In the markets: Tesla Q1 Worst Quarter Since 2020, Musk To Refocus
Plus: Trump backs down on China tariffs, Fed; China announces breakthrough EV battery; Bitcoin rises for third day.
Canada Stock Digest - Apr. 23, 2025
Market Overview
S&P/TSX Composite Index: Closed at 24,306.00 CAD, down 855.66 points or 3.40% for the day.
S&P/TSX Venture Composite Index: Closed at 630.80 CAD, down 7.61 points or 1.19% for the day.
NASDAQ Composite: Closed at 16,300.42 USD, down 1,599.91 points or 8.94% for the day.
Dow Jones Industrial Average (DJIA): Closed at 39,186.98 USD, down 3,264.81 points or 7.69% for the day.
S&P 500: Closed at 5,287.76 USD, down 424.35 points or 7.43% for the day.
Stock & Market News
S&P/TSX Composite Up Almost 300 Points, U.S. Stock Markets Also Post Gains: Canadian and U.S. equities rallied as investor sentiment improved following strong earnings and calmer bond markets. The Canadian Press
Wall Street Leaps Nearly 3% as Markets Worldwide Rally: U.S. stocks surged almost 3%, buoyed by global optimism, easing inflation fears, and strong tech earnings. BNN Bloomberg
European Markets Trade Mixed as Earnings and Data Guide Sentiment: European stocks fluctuated as investors weighed earnings results and inflation figures across the region. CNBC
Analyst Upgrades and Downgrades: National Bank Financial raised targets for several gold stocks on stronger precious metal prices, including Agnico Eagle to $215 from $195 and Kinross to $25 from $23, while trimming Aya Gold & Silver to $18.75 from $19.75. Canadian Tire’s target was lowered by National Bank to $171 from $174 due to weaker consumer demand. Citi opened a “30-day positive catalyst watch” on Gildan Activewear, calling it well-positioned amid tariffs, but trimmed the target to US$60 from US$62. Raymond James downgraded Choice Properties REIT to “market perform” and upgraded Crombie REIT to “outperform,” while lifting Dream Industrial REIT to “strong buy.” TD Cowen lowered Capital Power’s target to $66 from $70 after a U.S. acquisition, with BMO, Scotia, and others following with cuts or moderate raises. Canaccord initiated Timbercreek Financial at “buy” with an $8 target. Goeasy’s target was cut to $210 from $220 by Desjardins, while Goodfood’s was slashed to 20 cents by Stifel. CIBC trimmed Shopify’s target to US$125 from US$160, and TD reduced TransAlta’s to $17 from $19. Globe
National Bank of Canada Signs Deal to Buy PGM Global Holdings: National Bank announced its acquisition of PGM Global Holdings, aiming to expand its wealth management footprint. The Canadian Press
Rogers Communications Reports Q1 Profit and Revenue Up from Year Ago: Rogers posted higher Q1 earnings and revenue, although some divisions underperformed amid rising competition. BNN Bloomberg
Trucking and Logistics Company Mullen Group Reports Q1 Profit Down from Year Ago: Mullen Group saw lower Q1 profits due to softer demand and rising operational costs across its logistics network. The Canadian Press
EU Slaps Apple and Meta with Major Fines Over Antitrust Violations: The European Union fined Apple and Meta billions of euros for violating new digital competition laws. CNN
Tesla Earnings Miss Expectations as Revenue and Margins Decline: Tesla reported disappointing Q1 results with declining revenue and narrower margins, sparking investor concerns. CNBC
Tariffs ‘About to Cause Big Problems’ for Boeing, America’s Largest Exporter: Boeing is facing major disruptions as global tariffs threaten to derail its international sales and operations. CNN
Google, YouTube, Disney, and TikTok Clash Over Global Content Rules: Major tech and entertainment firms are at odds over new international standards for online content moderation. CNBC
Crypto Prices Hold Steady as Bitcoin Rebounds Above $95K: Cryptocurrency markets were flat after a brief dip, with Bitcoin recovering slightly above US$95,000. CNBC
SAP Shares Surge 9.3% After First-Quarter Profit Beat: German software giant SAP posted strong quarterly results, sending its shares up sharply. CNBC
Musk Says He’ll Spend Less Time in Washington and More Time Running Tesla After Earnings Miss: Elon Musk pledged to focus more on Tesla operations following a disappointing quarter that rattled investors. The Canadian Press
South Dakota Panel Rejects Permit for $8.9 Billion Carbon Capture Midwest Pipeline: A key permit for a multibillion-dollar carbon pipeline project was denied, citing environmental and landowner concerns. The Canadian Press
China’s CATL Announces Breakthrough EV Battery with 5-Minute Charging: CATL unveiled a revolutionary EV battery that can charge in just five minutes, potentially reshaping the electric vehicle landscape. The Deep Dive
Economic News
Trump Floats Substantial China Tariffs Cuts in Trade Deal: Former President Trump suggested reducing tariffs on Chinese goods if a favourable trade agreement is reached. BNN Bloomberg
Weekly Mortgage Demand Plunges Nearly 13% as Interest Rates Hit 2-Month High: Rising interest rates led to the sharpest drop in U.S. mortgage applications since early February. CNBC
Singapore Inflation Stays at 4-Year Lows as City-State Prepares for Election: Consumer price growth remained muted in Singapore, easing economic pressure ahead of upcoming national elections. CNBC
Copper Extends Advance on U.S.-China Optimism and Risk-On Tone: Copper prices climbed for a third straight session as traders responded to improving trade sentiment and industrial demand. BNN Bloomberg
Economic Events
8:30am New Housing Price Index
Friday Retail Sales
Recent Earnings
TSX
ROGERS COMMUNICATIONS INC (RCI.A)
Revenue reported at 4.98B CAD, estimated at 4.98B CAD
EPS reported at 1.01 CAD, estimated at 0.99 CADWEST FRASER TIMBER CO (WFG)
Revenue reported at 2.17B CAD, estimated at 2.10B CAD
EPS reported at 0.62 CAD, estimated at 0.66 CADMULLEN GROUP LTD (MTL)
Revenue reported at 497.81M CAD, estimated at 497.1M CAD
EPS reported at 0.24 CAD, estimated at 0.20 CAD
US Markets
TESLA, INC. (TSLA)
Revenue reported at 21.27B USD, estimated at 19.34B USD
EPS reported at 0.41 USD, estimated at 0.27 USDPHILIP MORRIS INTERNATIONAL INC (PM)
Revenue reported at 9.14B USD, estimated at 9.3B USD
EPS reported at 1.61 USD, estimated at 1.69 USDAT&T INC. (T)
Revenue reported at 30.36B USD, estimated at 30.63B USD
EPS reported at 0.51 USD, estimated at 0.51 USDTHERMO FISHER SCIENTIFIC INC (TMO)
Revenue reported at 10.23B USD, estimated at 10.36B USD
EPS reported at 5.10 USD, estimated at 5.15 USDINTUITIVE SURGICAL, INC. (ISRG)
Revenue reported at 2.19B USD, estimated at 2.25B USD
EPS reported at 1.74 USD, estimated at 1.81 USDCHUBB LIMITED (CB)
Revenue reported at 12.94B USD, estimated at 12.65B USD
EPS reported at 3.19 USD, estimated at 3.68 USDBOEING COMPANY (THE) (BA)
Revenue reported at 19.38B USD, estimated at 19.5B USD
EPS reported at -1.18 USD, estimated at -0.49 USDGE VERNOVA INC. (GEV)
Revenue reported at 7.55B USD, estimated at 8.03B USD
EPS reported at 0.45 USD, estimated at 1.07 USDCME GROUP INC. (CME)
Revenue reported at 1.64B USD, estimated at 1.64B USD
EPS reported at 2.80 USD, estimated at 2.80 USDAMPHENOL CORPORATION (APH)
Revenue reported at 4.3B USD, estimated at 4.81B USD
EPS reported at 0.52 USD, estimated at 0.63 USDGENERAL DYNAMICS CORPORATION (GD)
Revenue reported at 11.98B USD, estimated at 12.22B USD
EPS reported at 3.50 USD, estimated at 3.66 USDCAPITAL ONE FINANCIAL CORPORATION (COF)
Revenue reported at 10.06B USD, estimated at 10B USD
EPS reported at 3.64 USD, estimated at 4.06 USDBOSTON SCIENTIFIC CORPORATION (BSX)
Revenue reported at 4.57B USD, estimated at 4.66B USD
EPS reported at 0.67 USD, estimated at 0.75 USDNEXTERA ENERGY, INC. (NEE)
Revenue reported at 6.64B USD, estimated at 6.25B USD
EPS reported at 0.97 USD, estimated at 0.99 USDCRH PLC (CRH)
Revenue reported at 9B USD, estimated at 8.87B USD
EPS reported at 1.44 USD, estimated at 1.45 USDCOCA-COLA COMPANY (KO)
Revenue reported at 11.3B USD, estimated at 11.28B USD
EPS reported at 0.72 USD, estimated at 0.71 USDTEL TE CONNECTIVITY PLC (TEL)
Revenue reported at 3.97B USD, estimated at 4.14B USD
EPS reported at 1.96 USD, estimated at 2.10 USDNORFOLK SOUTHERN CORPORATION (NSC)
Revenue reported at 2.97B USD, estimated at 2.99B USD
EPS reported at 2.66 USD, estimated at 2.69 USDOTIS WORLDWIDE CORPORATION (OTIS)
Revenue reported at 3.38B USD, estimated at 3.35B USD
EPS reported at 0.90 USD, estimated at 0.92 USDOLD DOMINION FREIGHT LINE, INC. (ODFL)
Revenue reported at 1.37B USD, estimated at 1.37B USD
EPS reported at 1.14 USD, estimated at 1.19 USDBAKER HUGHES COMPANY (BKR)
Revenue reported at 6.5B USD, estimated at 6.43B USD
EPS reported at 0.47 USD, estimated at 0.51 USDOKTA, INC. (OKTAD)
Revenue reported at 668.91M USD, estimated at 682M USD
EPS reported at 0.74 USD, estimated at 0.78 USD
Fun Fact
🦋 Did you know that butterflies can taste with their feet? These delicate insects have taste sensors located on their tarsi—the bottom part of their legs—which they use to identify if a plant is suitable for laying eggs. When a butterfly lands on a leaf, it essentially "tastes" it to determine if it’s the right food source for its caterpillars. If it passes the taste test, the butterfly may lay its eggs there. It’s a clever built-in quality control system, making sure their young have the best chance of survival right from the moment they hatch!
Investment Tip
🧾 Deferred revenue is a subtle clue pros love to track—because it’s money already collected for products or services yet to be delivered. Think software subscriptions or annual contracts. A rising deferred revenue line means future sales are locked in, even if they haven’t shown up on the income statement yet. It’s like a business being paid up front for a year’s worth of work—predictable, stable, and a sign of trust from customers. Smart investors look for this quiet build-up as a sneak peek into future growth.
Have a great trading day! 😊
Disclaimer: The information provided in this newsletter is for educational purposes only and does not constitute financial advice. Always consult with a financial advisor before making investment decisions.