On December 12, Chris Hyzy, chief investment officer for Merrill and Bank of America Private Bank, appeared on CNBC’s ‘The Exchange’ to discuss the market outlook in 2026. Hyzy stated that he is not worried about the market and characterizes 2026 as the year of a proud bull, not a stampeding one. He defined a proud bull as one that looks back and acknowledges all the hard work put in, referencing not just the last 12 months, but almost the last 36 months, during which the market has seen a lot and been impa ...

It was another stellar quarterly earnings season for the Canadian banks. They mostly beat estimates sending stock prices considerably higher for the week. You just can’t keep the big bad bank oligopolies down. As the Canadian economy hobbles, the banks seem to find a way to generate more revenue and more profits. Keep in mind most of the banks have considerable operations in the U.S., the last bastion of unleashed capitalism and entrepreneurialism in the developed world. Ironically, the U.S. is in the proce ...

Core Insights - Thomson Reuters Corporation (NASDAQ:TRI) is recognized as one of the 13 Best Canadian Dividend Stocks for long-term investment [1] - Scotiabank has lowered its price target for Thomson Reuters to $189 from $200 while maintaining an Outperform rating, citing concerns over competition from AI startups and pressure in the government solutions division [2] - The company reported third-quarter 2025 revenue of $1.78 billion, a 3.36% increase year-over-year, and operating profit of $593 million, up 43% year-over-year [3] - Thomson Reuters' major segments achieved organic revenue growth of 9%, contributing to 82% of total revenue, driven by advancements in AI offerings [4] - The company provides specialized information-enabled software and tools for professionals, supported by its global news service, Reuters [5] Financial Performance - In Q3 2025, Thomson Reuters generated $1.78 billion in revenue, exceeding expectations by $2.8 million, with a year-over-year growth of 3.36% [3] - Operating profit for the quarter reached $593 million, reflecting a significant increase of 43% year-over-year, aided by the sale of a minority stake in the Elite business [3] - Operating cash flow for the quarter totaled $704 million [3] Business Segments - The Big 3 segments of Thomson Reuters delivered organic revenue growth of 9% and accounted for 82% of total revenue [4] - The company highlighted the positive impact of its agentic AI offerings, such as CoCounsel Legal and CoCounsel for tax, audit, and accounting, which are transforming professional workflows [4]

Core Insights - Plains All American Pipeline, L.P. (NASDAQ:PAA) is recognized among the 15 stocks with the highest dividend yields for investment opportunities [1] - Scotiabank has reduced its price target for PAA from $20 to $19 while maintaining an Outperform rating, reflecting updates across its U.S. Midstream coverage [2] - The company's Q3 2025 results indicate a revenue decline of over 9% year-over-year, with reported revenue of $11.58 billion and net income of $441 million [3] - PAA is actively restructuring its portfolio, having acquired a 55% stake in EPIC Crude Holdings and selling its Canadian natural gas liquids assets to enhance cash-flow stability [4] Financial Performance - In Q3 2025, Plains All American Pipeline reported revenue of $11.58 billion, a decrease of more than 9% compared to the previous year [3] - The net income attributable to PAA for the same period was $441 million, with operating cash flow totaling $817 million [3] Strategic Moves - The company closed its acquisition of a 55% stake in EPIC Crude Holdings, which operates the EPIC Crude Oil Pipeline, on October 31 [4] - PAA is divesting its Canadian natural gas liquids assets to mitigate exposure to commodity price fluctuations and to strengthen cash-flow stability [4] - Management plans to reinvest the capital from asset sales into projects that promise more reliable earnings, supporting long-term distribution growth [4]

Core Insights - Black Hills Corporation (NYSE:BKH) is recognized as one of the 15 overlooked dividend stocks to consider for investment [1] - Scotiabank upgraded Black Hills from Sector Perform to Outperform, raising the price target from $66 to $81, highlighting the strong growth potential from data centers in Wyoming [2] - The analyst noted that the Crusoe/Tallgrass project could enhance earnings by approximately 35% [2] - Despite concerns regarding a pending merger, the downside risk is considered limited, and the current risk/reward profile of the stock is viewed positively [3] Financial and Strategic Developments - In its Q3 2025 earnings report, Black Hills outlined a five-year strategy targeting 500 MW of data center demand by 2029, supported by partnerships with Microsoft and Meta [4] - The company is expanding its data center load pipeline from over 1 GW to more than 3 GW, which is expected to drive significant earnings growth through innovative tariffs and investments in new projects [4] - Black Hills aims to enhance its position as a customer-focused, growth-driven utility company committed to becoming the energy partner of choice [5]

Financial Data and Key Metrics Changes - Fiscal fourth quarter net revenue grew 12% year over year to $10.7 billion, with full-year net revenue growth of 11% to $40 billion [5][34] - EPS increased by 10% year over year, resulting in a full-year EPS growth of 14% to $11.47 [5][34] - Total full-year payments volume reached $14 trillion, up 8% year over year in constant dollars, with processed transactions totaling $258 billion, up 10% year over year [5][34] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [31] - Commercial and money movement solutions revenue grew 14% year over year in constant dollars, with commercial payments volume growing 10% [31] - Value-added services revenue grew 25% in constant dollars to $3 billion, driven by issuing solutions and advisory services [32] Market Data and Key Metrics Changes - U.S. payments volume was up 8%, with e-commerce growing faster than face-to-face spend [28] - Total international payments volume was up 10% year over year in constant dollars, with acceleration in Asia-Pacific [28] - Cross-border volume, excluding intra-Europe, was up 11%, with e-commerce up 13% and travel improving to 10% [28][29] Company Strategy and Development Direction - The company is focused on innovation and building the future of payments through the Visa-as-a-Service stack [5][25] - Investments in the next generation of VisaNet are aimed at enhancing product development speed and adaptability to market changes [7][73] - The company aims to expand its stablecoin capabilities and enhance cross-border money movement solutions [11][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the strength of the macroeconomic environment [48] - The company anticipates continued strong performance in 2026, driven by major events like the Olympic and Paralympic Games and the FIFA World Cup [37][42] - Management expects adjusted net revenue growth in the low double digits for 2026, with a focus on maintaining strong client relationships and expanding service offerings [36][41] Other Important Information - The company bought back approximately $4.9 billion in stock and distributed $1.1 billion in dividends in Q4 [33] - The tax rate for the quarter was 18.8%, in line with expectations, and the company expects to remain below its long-term tax rate in 2026 [32][40] Q&A Session Summary Question: Concerns about economic choppiness and consumer spending habits - Management noted strong momentum exiting FY25 and emphasized the diversification of Visa's business, which supports resilience in consumer spending [46][48] Question: Role of Visa in agentic commerce - Management highlighted Visa's leadership in setting standards for agentic commerce and the introduction of the Visa Trusted Agent Protocol to ensure secure transactions [52][55] Question: Sustainability of data processing yield growth - Management confirmed that data processing revenue growth was driven by pricing and mix, with expectations for continued benefits from new pricing implemented in FY2025 [66] Question: Differences between Visa's and competitors' agentic commerce protocols - Management emphasized the open and easy integration of the Visa Trusted Agent Protocol, positioning it as a foundational layer for the agentic commerce ecosystem [82][84]

Group 1: Market Outlook - Canada's stock market is projected to rise further as corporate earnings approach record levels, with third-quarter profits for S&P/TSX Composite Index companies expected to exceed the previous record of C$405 per share, with consensus forecasts nearing C$400 [1] - The TSX has gained 23% so far this year, driven by strong performance in the financial and mining sectors, which are expected to continue to exceed profit expectations [4] Group 2: Financial Sector - Strong earnings from U.S. banks are seen as a positive indicator for Canadian financial institutions, which constitute about 30% of the TSX index, with major banks anticipated to benefit from steady loan growth and higher net interest margins [2] - Despite concerns about the domestic economy, Canadian banks are expected to maintain stable credit conditions [2] Group 3: Mining Sector - Mining companies are expected to enhance overall earnings, particularly due to a significant increase in gold prices driven by global economic uncertainty and safe-haven demand, which is likely to improve profit margins across Canada's resource-heavy equity landscape [3] Group 4: Company-Specific Insights - Scotiabank raised its price target for Enbridge Inc. from C$65.00 to C$69.00, indicating a potential upside of nearly 4% from its current share price, citing stable cash flow, consistent dividend growth, and an expanding North American energy infrastructure portfolio as key strengths [5] Group 5: Investor Confidence - The optimistic outlook from Scotiabank suggests that strong financial and mining results could propel the TSX to new highs, reinforcing investor confidence in Canada's market resilience amid global uncertainties [6]

Agnico Eagle Mines Limited (NYSE:AEM) is one of the top stocks to buy as gold rallies. On October 6, Collective Mining – a Canadian mineral exploration company – launched a C$125 million ($89.63 million) public offering of common shares. The offering was structured as a “bought deal” and was led by BMO Capital Markets and Scotiabank. Agnico Eagle, which has contractual participation rights in Collective Mining’s equity financings, intends to subscribe for 789,473 Common Shares at an issue price of C$19.00 ...

Core Viewpoint - Chevron Corporation is a significant player in the global energy sector, involved in various activities including oil and gas exploration, production, refining, and marketing, with a focus on maintaining investor interest despite market fluctuations [1][5]. Group 1: Company Performance - Scotiabank has maintained a "Sector Perform" rating for Chevron, suggesting investors hold onto their shares, with a current stock price of $152.55, reflecting a slight decrease of approximately 0.78% [3][5]. - Chevron's stock has experienced volatility over the past year, with a high of $168.96 and a low of $132.04, indicating fluctuations in market performance [3][4]. Group 2: Strategic Initiatives - Scotiabank raised Chevron's price target from $160 to $165, indicating a positive outlook for the company's future performance, driven by confidence in Chevron's strategic initiatives [2][5]. - The recent inauguration of the Engineering and Innovation Excellence Center (ENGINE) in Bengaluru, India, aims to enhance Chevron's digital and artificial intelligence capabilities, which is expected to positively impact the company's operations [2][5]. Group 3: Market Metrics - Chevron's market capitalization is approximately $307.36 billion, highlighting its significant presence in the energy sector [4]. - The trading volume for Chevron's stock (CVX) is 1,509,507 shares, suggesting active investor interest in the company [4].

Core Insights - TELUS International (Cda) Inc. has garnered significant hedge fund interest and is listed among the 10 Cheapest Penny Stocks to Buy Now [1] - Scotiabank has raised its price target for TELUS International from $3.40 to $4.50, reflecting a proposed acquisition price that is approximately 32% higher than the initial offer [2][3] - The acquisition agreement between TELUS Corporation and TELUS International is viewed as a favorable outcome for shareholders, particularly in the current macroeconomic environment [4] Price Target Revision - Scotiabank's price target revision follows TELUS Corporation's agreement to fully acquire TELUS International, indicating optimism about the deal [2][3] - The revised target price of $4.50 aligns with the acquisition price, which is significantly higher than the initial offer [3] Company Overview - TELUS International provides global digital customer and AI-driven solutions, including cloud and automation services, trust and safety, and AI data solutions [4] - The company is recognized as one of the 10 Cheapest Penny Stocks to Buy Now, highlighting its potential for investment [4]