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Linamar Corp. LNR-T reported $169.2-million in net earnings during the third quarter, up from $138-million during the same period a year earlier.

The company says its earnings amounted to $2.82 per diluted share, up from $2.24 a year earlier.

The Guelph, Ont.-based auto-parts manufacturer says its sales totalled $2.5-billion during the third quarter, down from $2.6-billion during the prior-year quarter.

Linamar says that since it continues to comply with the Canada-U.S.-Mexico trade agreement, the majority of its products going into the U.S. are tariff-free.

Linda Hasenfratz, Linamar’s executive chair, says in a press release that in a low-growth environment, the company is being opportunistic to chase acquisitions.

In October, Linamar announced it was expanding its U.S. manufacturing footprint through a US$300-million deal to buy select North American assets of Aludyne Inc.

Barrick Mining Corp. raised its quarterly base dividend as it reported a third-quarter profit of US$1.3 billion, up from US$483 million in the same quarter last year. The gold-and-copper miner, which keeps its books in U.S. dollars, says its profit amounted to 76 cents US per diluted share for the quarter ended Sept. 30 compared with 28 cents US per diluted share a year ago. Revenue totalled US$4.15 billion, up from US$3.37 billion. On an adjusted basis, Barrick says it earned 58 cents per share in its latest quarter compared with an adjusted profit of 30 cents per share a year ago. Gold production in the quarter totalled 829,000 ounces, down from 943,000 ounces a year ago, while the company’s realized gold price rose to US$3,457 per ounce, up from US$2,494 per ounce a year ago.  Copper production amounted to 55,000 tonnes, up from 48,000 tonnes a year ago, while Barrick’s realized copper price for the quarter was US$4.39 per pound, up from US$4.27 per pound in the same quarter last year. Barrick increased its quarterly base dividend to 12.5 cents US per share from 10 cents US and declared an additional performance dividend for the quarter of five cents US per share for a total payment of 17.5 cents US per share. In September, Barrick appointed Mark Hill to become interim president and CEO following the sudden departure of Mark Bristow from the top job. The company says it is working with an executive search firm to find a permanent president and CEO

Note: U.S. releases could be delayed by the ongoing government shutdown

Monday November 10

China CPI, PPI, aggregate yuan financing and new yuan loans

(10:30 a.m. ET) Bank of Canada’s Market Participants Survey for Q3.

Earnings include: CoreWeave Inc.; InterRent REIT; K92 Mining Inc.; Occidental Petroleum Corp.; Premium Brands Holdings Corp.; Sony ADR

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Tuesday November 11

Canada – Remembrance Day (stock markets open, bond markets closed)

U.S. – Veterans Day (stock markets open, bond markets closed)

Japan bank lending

(6 a.m. ET) U.S. NFIB Small Business Economic Trends Survey for October

(8:30 a.m. ET) U.S. ADP Employment (4-week average change) for October.

Earnings include: Altius Minerals Corp.; Aya Gold and Silver Inc.; CAE Inc.; CCL Industries Inc.; Chemtrade Logistics Income Fund; Extendicare Inc.; Finning International Inc.; Northwest Healthcare Properties REIT; Orla Mining Ltd.; Sea Ltd.; SoftBank Group Corp.

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Wednesday November 12

Japan machine tool orders

Germany CPI

(8:30 a.m. ET) Canadian building permits for September.

(1:30 p.m. ET) Bank of Canada’s Summary of Deliberations for the Oct. 29 decision.

Earnings include: Birchcliff Energy Ltd.; Birs Construction Inc.; Cisco Systems Inc.; Hudbay Minerals Ltd.; Loblaw Companies Ltd.; Manulife Financial Corp.; Northland Power Corp.; NuVista Energy Ltd.; Pan American Silver Corp.; Power Corp. of Canada; SmartCentres REIT

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Thursday November 13

Euro zone industrial production.

U.K. GDP, services index, industrial and manufacturing production

(8:30 a.m. ET) U.S. initial jobless claims for week of Nov. 8.

(8:30 a.m. ET) U.S. CPI for October. The Street expects a rise of 0.2 per cent from September and up 3.1 per cent year-over-year.

(2 p.m. ET) U.S. budget balance for October.

Earnings include: Alibaba ADR; Applied Materials Inc.; Brookfield Corp.; CES Energy Solutions Corp.; Discovery Silver Corp.; Endeavour Mining PLC; H&R REIT; Hydro One Ltd.; Palo Alto Networks Inc.; Peyto Exploration & Development Corp.; Siemens ADR; Skeena Resources Ltd.; Tencent ADR; Stantec Inc.; Walt Disney Co.

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Friday November 14

China retail sales, industrial production and fixed asset investment

Euro zone GDP and trade surplus

(8:30 a.m. ET) Canada’s manufacturing sales and new orders for September.

(8:30 a.m. ET) Canadian wholesale trade for September.

(8:30 a.m. ET) U.S. retail sales for October.

(8:30 a.m. ET) U.S. PPI for October.

(10 a.m. ET) U.S. business inventories for September.

Earnings include: Ag Growth International Inc.; Artis REIT; Keyera Corp.; Montage Gold Corp.; Neo Performance Materials Inc.

HIGHLIGHTS

• Q3 2025 average production was 634,746 boepd, at the high end of the anticipated guidance range of 625,000 – 635,000 boepd despite storage injections and production shut-ins during the quarter in response to extremely low AECO and Station 2 natural gas prices.
• Q3 2025 liquids production of 147,165 bpd was up 4% over Q2 2025. Tourmaline expects total liquids production growth of 35% to 200,000 bpd by 2031.
• Tourmaline is pleased to announce that it has entered into a long-term natural gas storage agreement with AltaGas at its Dimsdale Storage Facility in Alberta for 6 bcf of storage capacity starting April 2026 for a 10-year term. The Company views the addition of another large storage position as a strategic opportunity to enhance financial performance and strengthen operational flexibility in volatile natural gas price environments.
• The Company has entered into two short-term and one long-term LNG gas supply contracts which complement the existing portfolio with additional exposure to the Dutch Title Transfer Facility (” TTF “) market starting in 2026.
• Tourmaline is exploring the potential sale of its Peace River High complex. The completion of this sale would lower corporate operating costs and provide proceeds that could be reinvested into higher return NEBC growth assets.
• The Company has elected to declare and pay a special dividend of $0.25/share on November 25, 2025 to shareholders of record on November 14, 2025.

December Nymex natural gas (NGZ25) on Friday closed down -0.042 (-0.96%).

Dec nat-gas prices settled lower on Friday as forecasts of mild US weather could curb heating demand for nat-gas.  Forecaster G2 said Friday that warmer-than-normal temperatures are expected in the western two-thirds of the US for November 12-16 and are expected to remain above-normal for November 17-21.  Nat-gas prices extended their losses Friday on the outlook for higher US nat-gas production after a weekly report from Baker Hughes showed active US nat-gas rigs increased to a 2.25-year high.

Higher US nat-gas production is a bearish factor for prices.  On October 7, the EIA raised its forecast for 2025 US nat-gas production by +0.5% to 107.14 bcf/day from September’s estimate of 106.60 bcf/day.  US nat-gas production is currently near a record high, with active US nat-gas rigs recently posting a 2-year high.

US (lower-48) dry gas production on Friday was 110.0 bcf/day (+8.1% y/y), according to BNEF.  Lower-48 state gas demand on Friday was 77.0 bcf/day (-2.7% y/y), according to BNEF.  Estimated LNG net flows to US LNG export terminals on Friday were 17.3 bcf/day (-0.8% w/w), according to BNEF.

As a supportive factor for gas prices, the Edison Electric Institute reported Wednesday that US (lower-48) electricity output in the week ended November 1 rose +0.05% y/y to 73,730 GWh (gigawatt hours), and US electricity output in the 52-week period ending November 1 rose +2.89% y/y to 4,282,216 GWh.

Thursday’s weekly EIA report was neutral for nat-gas prices since nat-gas inventories for the week ended October 31 rose +33 bcf, right on the market consensus, but below the 5-year weekly average of +42 bcf.  As of October 31, nat-gas inventories were up +0.4% y/y and were +4.3% above their 5-year seasonal average, signaling adequate nat-gas supplies.  As of November 5, gas storage in Europe was 83% full, compared to the 5-year seasonal average of 92% full for this time of year.

Baker Hughes reported Friday that the number of active US nat-gas drilling rigs in the week ending November 7 rose by +3 to a 2.25-year high of 128 rigs.  In the past year, the number of gas rigs has risen from the 4.5-year low of 94 rigs reported in September 2024.
 

Shopify Inc. reported a third-quarter profit of US$264 million as its revenue rose 32 per cent compared with a year ago. The company, which keeps its books in U.S. dollars, says the profit amounted to 20 cents US per diluted share for the quarter ended Sept. 30 compared with a profit of US$828 million or 64 cents US a year ago. On an adjusted basis, Shopify says it earned 34 cents US per share in its latest quarter compared with an adjusted profit of 36 cents US per share a year ago. Revenue for the quarter totalled US$2.84 billion, up from US$2.16 billion in the same quarter last year. The increase came as merchant solutions revenue amounted to US$2.15 billion, up from US$1.55 billion a year ago, while subscription solutions revenue totalled US$699 million, up from US$610 million in the same quarter last year. In its outlook, Shopify says it expects its fourth-quarter revenue to grow at a percentage rate in the mid-to-high twenties on a year-over-year basis. 

OPINION

Here’s a summary of the recent earnings report for SHOP.TO (the TSX-listed shares of Shopify Inc.) — pulling in key metrics, context and my interpretation.

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✅ What went well

• Shopify reported strong volume growth: its Gross Merchandise Volume (GMV) rose ~32 % year-over-year to about US $92 billion. Investors.com+1
• Revenue also rose ~32 % (approx) in the quarter, beating consensus estimates. Investing.com+1
• Its “Merchant Solutions” segment (which includes payments, etc.) showed a particularly strong uptick. Investors.com+1
• The company continues investing into AI and international expansion, outlining opportunities in those areas as growth levers. Futu News+1

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⚠️ Areas of caution / Mixed outcomes

• Although revenue and GMV beat expectations, some margin metrics came under pressure (for example higher hosting/expansion costs) which weighs on profitability. Investing.com+1
• Despite the beat, the stock apparently declined after the release, suggesting that investors may have expected stronger guidance or had concerns about future growth. Investing.com+1
• The company flagged that in certain regions or segments comparability is tougher (e.g., due to previous trial-promotions or policy changes) which could cloud near-term growth metrics. Investing.com+1

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🔍 Outlook & Guidance

• Shopify guided that for Q4 it expects revenue growth in the mid to high 20 % range year-over-year. Investing.com+1
• They expect gross profit dollars to grow in the “low to mid-20s %” and free-cash-flow margin to be slightly above Q3 levels. Investing.com
• The business emphasises that growth is coming from both increased merchant adoption and deeper penetration of services (payments, ad campaigns, enterprise offerings). The shift to AI/agent-commerce is a highlighted strategic focus. Futu News+1

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🎯 My takeaways

• Shopify delivered very solid growth in top-line and GMV, which is encouraging given the competitive e-commerce environment.
• However, the margin/expense side and the expectations for future growth may be acting as a dampener on investor sentiment (hence the stock drop despite the beat).
• For someone tracking SHOP.TO, the story remains strong growth + platform shift, but the “how fast vs how expensive” question is front and centre. If the company can keep scaling payments/ad/enterprise revenue and hold or improve margins, upside remains; if cost/investment pressure mounts or growth slows, risk rises.
• The guidance (mid-to-high 20 % growth) is good but suggests the company sees some moderation (vs the ~32 % growth achieved) — investors will likely watch whether the “mid” or “high” end of that range is hit, and how costs develop.

✅ Highlights

• For the quarter, Saputo posted adjusted EPS of C$0.48 per share, up from C$0.37 a year earlier. Investing.com Canada+2RTTNews+2
• Adjusted net earnings were C$198 million, rising ~26 % year-over-year. Investing.com Canada+1
• Adjusted EBITDA increased ~16 % in the quarter. Investing.com Canada+1
• The company emphasised improved commercial execution, higher volumes in Canada, and operational efficiencies helping margins. Investing.com Canada

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⚠️ Areas of concern & mixed outcomes

• Revenue (or total revenues) fell short of expectations: Reported around C$4.72 billion vs forecast ~C$4.78 billion. Investing.com Canada+1
• In the international segment, revenues declined (~5 % in one region) even though EBITDA rose strongly. Investing.com Canada
• Some markets remain under pressure (milk supply constraints, cost pressures, raw material volatility) that may weigh on future margin improvements. Investing.com Canada

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🔍 Outlook & strategic comments

• Management expects somewhat more stable conditions in the back half of the year, especially for the U.S. dairy commodity market, noting fewer extremes in pricing and a more predictable input-cost environment. Investing.com Canada
• They continue to invest in operational improvements (e.g., new warehousing facility in Wisconsin) and are focusing on higher-margin/differentiated dairy products and ingredients. Investing.com Canada
• Share-buyback activity is ongoing; leverage is reported to be in a comfortable range (net debt/EBITDA improving) which gives the company flexibility. Investing.com Canada

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🎯 OPINION

Saputo delivered a solid performance on profitability, especially given some headwinds in commodity pricing and international markets. The EPS beat is meaningful. The revenue miss and continued pressure in certain markets temper the optimism somewhat, but the margin improvement and operational execution give a constructive backdrop.

The positives are: improving margins, strong cash flow potential, and manageable leverage.

The cautions: slower growth or margin risk if commodity/milk input costs spike, or if international markets lag.

• Worries over the government shutdown surged in the early part of November, pushing consumer sentiment In to its lowest in more than three years and just off its worst level ever, according to a University of Michigan survey Friday.
• The current conditions index slid to 52.3, a drop of nearly 11% from last month, while the future expectations measure fell to 49.0, down 2.6%. On a year-ago basis, the two measures respectively slumped 18.2% and 36.3%.

https://www.cnbc.com/2025/11/07/consumer-sentiment-shutdown.html

Enbridge ENB-T +0.20%increase said on Friday it plans early next year to formally gauge commercial interest in a second phase of capacity expansion on its Mainline crude pipeline network.

The Calgary, Canada-based pipeline operator said if the project goes ahead, it could add 250,000 barrels per day of additional capacity on the Mainline by 2028, helping to meet rising demand for export access from Canadian oil shippers.

The project would be in addition to a planned first phase of expansion, on which the company expects to make a final investment decision before the end of the year. The first phase would add 150,000 bpd of capacity and be placed into service by 2027, Enbridge said.

Enbridge missed third-quarter profit estimates on Friday, pressured by higher financing costs from capital investments including U.S. gas utility acquisitions.

But the company said its Mainline pipeline, which has the capacity to move 3 million barrels per day of crude from Western Canada to markets in Eastern Canada and the U.S. Midwest, shipped a record 3.1 million bpd on average during the quarter, reflecting strong customer demand for Canadian oil.

Data Dive with Nik Nanos: Mark Carney wants to jumpstart Canada’s energy sector

Canada’s oil sands industry has shown resilience during the global oil industry downturn, buoyed by years of investment that have made it among the lowest-cost basins in North America.

Canadian oil production hit a record high of 5.1 million bpd on average last year, and Enbridge is forecasting the country will see 500,000 to 600,000 bpd of supply growth by the end of the decade.

The Canadian government is in talks with the oil-producing province of Alberta, which wants to see a new crude pipeline built in tandem with a massive carbon capture and storage project aimed at lowering emissions from the oil sands.

No private sector proponent has indicated willingness to build such a pipeline, but the federal government on Tuesday said it could scrap a cap on oil and gas emissions in favor of other measures like strengthened industrial carbon pricing.

TC Energy sees strong demand for more pipeline projects in U.S., Alberta

Optimizing the Mainline pipeline is the “quickest and most cost-effective way” to address Canada’s rising oil production, said Enbridge executive vice-president Colin Gruending, on a conference call.

If the Canadian government does scrap some of the regulatory and policy hurdles that have inhibited investment in the sector in recent years, he said, even more pipeline space could be required.

“There could be much more upside to monetize the trillions of dollars of value up in northern Alberta,” Gruending said.

Enbridge reported adjusted core profit of $2.31-billion from its liquid pipelines unit, down from $2.34-billion a year earlier, due to lower contributions from the Flanagan South and Spearhead pipelines.

The company reported adjusted profit of 46 cents per share for the quarter ended Sept. 30, missing analysts’ average expectation of 51 cents per share, according to LSEG data.