Global Markets
Canadian Markets
Canadian stocks edged higher in a modest advance, supported largely by rising oil prices, which continued to bolster energy names and provide a key pillar for the market. However, the broader economic backdrop remains fragile, as Canada’s services sector contracted for a fifth consecutive month in March, with the S&P Global Canada Services PMI showing business activity still below the critical 50 level despite a slight improvement from February. The data reflects ongoing pressure from geopolitical uncertainty tied to the Middle East conflict, which has dampened new business activity while higher fuel costs have squeezed operating margins for service providers.
American Markets
US markets also moved higher, led by gains in technology and consumer staples, though weakness in consumer discretionary and healthcare sectors pointed to a more cautious tone beneath the surface. Markets remain highly sensitive to geopolitical developments, as traders closely monitor the risk of further escalation involving Iran, with growing skepticism about a near-term resolution raising concerns over prolonged global disruptions and emerging fuel shortages in some regions. Adding to the cautious mood, investors are looking ahead to key U.S. inflation data later this week, which could influence the Federal Reserve’s policy path.
European were closed for Easter Monday, limiting global participation and contributing to a more subdued overall market environment.
Corporate Stock News
Air Canada (AC:CA): National Bank cut its price target to C$22 from C$25 due to concerns over higher fuel costs, increased industry capacity, and potential labor risks.
Alkami Technology Inc. (ALKT:US): Activist investor Jana Partners disclosed a 5.1% stake and is pushing the company to explore a sale, citing undervaluation.
Alto Neuroscience Inc. (ANRO:US): Baird lowered its price target to $38 from $41 despite encouraging Phase 2 trial results that lacked clear statistical significance.
Amazon.com Inc. (AMZN:US) & Globalstar Inc. (GSAT:US): Amazon is in talks to acquire Globalstar as part of its expansion into low-earth-orbit satellite communications.
Beyond Meat Inc. (BYND:US): Jefferies cut its price target to $0.70 from $1.25 due to ongoing sales declines.
DoorDash Inc. (DASH:US): JPMorgan lowered its price target to $244 from $272 ?????? market exits, relief programs, and weather-related impacts.
Estée Lauder Companies Inc. (EL:US): The company is advancing merger talks with Puig to create a luxury beauty group potentially valued at $40 billion.
Goeasy Ltd. (GSY:CA): Analysts flagged approximately C$880 million in exposure from major Canadian banks, while Scotiabank also cut its price target to C$55 from C$61 following weak results.
Groupe Dynamite Inc. (GRGD:CA): Scotiabank raised its price target to C$100 from C$95 on strong sales and revenue growth guidance.
Immunovant Inc. (IMVT:US): Shares declined after its eye disease treatment failed to meet primary endpoints in late-stage trials.
Intel Corp. (INTC:US): Intel plans to invest an additional $15 million in AI chip startup SambaNova, increasing its ownership stake.
KKR & Co Inc. (KKR:US): Its income trust limited redemptions after a surge in withdrawal requests, though inflows still exceeded outflows.
Lamb Weston Holdings Inc. (LW:US): JPMorgan slightly lowered its price target to $43 from $44 due to weak demand and industry oversupply.
Netflix Inc. (NFLX:US) & Warner Bros. Discovery Inc. (WBD:US): The companies won dismissal of a trademark lawsuit related to the show Running Point, though the plaintiff may amend the complaint.
Tesla Inc. (TSLA:US): China-made vehicle sales rose for a fifth consecutive month, supported by recovering demand and potentially higher oil prices.
Wheaton Precious Metals Corp. (WPM:CA): The company entered a $300 million streaming agreement with KGL Resources tied to production from an Australian copper project.
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