Global Markets
Canadian Markets
Canada’s TSX fell more than 2% today as investors paused after the benchmark hit a record high in the previous session. Commodity prices remained relatively flat, while financials, mining, and tech stocks weighed on the index. Manulife’s stock hit a record high after life insurance company released a new business opportunity to further invest in Asia, in order to push grow while western markets remain in uncertainty.
American Markets
American stocks dropped sharply as Treasury yields rose, dampening hopes for a Federal Reserve rate cut. Uncertainty around economic data following the end of the longest-ever U.S. government shutdown also fueled selling. Technology stocks led the decline, with Palantir dropping $10, while Cisco rose after an earnings beat. Michael Burry warned that hyperscalers may be overvaluing chips on their balance sheets, making financials appear stronger than reality, which further pressured traders to sell high value growth tech stocks.
European Markets
European markets fell 1%, with industrial production in the Eurozone rising less than expected in September. The shortfall was partly due to volatility from large foreign firms in Ireland for tax reasons. Siemens shares dropped nearly 6% despite a medium-term sales growth upgrade, as profit-taking and next year’s profit outlook disappointed investors.
In the U.K., stocks declined after official data showed economic growth slowed to 0.1% over the past three months, with a 0.1% contraction in September. Industrial and energy sectors led losses on the FTSE 100 ahead of the autumn Budget.
Corporate Stock News
Airbnb Inc (ABNB): The vacation rental company will invest $50 million over three years to promote inland Spanish towns, as major cities restrict short-term rentals by 2028.
Alphabet Inc (GOOGL): Google faces an EU antitrust investigation over its spam and site reputation policies, which allegedly hurt publisher revenues.
Beyond Meat Inc (BYND): Jefferies cut its target price to $1.25 from $2.83, citing weak sales, debt dilution, and continued demand challenges despite cost-cutting efforts.
BlackRock Inc (BLK): ACS is nearing a $26.8 billion partnership with BlackRock’s Global Infrastructure Partners to develop data centers, driven by AI computing demand.
Boeing Co (BA): A federal jury awarded $35.85 million plus interest to the family of a UN worker killed in the 2019 737 MAX crash; Boeing will not appeal.
Chevron Corp (CVX): Piper Sandler cut its target price to $168 from $169 due to model adjustments following conservative analyst-day updates.
Cisco Systems Inc (CSCO): The company raised its full-year profit and revenue forecasts, expecting $3 billion in AI infrastructure revenue in fiscal 2026 and strong cloud demand.
ELF Beauty Inc (ELF): TD Cowen cut its target price to $100 from $110 after a recent pullback following high quarterly expectations.
Extendicare Inc (EXE:CA): TD Cowen raised its target price to C$19 from C$15 after strong Q3 results and improved growth prospects in home health care and LTC redevelopment.
Finning International Inc (FTT:CA): TD Cowen raised its target price to C$88 from C$81 after strong quarterly results and improving mining and resource investment outlook.
Flutter Entertainment Plc (FLTR): The company cut its full-year profit growth forecast due to continued high gambler payouts, despite Q3 EBITDA beating estimates; launched FanDuel Predicts app.
GE Vernova Inc (GEV): The firm and Siemens Energy are negotiating to supply gas turbines to a $7 billion project rebuilding Syria’s war-damaged power sector.
George Weston Ltd (WN:CA): TD Cowen raised the target price to C$108 from C$105, citing Loblaw and Choice Properties upside and narrowing of Weston’s holdco discount.
GlobalFoundries Inc (GFS): Jefferies lowered its target price to $37 from $38 due to slower recovery in key markets and a seasonal outlook.
Loblaw Companies Ltd (L:CA): TD Cowen raised the target price to C$65 from C$63, citing strong execution, cost control, and market leadership.
Manulife Financial Corp (MFC:CA): Q3 profit rose, driven by a 29% increase in core earnings from Asia and 8% growth in annual premium equivalent; expanding life insurance JV with Mahindra & Mahindra.
Marathon Petroleum Corp (MPC): Restarting the last repaired section of the residual hydrotreater at its 631,000-bpd Galveston Bay Refinery, after fire damage in June.
New Fortress Energy Inc (NFE): The company requested more time to file Q3 results amid ongoing debt restructuring, with $7.8 billion long-term debt as of June 30.
Novavax Inc (NVAX): Shah Capital is pressing for strategic changes, including a potential sale, warning of a possible proxy fight if no progress is made within four months.
NuVista Energy Ltd (NVA:CA): Jefferies cut rating to hold from buy and lowered target to C$18 from C$20 after its sale to Ovintiv at a 20% premium.
Snowflake Inc (SNOW): BTIG raised target price to $312 from $276, driven by strong demand and accelerating growth in AI and Data Engineering products.
Starbucks Corp (SBUX): A U.S. appeals court is reviewing NLRB claims that Starbucks violated labor law by restricting union apparel at a NYC store.
TotalEnergies SE (TTE): Resumed construction on a $20 billion LNG project in Mozambique after Islamist attacks suspended the project in 2021.
STA Research (StockTargetAdvisor.com) is a independent Investment Research company that specializes in stock forecasting and analysis with integrated AI, based on our platform stocktargetadvisor.com, EST 2007.
The concerns around U.S. tech stocks are fascinating, especially with Burry’s comments about hyperscalers potentially overvaluing chips. That could really skew the financials of big players in the space.
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