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U.S. stock indexes reached more records after tech companies talked up how much artificial intelligence is boosting their results. The S&P 500 climbed 0.6% Wednesday to add to what looks to be one of its best years of the millennium. The Dow Jones Industrial Average gained 0.7%, while the Nasdaq composite added 1.3% to its own record. Salesforce pulled the market higher after highlighting its artificial-intelligence offering for customers. Marvell Technology jumped even more after saying it’s seeing strong demand from AI. Treasury yields eased, while bitcoin climbed after President-elect Donald Trump nominated a crypto advocate to head the Securities and Exchange Commission. On Wednesday: The S&P 500 rose 36.61 points, or 0.6%, to 6,086.49. The Dow Jones Industrial Average rose 308.51 points, or 0.7%, to 45,014.04. The Nasdaq composite rose 254.21 points, or 1.3%, to 19,735.12. The Russell 2000 index of smaller companies rose 10.22 points, or 0.4%, to 2,426.56. For the week: The S&P 500 is up 54.11 points, or 0.9%. The Dow is up 103.39 points, or 0.2%. The Nasdaq is up 516.95 points, or 2.7%. The Russell 2000 is down 8.16 points, or 0.3%. For the year: The S&P 500 is up 1,316.66 points, or 27.6%. The Dow is up 7,324.50 points, or 19.4%. The Nasdaq is up 4,723.76 points, or 31.5%. The Russell 2000 is up 399.49 points, or 19.7%.
Company powers down planned expansion of B.C. battery plantBrazil's Bolsonaro indicted over alleged coup plot
Citius Oncology, Inc. Reports Fiscal Full Year 2024 Financial Results and Provides Business UpdatePresident Biden’s decision to renege on his pledge not to pardon his prodigal son’s crimes has consequences for the American justice system. Ironically, it also may diminish resistance to President-elect Trump pardoning members of the mob that stormed the Capitol nearly four years ago in an effort to overturn Biden’s 2020 election victory. The two situations are not equivalent, of course. Still, they both tear at the heart of America’s scruples. More than 1,100 Trump supporters got convicted of participating in the siege that sent a joint session of Congress into hiding, injured scores of police officers and left the Capitol in a shambles. Several defendants received probation for misdemeanor charges of entering the Capitol with the mob. But more than 600 were imprisoned from one month to up to 22 years on felony charges of destroying property, assault and battery or encouraging the attack. Trump described them as “political prisoners” and “patriots,” promising to pardon them if elected president again. He said recently he will decide their pardons on a case-by-case basis. A song titled “Justice for All” described their fate. Created and posted often on social media by a group of Jan. 6 defendants (“J6 Choir”) locked in a Washington, D.C. jail block, the song’s popularity drew sympathizers across the country. It briefly made music’s top hits list. Democrats and legal experts denounce Tump’s plan to pardon Jan. 6 defendants as victims of misguided justice. The objection is somewhat hypocritical in the aftermath of Biden pardoning son Hunter. He was convicted of lying on a gun license application and income tax evasion. What devastates the rule of law is Biden’s broken pledge to let his son face the consequences of his felony crimes, including possible prison time. His stunning turnaround occurred, he said, because his son was a victim of a Justice Department political prosecution. That’s the exact reason Trump advances for his intent to pardon some, if not all, the Jan. 6 defendants. He also claims that’s why he was prosecuted and convicted of 34 felonies in his hush money trial as well as charges pending in his other legal cases. Oddly, it seems Biden and Trump agree the Justice Department has been weaponized for political means. Trump says when he returns to office he will rid the department, including its FBI office, of what he calls partisan hacks bent on destroying the country. They will, of course, be replaced by diehard loyalists committed to his America First agenda. Democrats can hardly object. Their president of the last four years has damned the Justice Department and demoralized its employees for his own sake. And just two months before departing the White House. Listen to his attempt to rationalize the decision to pardon his son when he said repeatedly he would not. “For my entire career I have followed a simple principle: just tell the American people the truth. They will be fair-minded,” Biden said in a statement. “Here’s the truth: I believe in the justice system, but as I have wrestled with this, I also believe raw politics has infected the process and it led to a miscarriage of justice (of his son).” Biden asked Americans to understand “why a father and a president would come to this decision.” Many will not. Sure, other presidents, including Trump in his first term, granted pardons to family and friends for alleged criminal behavior. In most of these cases, the persons pardoned felt the outcome of their sentences, including prison time. Biden’s rollback of his no pardon pledge – just two weeks before his son’s sentencing -- disregarded the legal standard that no person is above the law; that everyone is treated equally no matter their station in life. Sadly, Biden’s decision of defiance comes at a time when the justice system’s moral fiber is fraying. Bill Ketter is CNHI’s senior vice president for news. Reach him at wketter@cnhi.com .
Upstart Holdings CTO Paul Gu sells $6.08 million in stock
Clear Blue Technologies Announces Shares for Debt Settlement, Private Placement, and Proposed Share ConsolidationCanadian savers are using their self-directed Registered Retirement Savings Plan (RRSP) to build portfolios that can complement the Canada Pension Plan, Old Age Security, and company pensions in retirement. One popular investing strategy involves buying top dividend stocks and using the distributions to acquire new shares. This harnesses a compounding process that can turn modest initial investments into meaningful savings over the long run. Canadian National Railway ( ) went public in the mid-1990s. Since then, the stock has been one of the best dividend-growth names on the TSX. The railway giant operates nearly 20,000 route miles of tracks that cross Canada from the Pacific to the Atlantic and run through the United States to the Gulf of Mexico. CN generates a good chunk of its revenue in the U.S., so it is a good way for investors to get exposure to the American economy through a Canadian stock. CN moves raw materials and finished goods, which are key to the smooth operation of the economy in Canada and the United States. Railways tend to have wide competitive moats. The odds of new competing tracks being built along the same routes are pretty much nil. CN’s share price is down about 6.5% in 2024 compared to a gain of more than 20% for the TSX. Labour issues at both the railway and Canadian ports have combined with disruptions by wildfires to make the past 12 months challenging for the rail operator. Potential new tariffs on goods entering the U.S. from Canada next year have also made investors cautious in recent weeks. These are likely short-term problems, however, and investors should consider taking advantage of the pullback in the stock. Buying CN on meaningful dips has historically proven to be a savvy move for patient investors. Fortis ( ) is another dividend-growth superstar on the TSX. The board has increased the dividend in each of the past 51 years. Looking ahead, Fortis intends to raise the distribution by 4-6% per year over through 2029. That’s good guidance in an uncertain economic outlook heading into 2025. Fortis operates roughly $69 billion in utility assets that include natural gas distribution, power generation, and electricity transmission businesses. Nearly all the revenue comes from rate-regulated assets, so cash flow tends to be predictable and reliable. Fortis grows through a combination of strategic acquisitions and development projects. The company hasn’t made a large purchase for several years, but that could change as interest rates decline in Canada and the United States. In the meantime, Fortis is working on a $26 billion capital program. As the new assets are completed and go into service, the boost to revenue and cash flow should support the planned dividend increases. Fortis gives investors a 2% discount on new stock purchased through the dividend-reinvestment plan. The bottom line on top TSX dividend stocks CN and Fortis are good examples of dividend-growth stocks that have generated attractive total returns for long-term investors. If you have some cash to put to work in a self-directed RRSP, these stocks deserve to be on your radar.
( ) and ( ), two of Canada’s giants, have much to offer investors looking to tap into the and gas sector. Both energy stocks are prominent players, but each has taken different paths recently, with distinct strengths and challenges shaping future trajectories. To decide which might be the better buy, it’s crucial to explore their recent earnings, past performance, and future outlook. So, let’s get into it. Looking back Suncor stock has enjoyed a strong resurgence in 2024. Its third-quarter earnings soared to $2.02 billion, a significant leap from $1.54 billion in the same period the previous year. This success stems largely from impressive operational performance, including a record refinery utilization rate of 105%, processing 488,000 barrels per day. On the production side, Suncor has also made strides, increasing upstream output by 20% to 828,600 barrels per day. Meanwhile, Cenovus struggled in its latest quarter, with net income tumbling to $820 million, down from $1.86 billion a year earlier. The drop was largely due to lower production and throughput volumes and weaker commodity prices, which have taken a toll on its financial results. Historically, Suncor stock has been a bit of a turnaround story in recent years. Under the leadership of Chief Executive Officer Rich Kruger, the company prioritized operational efficiency and boosted production, which translated into better stock performance. Over the past year, Suncor stock rose by 29%, outpacing not just Cenovus but also other oil sands peers. In contrast, Cenovus faced headwinds, with profitability and production issues dampening its momentum. However, it showed commitment to shareholder returns, tripling its base dividend in 2022 and implementing a plan to return 50% of quarterly excess free funds flow to shareholders once its net debt falls below $9 billion. Future outlook Looking ahead, Suncor stock appears well-positioned to continue its upward trajectory. It is on track to exceed its 2024 oil production and refinery throughput targets, demonstrating strong operational resilience. The company also achieved its net debt goal ahead of schedule. Suncor plans to return 100% of its free cash flow to shareholders. Cenovus, while currently underperforming Suncor stock, has reason for optimism, too. With planned maintenance activities now behind it, the company is poised for stronger operations in the coming quarters. Furthermore, the completion of the Trans Mountain Pipeline expansion is expected to benefit Cenovus significantly by increasing Canada’s oil export capacity and potentially narrowing the price gap between Western Canadian Select and West Texas Intermediate. On valuation, Suncor stock currently offers a forward annual dividend rate of $2.28, yielding 4.09% at writing, with a conservative payout ratio of 35.05%. Its market cap stands at $70.03 billion, and its trailing price-to-earnings (P/E) ratio is a modest 8.96, suggesting the stock is reasonably priced relative to its earnings. Cenovus, while smaller with a market cap of $40.51 billion, has a trailing P/E ratio of 11.15 and offers a forward annual dividend of $0.72, yielding 3.25%. Its payout ratio is slightly higher at 38.94%, reflecting a different approach to capital allocation and dividend policy. Foolish takeaway Deciding between the two comes down to individual investor goals. Suncor may appeal more to those looking for a combination of income and stability. Bolstered by its strong operational metrics and clear capital-return strategy. However, Cenovus might attract investors who are more growth-oriented. Those willing to take on some risk in exchange for potentially higher returns as Cenovus’s production and market conditions improve. Both companies are solid choices. However, differences mean one might be a better fit than the other, depending on the specific investment strategy. Ultimately, Suncor stock’s recent success and clear direction make it a slightly more compelling option. The company has consistently executed its goals and demonstrated resilience in a competitive market. However, Cenovus cannot be discounted entirely, particularly for those who believe in its turnaround potential and the benefits it may reap from broader industry developments. The final decision, as always, should align with an investor’s financial objectives and risk tolerance.