Gold (STAR)
Investors can’t resist the latest shiny object – especially when it’s literally a shiny object. Driven by inflation, geopolitical jitters and a wobbly U.S. dollar, gold blew past US$4,000 an ounce for the first time this week. Gold exchange-traded funds, in particular, have seen massive inflows from retail buyers, adding to demand from central banks diversifying away from U.S. Treasuries amid the economic uncertainty created by Donald Trump’s unpredictable policies. With the precious metal nearly doubling over the past two years, gold bugs’ portfolios are glittering.
Trilogy Metals Inc. (STAR)
Move over Wall Street. The new bull market is on Pennsylvania Avenue. Shares of Trilogy Metals more than tripled after the Trump administration acquired a 10-per-cent stake in the Vancouver-based miner for US$35.6-million, adding to its recent investments in Intel, Lithium Americas and MP Materials. Reversing a decision by the Biden administration, the government also granted a permit for Trilogy to build a 340-kilometre access road through the Alaska wilderness to enable mining of copper, zinc, cobalt and other critical minerals. Probably not a great place to run out of gas.
Freshpet Inc. (DOG)
Sorry, Max, because of economic circumstances we’re switching you from Freshpet’s chicken, beef, salmon and egg recipe with antioxidant-rich fruits and vegetables to this bag of generic kibble I found at the dollar store. With consumer spending pinched and people adopting fewer pets, the high-end dog food market is rolling over and playing dead: Shares of Freshpet – which sells refrigerated meals for cats and dogs – tumbled after Bank of America downgraded the stock to “neutral” from “buy” and slashed its price target to US$60 from US$81. It’s hard to say who is more disappointed – the dogs, or investors.
Ferrari N.V. (DOG)
After going flat-out for the past few years, Ferrari’s stock was bound to spin out at some point. In its worst single-day setback since going public a decade ago, the Italian sports-car maker retreated 15 per cent after Ferrari’s long-term forecast underwhelmed investors. With earnings and sales expected to grow by only mid-single digits on an annualized basis through 2030, Ferrari’s multiple of about 40 times forward earnings was an accident waiting to happen. Concerns about future demand for Ferrari’s planned EV, the Elettrica, only added to the selling pressure. The yellow flags could be out for a while.
Tilray Brands Inc. (STAR)
Business quiz! Shares of Tilray Brands rose after the cannabis producer and alcoholic beverage maker: a) announced that the U.S. Food and Drug Administration approved its long-acting monthly THC injection product, Higher4Longer; b) was chosen as the official cannabis supplier to the Joe Rogan podcast; c) reported a surprise fiscal first-quarter profit as revenues topped expectations, driven by double-digit growth in its Canadian recreational and international cannabis businesses. Answer: c.