|Bid||75.22 x 0|
|Ask||75.23 x 0|
|Day's Range||74.73 - 75.35|
|52 Week Range||65.56 - 80.05|
|Beta (3Y Monthly)||1.10|
|PE Ratio (TTM)||11.96|
|Earnings Date||Dec 5, 2019|
|Forward Dividend & Yield||2.96 (3.96%)|
|1y Target Est||80.20|
(Bloomberg) -- Gold and other precious metals rallied after a strike against Saudi Arabian oil facilities raised the possibility of retaliatory U.S. military action in the Middle East.Investors are seeking haven assets at the start of a week that will also see critical policy decisions from central banks including the Federal Reserve.Gold futures jumped as much as 1.3% as investors gauged the ramifications from the assault against the world’s top oil exporter, and palladium hit a fresh record. Secretary of State Michael Pompeo blamed Iran for the disruption; that charge was rejected by Tehran.Bullion hit a six-year high this month as slowing growth and the U.S.-China trade war drove central bank easing, with geopolitical tensions playing a secondary role aiding prices. After reducing rates in July, the Fed is poised to cut again at its Sept. 17-18 meeting.Following the strike over the weekend, President Donald Trump pledged to help Middle East allies and said the U.S. is “locked and loaded depending on verification” that Iran staged the attack, raising the specter of a military response.“There’s still a bit of uncertainty on the oil attacks,” Ryan McKay, a commodity strategist, at TD Securities, said by phone Monday. “I think if you get Saudi Arabia coming out and formally blaming Iran, which could happen, I think that will generate more of a safe haven bid.”Gold futures for December delivery advanced 0.6% to $1,508 an ounce at 9:15 a.m. in New York, while silver gained as much as 2.8% to $18.065 an ounce. Spot gold advanced 0.9%. On the New York Mercantile Exchange, platinum and palladium each rose more than 1% before reversing.Heading into this week, gold holdings in exchange-traded funds had shrunk for the first week in seven on signs that relations between Beijing and Washington were at last starting to thaw. The holdings fell 17.2 tons last week, the biggest weekly loss in tonnage terms since March 1, but they’re still near the highest level since 2013. Money managers also recently reduced net-long positions, highlighting a tug-of-war among bullion investors.“Gold and silver should be significant beneficiaries of the expected rush to safety, and the impending rounds of central bank rate cuts this week,” Jeffrey Halley, a senior market analyst at Oanda Corp., said in a note. “A continued escalation of tensions, or a move into outright hostilities in the Middle East, could see a $1,600 handle sooner rather than later.”To contact the reporter on this story: Ranjeetha Pakiam in Singapore at email@example.comTo contact the editors responsible for this story: Phoebe Sedgman at firstname.lastname@example.org, Pratish Narayanan, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- One of Patrick Byrne’s last acts at Overstock.com Inc. is making life difficult for the short sellers he was forever battling.Shares of the online merchant are on a tear, up about 60% in two weeks. The rally coincides with a flurry of short covering that comes a week before the record date for an exotic dividend the company unveiled to much fanfare and confusion last month.Overstock’s flamboyant founder may be gone, having stepped down Aug. 22 after saying he got enmeshed in a government spy probe, but vestiges of his two-decade-long war with detractors linger. The latest twists have been manna for the stock’s true-believer longs, kicking up Twitter skirmishes while pushing the envelope of another Byrne obsession, blockchain.Data from S3 Partners, a financial analytics firm, show that about 6% of the 13.2 million shares borrowed by people betting against Overstock have been bought back in the past three business days. Shares fell for the first time in eight days Friday in volume that was three times the recent average.“There’s been a serious acceleration of short covering just recently,” said Ihor Dusaniwsky, managing director of S3. “To have that much short covering in that amount of time is responding to an event that’s changing people’s trading strategies.”In a short sale, a bearish trader sells borrowed stock, hoping to buy it back at a lower price, return it and pocket the difference. Frantic buying to close such positions is termed a “squeeze” and can boost shares rapidly.While other reasons may exist for the rally, one explanation centers on a blockchain-based “digital security” that Overstock said on July 30 it would grant to shareholders of record on Sept. 23 as a dividend. Because the security could prove hard for others to lay hands on, the potential exists for it to snarl the process by which shorts maintain positions.Stocks all over America have been benefiting last week from rushed purchases by bears as equities marched back toward records. Overstock’s case may be different. Its 65% rally since Sept. 3 stands out even in a market as volatile as this one.The theory behind the squeeze is technical but comes down to the obligation a short seller faces to pass dividends back to whomever lent him shares. That may prove difficult in Overstock’s case because the so-called “Digital Voting Series A-1 Preferred Stock” it promised in July is unregistered, will trade only on a blockchain exchange owned by a subsidiary, and may face restrictions on transfer.“You can expect a lot of buy-to-covers before the record day,” said Dusaniwsky. The 764,000 shares bought back since Sept. 10 are “the tip of the iceberg if people are wary of how the dividend settles out,” he said.Pressure on shorts would conceivably ease if the firms that lent shares were to accept something else in lieu of Overstock’s digital security -- cash, for instance. Dusaniwsky said brokerages he’s spoken to “are trying to figure out” how to handle it.A spokeswoman for Nasdaq, the exchange where Overstock shares trade, declined to comment. Overstock didn’t respond to an email seeking comment.“It’s a complex situation and we’re trying to help our clients figure out the best course of action,” said JJ Kinahan, chief market strategist at TD Ameritrade. As for the rally, he said: “If you’re short the stock, how are you going to deliver crypto? You have no way of delivering it, so you’re like, ‘OK, well I have to cover this stock because I can’t deliver the dividend.”’Whatever’s causing it, a rally this extreme puts anyone betting against a stock in difficult straits. That’s unlikely to bother Byrne, the 56-year-old founder who over the years espoused conspiracy theories about Wall Street and the evil “Sith Lord” hedge fund manager who conspired to take him down.Until recently, parts of the bear case on Overstock were Byrne himself. Before stepping down, he claimed in a series of public announcements that entanglements with the “deep state” that included cooperating with law enforcement agents he called “Men in Black” with their “Clinton Investigation” and “Russia Investigation.” Byrne said he’d been romantically involved with Maria Butina, a Russian operative jailed for failing to register as a foreign agent.The digital dividend was mentioned by Saum Noursalehi, CEO of Overstock’s tZero unit, in a Sept. 6 letter to shareholders published on Business Wire.“Given the digital preferred shares trade exclusively on the PRO Securities ATS, broker-dealers representing Overstock common shareholders will need to subscribe to the PRO Securities ATS in order to allow their clients to transact the dividend directly,” he wrote. “Introducing more investors to the platform is a key priority and this announcement should serve as a catalyst for enhancing liquidity.”To contact the reporters on this story: Jeran Wittenstein in San Francisco at email@example.com;Sarah Ponczek in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Chris NagiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Some of the hottest stocks on the TSX to buy are The Toronto-Dominion Bank (TSX:TD)(NYSE:TD), Choice Properties REIT (TSX:CHP.UN), and Fortis Inc. (TSX:FTS)(NYSE:FTS).
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TORONTO, Sept. 12, 2019 /CNW/ - A new TD Bank Group (TD) survey reveals that a majority of Canadians (72%) are comfortable with companies using artificial intelligence (AI) if it means they'll receive better and more personalized service, but 68 per cent admit that they don't understand the technology well enough to know the risks. "The trust that our customers place in us is central to our innovation philosophy, no matter which set of technologies we're exploring," says Michael Rhodes, Group Head, Innovation, Technology and Shared Services at TD. "As the adoption of AI develops and continues across financial services, we believe this is a critical time to advance an industry-wide discussion that moves beyond principles to create world-class services for Canadians in a responsible way.
Toronto-Dominion Bank (TSX:TD)(NYSE:TD) and Bank of Nova Scotia (TSX:BNS)(NYSE:BNS) are moving higher. Which bank stock should you buy?
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TORONTO , Sept. 12, 2019 /CNW/ - Today, TD Asset Management Inc. ("TDAM") announced an addition to its existing suite of alternative investment solutions for accredited investors with the launch ...
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TORONTO , Sept. 3, 2019 /CNW/ - Teri Currie, Group Head, Canadian Personal Banking, TD Bank Group, will present at the Barclays Global Financial Services Conference in New York City on September 10, 2019 ...
Wall Street is getting behind stocks like Canadian National Railway Co. (TSX:CNR)(NYSE:CNI) as recession-proof options ahead of the downturn.
Saving for your child's education can be daunting. Luckily with the RESP and stocks like Toronto-Dominion Bank (TSX:TD)(NYSE:TD), it doesn't have to be.
Shares in Toronto-Dominion Bank (TSX:TD)(NYSE:TD) suffered their worst month of the year during August, but find out why investors may be wise to use the latest spell of weakness to pick this blue-chip dividend stock up on the cheap.
Is your portfolio ready for slowdown? Toronto-Dominion Bank (TSX:TD)(NYSE:TD) and these two other stocks can provide defensive cover now and income earning potential in the future.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. News the U.S. employment picture was decent if less robust than hoped in August kept equity futures elevated as traders saw the report as cementing more stimulus.The economy added 130,000 jobs, trailing the average estimate, while the unemployment rate held at 3.7% and hourly earnings were higher than forecast. It came out four hours before Federal Reserve Chairman Jerome Powell speaks on monetary policy in Zurich. Here’s how strategists and traders reacted:Dennis DeBusschere, head of portfolio strategy, Evercore ISI.This is bullish -- keeps aggressive Fed (Powell is not rewriting his speech at 12:30 today on this number). Rates should be sideways and curve should steepen. It’s positive for equities as the report speaks to longer expansion. It’s positive for the same things that have worked (tech). Cyclicals fine on the day if risk assets move up, which they should. Given all the other consumer/employment readings have been strong, people will likely discount the headline miss -- especially given the huge jump in household employment.Candice Bangsund, portfolio manager, Fiera Capital. The headline number was a mixed bag -- something for both the hawks and the doves. What was encouraging is the jump in hourly earnings, particularly for inflation backdrop. We’re likely to see another insurance cut in September and it’s largely priced in. It may be a bit of a hawkish cut in that the Fed will signal in that it’s not the beginning of a easing cycle and going forward they’ll be in a wait and see mode. The numbers in the U.S. We’ve been seeing isn’t consistent with a) the recession and b) four rate cuts the market is pricing it.Bruce Bittles, chief investment strategist, Robert W. Baird. The print almost guarantees that the Fed is going to cut rates by 25 points. Yesterday’s ADP was higher than expected and if today’s jobs numbers were higher, there could be a lot of questions about whether the Fed was going to cut rates this month. The print doesn’t change anything, it solidifies the fact that the Fed is going to lower rates. Powell speaks later today. The Fed has pretty well signaled its stance on interest rates, Powell may confirm that today or make a little stronger statement.Tony Bedikian, head of global markets, Citizens Bank.Today’s jobs report shows the resiliency of the United States economy despite several global headwinds. The on-again, off-again U.S.-China trade talks continue to roil markets and, in some ways, are mirroring the on-again, off-again Brexit debate. Both issues are providing market participants with more theater than substance while the U.S. consumer tunes them out, keeps spending and keeps the U.S. economic fundamentals on track.JJ Kinahan, chief market strategist, TD Ameritrade. We’re light on the number. August is always a strange report anyway. The reason I say that is because you have some of the summer jobs that are sort of rolling off as kids go back to school or the resorts or whatever that may be open in the summer that aren’t the rest of the year. You also have the anomaly of the government hiring 25,000 workers for the census. You normally don’t see that.Ilya Feygin, senior strategist, WallachBeth Capital LLC.The weak payrolls and higher hourly earnings are slightly negative for equities because they force us to deal with a slightly weaker economy but do not change the central bank rate path at all in our view. We would expect an eventual downtick in S&P futures to the 2,970 area where they found support last night and then the 2,950/2,954 area.Marvin Loh, global macro strategist, State Street. It certainly shows that the jobs market ultimately is slowing but it isn’t rapidly compressing yet at this point. Past mid-cycle, more towards late-cycle but it definitely doesn’t seem that it’s a late, late cycle yet. This one’s got a little bit in it for everybody.To contact the reporters on this story: Elena Popina in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Chris NagiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.