history of Bitcoin over recent years is any guide, the price is likely to track whatever the stock market does. If you think the U.S. economy is strong and it will continue to get better, you should probably put your money on Bitcoin going up. If you think the economy is weakening and stocks are likely to plunge in the future, you should probably bet on Bitcoin’s price going down.

    And if you think that the underlying economy struggling could act like a house of cards to crypto and give us a Sam Bankman-Fried scenario, you really should not bank on Bitcoin going up. SBF got in trouble because he was playing with funny money and ran out of the real stuff to gamble with.

    Nobody knows for certain what the future holds. The price of Bitcoin could go up or it could go down.

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    Matt Novak

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  • Should you worry about an AI bubble? Investment pros weigh in.

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    Artificial intelligence has fired the stock market to record highs this year, with companies eager to tout their AI prowess and investor darlings like AI chipmaker Nvidia soaring on expectations of runaway growth. 

    But a tinge of fear is starting to shadow that exuberance as investors worry the AI boom could go bust. 

    The startling run-up in AI-related stocks is prompting comparisons to the dot-com era of the late 1990s, when many internet companies saw their stock prices skyrocket despite suffering vast financial losses. When that bubble burst in the early 2000s, it took down former high-fliers like Pets.com, torched investor portfolios and triggered a recession.

    Bubbles occur when stocks surge on inflated growth expectations that ultimately prove to be disconnected from a company’s underlying fundamentals, a painful reality check that typically ends with overhyped shares falling back to Earth. 

    Thursday’s stock market tumble — when high-flying AI stocks such as Nvidia and CoreWeave led the tech-heavy Nasdaq Composite to see its biggest drop in months — fueled further anxiety this week about another bubble.

    Beyond the stock market, economists are also questioning whether AI will turn out to be as transformative for businesses as proponents of the technology insist. Advocates say AI will spur a productivity boom, leading to stronger corporate growth and profitability.

    “The stock market is a giant bet on AI right now. It’s really 10 companies that are driving all of it,” Rebecca Homkes, an economist and lecturer at the London Business School, told CBS News. 

    In other words, this year’s 15% gain in the S&P 500  is largely due to a handful of tech giants that are heavily investing in AI. The combined market capitalization of the so-called “Magnificent 7” — Google-owner Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — today represents a record 37% of the S&P 500’s total value, according to Morningstar. 

    Irrational exuberance?

    That may give pause to the millions of Americans who are saving for retirement in 401(k) and other plans. If the market’s gains lean so heavily on a few dominant companies, as during the dot-com bubble, the fallout could be severe if investors suddenly sour on AI.

    “No one wants to be caught dancing after the music has stopped,” Aaron Schaechterle, portfolio manager at Janus Henderson, said in an email.  

    Still, today’s stock valuations aren’t nearly as stretched as they were in the late 1990s, Goldman Sachs analysts note. The investment bank’s analysis of the Magnificent 7’s median price-to-earnings ratio — a measure of a company’s share price compared to its profits — found it is “roughly half” that of the largest seven companies in the late 1990s.

    “So it is true that valuations are high but, in our view, generally not at levels that are as high as are typically seen at the height of a financial bubble,” they noted. 

    Why this time may be different

    The question of whether AI is fueling a bubble akin to the late 1990s was even posed to Federal Reserve Chair Jerome Powell at the central bank’s Oct. 29 meeting.

    “This is different in the sense that these companies — the companies that are so highly valued — actually have earnings and stuff like that,” Powell said. “So you go back to the ’90s and the dot-com [period]… these were ideas rather than companies.”

    Nvidia, for example, the AI boom’s poster child, has seen its revenue more than double to $130 billion in its last fiscal year, while its profit surged 145%. 

    Although the stock market may not be in imminent danger of a bubble-bursting crash, economists are increasingly questioning whether AI companies can live up to the hype, as well as justify the trillions in capital spending on the data centers and other infrastructure required to power the AI revolution. 

    For these bets to pay off, AI will need to transform U.S. businesses by spurring a productivity boom that translates into stronger corporate growth and profitability, experts say.

    “We want to understand whether this is storytelling or actual tangible gains,” Homkes of the London Business School told CBS News.

    For tech evangelists like Wedbush Securities analyst Dan Ives, the AI boom will lead to a “4th industrial revolution” that could supercharge economic growth. “This is an AI Arms Race, and what is fueling this next chapter of growth is Big Tech spending and that is NOT slowing down into 2026,” he wrote this week in a research note. 

    “The doubters need to come on board and recognize this is a transformational technology,” Homkes agreed, while noting that such a shift is likely to take much longer than some AI boosters currently envision.

    Edited by

    Alain Sherter

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  • Stocks turn choppy as investors asses momentum behind AI

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    Wall Street rebounded on Friday, with gains from Nvidia and other technology companies helping pare earlier losses.

    After dropping 1.3% early in the session, the S&P 500 erased its losses and rose 15 points, or 0.2%, in afternoon trading. The Nasdaq Composite index also recovered from a morning dip to gain 101 points, or 0.4%, while the Dow Jones Industrial Average trimmed its losses on the day to 196 points, or 0.4%, after earlier shedding 600 points.

    Stocks were buoyed by gains from Nvidia, the world’s leading chipmaker, which was up more than 1% in afternoon trading. Nvidia is set to report profits on Nov. 19. 

    “We believe Nvidia’s earnings next week will be another major validation moment for the AI Revolution and be a positive catalyst for tech stocks into year-end, as investors continue to underestimate the scale and scope of AI spend,” Wedbush analyst Dan Ives said in a report.

    Tesla shares also made a comeback from losses yesterday, rising 1.4%.

    If it falls short of analysts’ expectations, more drops could be on the way. That would have a huge effect on the market because Nvidia has grown to become Wall Street’s largest stock by value and briefly topped $5 trillion. That gives Nvidia’s stock movements a bigger effect on the S&P 500 than any other’s.

    The gains came after the stock market had one of its worst days on Thursday since April.

    In a note to investors, analyst Adam Crisafulli of Vital Knowledge said on Friday that investor concerns about the strength of AI company stocks have flared this week, while noting that growth in the sector remains solid.

    “There’s a lot of emotion involved with AI, and people are getting spooked by the sloppy price action in prominent AI-linked stocks, but actual fundamentals in the industry remain very strong,” he said.

    Stocks have also cooled because investors are less confident about another Federal Reserve interest rate cut when the central bank meets for the final time this year on Dec. 9-10. 

    Reset “overdue”

    The Fed lowered rates in September and October, but some policymakers have signaled their hesitation about cutting rates in December. Fed Chair Jerome Powell said last month that another cut isn’t “a foregone conclusion.”

    Investors put the likelihood of a Fed rate cut in December at 53%, according to CME FedWatch.

    The market reset this week was overdue, Mark Luschini, chief investment strategist at Janney Montgomery Scott, told CBS News, noting that stocks have risen steadily this year and only recently were trading at lofty prices. 

    “We have not had as much as a 5% correction off the early April lows after about a 43% move in the S&P 500,” Luschini said.

    Edited by

    Alain Sherter

    The Associated Press

    contributed to this report.

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  • Stock futures slide as investors fret over AI and interest rates

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    Stock futures slid ahead of the start of trading in U.S. financial markets on Friday as investors fret about the health of technology companies and the path of interest rates.

    S&P 500 futures were down 1.1%, or 71 points, as of 8:30 a.m. EDT, and Dow Jones Industrial Average futures dropped 0.7%, or 316 points. Nasdaq Composite futures declined 1.5%, or 373 points.

    On Thursday, the stock market had one of its worst days since a springtime sell-off. The S&P 500 sank 1.7% on the day, falling further from its all-time high set late last month.

    Markets have pulled back this week among growing investor doubts that the Federal Reserve will cut its benchmark interest rate at its next meeting on Dec. 9-10. Although the central bank moved to lower rates in September and October, Fed Chair Jerome Powell said last month that another cut isn’t “a foregone conclusion.”

    “The near-term Fed conversation continues to shift in a less dovish direction as officials signal hesitancy about cutting rates (even if they do wind up cutting the Funds Rate on 12/10, it’s likely the forward guidance that day is incrementally hawkish),” analyst Adam Crisafulli of Vital Knowledge said in a note to investors. 

    Traders see a roughly 53% chance that the Fed will trim rates by a quarter of a percentage point in December, according to CME FedWatch.

    Investors also appeared skittish over whether tech stocks can retain their momentum after making spectacular gains this year. 

    Edited by

    Alain Sherter

    The Associated Press

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  • Stock news for investors: Barrick leads earnings gains as major Canadian companies report mixed Q3 results – MoneySense

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    Revenue totalled US$4.15 billion, up from US$3.37 billion. On an adjusted basis, Barrick says it earned 58 cents per share in its latest quarter compared with an adjusted profit of 30 cents per share a year ago.

    Gold production in the quarter totalled 829,000 ounces, down from 943,000 ounces a year ago, while the company’s realized gold price rose to US$3,457 per ounce, up from US$2,494 per ounce a year ago. Copper production amounted to 55,000 tonnes, up from 48,000 tonnes a year ago, while Barrick’s realized copper price for the quarter was US$4.39 per pound, up from US$4.27 per pound in the same quarter last year.

    Barrick increased its quarterly base dividend to 12.5 cents US per share from 10 cents US and declared an additional performance dividend for the quarter of five cents US per share for a total payment of 17.5 cents US per share.

    In September, Barrick appointed Mark Hill to become interim president and CEO following the sudden departure of Mark Bristow from the top job. The company says it is working with an executive search firm to find a permanent president and CEO.

    Source Google

    MEG Energy reports $159M in Q3 profit, down from last year

    MEG Energy Corp. (TSX:MEG)

    Numbers for its third quarter of 2025:

    • Profit: $159 million (down from $167 million a year ago)
    • Revenue: $1.18 billion (down from $1.27 billion)

    Oilsands producer MEG Energy Corp. says its profits fell during the third quarter. Net earnings for the period ended Sept. 30 amounted to $159 million, down from $167 million during the same period a year earlier. Diluted earnings per share were flat year-over-year at 62 cents. 

    Revenue came in at $1.18 billion during the quarter, down from $1.27 billion during the same period last year. Production for the quarter reached a record of 108,166 barrels per day compared with 103,298 during the prior-year quarter. 

    Last week, shareholders in MEG Energy voted in favour of an $8.6-billion takeover by Cenovus Energy Inc. (TSX:CVE) in a deal that is expected to close this month after a final court approval and other customary conditions.

    Source Google

    Grocery and drugstore retailer Loblaw reports Q3 profit and revenue up from year ago

    Loblaw Cos. Ltd. (TSX:L)

    Numbers for its third quarter of 2025:

    • Profit: $794 million (up from $777 million a year ago)
    • Revenue: $19.40 billion (up from $18.54 billion)

    Grocery and drugstore retailer Loblaw Cos. Ltd. reported its third-quarter profit and revenue rose compared with a year ago. The company behind Loblaws and Shoppers Drug Mart says it earned a profit attributable to common shareholders of $794 million or 66 cents per diluted share for the quarter ended Oct. 4. The result compared with a profit of $777 million or 63 cents per diluted share in the same quarter last year.

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    Revenue for the 16-week period totalled $19.40 billion, up from $18.54 billion a year earlier. 

    The company’s hard discount and Real Canadian Superstore banners outperformed its conventional stores as consumers continue to hunt for value, Loblaw said in a release. Food retail same-store sales were up two per cent, while drug retail same-store sales rose four per cent with pharmacy and health-care same-store sales growth of 5.9 per cent and a gain of 1.9 per cent for front store same-store sales.

    RBC analyst Irene Nattel said in a note to clients it was “another solid quarter” for the company, however, same-store food sales and revenue was “a string bean shy of forecast.”

    On an adjusted basis, Loblaw says its earned 69 cents per diluted share in its latest quarter, up from an adjusted profit of 62 cents per diluted share a year ago.

    Source Google

    Manulife reports $1.8 billion in Q3 earnings, down slightly year-over-year

    Manulife Financial Corp. (TSX:MFC)

    Numbers for its third quarter of 2025:

    • Profit: $1.8 billion (down from $1.84 billion a year ago)

    Manulife Financial Corp. reported $1.8 billion in net income attributed to shareholders during the third quarter, down slightly from $1.84 billion during the same period a year earlier. The insurer says adjusted earnings, or what it calls core earnings, came in at $2 billion compared with $1.83 billion during the prior year quarter.  

    Manulife CEO Phil Witherington says the company’s core earnings in Asia and Canada reached record levels. Core earnings for Manulife’s Asia segment came in at US$550 million, while core earnings for its Canada segment came in at $428 million. 

    Manulife’s earnings came as the company launched a new platform with the stated goal of helping people live longer and more financially secure lives, called the Longevity Institute. The company says it is committing $350 million to the platform through 2030.

    Source Google

     

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    The Canadian Press

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  • Stock news for investors: Air Canada Q3 profit plunges to as strike weighs on results – MoneySense

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    The Montreal-based airline says operating revenues during the quarter came in at $5.77 billion, falling around 5% from $6.1 billion during the third quarter last year.   

    Results for the three-month period ended Sept. 30 include the three-day work stoppage by more than 10,000 flight attendants in August that shut down operations and caused more than 3,000 flight cancellations.

    Air Canada CEO Michael Rousseau says the latest results met the company’s revised estimate that was lowered to adjust for the labour disruption that occurred during the peak of the summer season. In September, Air Canada lowered its full-year guidance while estimating the cost of the strike at $375 million.

    Source Google

    Fortis reports $409-million third-quarter profit, raises dividend

    Fortis Inc. (TSX:FTS)

    Numbers for its third quarter of 2025:

    • Profit: $409 million (down from $420 million a year ago)
    • Revenue: $2.94 billion (up from $2.77 billion)

    Fortis Inc. raised its dividend as it reported a third-quarter profit of $409 million. The power utility says it will now pay a quarterly dividend of 64 cents per share, up from 61.5 cents per share. 

    The increased payment to shareholders came as Fortis says its third-quarter profit amounted to 81 cents per share, down from $420 million or 85 cents per share in the same quarter last year. On an adjusted basis, the company says it earned 87 cents per share in its latest quarter, up from 85 cents per share a year ago.

    Revenue for the quarter totalled $2.94 billion, up from $2.77 billion in the same quarter last year.

    In its outlook, Fortis announced a new five-year capital plan for 2026-2030 that totals $28.8 billion, an increase of $2.8 billion compared with its previous five-year plan.

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    Thomson Reuters reports third-quarter profit and revenue up from year ago

    Thomson Reuters Corp. (TSX:TRI)

    Numbers for its third quarter of 2025:

    • Profit: $423 million (up from $301 million a year ago)
    • Revenue: $1.78 billion (up from $1.72 billion)

    Thomson Reuters Corp. reported a profit of US$423 million in its latest quarter, up from US$301 million in the same period a year earlier, as its revenue rose 3%. The company, which keeps its books in U.S. dollars, says the profit amounted to 94 cents US per diluted share for the quarter ended Sept. 30, up from 67 cents US per diluted share in the same quarter last year.

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    Revenue totalled US$1.78 billion, up from US$1.72 billion a year ago. On an adjusted basis, Thomson Reuters says it earned 85 cents US per share, up from an adjusted profit of 80 cents US per share in the same quarter last year.

    In September, the company acquired Additive AI Inc., a U.S.-based specialist in AI-powered tax document processing for tax and accounting professionals. The company also sold its remaining minority interest in the Elite business, a provider of financial practice management solutions to law firms.

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    Suncor reports decline in third-quarter profits, record production

    Suncor Energy Inc. (TSX:SU)

    Numbers for its third quarter of 2025:

    • Profit: $1.62 billion (down from $2.02 billion a year ago)
    • Revenue: $6.17 billion (down from $6.32 billion)

    Oilsands giant Suncor Energy Inc. has reported a decline in third-quarter profits amid weak oil prices, while production and refinery throughput hit new records. Net earnings were $1.62 billion during the three months ended Sept. 30, down from $2.02 billion a year earlier. The profit amounted to $1.34 per share compared to $1.59 per share. 

    Operating revenues net of royalties were $6.17 billion, down from $6.32 billion during the same 2024 quarter. 

    Total upstream production in the quarter was 870,000 barrels of oil equivalent per day, up from 828,600 boe/d. Suncor’s refineries processed 491,700 barrels per day, an increase from 487,600 barrels in the year-ago quarter. 

    “Our people continue to deliver shareholder value with a culture that every barrel and every dollar matters,” CEO Rich Kruger said in a news release Tuesday. “Underpinned by our integrated business model, we are elevating overall performance and generating higher, more reliable and more ratable free cash flow with less volatility and dependence on the external business environment.”

    Also Tuesday, Suncor announced it will raise its quarterly dividend by 5% to 60 cents per share.

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    Uranium miner Cameco raises annual dividend, reports small Q3 loss

    Cameco (TSX:CCO)

    Numbers for its third quarter of 2025:

    • Loss: $158,000 (down from profit of $7.4 million a year ago)
    • Revenue: $614.6 million (down from $720.6 million)

    Cameco raised its dividend and reported a small net loss in its most recent quarter. The uranium miner says it will pay an annual dividend of 24 cents per share, up from 16 cents. The increased payment to shareholders came as Cameco posted a net loss of $158,000 or zero cents per diluted share for the quarter ended Sept. 30 compared with a profit of $7.4 million or two cents per diluted share a year earlier.

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  • Stock Market Earnings Aren’t Supposed to Look This Good in a Bubble

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    Want more stock market and economic analysis from Phil Rosen directly in your inbox? Subscribe to Opening Bell Daily’s newsletter. 

    Wall Street has been raising its earnings forecasts all year but somehow corporate America keeps beating expectations anyway.

    With nearly 80 percent of S&P 500 earnings in the books for the third quarter, the aggregate “blended” quarterly earnings per share have come in 6 percent higher compared to the quarter before at $70.65.

    Actual earnings have beat expectations by 10.5 percent on average over recent weeks, which marks the best margin in four years, according to data from Yardeni Research.

    That’s also higher than the 8.2 percent beat in the second quarter.

    Meanwhile:

    • Earnings have grown at a double-digit rate over five of the last six quarters
    • Q3 is the ninth straight quarter of positive year-over-year earnings growth
    • 10 of the 11 S&P 500 sectors have seen rising earnings so far this quarter
    • If the Energy sector finishes with positive earnings growth in the quarter, all 11 sectors would surpass the bar for the first time since 2021

    None of that makes it sound like this is a good time for comparisons to the dot-com bubble. 

    That said, robust earnings don’t negate the fact the market is undeniably top-heavy.

    Many investors remain concerned about the collective weight of Big Tech, which now account for about 40 percent of the S&P 500’s market value.

    Still, selling stocks out of a fear of froth is hard to justify when earnings continue to accelerate more than expected.  

    “[T]here is more earnings support for the current tech bubble than the one in the late 1990s,” said Ed Yardeni, founder of Yardeni Research. “There isn’t as much air in the current bubble. It isn’t likely to burst, though it might leak air from time to time.” 

    The early-rate deadline for the 2026 Inc. Regionals Awards is Friday, November 14, at 11:59 p.m. PT. Apply now.

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    Phil Rosen

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  • What is a ‘K-shaped’ economy, and what’s causing the divide?

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    The “K-shaped” economy, widely touted in the financial press, is the latest expression of wealth inequality. The U.S. economy is experiencing a growing gap between the highest earners and the richest corporations, who are spending and expanding their wealth, and the lowest-income households and mom-and-pop companies, who struggle to pay their bills day to day.

    Following the second short-term interest rate cut on Oct. 29, Federal Reserve Chairman Jerome Powell said, “A further reduction in the policy rate at the December meeting is not a forgone conclusion — far from it.”

    He cited the Fed’s ongoing concerns regarding inflation, employment, rising defaults in subprime credit, layoffs, and a “bifurcated economy.”

    “If you listen to the earnings calls or the reports of big, public, consumer-facing companies, many, many of them are saying that there’s a bifurcated economy there and that consumers at the lower end are struggling and buying less and shifting to lower cost products, but that at the top, people are spending at the higher income and wealth,” Powell said.

    That, in a nutshell, is the K-shaped economy.

    Can a divided U.S. economy avoid a recession? And how can an economy that’s running hot on one end and cold on the other meet the needs of the millions in the middle?

    Read more: The ‘K-shaped’ economy is showing up in credit scores

    The K-shaped economy is characterized by robust growth, expanding wealth, and a vibrant economy in the arms at the top of the K.

    The legs of the K are where lower-income earners and small businesses continue to struggle.

    Cristian deRitis, senior director and deputy chief economist at Moody’s Analytics, said the separation between the two is growing.

    “The top 10% of households by income account for about half of all the spending in the U.S. economy, so it’s kind of illustrating the inequality, not only of income, but of spending that’s going on in the economy,” deRitis told Yahoo Finance.

    In 2019, the share of spending by the top 10% households was 44.6%. However, the wealth gap goes beyond consumer spending.

    “When we think about businesses and the stock market or we think about the labor market, some industries are hiring, others are laying off,” deRitis added. “So, I see that K-shape not only in the consumer — I think that’s where it gets a lot of attention — but it’s actually in a lot of different parts of the economy where you can see that kind of bifurcation of activity.”

    DeRitis believes the widening separation between the haves and have-nots goes back to the stimulus relief of the pandemic.

    “Households at the bottom in particular got quite a bit of support that helped them to get their finances back in order,” deRitis said. “Delinquency rates went way down. But now that money has run out because inflation has been high, the labor market is slowing — so you don’t have as much wage growth.”

    Meanwhile, the top of the K, the wealthiest households and corporations, have benefitted from a rising stock market and asset price appreciation, including housing and crypto.

    While the stock market has set record highs recently, it has been on the backs of the largest companies. This is adding to the riches of the very wealthy, who have the biggest individual stake in equities.

    During Ford’s Ford (F) latest earnings call, the company highlighted profit driven by its top-of-the-line models, including the F-150, Bronco, Explorer, and Expedition. “The all-new Expedition is red-hot, gaining over three points of segment share, with 75% of customers choosing high-end trims like Tremor,” the company said.

    Delta Air Lines’ (DAL) premium-priced seating and iPhone 17 Pro smartphones that top $1,000 are other examples.

    Chipotle (CMG) cut its full-year sales outlook for the third straight quarter, with CEO Scott Boatwright citing “persistent macroeconomic pressures” and poorer customers who aren’t eating there as often.

    Read more: The Chipotle indicator: Is the economy teetering on a recession or nah?

    In an analysis, Torsten Sløk, chief economist for Apollo, reveals that earnings expectations for 2026 have soared for the Magnificent 7 stocks and declined for the rest of the S&P 500 (^GSPC). (Disclosure: Yahoo Finance is owned by Apollo Global Management.)

    Anthony Chan, a former economist for the Federal Reserve and JPMorgan Chase, told Yahoo Finance that a K-shaped economic recovery is the latest incarnation of wealth inequality.

    “It is showing you that inequality is becoming so bad that it’s now impacting how the economy proceeds. All you have to do is look at the anecdotal evidence on food pantries. They’re getting more and more people visiting food pantries. Why? Because people at the lower end are struggling.”

    He also cites the popularity of buy now, pay later.

    “I can assure you that the top 1% — the top 10% of the people — are not interested in buy now and pay later. They buy it and they just pay for it and they don’t even think about it. But you’re actually seeing some of the lower-income people buying supermarket groceries with buy now and pay later.”

    Read more: Buy now, pay later vs. credit cards: Which should you use for your next purchase?

    Chan is not quick to predict a recession. He noted that the Atlanta Fed is projecting 4% growth in the third quarter, following the 3.8% gain in the second quarter.

    “I’ve never seen a recession in my entire life where you have 3.8% growth one quarter and 4% in the other quarter,” Chan added. “​​Potential growth is about 2%, maybe a little bit less than that. So, if you’re growth is twice as fast as potential economic growth, I really think it’s almost economic malpractice to say that we’re entering or close to being in a recession.”

    Yet, Chan and deRitis both noted there are wild cards in the economic forecast, and deRitis called out one in particular.

    “I suspect that the investments in artificial intelligence are perhaps getting ahead of themselves, and they may not live up to the extreme expectations that we have,” deRitis said. “There’s likely to be some type of correction in the stock market going forward as investors come to grips with the reality.”

    In an extended bear market scenario, the top tier of wealthy households might cut back on spending, and the handful of big tech firms that have been leading stock gains would suffer.

    “If we have an AI setback, absolutely, it could be a recession,” he added.

    Read more: What is a recession?

    1. Open a high-yield savings account and watch your savings balance grow faster.

    2. Consider a personal loan to pay off debt and get money quickly at the lowest rates.

    3. Use a balance transfer credit card to help pay down debt without accruing more interest.

    4. Open a home equity line of credit (HELOC) if you need money for a large purchase.

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  • The AI Data Center Boom Is Warping the US Economy

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    The amount of capital pouring into AI data center projects is staggering. Last week, Microsoft, Alphabet, Meta, and Amazon reported their 2025 capital expenditures would total roughly $370 billion, and they expect that number to keep rising in 2026. The biggest spender last quarter was Microsoft, which put nearly $35 billion into data centers and other investments, equivalent to 45 percent of its revenue.

    Rarely, if ever, has a single technology absorbed this much money this quickly. Warnings of an AI bubble are getting louder every day, but whether or not a crash eventually happens, the frenzy is already reshaping the US economy. Harvard economist Jason Furman estimates that investment in data centers and software processing technology accounted for nearly all of US GDP growth in the first half of 2025.

    Today, we’re looking at how data centers are impacting three crucial areas: public markets, jobs, and energy.

    Cashing Out

    The US stock market is booming, mostly thanks to AI. Since ChatGPT launched in November 2022, AI-related stocks have accounted for 75 percent of S&P 500 returns and 80 percent of earnings growth, according to JPMorgan’s Michael Cembalest. The question now is whether that growth will be sustainable as tech firms continue spending heavily on AI infrastructure.

    At the start of this year, tech giants were financing their AI projects mostly with cash they had on hand. As financial journalist Derek Thompson pointed out, the ten largest US public companies kicked off 2025 with historically high free cash flow margins. In other words, their businesses were so profitable that they had billions of dollars sitting around to put towards Nvidia GPUs and data center buildouts.

    That trend has largely continued through 2025. Alphabet, for example, told investors last week that its capital expenditures this year would be as much as $93 billion, an increase from its previous estimate of $75 billion. But it also reported that revenue was up 33 percent year over year. Put another way, Silicon Valley is both spending more and earning more. That means everything is fine, right?

    Not exactly. For one thing, tech giants appear to be using accounting tricks to make their financials look rosier than they may really be in reality. A significant portion of AI investment flows to Nvidia, which releases new versions of its GPUs approximately every two years. But companies like Microsoft and Alphabet are currently estimating that their chips will last six years. If they need to upgrade sooner to stay competitive—a likely possibility—that could wind up eating into their profits and weaken their overall performance.

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    Louise Matsakis

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  • Stock news for investors: RBI earnings rise as Tim Hortons and international growth boost results – MoneySense

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    The company, which keeps its books in U.S. dollars, says its net income attributable to common shareholders amounted to US$315 million or 96 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$252 million or 79 cents US in the same quarter last year.

    Revenue for the quarter totalled US$2.45 billion, up from US$2.29 billion a year ago.

    On an adjusted basis, RBI says it earned US$1.03 per diluted share in its latest quarter, up from 93 cents US per diluted share in the same quarter last year.

    In addition to Tim Hortons, RBI is the company behind the Burger King, Popeyes, and Firehouse Subs brands.

    Parkland reports Q3 profit up from year ago as it prepares to close Sunoco deal

    Parkland Corp. (TSX:PKI)

    Numbers for its third quarter of 2025.

    • Profit: $129 million (up from $91 million a year ago)
    • Sales: $7.35 billion (up from $7.13 billion)

    Parkland Corp. reported a third-quarter profit of $129 million, up from $91 million a year ago, as it prepared to complete its deal to be acquired by U.S. company Sunoco. The Calgary-based company says its profit amounted to 73 cents per diluted share for the quarter ended Sept. 30, up from 52 cents per diluted share a year earlier.

    On an adjusted basis, Parkland says it earned $1.02 per diluted share in its latest quarter compared with an adjusted profit of 60 cents per diluted share in the same quarter last year.

    Sales and operating revenue totalled $7.35 billion, up from $7.13 billion a year earlier.

    Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. It also runs a refinery in Burnaby, B.C., which supplies nearly one-third of the region’s domestically supplied gasoline and jet fuel.

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    The company says it expects to close its deal with Sunoco on Friday, subject to the satisfaction or waiver of customary closing conditions.

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    Wealthsimple announces its raising up to $750M in new capital to accelerate growth

    Wealthsimple Inc. says it is raising up to $750 million in capital in an effort to accelerate its growth. The equity raise will bring its valuation to $10 billion upon completion.     

    The equity round includes a $550 million primary offering and secondary offering of up to $200 million and is co-led by U.S.-based Dragoneer Investment Group and Singaporean sovereign wealth fund GIC. 

    Wealthsimple says the round will also include the Canada Pension Plan Investment Board, a new investor, along with existing investors Power Corporation of Canada, IGM Financial Inc. and others. Wealthsimple CEO Michael Katchen says in a press release that it was intentional in choosing partners committed to its long-term future. 

    Last week, Wealthsimple announced its assets under administration reached $100 billion, roughly doubling from a year ago.

    Cameco shares soar after company and Brookfield sign nuclear reactor deal with U.S.

    Shares of Cameco Corp. (TSX:CCO) rose more than 20 per cent after the company and Brookfield Asset Management Ltd. (TSX:BAM) announced a partnership agreement with the U.S. government to help build nuclear reactors in the United States.

    Under the deal, the U.S. government will arrange financing and facilitate the permitting and approvals for at least US$80 billion worth of new Westinghouse nuclear reactors in the U.S. Brookfield and Cameco acquired Westinghouse in November 2023.

    “We expect that the new build commitments from the U.S. will bolster broader confidence in the durable growth profile for nuclear power, and support increased demand for Westinghouse’s and Cameco’s products, services and technologies,” Cameco chief executive Tim Gitzel said in a statement. “This new partnership highlights the role that Westinghouse’s reactor technologies, based on fully designed, licensed and operating reactors, are expected to play in the planned expansion of nuclear capacity and diversification of global nuclear supply chains.”

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  • The stock market is breaking records. Time for a gut check

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    NEW YORK (AP) — Almost everything in your 401(k) should be coming up a winner now. That makes it time for a gut check.

    Not only is the U.S. stock market setting records, so are foreign stocks. Bond funds, which are supposed to be the boring and safe part of any portfolio, are also doing well this year, along with gold and cryptocurrencies.

    Many professionals along Wall Street are forecasting that the U.S. stock market will keep rising. But the threat of a sharp drop remains, as it always does. That leaves investors with the luxury now, while prices are high, to reassess. Don’t get lulled into leaving your 401(k) on autopilot, unless you’re intentionally doing so, and make sure your portfolio isn’t stuffed with too much risk.

    Here are some things to keep in mind:

    The stock market is doing well?

    Even after a few recent stumbles, the S&P 500 has soared more than 35% from its low point in April, shortly after “Liberation Day.”

    “The market continues to (hit) record highs on the back of strong earnings and easing U.S.–China trade tensions,” said Mark Hackett, chief market strategist at Nationwide, who calls the current state of “steady growth without irrational exuberance” a ”Goldilocks environment.”

    If the market’s so great, why should I worry?

    You don’t need to worry at the moment, but remember that the stock market will fall eventually. It always does.

    The S&P 500 index, which sits at the heart of many 401(k) accounts, has forced investors to swallow a 10% drop every couple of years or so, on average. That’s what Wall Street calls a “correction,” and professional investors see them as ways to clear out excessive optimism that may have pushed prices too high. More serious drops of at least 20%, which Wall Street calls “bear markets,” are less common but can last for years.

    Back in April, the S&P 500 index plunged nearly 20% from its record at the time. But the market came back, propelled by the big tech companies that have led the way the last few years.

    What could trip up the market?

    The stock market has charged to records because investors are expecting several important things to happen. If any fail to pan out, it would undercut the market.

    Chief among those expectations is that big U.S. companies will continue to deliver big growth in profits. That’s one of the few ways they can justify the jumps in their stock prices and quiet criticism that they’ve become too expensive. One popular measure of valuing stocks, which looks at corporate profits over the preceding 10 years, showed the S&P 500 recently was near its most expensive level since the 2000 dot-com bubble.

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  • Why the AI-Fueled Stock Market Isn’t a Bubble Waiting to Pop

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    Want more stock market and economic analysis from Phil Rosen directly in your inbox? Subscribe to Opening Bell Daily’s newsletter. 

    The artificial intelligence boom has put the world on notice that technology is eating the world.

    Speculative bets on AI have raised concerns about a speculative bubble, yet the companies leading the charge like Nvidia, Meta and the other Magnificent 7 giants continue to report record cash flows and profits.

    Just because today’s tech dominance resembles that of the dot-com era doesn’t mean AI is something destined to pop — even if there are instances of financial wizardry afoot. 

    The data point to a structural shift into a more productive era built on new technology and underpinned by gobs of cash and resilient fundamentals.

    This is illustrated by the Nasdaq-to-Dow ratio, which shows how markets fluctuate between real economy stocks and technology.  

    Some will use this same chart as justification for a bubble, but look how violently the index spiked and collapsed in 2000.

    The recent, more gradual climb started in the early 2010s as earnings and margins climbed with stock prices.

    Bubbles pop when technology fails to monetize. The companies pushing AI forward are the most profitable businesses in history and help drive real productivity gains.

    Meanwhile, the S&P 500’s P/E ratio remains well below dot-com levels. 

    That, too, serves as a reminder that Big Tech today is more profitable and less expensive relative to the broader market than it was two decades ago.

    The same narrative holds when you zoom in on a company level.

    Cisco and Oracle once traded at more than 120x forward earnings, while names like Nvidia and Apple today hover at about one-quarter of that. 

    In the late 1990s, investors paid infinite multiples to own shares in companies with no profits.

    In 2025, they are arguably paying a discounted rate for dominant firms that have been generating meaningful returns for years.

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    Phil Rosen

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  • Inflation Data Could Push Stocks to Record Highs

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    Want more stock market and economic analysis from Phil Rosen directly in your inbox? Subscribe to Opening Bell Daily’s newsletter. 

    The S&P 500 is once again within reach of a record high and the latest inflation report could be just the thing to push it over the top.

    The index secured new all-time highs following the CPI releases in September, June, and May — three of the last five inflation announcements — and bullish momentum has only grown since then. 

    Indeed, stocks climbed across the board on Thursday, recouping losses from earlier in the week and building on a series of strong earnings results.

    Economists expect the report to show September’s headline and core CPI at 3.1 percent year-over-year, roughly in line with the prior month, according to FactSet.

    What’s unique about this release, of course, is that the government remains shut down.

    Markets have largely marched higher in the absence of economic data, though the White House deemed this report important enough to call back furloughed workers to make sure it published.

    (It was originally slated to publish on October 15.)

    The release will have “more than the usual fawning over the numbers given the ongoing government shutdown and data vacuum it has created,” David Cervantes of Pinebrook Capital wrote in a note Wednesday. “Expect extrapolations to be magnified beyond import, and for the cope to be at max levels.”

    While Cervantes may be correct about reactions from pundits and market participants, the data is unlikely to change the outlook for the Federal Reserve.

    Prediction markets and traditional indicators all effectively guarantee quarter-point rate cuts next week and in December.

    Since the last central bank meeting in September, several policymakers have voiced a willingness to lower borrowing costs to support the labor market.

    Even with another cut here or there, according to Fed President Susan Collins, “monetary policy would remain mildly restrictive, which is appropriate.”

    “The labor market has demonstrated pretty significant downside risks,” Fed Chair Jerome Powell said in recent remarks.

    With minimal chance the inflation data derails rate cuts, it seems unlikely markets will react any other way other than optimistically, even if the headline number shows a surprise.

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    Phil Rosen

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  • Who you gonna trust: Barry Ritholtz or Jim Cramer? – MoneySense

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    The first can be regarded by retirees and those on the cusp of retirement as a must read: William Bengen’s A Richer Retirement, the long-awaited update of his classic book on the much-cited 4% Rule: Conserving Client Portfolios During Retirement. First published in 2006, that book was really aimed at financial advisors but became popular with the general investing public after it got extensive press exposure over the years.

     The 4% Rule—which is actually closer to a 4.7% Rule depending how you interpret it—refers to the “safe” percentage of a portfolio that retirees can withdraw each year without running out of money in 30 years, net of inflation. Bengen’s term for this is “SAFEMAX.”

    The new book is supposedly aimed at average investors. Still, I found it pretty technical, filled chock-a-block with charts and tables that are probably more accessible to the original audience of financial professionals. Counting some useful appendices, the book is just under 250 pages.

    After wading through all Bengen’s tweaks meant to minimize the impact of inflation, bear markets, and unexpected longevity, I was left with the impression the original 4% Rule remains a pretty good initial guestimate for what retirees can safely withdraw in any given year. 

    Sure, 3.5% or 3% may be technically “safer,” especially if you expect to live a very long life or want to leave an estate for your heirs. I’ve even seen arguments that a 2% retirement rule may be appropriate for extremely risk-averse retirees. 

    On the other hand,  it’s not too dangerous to withdraw 6% or 7% or more as long as stock markets and interest rates cooperate. That’s what many retirees intuitively do anyway; they reduce withdrawals in bear markets, and splurge a bit in raging bull markets. 

    It’s also worth noting that whether you choose 3%, 5%, or larger percentages, that guideline really just applies to your investment portfolios, whether held in tax-deferred or tax-exempt accounts or taxable ones. Most Canadian retirees can also count on the Canada Pension Plan (CPP) and Old Age Security (OAS), not to mention employer pensions. Those lacking big defined-benefit pensions but who have plenty saved in RRSPs and TFSAs can choose to pensionize or partially pensionize their nest eggs by buying annuities. (For timing, see this piece published recently on my blog.) For that concept, refer to Professor Moshe Milevsky’s excellent book, Pensionize Your Nest Egg.  

    Making money in any market

    More controversial is Jim Cramer’s How to Make Money in Any Market. I know it’s fashionable for some mainstream financial journalists to disparage the long-time host of Mad Money and in-house stock-picking guru on Squawk on the Street. I never watch him on TV (MSNBC) but often listen to his podcasts while walking or at the gym, usually at 1.5x speed and skipping over interviews with the CEOs of more speculative stocks I have no interest in. Cramer’s critics tend to be diehard indexers who swear it’s impossible to consistently pick stocks and “beat” the market over the long run. I tend to side with them, but more on that below.

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    Obviously, Cramer begs to differ, often trotting out testimonials from Nvidia millionaires who bought that spectacular artificial intelligence (AI) chip stock the moment he named his dog after it (sadly now deceased). Cramer devotes an entire chapter to that call, which he mentions every chance he gets. I did buy that stock too, although I was too late and risk-averse to bet the farm enough to change my life with it.

    What his critics may not realize is that even Cramer believes in indexing at least 50% of a portfolio. In fact, he tells newcomers to stocks that their first $10,000 (US) should go in an S&P500 index fund. Hard to argue with that.

    Where I part ways is his book’s recommendation of holding just five stocks for the 50% of a portfolio that is not indexed. That would mean holding around 10% of your total portfolio in each such stock, which is way more concentrated than most investors would countenance. Much of the book goes into how to choose the kind of secular growth stocks he prefers, with the help of modern AI tools like ChatGPT, Grok, and all the rest.

    I used to wonder about his show’s regular segment, Am I diversified?, where readers submit their five picks for Cramer’s consideration. I’d be surprized if there is an investor anywhere whose portfolio is that concentrated. Even Cramer’s much-cited Charitable Trust holds many more than five stocks. 

    Canada’s best dividend stocks

    How not to invest

    This leads me to the third book I ordered from Amazon, recently reviewed by Michael J. Wiener of the Michael James on Money blog: Barry Ritholtz’s book How Not to Invest. Cramer cynics might quip that would have been a better title for How to make money in any market had it not already been taken by Ritholtz; Cramer has after all famously inspired some ETF companies to provide “reverse Cramer” funds that short his major long recommendations. 

    Ritholtz’s book clocks in at almost 500 pages but is quite readable. It has attracted multiple testimonials ranging from William Bernstein (“Destined to become a classic.”) to DFA’s David Booth, Shark Tank’s Mark Cuban and author Morgan Housel, known through The Motley Fool, and who penned the foreword.

    Ritholtz organizes his book in four parts: Bad Ideas, Bad Numbers, Bad Behavior, and Good Advice. While Cramer tempts us into individual stock-picking, Ritholtz reminds us that few can do it well; nor can most of us successfully pull off market timing. He devotes a fair bit of space to how badly some pundits’ predictions have panned out in the past. I was left with a renewed appreciation for the benefits of indexing, certainly for the core of portfolios if not for their entirety. As he puts it: “Index (mostly). Own a broad set of low-cost equity indices for the best long-term results.” He lists five advantages to indexing: lower costs and taxes, you own all the winners, better long-term performance, simplicity and less bad behaviour. 

    Fortunately, ordinary investors have many advantages over the pros, such as not having to benchmark against indices or worry about investors who sell a fund, the ability to keep costs low, and in theory a much longer time horizon. But the clincher is that “indexing gives you a better chance to be ‘less stupid.’”

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    Jonathan Chevreau

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  • Stock news for investors: Iamgold expands, Teck advances merger talks, and Wealthsimple hits $100B milestone – MoneySense

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    Under the transaction, Northern Superior’s shareholders will receive 0.0991 of an Iamgold share and 19 cents in cash for each common share of Northern Superior. The offer implies a total value of $2.05 per Northern Superior share, based on the closing price of the Iamgold shares on the Toronto Stock Exchange on Oct. 17. The transaction will also include a concurrent distribution to Northern Superior’s shareholders of all the shares in ONGold Resources Ltd. currently held by Northern Superior.

    Under a second deal, Iamgold will acquire Mines D’Or Orbec Inc. in a stock-and-cash deal valued at $17.2 million, net of the 6.7 per cent stake it already holds in the company. Orbec shareholders will receive 6.25 cents and 0.003466 of an Iamgold share for each Orbec share they hold for a value of 12.5 cents per share.

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    Teck Resources ‘very pleased’ with progress of talks with regulators on Anglo deal

    Teck Resources (TSX:TECK.B)

    Numbers for its third quarter of 2025.

    • Profit: $281 million (up from loss of $748 million a year ago)
    • Revenue: $3.39 billion (up from $2.86 billion in same quarter last year)

    The head of Teck Resources (TSX:TECK.B) says he’s happy with the way talks with government officials are going as the company seeks Ottawa’s approval for its proposed merger with U.K. mining giant Anglo American—even as the industry minister signalled last month she wanted more from the companies.

    “Conversations are ongoing, and they’re productive and we’re very pleased in the way that they’re unfolding at the moment,” chief executive Jonathan Price told a conference call to discuss the company’s latest results Wednesday.

    Teck announced a deal last month to merge with Anglo American to form the Anglo Teck group; however, the deal requires approval under the Investment Canada Act, which can be used to block deals deemed against the national interest. 

    “We are engaging on an ongoing and collaborative basis with the Canadian government here,” Price said.

    “Those discussions have been frequent and productive.” He said he believes the company has put forward a strong and comprehensive package of commitments to Canada, a key element of which is the plan to move the headquarters of Anglo to Vancouver. 

    The companies have said the combination would create a $70-billion copper mining powerhouse with headquarters and top executives based in Vancouver. They have pitched it as a “merger of equals” even though Anglo American is worth more than double Teck. Shareholders vote on the deal in December, while Price said the company will be completing all of its filings related to antitrust and competition with regulators globally.

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    Industry Minister Mélanie Joly has said Ottawa wants to see longer-term commitments to Canada if Teck is allowed to merge with Anglo American. Teck and Anglo American have committed about $4.5 billion in spending in Canada over five years as part of the deal. However, a significant portion of that has already been announced by Teck, including the mine life extension of its Highland Valley copper mine.

    Price’s comments came as the company reported a profit from continuing operations attributable to shareholders amounted to $281 million or 57 cents per diluted share for its third quarter. The result compared with a loss of $748 million or $1.45 per diluted share in the same quarter last year. On an adjusted basis, Teck says it earned 76 cents per diluted share from continuing operations in its latest quarter, up from an adjusted profit of 60 cents per diluted share a year earlier. Revenue totalled $3.39 billion, up from $2.86 billion in the same quarter last year.

    In reporting its third-quarter results, Teck said production at Quebrada Blanca in Chile continues to be constrained by the pace of development of a tailings management facility, requiring downtime in the concentrator.

    Source Google

    Mullen Group Q3 profit down from year ago as acquisitions boost revenue

    Mullen Group Ltd. (TSX:MTL)

    Numbers for its third quarter of 2025.

    • Profit: $33.2 million (down from $38.3 million a year ago)
    • Revenue: $561.8 million (up from $532 million in same quarter last year)

    Mullen Group Ltd. (TSX:MTL) reported its third-quarter profit fell compared with a year ago as acquisitions helped boost its revenue.

    The trucking and logistics company says it earned $33.2 million or 36 cents per diluted share for the quarter ended Sept. 30. The result compared with a profit of $38.3 million or 41 cents per diluted share a year earlier.

    Revenue for the quarter totalled $561.8 million, up from $532.0 million in the same quarter last year. The increase was helped by the acquisition of Cole International Inc. and Pacific Northwest Moving (Yukon) Ltd.

    On an adjusted basis, Mullen Group says it earned 38 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year earlier.

    Source Google

    Wealthsimple says assets top $100 billion under administration

    Wealthsimple Inc. says its assets under administration have reached $100 billion as the company tweaks its offerings. The privately-held financial platform has seen its assets roughly double from a year ago, while in 2023 it had set a target of 2028 to reach the $100 billion mark.

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    The Canadian Press

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  • This 1 Quality Is What Makes Warren Buffett So Successful. Do You Have It Too?

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    What makes Warren Buffett such an incredibly successful investor? He’s a genius at researching a stock and evaluating its potential and risk. He’s a master at negotiating deals that greatly benefit his company Berkshire Hathaway and its investors. But one other quality has helped keep Buffett on top over his 84-year career as an investor. He’s remarkably consistent.

    Buffett often shares pithy of advice about both investing and life. And there’s one of those bits of advice that seems especially pertinent right now. “Be fearful when others are greedy and greedy when others are fearful.”

    The statement itself is a perfect example of Buffett’s consistency. He first alluded to it in a letter to shareholders 39 years ago. In the letter, he explained that Wall Street will predictably be gripped by bouts of greed (rampant buying) and fear (rapid selloffs). But while you can be certain these events will occur, it’s impossible to know when they will happen or how long they will last. With that in mind, he wrote, Berkshire would not try to time the market. Instead, it would try to to run counter to the prevailing trend. That means buying when everyone is selling and selling, or at least not buying, during major stock market rallies such as we’re seeing right now.

    Buffett follows his own 39-year-old advice.

    Almost 40 years after he first laid out this strategy, Berkshire Hathaway is still following it. The Dow Jones Industrial Average is at a record high at this writing, but Buffett has been mostly staying out of it for past year or so. Instead, Berkshire is holding about $344 billion in cash or Treasury bonds. That’s very roughly a third of the company’s total assets. Historically, Berkshire has held about 13 percent of its assets in cash, so it looks like Buffett is more fearful than usual these days.

    By partially sitting out this rally, he also left money on the table. In particular, he sold a large portion of the company’s Apple shares. With that move Berkshire Hathaway forfeited about $50 billion in gains when Apple stock reached a record high this week. That’s missing out on a lot of greed.

    But there’s Buffett’s consistency for you. This approach of moving in the opposite direction from the markets has served Berkshire well for 60 years, and he’s not likely to change it. In fact, consistency was the subtext of his most famous bet. Buffett bet a hedge fund manager $1 million for charity that any hedge fund would bring in lower returns than an S&P index fund over a ten-year period. After all, there’s nothing more consistent than an index fund. It holds the exact same shares year after year, only changing if the index itself adds or removes a stock. And the index fund handily beat out all five hedge funds that the hedge fund manager used for the bet.

    Greg Abel may do the same.

    Buffett has found a simple approach to investing that he’s used consistently for many decades. Though he’s stepping down as Berkshire CEO at the end of this year, his successor Greg Abel may well follow a similar approach. After all, Abel has been working at Berkshire for more than 25 years. It sounds like he knows a thing or two about consistency himself.

    In our rapidly changing world, we tend to focus on agility. We pivot quickly to meet changing circumstances. We speed our adoption of new technologies, most notably AI, because we fear getting left behind. So it’s great to have Buffett provide a reminder that frequently changing your approach isn’t the only path, or even the best one. Finding a principle that works for you and then sticking with it might be a better, more dependable way to reach success. Especially if, like Buffett, you hope to measure your success in decades rather than quarters or years.

    The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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    Minda Zetlin

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