Bitcoin (DOG)
BTX22
Crypto winter? It’s starting to feel more like a crypto ice age. Hammered by the bankruptcy of crypto exchange FTX – the latest in a string of insolvencies to rock the industry – digital currencies including bitcoin and ethereum plunged to lows not seen since 2020. FTX founder Sam Bankman-Fried, who stepped down as CEO on Friday, took the blame for the crisis that began when investors withdrew billions of dollars from FTX amid concerns about the stability of its affiliated hedge fund. “I’m really sorry, again, that we ended up here,” he said on Twitter. Hey, don’t beat yourself up over a few bil.
Pet Valu Holdings (STAR)
PET - TSX
Most people associate Pet Valu with dog and cat food. But did you know it also offers a wide selection of reptile treats, from freeze-dried mealworms to crunchy crickets? Go on. Try to eat just one. Investors have been going back for seconds of Pet Valu’s shares after the retailer posted strong third-quarter results, including revenue growth of 21.9 per cent that was driven by new store openings and a double-digit increase in same-store sales. Even as Pet Valu subsequently announced a secondary bought-deal share offering below the market price, the shares still finished the week in the black. That calls for another turtle stick.
S&P 500 index (STAR)
INX
Inflation is dead. Over. Kaput. Well, not quite. But the stock market sure is acting like it. With the U.S. consumer price index inching up just 0.4 per cent in October from the previous month and rising 7.7 per cent year-over-year – both lower than expected – investors on Wall and Bay streets were buying stocks with both fists. Fuelled by hopes that interest rates may be nearing a peak, the S&P 500 soared 5.5 per cent on Thursday and the S&P/TSX Composite Index rose 3.3 per cent, notching their biggest advances since April, 2020. Time to take out a huge margin loan, clearly.
Walt Disney (DOG)
DIS - NYSE
Expensive: Taking the kids to Disney World. More expensive: Investing in Disney stock. Shares of the media and entertainment giant sank to their lowest level since March, 2020, after the company posted fiscal fourth-quarter revenue and earnings below estimates and warned that growth in its Disney+ streaming service is poised to slow. With operating losses in the company’s streaming division – which also includes ESPN+ and Hulu – more than doubling to US$1.47-billion even as it added more than 12 million subscribers at Disney+, shareholders of the House of Mouse are starting to grouse.
Algonquin Power & Utilities (DOG)
AQN - TSX
Business quiz! Shares of Algonquin Power & Utilities plunged after: a) its largest wind farm was taken offline for a massive cleanup operation after thousands of wayward flamingos flew into its turbines; b) severe drought conditions caused many of the rivers feeding its hydro plants to run dry; c) the company posted a 25-per-cent drop in adjusted net earnings for the third quarter and cut its full-year outlook, citing higher interest rates, inflation and delays facing certain renewable energy projects and utility rate-case decisions, among other factors. Answer: c.