HomeStock MarketsThe Stock Market At Close – Tuesday November 22

The Stock Market At Close – Tuesday November 22

The Stock Market At Close – Tuesday November 22

The TSX closed today at a 3month high

The Toronto Stock Exchange’s S&P/TSX composite index closed today up 242.88 points, or 1.2%, at 20,220.01. Commodity prices were high today. The TSX is dominated by Resource stocks so when commodity prices go up the TSX often follows.

All green, all Up and all volume Up – a “perfect” market day!

The Dow rose 1.2% to 34,098.10. The S&P 500 and the Nasdaq added 1.4% each to 4,003.6 and 11,174.41, respectively. All sectors notched gains, led by energy, materials, and technology. According to a Commerzbank note the Cleveland Federal Reserve President Loretta Mester is open to the idea of the central bank’s Federal Open Market Committee cutting the size of interest-rate hikes from 75 basis points in December. San Francisco Federal Reserve President Mary Daly similarly called on the committee to be “mindful” of the lagged effects of policy tightening and deems 5% as a “good starting point” for the terminal rate, according to the note.

Markets, however, remained cautious as China strengthened its fight against COVID-19 with Beijing shutting parks, malls and museums, while other cities resumed mass testing. “The markets in first hours of the session were moved by China’s Dynamic zero COVID policy again,” said Thomas Hayes, chairman at Great Hill Capital in New York. He said there was a little bit of relief in risk markets, with the dollar and yield on the 10-year Treasury note lower.

10-year Treasury Yield today:

The 10-year yield fell 6.2 basis points to 3.77%.

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Featured Stock:

Broadcom Inc. (AVGO) is gradually becoming an infrastructure company. It currently designs, develops and supplies a range of semiconductor and infrastructure software solutions. The Company operates through two segments: semiconductor solutions and infrastructure software. Its semiconductor solutions segment includes all of its product lines and intellectual property (IP) licensing. It provides semiconductor solutions for managing the movement of data in data center, telecom, enterprise and embedded networking applications. It also provides a variety of radio frequency (RF) semiconductor devices, wireless connectivity solutions and custom touch controllers for the wireless market. Its infrastructure software segment includes its mainframe, distributed and cyber security solutions, and its fiber channel storage area networking (FC SAN) business. The Company’s mainframe software provides DevOps, AIOps, Security and Data Management Systems solutions.

Broadcom’s (AVGO) proposed $61 billion acquisition of VMware (VMW) is under investigation by the UK’s Competition and Markets Authority due to competition concerns, the regulator said Monday. VMware technology is behind a lot of cloud service offerings. VMware was part of RSA years ago, then was owned by DELL now it is on its way to becoming a part of Broadcom Inc.

The antitrust body is seeking comments on the planned deal by Dec. 6 to help determine whether the merger could “result in a substantial lessening of competition” within the UK, it said. Broadcom disclosed its planned purchase of VMware in May and previously said it expects to complete the deal in its fiscal year 2023.

Stock In The News:

Best Buy’s (BBY) was the top performer on the S&P 500 today as its Share price soared nearly 13% with a volume of 17.6M – spectacular performance! The company’s fiscal Q3 results surpassed the Street’s expectations, prompting the electronics retailer to offer an improved full-year comparable sales outlook as it gears up for the upcoming holiday season. The worst performer on the index was Dollar Tree (DLTR), down 7.8%, after the discount retailer flagged near-term margin pressure that will probably weigh on full-year profit. We shall keep eye on Best Buy especially given the holiday shopping season is around the corner.

Best Buy was up 13% today with 17.6M shares traded

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BIOGEN (BIIB)

According to Reuters, A one-time gene therapy for hemophilia B from Australian drugmaker CSL Ltd has been approved by the U.S. Food and Drug Administration, potentially offering a long-term solution for patients with the blood clotting disorder. The therapy, which will be branded Hemgenix, will be made immediately available in the United States at a list price of $3.5 million, the company said, making it the most expensive therapy in the world. The approval makes it the first gene therapy for the rare inherited disorder that is usually treated by regular injections of clotting protein factor IX. The therapy, developed in partnership with Uniqure NV , is expected to cut the rate of annual bleeding for hemophilia B patients, who represent about 15% of all patients with hemophilia.

Biogen 3month daily chart looks like a “steady climber”

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Microsoft (MSFT)

The Microsoft Chart is sick. Like most of the Tech stocks the Microsoft stock price has been on the decline but turned up when the market outlook brightens up some sessions back.  The chart has been flat during the last few sessions, ticked up today +1.23% but then on a volume of 19.7M. The average volume during the last five sessions was roughly 25M.

There are some well-greased competitors out there in the gaming market getting ready to slug it out with Microsoft. Sony Group Corp said on Tuesday it plans to expand a programme to identify and incubate Chinese-made games, in a race with Microsoft Corp to tap China’s gaming market. The programme will invest more than 1 million yuan ($140,080) in each game it enrols, and will not only fund small teams but also big teams with dozens of engineers or more, Bao Bo, Sony’s director of China game production, said.

According to Reuters, the Japanese tech giant’s plans were made public during an event live-streamed from the southwestern Chinese city of Chengdu to re-launch the China Hero Project programme, which ground to a halt due to COVID-19.

Manulife Financial Corp has become the first foreign financial firm to receive regulatory approval in China to take full control of a funds joint venture, paving the way for it to expand its presence in the country’s $3.8 trillion fund market.

Regular Market Day Features

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The Canadian Vanguard – Beginner Investor’s (Canadian) Watchlist:

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Stock Seeing Heavy (Possibly Institutional) Buying:

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Stock Seeing Heavy (Possibly Institutional) Selling:

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Canadian Vanguard Chinese Stocks Watchlist:

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Popular EV, Energy and Resource Stocks at Today’s Market:

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