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Citizens JMP Maintains a Buy Rating on BeOne Medicines (ONC)
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BeOne Medicines Ltd. (NASDAQ:ONC) is one of the top high growth international stocks to buy right now. On September 9, Citizens JMP analyst Reni Benjamin reiterated a Buy rating on BeOne Medicines Ltd. (NASDAQ:ONC) and set a price target of $348.00.
On August 29, BeOne Medicines Ltd. (NASDAQ:ONC) announced positive topline results for Sonrotoclax in Relapsed or Refractory Mantle Cell Lymphoma (MCL), stating that the study met its primary endpoint of overall response rate (ORR) and exhibited clinically meaningful responses in rare B-cell lymphoma with considerable unmet need.
Management added that BeOne Medicines Ltd. (NASDAQ:ONC) would submit the data to global regulatory authorities for their review and potential approval.
Domiciled in Switzerland, BeOne Medicines Ltd. (NASDAQ:ONC) is a global oncology company that discovers and develops affordable, accessible, and innovative treatments for cancer patients.
While we acknowledge the potential of ONC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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How to Spot a Real Day Trading Mentor (and Avoid Pretenders) | Entrepreneur
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Opinions expressed by Entrepreneur contributors are their own.
There is no shortage of people who talk a really impressive game about how they’re rich, have the whole “day trading” thing dialed in, and are willing to teach you how easy it can be to follow in their footsteps to become the next great day trader.
I’m not one of them.
Yes, I day trade for a living, and I’ve done OK. But I’m first in line to tell you that day trading is not easy. It takes dedicated effort over time to start becoming solid at day trading. Then it takes even more time and work to turn it into a profession.
You have two main choices when it comes to learning day trading: You can learn by doing, or get a teacher. Teaching yourself — in other words, making all the mistakes yourself — is a really costly way to do it, in time, money, and stress. I recommend that you stand on someone else’s shoulders and at least avoid many of the mistakes they made.
Because this is not a sales pitch to stand on my shoulders, I will describe five things to look for in a day trading teacher. You can then apply those tests to whichever teachers you find.
Related: Before You Start Day Trading, Know These Stages
1. You want someone who’s seen it all
How long ago did they begin to day trade? You don’t want someone who claims to have done great in the last few months or maybe a year, and now feels bulletproof. The strongest teachers will have traded and survived through great markets, but also sideways markets and downright terrible ones.
You also don’t want someone who claims to be “a natural” at day trading; in fact, you should hope they have lots of figurative scars, which often accompany lessons thoroughly learned.
2. They need to be currently in the game
Michael Phelps may have hung up his competitive swimsuit years ago, but he could be a great swimming coach for decades to come. Not too much changes in competitive swimming, other than younger people regularly breaking records.
Not so with day trading. The markets constantly change in terms of which stocks are listed, regulations being updated and technology continually improving.
Your teacher should be trading every week and preferably every day. Day trading is difficult enough; you shouldn’t make it even more difficult by working with someone who’s been a spectator for too long.
3. They must be able to explain and remember
We’ve all known some people who are great at what they do, but terrible at explaining it to others. Maybe they’re not very articulate, or they speak so fast you can’t follow them.
When I say “able to remember,” I mean that experts can easily forget what it was like to be a beginner. After making literally 25,000 trades in my career, I can glance at four monitors filled with hundreds of bits of data, and it all seems so clear to me. But I do remember the feeling of confusion and even despair while looking at just a fraction of this firehose for the first time.
Look for someone who’s clear, patient and willing to explain — sometimes again and again — until the topic makes sense to you. Day trading is all about near-instantaneous judgments, but your questioning and learning zone should be judgment-free.
Related: Want to Be a Stronger Mentor? Start With These 4 Questions
4. Seek a specialist
If you have a heart condition and need surgery, do you want to go to a surgeon who’s worked on a few hearts, done some tennis elbows and is a fairly good plastic surgeon, too?
You want the person with deep experience. The kind who could write a 500-page book that’s an “Introduction to…” instead of the 50-page pamphlet that’s “The complete guide” to something. Although many day trading principles indeed apply to commodities, cryptocurrency and other investments, I have yet to meet someone who’s equally expert at all those types of investments. I certainly am not.
It may be true that you don’t yet know what specific investments you want to focus on. That’s cool; shop around! But at some point, when you decide the investment type you want to bear down on, look for a teacher who’s done the same thing.
5. Insist on a truth teller
Of course, you want a teacher to make it as easy as possible, but day trading is not easy. It’s not even easy for me at my stage, because every day I must earn any reward, and am quickly punished for forgetting key principles. Stay well away from anyone who gives you the impression that day trading can be picked up without much difficulty.
Also, it’s incredibly important that you find a teacher who shows you ALL of their trades — the fabulous ones, the okay ones, and the “what were you thinking” terrible trades. I can’t say much about day trading with absolute certainty, but I’m certain about this: Every trader on the planet continues to have green days and red days. Every trader loses occasionally.
The only difference is how much they’ve lost, and what they do about it. The smart, surviving traders check themselves into what I call “trader rehab.” This allows them to return to the basics, rebuild their confidence, and get back in the game. Anyone who’s not showing you these scars is not being straight with you, and they should not have your trust.
Social media is full of people who say they took up day trading and scored. More power to them; I do believe in beginner’s luck and once had it myself. You don’t need a teacher at all to have beginner’s luck. But if you want to continue in this profession — not if but when that beginner’s luck runs out — that truth-telling teacher will be the best trade you take.
There is no shortage of people who talk a really impressive game about how they’re rich, have the whole “day trading” thing dialed in, and are willing to teach you how easy it can be to follow in their footsteps to become the next great day trader.
I’m not one of them.
Yes, I day trade for a living, and I’ve done OK. But I’m first in line to tell you that day trading is not easy. It takes dedicated effort over time to start becoming solid at day trading. Then it takes even more time and work to turn it into a profession.
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Ross Cameron
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Stock news for investors: Groupe Dynamite Q2 profit jumps to $63.9M on strong sales growth – MoneySense
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The fashion retailer, which operates under the Garage and Dynamite banners, says its profit amounted to 56 cents per diluted share for the quarter ended Aug. 2, up from 38 cents per diluted share in the same quarter last year. On an adjusted basis, Groupe Dynamite says it earned 57 cents per diluted share, up from an adjusted profit of 40 cents per diluted share a year earlier.
Revenue for the 13-week period totalled $326.4 million, up from $239.1 million a year ago, while its comparable store sales rose 28.6%.
In its outlook, Groupe Dynamite says it now expects comparable store sales growth between 17.0% and 19.0% for its full year, up from earlier expectations for between 7.5 and 9.0%. It also raised its expectations for its adjusted earnings before interest, taxes, depreciation and amortization margin to between 32.0% and 33.5%, up from earlier guidance for between 30.3% and 32.3%.
Roots reports $4.4 million net loss in Q2 despite summer marketing campaigns
Roots (TSX:ROOT)
Numbers for the second quarter (all figures in USD):
- Loss: $4.4 million (down from $5.2 million loss a year earlier)
- Revenue: $50.8 million (up from $47.7 million a year earlier)
Source Google Roots Corp. offered some buzzy marketing campaigns and brand collaborations over the summer in hopes of driving traffic to the retailer but still wound up reporting a loss during the period.
The Toronto-based apparel maker said Wednesday its second-quarter net loss narrowed to $4.4 million compared with a $5.2-million loss a year earlier. The result for the period ended Aug. 2 amounted to a loss of 11 cents per share for the quarter compared with a loss of 13 cents per share a year prior. Meanwhile, second-quarter sales reached $50.8 million, up from $47.7 million.
Roots CEO Meghan Roach told financial analysts on a conference call Wednesday that it is typical for the company to generate about 30% of its sales in the first half of the year, often leaving it with a loss as it heads into the fall and winter.
However, the second-quarter results this year came in spite of tense trade relations between Canada and the U.S., which have made shoppers more cautious. “Despite the dynamic global operating environment, Roots continues to build positive momentum as we head into the second half of the year,” Roots chief financial officer Leon Wu said on the same call as Roach.
Much of that momentum has come from direct-to-consumer sales, which include corporate retail store and e-commerce sales. In the second quarter, direct-to-consumer sales totalled $41 million, up 12.7% from the year before. Direct-to-consumer comparable sales growth was 17.8%.
Wu saw the increase as a reflection of customers responding well to the company’s spring and summer collections as well as its recent marketing campaigns. The campaigns helped Roots increase engagement and made the brand feel more accessible, Roach said. Included in the campaigns were instances where Roots transformed a parking lot into nature-inspired spaces for golf and tennis.
The company also hosted a pop-up in Toronto to promote a summer capsule collection with ginger ale maker Canada Dry. The collection included hoodies and graphic tees featuring Canada Dry’s logo and vintage advertisements.
“Together, these collaborations amplified brand heat, reinforced our heritage positioning, and extended our reach for authentic Canadian cultural moments,” Roach said. “We will continue to use selective partnerships and experiences to build that brand perception and support full-price sell through into fall.”
Transat A.T. reports $399.8-million Q3 profit, revenue up from a year ago
Transat A.T. Inc. (TSX:TRZ)
Numbers for the third quarter (all figures in USD):
- Profit: $399.8 million (up from a loss of $39.9 million a year earlier)
- Revenue: $766.3 million (up from $736.2 million a year earlier)
Source Google Transat A.T. Inc. reported a net income of $399.8 million in its latest quarter compared with a loss of $39.9 million in the same quarter last year, as its revenue rose 4.1%.
The parent company of Air Transat says the profit amounted to $9.97 per share for the quarter ended July 31, compared with a loss of $1.03 per share a year earlier.
On an adjusted basis, Transat says it had a loss of 28 cents per share in its latest quarter, compared with an adjusted loss of 93 cents per share in the same quarter last year.
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$70B Anglo-Teck merger faces Ottawa review, shareholders react positively – MoneySense
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The companies have proposed the deal as a “merger of equals,” even though Anglo American is worth more than double Teck, as plans include sourcing upper management and board representation roughly equally between the two.
The deal would also see company headquarters of what would be known as Anglo Teck move to Vancouver, as proponents look to sell Canada on the benefits of the deal that will attract regulatory scrutiny.
“We think this is a hugely compelling opportunity for Canada,” said Teck chief executive Jonathan Price in an interview Tuesday. “We will be creating the largest head office in Vancouver, and it really is unprecedented to see a company of the size of Anglo American moving its global headquarters.”
Price is set to become deputy CEO of the combined company, while Anglo American chief executive Duncan Wanblad and chief financial officer John Heasley would move to Vancouver to maintain their roles at Anglo Teck. Teck chair Sheila Murray will be chair of Anglo Teck, while board seats would be equally split between the two companies.
Merger faces Ottawa review under Investment Canada Act
The deal will be subject to review by the Investment Canada Act, which can be used to block deals deemed not in the national interest. BHP Group’s attempted takeover of PotashCorp (now Nutrien) was halted in 2010 after the government found it wasn’t a net benefit. Canadian Industry Minister Melanie Joly said in a statement that the federal government will address several issues as it considers the merger, including the combined firm’s pledge to have its senior leadership based in and reside in Canada.
The deal also includes about $4.5 billion in spending commitments to Canada over five years. It’s not clear how much of that spending is new, but Price said the combined company would also open the potential for more development in the country going forward. “As a larger company with a bigger balance sheet and much greater financial resilience, we will have the ability to invest in some of the larger projects here in Canada, for example, the likes of Galore Creek, that would be very difficult for a smaller company to handle.”
Anglo Teck would maintain its listings on the London and Johannesburg stock exchanges and also apply for listings on the Toronto and New York stock exchanges. The plan is to keep the company incorporated in London, which would mean the S&P/TSX composite index would lose Teck from its listings, since companies need to be based in the country to be included.
Keeping the company incorporated in London is both for technical reasons, and allows for wider exposure to capital, but shouldn’t take away from the deal meaning a move of the company, said Wanblad in the interview. “Without a doubt, you know, this is absolutely going to be a Canadian company,” he said.
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Teck investors left with 37.6% and no takeover premium
There have been long-standing concerns about Canadian mining giants getting snapped up by larger foreign rivals, including then-Xstrata buying Falconbridge in 2006 and the following year Vale buying Inco and Rio Tinto buying Alcan.
Teck itself was subject to a proposed US$23 billion takeover by Glencore in 2023, only for the company to end up buying Teck’s coal business for US$7.3 billion after a protracted fight. Anglo American is no stranger to being a takeover target itself, as BHP Group made a US$49 billion offer just last year that ultimately fell through.
Anglo’s proposed deal with Teck would see Teck shareholders get 1.3301 Anglo American shares for each class A and class B share they own. Anglo also plans a roughly US$4.5 billion dividend to its shareholders to help balance out its value compared with Teck, but Anglo shareholders will still own about 62.4% of the combined company, while existing Teck shareholders will hold 37.6%, on a fully diluted basis.
The deal comes without a premium for Teck shareholders, and as the company struggles with operational issues at its massive Quebrada Blanca (QB) project in Chile, but Price said it still makes sense for investors. “Teck shareholders will get exposure to what will be one of the largest and highest quality copper-focused companies in the world.”
Combining the two companies could also mean about US$800 million in pre-tax annual synergies, plus a significant boost to the value at QB because it could be run in tandem with the nearby Collahuasi mine that Anglo part-owns.
The issues at QB, which Teck further outlined just last week, has put short-term pressure on the company’s stock price, said National Bank analyst Shane Nagle. “At current prices, shares are pricing in a significant reduction in the near-term operating outlook, which we believe is far too punitive given the quality of Teck’s underlying portfolio.” He said he’s not surprised to see interest in Teck given its challenges, but with the company now in play there’s likely to be several interested parties willing to pay a premium for the company’s portfolio.
Teck and Anglo shares rally on merger news
So far, shareholders of both companies seem pleased with the deal. Teck’s shares were up more than 14% in midday trading on the Toronto Stock Exchange, while Anglo American’s were up more than 8% on the London exchange. The deal has a US$330 million break fee, while the companies say they expect the merger to be completed in the next 12 to 18 months pending regulatory and shareholder approvals.
A two-thirds majority vote by Teck’s class A and class B shareholders, voting as separate classes, is required to approve the deal, while a majority vote is needed by the Anglo American shareholders.
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The Canadian Press
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Should you sell stocks you inherit? – MoneySense
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How are stocks taxed when you inherit them?
When a spouse or common law partner is a beneficiary, assets can be transferred to them on a tax deferred basis. So, for this section, we will assume a non-spouse beneficiary.
For non-spouse beneficiaries, inheriting stocks usually triggers tax consequences at the estate level, not for the individual. The estate settles any taxes owed before distributing the after-tax proceeds to the heirs.
A registered account like a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) is fully taxable based on the account value. The market value of the account on the date of death is considered income to the deceased. The tax is payable on their final tax return. Income or growth after that is taxable to the beneficiary:
- If the estate is named as beneficiary, it will pay the incremental tax.
- If an individual beneficiary is named, they will pay the tax on the post-death income or growth accrual.
A tax-free savings account (TFSA) is tax-free at death, but likewise, income or growth after that is taxable to the beneficiary (estate or individual).
A non-registered account is subject to capital gains tax on death, with the market value minus the adjusted cost base of each stock resulting in a capital gain (or loss, if trading at a lower value). Once again, subsequent income is taxable.
Since a non-registered account cannot have a beneficiary, the resulting tax is borne by the estate. If a stock is sold for a capital gain, post-death growth is also taxable. But if a stock is transferred to a beneficiary as part of their inheritance without selling it, that does not trigger tax on the post-death growth. Instead, the recipient’s cost base for their future capital gains purposes would be the market value at the time of the death.
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Do you have to sell stocks you inherit?
Stocks are often sold to pay tax and estate costs, with the net cash proceeds transferred to the beneficiaries. An executor may sell all of the estate assets regardless to reduce the risk of the market values declining to prevent being responsible for the estate losing money.
However, the executor of the estate can choose to transfer assets in kind—or as is—to a beneficiary. This can include stocks that were owned previously by the deceased.
As a result, a beneficiary can end up with a stock inheritance.
What to do with an inheritance of stocks
The question then becomes whether to keep stocks if you can sell and transfer cash, or to transfer stocks in kind.
From my perspective, inheriting an asset is unintentional. It is one thing to buy Canadian Pacific Railway shares on purpose but keeping them just because someone else bought them is questionable.
It is like inheriting someone’s clothes. If they fit and they are nice, maybe you will keep them. But if they are the wrong size and out-of-date, why wear them? Stocks need to be the right fit for your portfolio, and you should be careful about keeping them simply because you inherit them.
Should you keep the investments at the same financial institution?
Some beneficiaries like to maintain continuity. This can include keeping the same investments in the same place. In some cases, with an investment advisor, and in other cases, in a self-directed account.
An advisor is obviously motivated to encourage the beneficiary to keep the account with them. If there is an existing relationship, this can be a good reason to maintain continuity—but if there is not, an investor should not just keep the account as is just because. They should decide consciously to maintain the relationship and interview the advisor just like they would if they were selecting a brand-new one.
And if the account is a self-directed account and the beneficiary has little to no investing experience, they should be careful about trying to step into the shoes of the deceased. Not everyone is meant to be a do-it-yourself investor. You are not obligated to make the same financial decisions as someone who left you a stock inheritance.
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Tax implications of selling stocks after you inherit them
When you receive an inheritance of stocks, the market value upon the death of the deceased was already taxed. If the stocks were held in an RRSP, RRIF, or TFSA, the appreciation in the stocks until the time of transfer would also be taxed to the estate or beneficiary.
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Jason Heath, CFP
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Cash vs. stock: MEG shareholders face stark choice in takeover battle – MoneySense
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Under an amended offer announced Monday, Strathcona is offering 0.80 of a share per MEG share it does not already own. Its earlier overture was a combination of cash and stock. The latest offer is worth $30.86 per share, up from its earlier bid valued at $28.02 per share.
The Cenovus offer would see MEG shareholders choose between $27.25 in cash or 1.325 Cenovus common shares for each MEG share, subject to certain limits.
Strathcona claims MEG deal hands Cenovus the upside, not shareholders
Strathcona is calling the Cenovus deal “lopsided” and the MEG board’s sale process “broken” for accepting that offer.
“Congratulations, MEG board—you are in first place in the last 20 years for leaving the most amount of money on the table for your shareholders. You win the prize,” Strathcona executive chairman Adam Waterous said in an interview Monday.
Waterous noted Cenovus’ stock jumped 10% in the days following news of its deal with MEG, but typically an acquirer’s share price would fall after such an announcement. Waterous says that equates to a $3.9-billion gain in Cenovus’ stock market value that MEG shareholders are mostly not able to enjoy, as they would only own 4% of a post-takeover company.
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New bid highlights choice between short-term cash and long-term gains
Under the Strathcona deal, MEG shareholders would own 43% of the new entity.
“These are two radically different paths. One is a cash exit, leaving Cenovus a $3.9-billion gain,” Waterous said. “And the second is you’re not getting off the train, you stay on the train and you try to capture that over time.”
The new offer expires on Oct. 20. MEG and Cenovus did not respond to a request for comment on Monday.
MEG’s board has raised concerns about Strathcona’s majority shareholder—Waterous Energy Fund, which Waterous runs—selling its stake after the takeover. Waterous said he’d be in it for the long haul and there is no intention of exiting after a potential deal closes. He said Monday that his fund would be willing to enter into a lockup agreement not to sell the shares if MEG were to support its bid.
Waterous slams MEG board, says Cenovus deal will be a business school case study
The Cenovus deal must be approved by a two-thirds majority vote by MEG shareholders expected to be held on Oct. 9. Strathcona says it intends to vote its 14.2% interest in MEG against the deal.
“I have not spoken to a single MEG shareholder who is happy with the MEG board deal with Cenovus,” Waterous said. “This is going to be taught in business schools about boards of directors’ dereliction of fiduciary duty.”
Cenovus and MEG have side-by-side oilsands properties at Christina Lake, south of Fort McMurray, Alta. Strathcona also has operations in the region, and Waterous said a combination with his firm would offer similar benefits.
MEG shares rose two per cent, or 58 cents, to $28.93 in early afternoon trading on the TSX. Cenovus stock fell nine cents or about half a percentage point to $22.02, while Strathcona fell 62 cents, or 1.6% to $37.80.
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