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Assets Like Jamieson Wellness Command 'Premium Valuations' Historically, CIBC Says

Large, pure-play vitamins, minerals, and supplements, or VMS, assets with international reach such as Jamieson Wellness (JWEL.TO) have historically commanded premium valuations, CIBC Capital Markets said in a research report.Analyst Ty Collin maintained an Outperformer rating and $44 price target on shares of the Canadian health and supplement brand that has products in more than 50 countries and regions following a report that it's exploring a sale of the company.The stock rose 10% to C$40.18 on the Toronto Stock Exchange Thursday."JWEL has long been talked about as a takeout candidate," Collin said in a note to clients. "Overall, we are not especially surprised by this news considering our view that valuation has been modest, and the fact that public markets have given JWEL little recognition for the strong growth delivered by its international expansion strategy in recent years."The analyst said that despite approximately 40% earnings per share growth since 2021, the share price performance has essentially been flat for five years."While we do not necessarily expect a 20x+ multiple for JWEL, we note that large, pure-play VMS assets with international reach are rare, highly coveted, and have commanded premium valuations historically," Collin said. "For reference, a 14x 2026E takeout multiple for JWEL (in line with its longer-term average) would equate to a $50 share price and a 37% takeout premium."(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$JWEL.TO

Commodities38d ago

Exchange-Traded Funds, Equity Futures Decline Pre-Bell Friday as Investors Shift Focus From Middle East to Technology Stocks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) retreated 1.6% in Friday's premarket activity, as investors shifted their focus from the US-Iran conflict in the Middle East to technology stocks.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 1.4% before the start of regular trading.The US advance international trade in goods deficit narrowed to $105.76 billion in May from $83.01 billion in April, according to data released by the US Census Bureau.June's final University of Michigan consumer sentiment report is slated for a 10 am ET release, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to speak on Friday.In premarket action, bitcoin was down 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was down 0.2%, ProShares Ether ETF (EETH) declined by 1.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.8%, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 3% pre-bell as multiple analyst price target cuts followed the company's Q1 earnings announcement.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.HIVE Digital Technologies (HIVE) shares traded down 6.1% in early hours activity after the company priced an offering of $115 million worth of 0% exchangeable senior notes due 2031 in a private offering.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.03%, the Vanguard Health Care Index Fund (VHT) was up 1.1%, while the iShares US Healthcare ETF (IYH) rose 0.5%. The iShares Biotechnology ETF (IBB) was 0.1% lower.Nuvation Bio (NUVB) stock was down nearly 1% premarket, extending losses from the previous day's 10% fall. The company said late Thursday it priced an underwritten offering of $250 million of 0.75% convertible senior notes due in 2032.EnergyThe iShares US Energy ETF (IYE) was marginally higher, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Equinor (EQNR) stock was down nearly 2% before market open after the company said it is ending its offshore wind business activities in Japan and shutting its Tokyo office by the end of the year.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained by 0.2% and the iShares US Industrials ETF (IYJ) was flat.AerCap (AER) stock was up more than 2% before the opening bell after the company said it delivered the first of three Airbus A321neo aircraft to Azerbaijan Airlines.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.1%, and the iShares US Technology ETF (IYW) was 1.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 2.9%, while the iShares Semiconductor ETF (SOXX) fell by 4.3%.Microsoft (MSFT) shares were up 1.4% in premarket activity after closing the prior day with a 3.5% fall. The Italian Competition Authority said the company faces a formal regulatory investigation into whether it engaged in deceptive marketing during a recent price increase for Microsoft 365.CommoditiesFront-month US West Texas Intermediate crude oil fell by 3.1% to $69.70 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.9% to $3.44 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3.2%, while the United States Natural Gas Fund (UNG) was 2.5% higher.Gold futures for July were up by 0.4% to $4,063.80 an ounce on the Comex. Silver futures gained by 0.1% to $58.83 an ounce. SPDR Gold Shares (GLD) advanced by 0.4%, and the iShares Silver Trust (SLV) was 0.5% higher.

Dow JonesNasdaq CompositeS&P 500$AER$BETH$BITO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$HIVE$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MSFT$NUVB$PMR$QQQ$RTH$SLV$SOXX$SPY$TCOM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Sectors38d ago

Sector Update: Tech Stocks Fall Premarket Friday

Technology stocks were falling premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2.9%.ON Semiconductor (ON) stock was down more than 13% after the company said it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion, expanding its edge AI capabilities. Shares of Synaptics were up 4.5% pre-bell.Xunlei (XNET) shares were up more than 1% after the company said its board authorized a new equity buyback of up to $20 million of its shares over a 12-month period beginning July 1.Domo (DOMO) said Chief Technology Officer Daren Thayne will resign from his position, effective July 10, to take another executive role. Shares of Domo were up more than 3% premarket.

$DOMO$ON$SYNA$XLK$XNET$XSD

US Markets38d ago

Micron Offers `Unprecedented Forward Visibility' as Deals Expected to Generate $100 Billon in Revenue

Micron Technology (MU) offered "unprecedented forward visibility" when it said this week it signed 16 strategic customer agreements that will create $100 billion in revenue over the remaining term of the agreements, Wedbush analysts Matt Bryon and Antoine Legault said in a note to clients.The deals will account for 20% of its dynamic random-access memory, or DRAM, volume and a third of NAND flash memory volume through 2030. The agreements enhance partnerships and provide supply assurance to customers, with four customers Micron described as "very large," three medium-sized clients and smaller firms from the automotive sector."The surprise, in our view, was the level of detail that Micron was able to provide around the forward contracts it has negotiated for a significant portion of its forward bit output, with the new deals seemingly providing unprecedented revenue, margin and earnings certainty for an elongated period," the Wedbush analysts said.Revenue in the third quarter rose to $41.5 billion from only $9.3 billion a year earlier, while earnings were reported at $25.11 a share versus $1.91 per share in Q3 2025, Micron said. Analysts polled by FactSet expected sales of $35.9 billion and earnings of $20.86 a share.Morgan Stanley analysts said in a report that while the quarterly results and outlook are "good," there is a bigger debate about the durability of current conditions.Micron shares jumped almost 16% immediately after the company reported better-than-expected results on Wednesday, becoming one of the top gainers on the S&P 500 and the Nasdaq. The stock was giving back gains pre-market on Friday, trading down almost 6%."We noted in our preview that the investor mindset seems to be much more that people are looking to add vs. the last two quarters where people were looking for reasons to sell, and the after hours reaction (on Wednesday) seemed consistent with that," Morgan Stanley said.Bank of America analyst Vivek Arya reiterated a "buy" rating on the company after the strong quarter reinforced the bank's constructive view on the role memory plays in artificial intelligence, with increasing discipline on the supply side supporting a "durable cycle.""While strategic customer agreements -- now 16, up from last quarter -- may modestly cap near-term pricing upside, they materially enhance visibility and reduce volatility by aligning with customers facing a rising 'memory tax'" of about 35% of AI capital expenditures, Arya said.With a captivating valuation and shares implying a roughly 10% free-cash-flow yield, the bank raised its EPS outlook by 4% to 7% and increased its price objective on the stock to $1,550 a share from $1,500.Demand for DRAM and NAND will continue to "significantly exceed" supply, Micron said. The company said it expects these tight conditions to persist beyond 2027 due to demand across all segments for AI."The memory industry has been structurally transformed by the proliferation of AI," Micron Chief Executive Sanjay Mehrotra said in prepared remarks after the company's earnings were released. "We are only in the early innings of the significant innovation and productivity that can be unleashed in every part of the global economy over time."Marcy Nicholson

$MU

Sectors38d ago

Sector Update: Energy

Energy stocks were declining premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% lower.The United States Oil Fund (USO) was down 3.2% and the United States Natural Gas Fund (UNG) was 2.2% higher.Front-month US West Texas Intermediate crude oil was 3.4% lower at $69.49 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 3.7% to $72.45 per barrel, and natural gas futures were up 2.9% at $3.44 per 1 million British Thermal Units.Equinor (EQNR) shares were down more than 1.9% after the company said it is ending its offshore wind business activities in Japan and shut its Tokyo office by the end of the year.

$EQNR

Asia38d ago

China's Central Bank Plans Overnight Reverse Repo in End-June

The People's Bank of China will increase the overnight reverse repurchase operation in its open market operations on June 29 and June 30.The operation will adopt a fixed interest rate and quantity bidding, according to a Thursday statement.The new rate will be an addition to the PBOC's regular seven-day reverse repo rate, currently at 1.4%, which has served as the main policy benchmark since 2024, Bloomberg reported.Standard Chartered's Becky Liu said the move is a major step toward aligning with U.S. policy rate structures, according to the report. She added that the overnight reverse repo rate is the figure to watch and anything at 1.25% or below would amount to a de facto PBOC rate cut.

Shanghai Composite^SZSE

Mining & Metals38d ago

Global Uranium Begins ANT Survey at the Astro Uranium Project, Saskatchewan

Global Uranium (GURN.CN) has started an ambient noise tomography survey at the Astro Project in the eastern Athabasca Basin, Saskatchewan, it said Friday.The company has an option to acquire up to an 80% interest in Astro from Cosa Resources (COSA.V), the project's underlying owner and operator, subject to meeting certain earn-in requirements, it said.The survey will focus on the AS-1 target area and the survey results are expected to help the company and Cosa identify and prioritize the "most prospective areas" for additional exploration, stated Global Uranium.The survey will be completed by CAUR Technologies, added the company, and Cosa Resources in a separate release on Friday."This survey is an important step in helping us narrow our focus across a large and highly prospective target area in the Athabasca Basin," said Global Uranium Chief Executive Officer Ungad Chadda. "Our goal is to keep advancing Astro in a disciplined way, using the right technical work at each stage to build toward future drill targets."The project is moving toward a potential inaugural drill program in 2027, said Cosa Resources' VP Exploration Andy Carmichael.

$COSA.V$GURN.CN

Sectors38d ago

Sector Update: Healthcare

Healthcare stocks were narrowly mixed premarket Friday, with the State Street Health Care Select Sector SPDR ETF (XLV) marginally higher and the iShares Biotechnology ETF (IBB) down 0.1%.Acadia Pharmaceuticals (ACAD) was up more than 13% after the company said the European Medicines Agency's Committee for Medicinal Products for Human Use adopted a positive opinion of Daybu following a re-examination procedure, recommending approval of the drug to treat neurobehavioral symptoms of Rett syndrome in patients aged five and older.

$ACAD

Sectors38d ago

Sector Update: Financial

Financial stocks were edging higher pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.3%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.Wise Group (WSE) shares were up more than 3% after the company reported a higher fiscal 2026 net revenue.

$WSE

Mining & Metals38d ago

Searchlight Resources Raises C$1.2 Million Via Private Placement Financing

Searchlight Resources (SCLT.V) closed a private placement offering raising C$1.2 million, it said overnight Thursday.As part of the offering, the company issued 11.5-million units at C$0.10 apiece. Each unit consists of one common share and one full purchase warrant with each warrant entitling the holder to buy a share for $0.15, for a three-year period from the date of issue.Proceeds will be used to fund exploration expenses on its portfolio of gold projects in Saskatchewan, and for general working capital needs, it said.Shares of the company closed down 4.8% to C$0.10 on Thursday on the TSX Venture Exchange.

$SCLT.V

Japan38d ago

Update: Tech Stocks Drag Down Equity Index Futures Pre-Bell Amid AI, Gulf Worries

(Updates with latest index futures, equity, and oil prices in the second, third, and sixth paragraphs, respectively, and updated economic results in the seventh and eighth paragraphs.)Tech stocks swooned and broader equity index futures declined in Friday's premarket trading amid concerns about the profitability of AI, lingering worries about Middle East stability, and potential interest rate hikes.Nasdaq futures were down 1.0% while S&P 500 futures fell 0.3% and Dow futures advanced 0.1% in the pre-bell session.The tech sector was dragged down by chipmakers including Micron Technologies (MU), down 6.2%, Intel (INTC), down 3.8%, AMD (AMD), down 4%, and Nvidia (NVDA), down 1.7%, while memory storage firm Western Digital (WDC) was down 5.9%.Investors were spooked by reports that Microsoft-backed (MSFT) OpenAI is leaning toward delaying its initial public offering and an Iranian attack on a ship transiting the Strait of Hormuz. Inflation fears have also spiked in recent days after US President Donald Trump delayed signing a bi-partisan bill to bring down housing costs, diminishing hopes of a rate cut.Despite elevated security concerns in the Persian Gulf, oil prices continued a slide that has followed the signing of a memorandum of understanding between Washington and Tehran that saw the reopening of the Strait of Hormuz to commercial ship traffic.Brent crude was down 3.1% to $72.94 per barrel while West Texas crude prices were down 2.8% to $69.90 per barrel, the lowest levels since the start of the Feb. 28 attacks by the US and Israel on Iran that sparked months of war and uncertainty.May's goods trade gap rose sharply. Imported goods exceed exports by $105.76 billion, up from a revised figure of $83.0 billion in April and above the $85.0 billion expected by analysts.May wholesale inventories increased 0.3%, down from a 0.7% increase in April and below the expected 0.4% rise.Analysts expect a rise in June consumer sentiment to 50.0 from 48.9 in May in the University of Michigan survey set for release at 10 ET

Dow JonesNasdaq CompositeS&P 500$AMD$INTC$NVDA$WD

Mining & Metals38d ago

Sienna Senior Living Closes C$41 Million Rockland Manor Acquisition

Sienna Senior Living (SIA.TO) has closed its previously disclosed acquisition of the Rockland Manor retirement residence located in the Greater Ottawa Area for C$41.0 million.The property consists of 160 suites valued at $256,000 each with an initial investment yield of about 6.0%, the senior housing company said Friday.Rockland Manor was built in 2015 and is approximately 98% occupied, Sienna said.The company said it financed the acquisition through available cash on hand.

$SIA.TO

Oil & Energy38d ago

Market Chatter: Three Oil Tankers Abandon Hormuz Exit After IRGC Warning

At least three foreign oil tankers seeking passage through the Strait of Hormuz retreated after a warning by Iran's IRGC against crossing the crucial waterway without authorization, Al Jazeera reported Friday, citing Iranian state broadcaster IRIB.IRGC has further asserted that transit through the Hormuz Strait, which handled about 20% of global energy flows before the Middle East conflict, can only take place along routes designated by Iran, IRIB said, according to Al Jazeera.On Thursday, the International Maritime Organization suspended its evacuation operations in and around the Strait of Hormuz following an attack on a commercial vessel in the Gulf of Oman, to reassess safety conditions amid rising regional risks.While Iran has not claimed responsibility for the attack, it has warned on multiple occasions against crossing the Hormuz Strait without its approval, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Sectors38d ago

Oil Hits Four-Month Low as Strait of Hormuz Shipping Resumes

Oil traded at a four-month low early Friday as ships resumed moving through the Strait of Hormuz, easing concerns over supply disruptions in the Persian Gulf following the outbreak of the Iran conflict on Feb. 28.West Texas Intermediate crude oil for August delivery was last seen down 2.4% at US$70.22 per barrel, the lowest since Feb. 27, while August Brent crude fell 2.7% to US$73.20 per barrel.The decline came after shipping through the Strait of Hormuz resumed, a day after reports that Iran had attacked a vessel transiting the waterway in Omani waters. The incident prompted the International Maritime Organization to suspend an evacuation plan for ships stranded in the Persian Gulf.However ships are again moving through the Strait, with hormuzstraitmonitor.com reporting 62 ships have moved out of the Gulf in the past day, easing the largest ever energy supply shock that began when Iran blocked the international waterway at the start of the war."Oil resumed its decline after tanker transits through the Strait of Hormuz accelerated, following a brief rebound on Thursday when a container ship was struck by an unknown projectile off the coast of Oman. The mini tsunami of released barrels is weighing on the front end of the futures curve," Saxo Bank noted.

$CLQ6$LCOQ6$USO

Asia38d ago

Hong Leong Bank Sells 640 Million Ringgit Bonds

Hong Leong Bank (KLSE:HLBANK) issued 640 million ringgit of bonds divided into two tranches, according to a Friday Malaysian bourse filing.The issue comprised 350 million ringgit of 10-year bonds carrying an interest rate of 3.9% per annum, and 290 million ringgit of 12-year bonds carrying a 4% interest rate.The call dates for the two tranches will be June 26, 2031, and June 27, 2033, respectively.The bonds were issued under the lender's multi-currency tier 2 subordinated bond program.

KLSE:HLBANK

Sectors38d ago

Sector Update: Consumer

Consumer stocks were mixed pre-bell Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.6% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.1%.DraftKings (DKNG) shares were up more than 2% after the company launched its proprietary prediction markets exchange, DKeX, integrated into its DraftKings: Sports & Casino app, expanding its prediction markets platform and strengthening its sportsbook offering.

$DKNG

Sectors38d ago

Sector Update: Tech

Technology stocks were falling premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2.6%.ON Semiconductor (ON) stock was down more than 14% after the company said it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion, expanding its edge AI capabilities. Shares of Synaptics were up nearly 5% pre-bell.

$ON$SYNA

Research38d ago

Primaris REIT Price Target Raised to $23 at RBC

RBC Capital Markets raised its price target on Primaris REIT (PMZ-UN.TO) to $23 from $21 on Friday.Analyst Pammi Bir maintained an Outperform rating on shares of the Canadian enclosed shopping center-focused REIT following a tour of Oshawa Centre, a property PMZ acquired in January 2025."We came away with a stronger appreciation of the value creation opportunity from robust CRU leasing velocity, the repositioning of former anchor boxes, and potential monetization of excess land," Bir said in a note to clients."In short, the property fits squarely within PMZ's focus on acquiring regionally dominant malls with NOI upside," the analyst said.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PMZ-UN.TO

Research38d ago

Argus Initiates SpaceX at Hold

SpaceX (SPCX) has an average rating of overweight and mean price target of $242.57, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$SPCX

Mining & Metals38d ago

Nevada King Gold to Begin Trading on OTCQX Best Market

Nevada King Gold (NKG.V) will begin trading today on the OTCQX Best Market under the ticker symbol NKGFF.The company graduated to the premium tier from the OTCQB Venture Market.Nevada King shares will continue to trade on the TSX Venture Exchange.

$NKG.V

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Commodities38d ago