Canada Goose Holdings (DOG)
GOOS - TSX
Don’t you just adore Canada geese? Whether you’re braking abruptly on a busy road to let them cross, or trying to dodge their bacteria-infested poop while strolling through the park, these fascinating animals never cease to entertain and delight all who cross their paths. Investing in luxury parka maker Canada Goose is almost as much fun: The shares tumbled to a record low after TD Cowen downgraded the stock amid concerns that China’s economy “could get worse before it gets better.” Adding to investors’ pain, Wells Fargo also cut its rating, citing a “highly unfavourable holiday setup globally,” a potentially warmer winter in the U.S. and waning brand interest as reflected in weakening social-media mentions. Oh, feathers!
Netflix (STAR)
NFLX - Nasdaq
I think we can all agree there’s nothing interesting going on in the world right now, which may explain why so many people are turning to Netflix to keep them entertained. Shares of the streaming service surged after it added 8.76 million subscribers globally during the third quarter, crushing Wall Street’s expectations for 5.49 million additions and marking the strongest growth since the second quarter of 2020 when COVID-19 lockdowns kept people at home. Netflix attributed the strong results to its crackdown on password sharing and the launch of its cheaper, ad-supported tier. Who wants to watch wars and political stuff on TV when you can binge on important, high-quality content such as Wrestlers and Sex Education?
Tesla (DOG)
TSLA - Nasdaq
Test your knowledge of the week’s business events! Shares of electric-vehicle maker Tesla dropped after: a) CEO Elon Musk said he will merge Tesla with X, the social-media platform formerly known as Twitter, to create Teslax (not to be confused with the constipation remedy Ex-Lax); b) a viral video showed a rogue Tesla in autopilot mode crashing onto the field at Arrowhead Stadium and chasing down star quarterback Patrick Mahomes, injuring several players and leading to a 15-yard loss on the play; c) the company released third-quarter sales and earnings below Wall Street’s expectations as Mr. Musk expressed pessimism about the global economy and the impact of high interest rates. Answer: c.
Rentokil Initial (DOG)
RTO - NYSE
Cockroaches. Rats. Mice. Termites. They’re in your house, eating your food, turning your wood into sawdust. That’s when you call the pest control experts at Rentokil. But wait. That costs money. And, with groceries, gas and mortgage costs going through the roof, you don’t have any money. You and a lot of other people. Which is one reason Rentokil’s third-quarter results missed expectations and its stock cratered. “New residential customer acquisition was challenged by the macroeconomic backdrop and a softer consumer demand environment,” the company said. So you hide under the covers and cry yourself to sleep at night, because the pests are in control now, and there’s nothing you can do except pray for mercy.
SolarEdge Technologies (DOG)
SEDG - Nasdaq
SolarEdge investors are nursing a nasty sunburn. The shares sank after the company – which makes solar products including panels, DC-to-AC inverters, batteries and vehicle chargers – announced preliminary third-quarter results well below its previous guidance. SolarEdge cited “substantial” cancellations and postponements of orders from European distributors, reflecting “higher than expected inventory in the channels and slower than expected installation rates.” With SolarEdge’s shares shedding about one-quarter of their value on Friday, bringing their year-to-date loss to about 70 per cent, investors are scrambling for the shade.
John Heinzl