• Stock market news: December 5, 2019
    Yahoo Finance

    Stock market news: December 5, 2019

    Stocks ended a choppy session higher Thursday as investors considered mixed commentary around U.S.-China trade prospects.

  • Slack CEO: Microsoft views 'us as an existential threat'
    Yahoo Finance

    Slack CEO: Microsoft views 'us as an existential threat'

    Yahoo Finance speaks with Slack co-founder and CEO Stewart Butterfield following its latest quarterly earnings.

  • The Canadian Press

    Most actively traded companies on the TSX

    TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:Toronto Stock Exchange (16,854.92, down 42.42 points.)Canadian Natural Resources Ltd. (TSX:CNQ) Energy. Down 49 cents, or 1.31 per cent, to $36.91 on 11.28 million shares.Manulife Financial Corp. (TSXLMFC). Financial Services. Down 17 cents, or 0.67 per cent, to $25.10 on 8.4 million shares.Cenovus Energy Inc. (TSX:CVE). Energy. Down 14 cents, or 1.21 per cent, to $11.45 on 7.17 million shares.Canadian Imperial Bank of Commerce. (TSX:CM). Financial services. Down $5.95, or 5.18 per cent, to $108.88 on 6.15 million shares.Toronto Dominion Bank. (TSX:TD). Financial Services. Down $2.65, or 3.5 per cent, to $73.02 on 6.06 million shares.Aurora Cannabis Inc. (TSX:ACB). Healthcare. Down five cents, or 1.53 per cent, to $3.21 on 5.98 million shares.\---Companies in the news:Canadian Imperial Bank of Commerce. (TSX:CM). Financial services. Down $5.95, or 5.18 per cent, to $108.88 on 6.15 million shares. Canadian Imperial Bank of Commerce says it had $1.19 billion of net profit in the fourth quarter, down six per cent from the comparable period of 2018, as adjusted earnings came in below analyst estimates. Among other things, the quarter was negatively affected by a $135-million goodwill impairment charge related to the expected sale of CIBC's controlling interest in FirstCaribbean International Bank Ltd.Toronto Dominion Bank. (TSX:TD). Financial Services. Down $2.65, or 3.5 per cent, to $73.02 on 6.06 million shares. TD Bank Group's profit slipped in the fourth quarter compared with a year ago, missing analyst estimates for adjusted earnings. The bank says it earned $2.86 billion or $1.54 per share in the quarter ending Oct. 31, down three per cent from $2.96 billion or $1.58 per share a year earlier.The Second Cup Ltd. (TSX:SCU). Consumer cyclical. Up 13 cents, or 9.63 per cent, to $1.48 on roughly 57,000 shares. The Second Cup Ltd. says it has agreed to buy Ottawa-based Bridgehead Coffee in a $9.5-million deal. It's the first acquisition for the company since it announced last month a new operating structure and strategy under the name Aegis Brands. The name and structure change are still subject to shareholder approval and won't take place until next year.This report by The Canadian Press was first published Dec. 5, 2019.The Canadian Press

  • TFSA Users: Will Cannabis Stocks Rebound in 2020?
    The Motley Fool

    TFSA Users: Will Cannabis Stocks Rebound in 2020?

    Canopy Growth Corp (TSX:WEED)(NYSE:CGC) and Aurora Cannabis Inc. (TSX:ACB)(NYSE:ACB) have been hit hard in 2019, but there is hope ahead of the next year.

  • BP to Supply Renewable Power to Amazon's Europe Data Centers
    Zacks

    BP to Supply Renewable Power to Amazon's Europe Data Centers

    BP is set to supply Amazon Web Services with renewable power from wind and solar projects in Sweden and Spain.

  • Here's Why You Should Hold on to MPLX in Your Portfolio Now
    Zacks

    Here's Why You Should Hold on to MPLX in Your Portfolio Now

    MPLX's strong and stable operations are likely to back the partnership to persistently grow its distributable cash flow in the coming quarters.

  • Easy Investing Secrets to an Early Retirement - December 05, 2019
    Zacks

    Easy Investing Secrets to an Early Retirement - December 05, 2019

    Accomplishing the financial cushion to retire early is a fantasy for most, but bringing that fantasy to reality is not as difficult as it sounds. If you are willing to make some serious lifestyle adjustments, it can be achievable.

  • Growing Group Seeks Local Takeover of PG&E
    Bloomberg

    Growing Group Seeks Local Takeover of PG&E

    (Bloomberg) -- More than 110 Northern California city and county officials representing the majority of bankrupt PG&E Corp.’s customers are proposing to turn the utility giant into a customer-owned cooperative.The coalition led by the city of San Jose includes officials from 58 cities and 10 counties who altogether represent more than 8 million residents, according to a statement from San Jose Mayor Sam Liccardo. The group is proposing, among other things, to continue managing PG&E’s expansive territory as a single system, honor existing power and labor contracts and have a board overseeing the co-op set customer rates.“With these principles, we’ve presented a framework for a viable customer-owned PG&E that will be transparent, accountable, and equitable,” said Liccardo, who has spent weeks getting local officials behind the idea of a cooperative. He didn’t detail how the governments would finance a takeover, but a consultant for the group said bonds would be issued to cover much of the cost.Calls for a takeover of San Francisco-based PG&E have intensified since the company filed for bankruptcy in January amid billions of dollars in liabilities tied to wildfires that its equipment ignited. The latest proposal comes as PG&E’s shareholders and creditors are jostling over control of the state’s largest utility in bankruptcy court.Takeover ThreatPG&E has been trying for months to come up with a viable restructuring plan that would settle its fire liabilities and have the reorganized utility emerging from Chapter 11 by a state-imposed deadline of June 30, 2020. California Governor Gavin Newsom has threatened a state takeover if the company doesn’t come up with a plan soon.Read More: California Governor Newsom Fielding More PG&E Takeover CallsSan Francisco has been trying to buy PG&E’s equipment within the city’s limits for $2.5 billion, an offer the company has rejected. Backers of the co-op proposal are taking a notably different approach, saying they want to keep the company’s service territory intact to ensure that residents of rural, fire-prone areas don’t face a steep increase in costs.The co-op would still be subject to all of California’s requirements for increasing the use of renewable power, as well as the state’s open-records law, according to the new guidelines.To contact the reporters on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net;David R. Baker in San Francisco at dbaker116@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Investing.com

    Stocks - Nike, Slack Rise Premarket, United Airlines Falls

    Investing.com - Stocks in focus in premarket trading on Thursday:

  • Investing.com

    Stocks - U.S. Futures Extend Gains as Trade Hopes Revive

    Investing.com - U.S. futures pointed to another day of gains on Wall Street, with belief in a near-term trade deal reviving again after Tuesday's shock comments by President Donald Trump.

  • Tesla Competitor NIO Launches Another SUV in China
    Bloomberg

    Tesla Competitor NIO Launches Another SUV in China

    (Bloomberg) -- Cash-strapped electric-car upstart NIO Inc. is introducing its third sport utility vehicle, a streamlined model aimed at spurring demand in China’s slowing EV market.NIO didn’t disclose the price for the electric SUV coupe, which comes with a panoramic-view window and is set to compete against vehicles such as the Mercedes-Benz GLC Coupe and Tesla Inc.’s Model Y. NIO’s existing models are the ES8 and ES6 SUVs, and the EP9 performance car.“Coupes fall in a niche market in China and it’s really hard to position this kind of product,” said Yale Zhang, managing director of Shanghai-based consultancy AutoForesight. “But if they only aim at selling hundreds of cars a month, it should be fine.”The unprofitable carmaker is battling an unprecedented slump in Chinese auto sales, including electric vehicles, as the country’s economy cools. The company also faces intensifying competition from the likes of Tesla and Daimler AG just as some investors scrutinize its funding situation.Backed by technology giant Tencent Holdings Ltd., NIO sought $200 million from founder William Li and a Tencent affiliate -- though hasn’t clarified whether the investment has been completed -- and has also reduced its workforce. U.S. shares of NIO have dropped more than 60% since the company’s initial public offering in New York last year.By the end of the third quarter, NIO had cut its staff to 7,800 from 9,900 in January. Having burned through more than $5 billion in four years, the company failed in an attempt to get local government funding, according to media reports.China’s EV sales have slumped for four consecutive months, while the overall auto market is down in 16 of the 17 past months. That’s impacting fundraising for EV startups in China, according to rival XPeng Motor. China is raising its 2025 sales target for electrified cars as the government tries to spur the industry.(Updates with government sales target in seventh paragraph)To contact Bloomberg News staff for this story: Chunying Zhang in Shanghai at czhang714@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Ville Heiskanen, Angus WhitleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Slack Sales Growth Holds Up Against Growing Microsoft Rivalry
    Bloomberg

    Slack Sales Growth Holds Up Against Growing Microsoft Rivalry

    (Bloomberg) -- Slack Technologies Inc. gave an upbeat quarterly forecast, demonstrating the software maker’s resilient growth despite intensifying competition from Microsoft Corp.Revenue will be $172 million to $174 million in the period ending in January, which would be 42% year-over-year at the midpoint, the San Francisco-based company said Wednesday in a statement. Analysts, on average, estimated $173.2 million, according to data compiled by Bloomberg.Chief Executive Officer Stewart Butterfield has sought to boost the number of paying customers for his company’s workplace messaging and workflow software, versions of which can be used for free. Slack, which had a direct listing on the New York Stock Exchange in June, is being challenged by Microsoft, the world’s largest software maker, which has a rival product called Teams that it sometimes gives to clients at no cost. Slack said it reached more than 105,000 paid customers in its second earnings report as a public company, fewer than the 106,700 analysts expected.“It was a great quarter for revenue growth,” Butterfield said in an interview. “We call out the enterprise growth specifically.”Competition with Microsoft has had a smaller effect on the business than some expected, he said. “There’s still a lot of market confusion and we’re going to have to work harder to dispel that. If you think about those concentric circles, there’s a lot where we don’t compete at all.”In the period ended Oct. 31, sales jumped 60% to $168.7 million. Analysts projected $156.2 million. Slack reported an adjusted loss of 2 cents a share for the quarter, compared with analysts’ estimates of 8 cents.The number of large customers grew 67% to 821 compared with a year earlier, slower than the pace in the fiscal second quarter, when the metric was 75%. For the first time, Slack disclosed that more than 50 customers are spending more than $1 million in annual recurring revenue on the company’s software.Shares gained about 2% in extended trading after closing at $21.66 in New York. The stock has dropped 17% since its initial public listing.Still, investors are wary about the competition from Microsoft. Slack said billings will be $745 million to $760 million in the fiscal year, the midpoint falling short of analysts’ average estimate of $754.3 million.Slack also announced that Chamath Palihapitiya, a venture capitalist and early investor in Slack, is stepping down from the board. Palihapitiya, who served as a director since 2017, will be replaced by Mike McNamara, former chief executive officer of Flex Ltd.Bloomberg Beta, the venture capital arm of Bloomberg LP, is an investor in Slack.(Updates with comments from CEO in the fourth paragraph)To contact the reporter on this story: Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Andrew Pollack, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • UPDATE 2-Strong subscription growth drives Slack's earnings beat; shares rise
    Reuters

    UPDATE 2-Strong subscription growth drives Slack's earnings beat; shares rise

    Slack Technologies Inc beat Wall Street estimates for quarterly revenue and profit as it signed on larger companies to its workplace communication platform, sending its shares up nearly 3% in trading after the bell. In the latest quarter ended Oct. 31, Slack grew by about 20% to more than 12 million daily active users. Slack added more than 105,000 paid users during the quarter.

  • Marijuana Stocks: Is the Bottom Near After 2019 Selloff?
    The Motley Fool

    Marijuana Stocks: Is the Bottom Near After 2019 Selloff?

    Here is why it's still not the right time to buy marijuana stocks, such as Aurora Cannabis Inc.(TSX:ACB)(NYSE:ACB), even after a major correction of 2019.

  • PG&E Is Near $13.5 Billion Deal With Wildfire Victims
    Bloomberg

    PG&E Is Near $13.5 Billion Deal With Wildfire Victims

    (Bloomberg) -- PG&E Corp. is close to finalizing terms for a $13.5 billion payout to victims of wildfires ignited by its power lines, a key step toward resolving the biggest utility bankruptcy in U.S. history, according to people familiar with the matter.The California-based power giant would pay half in cash and the rest in stock in the newly reorganized utility, the people said, asking not to be identified because the matter is private. The cash portion would be paid with a lump sum upfront, and the remainder would be paid over 18 months, they said. No final agreement has been reached, and the talks could still fall apart.In a statement, PG&E said it was “committed to satisfying all wildfire claims in full” as required by law and as laid out in its bankruptcy plan. A representative for the wildfire victims declined to comment.Shares in PG&E rallied Wednesday and were up 22% at $10.42 at 2:54 p.m. in New York.The company last month proposed $13.5 billion in compensation to the wildfire victims, people with knowledge of the matter said at the time. The two sides were at odds, however, over how to structure the payout and how much should come in the form of cash and stock.A deal now would be a victory for PG&E, which has spent months trying to negotiate a viable restructuring plan to emerge from bankruptcy by the middle of next year. The utility has already agreed to pay $11 billion to insurers and other wildfire claim holders, and the judge overseeing its bankruptcy is holding a hearing on that settlement Wednesday. The company also has a deal to pay $1 billion to local government agencies.Catastrophic WildfiresPG&E filed for Chapter 11 in January after its equipment was blamed for starting catastrophic wildfires in 2017 and 2018, burying it in an estimated $30 billion worth of liabilities.Compensating victims of wildfires emerged as the largest sticking point in PG&E’s restructuring. The company had initially offered victims $8.4 billion, a fraction of what they said they were owed. California Governor Gavin Newsom had threatened a state takeover if the utility failed to reach a deal with creditors and wildfire victims soon.The progress toward the deal comes as PG&E is drawing outrage from state lawmakers and residents for carrying out deliberate mass blackouts to keep its power lines from igniting more wildfires during wind storms. In October, it plunged millions of Californians into darkness four times. The backlash increased pressure on Newsom to restructure PG&E and overhaul its governance.(Adds company statement in third paragraph.)To contact the reporters on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, ;Lynn Doan at ldoan6@bloomberg.net, Joe Ryan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Forget $3: Could Aurora (TSX:ACB) Stock Drop to $0?
    The Motley Fool

    Forget $3: Could Aurora (TSX:ACB) Stock Drop to $0?

    With a worrying recent announcement, there is a chance that Aurora stock might go down further to a point where you might want nothing to do with it.

  • Chemours (CC) Down 22.2% Since Last Earnings Report: Can It Rebound?
    Zacks

    Chemours (CC) Down 22.2% Since Last Earnings Report: Can It Rebound?

    Chemours (CC) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Why Is Mosaic (MOS) Down 14.9% Since Last Earnings Report?
    Zacks

    Why Is Mosaic (MOS) Down 14.9% Since Last Earnings Report?

    Mosaic (MOS) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Occidental (OXY) Down 9.3% Since Last Earnings Report: Can It Rebound?
    Zacks

    Occidental (OXY) Down 9.3% Since Last Earnings Report: Can It Rebound?

    Occidental (OXY) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Realty Income Acquires 411 Properties From CIM Real Estate
    Zacks

    Realty Income Acquires 411 Properties From CIM Real Estate

    The acquisition of single-tenant retail properties, with roughly 5.1 million leasable square feet upon completion, will offer Realty Income (O) a significant scale and competitive edge.

  • Repsol Targets Net Zero Emissions By 2050, A First Ever Move
    Zacks

    Repsol Targets Net Zero Emissions By 2050, A First Ever Move

    Repsol (REPYY) is expected to incur post-tax impairment charge of almost 4.8 billion euros for re-evaluating some of its hydrocarbon assets under the Paris Agreement.

  • The Zacks Analyst Blog Highlights: Walmart, Target, Amazon, eBay and Macy's
    Zacks

    The Zacks Analyst Blog Highlights: Walmart, Target, Amazon, eBay and Macy's

    The Zacks Analyst Blog Highlights: Walmart, Target, Amazon, eBay and Macy's

  • Flour (FLR) to Support PKN ORLEN's Olefins Expansion Project
    Zacks

    Flour (FLR) to Support PKN ORLEN's Olefins Expansion Project

    Flour (FLR) wins project management contract from PKN ORLEN for expansion of the olefins complex in Plock, Poland.

  • New Strong Sell Stocks for December 4th
    Zacks

    New Strong Sell Stocks for December 4th

    Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today