In Class Book - Page 148 of 423 - Delighting Business Maniacs

October 30, 2022

Kanye West: What took Adidas, Gap and others so long to cut ties?

New York
CNN Business
—

Previously this week Adidas ended its partnership with rapper and style designer Ye (who beforehand went by Kanye West). Its determination came about the very same time that a flurry of other providers also lower ties with the artist — but weeks just after Ye commenced making offensive remarks.

Quite a few puzzled: What took Adidas and others so prolonged?

Soon after all, Ye’s behavior experienced been troubling for some time. He even termed out Adidas instantly throughout a podcast visual appearance in which he manufactured antisemitic reviews, bragging the corporation would by no means reduce ties with him.

The most recent saga commenced in early October when Ye wore a shirt with the slogan “White Lives Matter,” a assertion that the Anti-Defamation League has connected to the Ku Klux Klan. At that time Adidas, which 1st partnered with the artist in 2013 for Yeezy-branded footwear and clothing, said it was examining the partnership.

Then, during an look on a “Drink Champs” podcast episode the weekend of October 16, Ye repeated antisemitic conspiracy theories among the other offensive statements. He referenced Adidas right: “I can say antisemitic issues, and Adidas cannot drop me,” he stated. “Now what?”

For many days, that appeared to be real.

Several companies have distanced themselves from Ye after the offensive comments he made in recent weeks.

Adidas did not announce it was severing ties with Ye till Tuesday, Oct 25, in excess of a week following the podcast was unveiled.

In that assertion the firm stated it “does not tolerate antisemitism and any other sort of loathe speech,” calling Ye’s recent responses “unacceptable, hateful and dangerous” as perfectly as in violation of the company’s “values of diversity and inclusion, mutual regard and fairness.”

Adidas was not the only business to take its time: Balenciaga cut ties with Ye last 7 days, and while Hole and Ye parted approaches in September, it did not pull the Yeezy Hole line from cabinets till this 7 days. Foot Locker also said this 7 days that it would eliminate Yeezy items, and TJ Maxx followed by expressing it would no lengthier obtain the merchandise for sale in shops.

But Adidas took a great deal of the spotlight following Ye’s feedback on the “Drink Champs” podcast.

Why the hold off? In these types of a scenario, businesses facial area a predicament, stated Andrew Gilman, founder and CEO of CommCore, a consulting team with know-how in disaster conversation. On the 1 hand, they “have to be really quick,” he mentioned. “At the similar time, they want to be deliberate.”

When strolling that tightrope, companies can slip. And a improper shift could have effects for their finances and name.

It appears to be that the last straw for Adidas was an graphic that went viral this weekend. Pics from a Los Angeles freeway overpass demonstrate a small team of demonstrators with their arms raised in what seems to be the Nazi salute guiding banners examining, “Honk if you know” alongside “Kanye is appropriate about the Jews.”

As that image caught traction on the web, force mounted for Adidas to choose a stance.

The incident “woke these organizations up,” said Amy Shanler, associate professor of community relations at the Boston College College or university of Interaction, referring not just to Adidas but to the other providers that minimize ties with Ye this 7 days. It made them recognize “it’s not just Kanye talking to Kanye … there are other people who are listening.”

These individuals, who affirmed Ye’s antisemitic concept, are not kinds companies want to be connected with. From their point of view,”we simply cannot be at all related — even a next-degree association — with these detest teams,” Shanler reported.

As for the prior incidents, Shanler mentioned that businesses never constantly know how significantly is much too significantly, even if critics have been contacting them out. In addition, businesses may possibly concern that by addressing a controversial incident, they’ll close up publicizing it.

And they’re nervous about getting the initial to just take a stance.

“When you’re the very first, you develop into the most visible, you’re the initial brand name that everybody’s conversing about,” Shanler explained. “When you are not the very first, it is a whole lot simpler to join that bandwagon.”

And then, in Adidas’ case specially, there’s the monetary fallout that benefits from severing ties.

Adidas will acquire a €250 million (about $249 million) in the fourth quarter due to the fact of the determination, the organization explained this 7 days. Items could get worse from there, mentioned Douglas Hand, a manner lawyer who is a husband or wife in the company Hand Baldachin & Associates.

“That’s just the shorter-term effect,” he claimed. “Kanye and Yeezy were a considerable component of their revenues and profitability,” he mentioned. “They’re really, in outcome, shuttering a brand name that has been really, incredibly prosperous for them.”

Yeezy products and solutions generated nearly $2 billion in sales previous year for Adidas, 8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s total revenue, in accordance to Morgan Stanley. The line assisted Adidas bring in new consumers and get additional shelf room in merchants. (Adidas said it stays “the sole proprietor of all layout legal rights to present goods as very well as former and new colorways below the partnership” with Ye.)

Adidas said it will take a big loss in the fourth quarter because its cutting ties with Ye.

Adidas has a fiscal obligation to its shareholders. Right before it abandons such a worthwhile deal, it has to be guaranteed that is the ideal go.

Most community companies “are incredibly a lot beholden to financial conclusions, over and beyond selections that may possibly be more aligned with mission,” explained Hand.

But there are fees to dragging your feet.

The company may possibly sustain problems to its name. It is not nevertheless crystal clear no matter whether that will occur in this situation, pointed out Gilman. “What they’ll drop is dependent on how strong the brand name is to begin with,” Gilman explained.

And by keeping silent for times following Ye’s podcast apperance, Shanler claimed, Adidas “missed an opportunity to make a forceful and immutable statement in opposition to antisemitism.”

— CNN Jordan Valinsky, Sonya Hamasaki and Nathaniel Meyersohn contributed to this report.

October 30, 2022

US Stocks Fall Before Amazon, Apple Add to Woes: Markets Wrap

(Bloomberg) — Wall Avenue contended with one more unstable session as investors mulled the Federal Reserve’s route of curiosity-fee hikes although assessing combined economic facts and a slew of earnings reviews.

TD ESTABLISHES A WEALTH MANAGEMENT AND INSURANCE REPORTING SEGMENT

New alignment of segments reflects the growth and scale of businesses

TORONTO, Oct. 28, 2022 /CNW/ – TD Bank Group (“TD” or the “bank”) announced today a new alignment of its reportable business segments to establish a Wealth Management and Insurance segment. This change is effective the beginning of the fourth quarter of 2022 and reflects how the Bank will now view its businesses for management reporting purposes. Previously, Wealth Management and Insurance was reported along with Canadian Personal and Commercial Banking in the Canadian Retail segment.

“The Wealth Management and Insurance businesses provide a significant and growing contribution to TD’s success. They have an increasingly high profile in senior management analysis and strategic planning and this new reporting alignment provides TD shareholders with additional information on their performance,” said Kelvin Tran, Senior Executive Vice President and Chief Financial Officer, TD Bank Group.

An abridged version of the supplemental financial information package reflecting the new alignment of the Bank’s reportable segments on a retrospective basis is now available on td.com/investor.

TD Wealth Management includes the #1 online brokerage, the #1 institutional money manager and a rapidly growing Wealth Management advice provider in Canada. TD Insurance includes the #1 Direct-to-Consumer Insurer for Home and Auto, and the #1 Affinity provider in Canada. With combined compound annual growth of 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} net income after tax (NIAT) in Wealth Management and Insurance over the past five years, the businesses are well-positioned to continue to deliver exceptional experiences for customers and clients and achieve their strategic ambitions.

SEGMENT ALIGNMENT

The Bank will report its results under the following segments, with comparative periods showing the new aligned segments:

Canadian Personal and Commercial Banking, comprised of the Canadian personal and commercial banking businesses which provides financial products and services to personal, small business and commercial customers, and TD Auto Finance Canada.
U.S. Retail, comprised of the personal and business banking businesses in the U.S. operating under the brand TD Bank, America’s Most Convenient Bank®, primarily in the Northeast and Mid-Atlantic regions and Florida, TD Auto Finance U.S., and the U.S. wealth business, including Epoch and the Bank’s equity investment in Schwab.
Wealth Management and Insurance, includes the Canadian wealth business which provides investment products and services to institutional and retail investors, and the insurance business which provides property and casualty insurance, as well as life and health insurance products to customers across Canada.
Wholesale Banking, provides a wide range of capital markets, investment banking, and corporate banking products and services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and meeting the daily trading, funding, and investment needs of the Bank’s clients.
Corporate, includes the Bank’s other activities.

An abridged version of the supplemental financial information package reflecting the newly aligned reportable segments is being provided to help readers of the Bank’s financial statements better understand the impact on the Bank’s consolidated financial results. The comparative period results reflecting the new segment alignment presented below and in the accompanying supplemental financial information package are unaudited. Certain information has been adjusted as defined under the heading ‘Non-GAAP Financial Measures’ below.

Presented below are reported and adjusted Net income (loss) by business segment reflecting the Bank’s newly aligned reportable segments.

Net Income (loss) by Business Segment¹
(millions of Canadian dollars)				For the three months ended								For the nine months ended
		July 31, 2022			April 30, 2022				January 31, 2022				July 31, 2022
		Reported	Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Canadian Personal and Commercial Banking	$	1,678	1,678	$	1,568	$	1,568	$	1,618	$	1,618	$	4,864	$	4,864
U.S. Retail²		1,442	1,464		1,367		1,198		1,272		1,272		4,081		3,934
Wealth Management and Insurance		575	575		668		668		636		636		1,879		1,879
Wholesale Banking		271	271		359		359		434		434		1,064		1,064
Corporate²		(752)	(175)		(151)		(79)		(227)		(127)		(1,130)		(381)
Net income (loss)	$	3,214	3,813	$	3,811	$	3,714	$	3,733	$	3,833	$	10,758	$	11,360
				For the years ended October 31
											2021				2020
									Reported		Adjusted		Reported		Adjusted
Canadian Personal and Commercial Banking								$	5,885	$	5,885	$	3,996	$	3,996
U.S. Retail									4,985		4,985		3,026		3,026
Wealth Management and Insurance³									2,596		2,596		2,030		2,128
Wholesale Banking									1,570		1,570		1,418		1,418
Corporate⁴									(738)		(387)		1,425		(600)
Net income (loss)								$	14,298	$	14,649	$	11,895	$	9,968

	¹ For more detailed information on a reported basis refer to the Segmented Information disclosure included with this press release.
	² Refer to the “How We Performed” section of the Bank’s second quarter 2022 Management’s Discussion and Analysis (MD&A) and third quarter 2022 MD&A which are available on SEDAR at www.sedar.com, and are incorporated by reference, for a list of the items of note, and a reconciliation of adjusted to reported results. Non-GAAP financial measures and ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers.
	³ Adjusted Net income (loss) excludes charges associated with the acquisition of Greystone – 2020: $100 million ($98 million after tax).
	⁴ Adjusted Net income (loss) excludes the following items of note:
	i.	Amortization of acquired intangibles – 2021: $285 million ($253 million after tax); 2020: $262 million ($225 million after tax).
	ii.	Acquisition and integration charges related to the Schwab transaction – 2021: $103 million ($98 million after tax).
	iii.	Net gain on sale of investment in TD Ameritrade – 2020: $1,421 million ($2,250 million after tax).

Caution Regarding Forward-Looking Statements

From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the “safe harbour” provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management’s Discussion and Analysis (“2021 MD&A”) in the Bank’s 2021 Annual Report under the headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, under the headings “Key Priorities for 2022” and “Operating Environment and Outlook” for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, and under the heading “Focus for 2022” for the Corporate segment, and in other statements regarding the Bank’s objectives and priorities for 2022 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, the Bank’s anticipated financial performance, and the potential economic, financial and other impacts of the Coronavirus Disease 2019 (COVID-19). Forward-looking statements are typically identified by words such as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “goal”, “target”, “may”, and “could”.

By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank’s control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, and infrastructure), model, insurance, liquidity, capital adequacy, legal, regulatory compliance and conduct, reputational, environmental and social, and other risks. Examples of such risk factors include the economic, financial, and other impacts of pandemics, including the COVID-19 pandemic; general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on long-term strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; technology and cyber security risk (including cyber-attacks or data security breaches) on the Bank’s information technology, internet, network access or other voice or data communications systems or services; model risk; fraud activity; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information, and other risks arising from the Bank’s use of third-party service providers; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization “bail-in” regime; regulatory oversight and compliance risk; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; exposure related to significant litigation and regulatory matters; ability of the Bank to attract, develop, and retain key talent; changes to the Bank’s credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk (including climate change); and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank’s results. For more detailed information, please refer to the “Risk Factors and Management” section of the 2021 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the heading “Pending Acquisition” or “Significant and Subsequent Events and Pending Acquisitions” in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, should be considered carefully when making decisions with respect to the Bank. The Bank cautions readers not to place undue reliance on the Bank’s forward-looking statements.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2021 MD&A under the headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, under the headings “Key Priorities for 2022” and “Operating Environment and Outlook” for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, and under the heading “Focus for 2022” for the Corporate segment, each as may be updated in subsequently filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank’s shareholders and analysts in understanding the Bank’s financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

Non-GAAP Financial Measures

In addition to reported results, the Bank also presents certain financial measures, including non-GAAP financial measures that are historical, non-GAAP ratios, supplementary financial measures and capital management measures, to assess its results. Non-GAAP financial measures, such as “adjusted” results, are utilized to assess the Bank’s businesses and to measure the Bank’s overall performance. To arrive at adjusted results, the Bank adjusts reported results for “items of note”. Items of note are items which management does not believe are indicative of underlying business performance. Non-GAAP ratios include a non-GAAP financial measure as one or more of its components. Examples of non-GAAP ratios include adjusted basic and diluted earnings per share (EPS), adjusted dividend payout ratio, adjusted efficiency ratio, and adjusted effective income tax rate. The Bank believes that non-GAAP financial measures and non-GAAP ratios provide the reader with a better understanding of how management views the Bank’s performance. Non-GAAP financial measures and non-GAAP ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. For more information of a general nature, see “How the Bank Reports” in the Bank’s third quarter 2022 MD&A.

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by assets and serves more than 27 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America’s Most Convenient Bank^®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities. TD also ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers. TD had $1.8 trillion in assets on July 31, 2022. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.

SEGMENTED INFORMATION

For management reporting purposes, commencing the fourth quarter of 2022, the Bank reports its results under four key business segments: Canadian Personal and Commercial Banking, which includes the results of the Canadian personal and commercial banking businesses, and TD Auto Finance Canada; U.S. Retail, which includes the results of U.S. personal and business banking, TD Auto Finance U.S., the U.S. wealth business, and the Bank’s investment in Schwab; Wealth Management and Insurance; and Wholesale Banking. The Bank’s other activities are grouped into the Corporate segment. The comparative period results have been adjusted accordingly to reflect the new segment alignment.

Canadian Personal and Commercial Banking provides financial products and services to personal, small business and commercial customers, and includes TD Auto Finance Canada. U.S. Retail is comprised of the personal and business banking in the U.S. operating under the brand TD Bank, America’s Most Convenient Bank®, primarily in the Northeast and Mid-Atlantic regions and Florida, TD Auto Finance U.S., and the U.S. wealth business, including Epoch and the Bank’s equity investment in Schwab. Wealth Management and Insurance includes the Canadian wealth business which provides investment products and services to institutional and retail investors, and the insurance business which provides property and casualty insurance, as well as life and health insurance products to customers across Canada. Wholesale Banking provides a wide range of capital markets, investment banking, and corporate banking products and services, including underwriting and distribution of new debt and equity issues, providing advice on strategic acquisitions and divestitures, and meeting the daily trading, funding, and investment needs of the Bank’s clients. The Bank’s other activities are grouped into the Corporate segment. The Corporate segment includes the effects of certain asset securitization programs, treasury management, elimination of taxable equivalent adjustments and other management reclassifications, corporate level tax items, and residual unallocated revenue and expenses.

The results of each business segment reflect revenue, expenses, and assets generated by the businesses in that segment. Due to the complexity of the Bank, its management reporting model uses various estimates, assumptions, allocations, and risk-based methodologies for funds transfer pricing, inter-segment revenue, income tax rates, capital, indirect expenses and cost transfers to measure business segment results. The basis of allocation and methodologies are reviewed periodically to align with management’s evaluation of the Bank’s business segments. Transfer pricing of funds is generally applied at market rates. Intersegment revenue is negotiated between each business segment and approximates the fair value of the services provided. Income tax provision or recovery is generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities unique to each segment. Amortization of intangibles acquired as a result of business combinations is included in the Corporate segment. Accordingly, net income for business segments is presented before amortization of these intangibles.

Non-interest income is earned by the Bank primarily through investment and securities services, credit fees, trading income, service charges, card services, and insurance revenues. Revenues from investment and securities services are earned predominantly in the Wealth Management and Insurance segment. Revenues from credit fees are primarily earned in the Wholesale Banking and Canadian Personal and Commercial Banking segments. Trading income is earned within Wholesale Banking. Both service charges and card services revenue are mainly earned in the U.S. Retail and Canadian Personal and Commercial Banking segments. Insurance revenue is earned in the Wealth Management and Insurance segment.

Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB), which means that the value of non-taxable or tax-exempt income, including dividends, is adjusted to its equivalent before-tax value. Using TEB allows the Bank to measure income from all securities and loans consistently and makes for a more meaningful comparison of net interest income with similar institutions. The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.

Results by Business Segment¹
(millions of Canadian dollars)
		Canadian Personal								Wealth
		and Commercial								Management				Wholesale
		Banking				U.S. Retail				and Insurance				Banking²				Corporate²				Total
		For the three months ended July 31
			2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
Net interest income		$	3,199	$	2,848	$	2,453	$	1,990	$	249	$	196	$	786	$	632	$	357	$	338	$	7,044	$	6,004
Non-interest income			1,061		953		648		691		2,511		2,582		290		451		(629)		31		3,881		4,708
Total revenue			4,260		3,801		3,101		2,681		2,760		2,778		1,076		1,083		(272)		369		10,925		10,712
Provision for (recovery of)
	credit losses		170		99		107		(96)		–		1		25		2		49		(43)		351		(37)
Insurance claims and related
	expenses		–		–		–		–		829		836		–		–		–		–		829		836
Non-interest expenses			1,807		1,655		1,715		1,518		1,150		1,093		691		635		733		715		6,096		5,616
Income (loss) before income
	taxes and share of net income
	from investment in Schwab		2,283		2,047		1,279		1,259		781		848		360		446		(1,054)		(303)		3,649		4,297
Provision for (recovery of)
	income taxes		605		544		126		161		206		226		89		116		(323)		(125)		703		922
Share of net income from
	investment in Schwab ^3,4		–		–		289		197		–		–		–		–		(21)		(27)		268		170
Net income (loss)		$	1,678	$	1,503	$	1,442	$	1,295	$	575	$	622	$	271	$	330	$	(752)	$	(205)	$	3,214	$	3,545

Results by Business Segment (continued)¹
(millions of Canadian dollars)
		Canadian Personal								Wealth
		and Commercial								Management				Wholesale
		Banking				U.S. Retail				and Insurance				Banking²				Corporate²				Total
		For the nine months ended July 31
			2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
Net interest income		$	9,008	$	8,332	$	6,647	$	5,971	$	673	$	563	$	2,254	$	1,941	$	1,141	$	1,062	$	19,723	$	17,869
Non-interest income			3,124		2,731		2,183		2,007		7,556		7,360		1,418		1,609		(535)		176		13,746		13,883
Total revenue			12,132		11,063		8,830		7,978		8,229		7,923		3,672		3,550		606		1,238		33,469		31,752
Provision for (recovery of)
	credit losses		262		203		110		(174)		1		2		11		(41)		66		(91)		450		(101)
Insurance claims and related
	expenses		–		–		–		–		2,177		2,057		–		–		–		–		2,177		2,057
Non-interest expenses			5,255		4,928		4,944		4,800		3,503		3,163		2,231		2,051		2,163		2,187		18,096		17,129
Income (loss) before income
	taxes and share of
	net income from
	investment in Schwab		6,615		5,932		3,776		3,352		2,548		2,701		1,430		1,540		(1,623)		(858)		12,746		12,667
Provision for (recovery of)
	income taxes		1,751		1,576		460		393		669		713		366		390		(557)		(361)		2,689		2,711
Share of net income from
	investment in Schwab^3,4		–		–		765		652		–		–		–		–		(64)		(91)		701		561
Net income (loss)		$	4,864	$	4,356	$	4,081	$	3,611	$	1,879	$	1,988	$	1,064	$	1,150	$	(1,130)	$	(588)	$	10,758	$	10,517

Results by Business Segment¹
(millions of Canadian dollars)
		Canadian Personal								Wealth
		and Commercial								Management				Wholesale
		Banking				U.S. Retail				and Insurance				Banking²				Corporate²				Total
		For the years ended October 31
			2021		2020		2021		2020		2021		2020		2021		2020		2021		2020		2021		2020
Net interest income		$	11,195	$	11,289	$	8,074	$	8,834	$	762	$	772	$	2,630	$	1,990	$	1,470	$	1,612	$	24,131	$	24,497
Non-interest income			3,722		3,415		2,684		2,438		9,827		8,857		2,070		2,968		259		1,471		18,562		19,149
Total revenue			14,917		14,704		10,758		11,272		10,589		9,629		4,700		4,958		1,729		3,083		42,693		43,646
Provision for (recovery of)
	credit losses		256		2,746		(250)		2,925		2		–		(118)		508		(114)		1,063		(224)		7,242
Insurance claims and related
	expenses		–		–		–		–		2,707		2,886		–		–		–		–		2,707		2,886
Non-interest expenses			6,648		6,499		6,417		6,579		4,355		3,942		2,709		2,518		2,947		2,066		23,076		21,604
Income (loss) before income
	taxes and share of net
	income from investment in
	Schwab and TD Ameritrade		8,013		5,459		4,591		1,768		3,525		2,801		2,109		1,932		(1,104)		(46)		17,134		11,914
Provision for (recovery of)
	income taxes		2,128		1,463		504		(167)		929		771		539		514		(479)		(1,429)		3,621		1,152
Share of net income from
	investment in Schwab and
	TD Ameritrade^3,4		–		–		898		1,091		–		–		–		–		(113)		42		785		1,133
Net income (loss)		$	5,885	$	3,996	$	4,985	$	3,026	$	2,596	$	2,030	$	1,570	$	1,418	$	(738)	$	1,425	$	14,298	$	11,895

	¹ The retailer program partners’ share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners’ net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements.
	² Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment.
	³ The after-tax amounts for amortization of acquired intangibles and the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade are recorded in the Corporate segment.
	⁴ The Bank’s share of Schwab’s earnings is reported with a one-month lag. Refer to Note 7 of the Bank’s third quarter 2022 Interim Consolidated Financial Statements for additional details.

Total Assets by Business Segment
(millions of Canadian dollars)
	Canadian Personal				Wealth
	and Commercial				Management		Wholesale
	Banking		U.S. Retail		and Insurance		Banking		Corporate		Total
	As at July 31, 2022
Total assets	$	519,327	$	576,952	$	24,189	$	579,825	$	140,518	$	1,840,811

	As at October 31, 2021
Total assets	$	484,857	$	559,503	$	24,579	$	514,681	$	145,052	$	1,728,672

	As at October 31, 2020
Total assets	$	449,656	$	566,629	$	22,714	$	512,886	$	163,980	$	1,715,865

SOURCE TD Bank Group

For further information: Brooke Hales, Vice President, Investor Relations, 416-307-8647, Brooke.hales@td.com; Elizabeth Goldenshtein, Senior Manager, Media Relations, 647-625-3124, Elizabeth.goldenshtein@td.com

October 29, 2022

7 Stock Research Websites and Tools Advisors Love | Financial Advisors

When developing portfolios for clientele, investment advisors and asset managers have a selection of instruments at their disposal. Computer software this sort of as Riskalyze, for illustration, is developed for economical advisors’ use. And some applications, even if pricey, can also be applied by specific investors.

Financial investment investigate, which involves hunting at exchange-traded funds, mutual money and preset-money devices, presents a possible purchaser insights into how a security fits in an in general portfolio framework. It truly is not plenty of to identify a so-identified as “fantastic enterprise” any more a stock, bond or fund must have a position inside of a broader asset allocation.

Analysis internet sites and screeners are beneficial in identifying which belongings may perhaps be truly worth including to a client’s financial commitment mix. Lots of of them also have cellular application variations obtainable for down load.

In this article are six study web pages that asset managers and advisors use to obtain options, and a seventh reward suggestion for accomplishing further study into a company or market:

Morningstar Investor
FactSet
Revelation Financial investment Exploration
Dividend.com
VettaFi’s ETF Databases
Panaray
Corporation-particular websites

Morningstar Investor

“This is one particular of the instruments that we use most routinely. It makes it possible for us to consider a further dive into specific equities, ETFs and mutual funds when we are doing research,” suggests Devin Carroll, fiscal advisor and founder of SocialSecurityIntelligence.com, primarily based in Texarkana, Texas.

“It may well not be as extensive as some of the other a great deal extra pricey applications, but it presents us the info we want to make good decisions,” he provides.

Morningstar Investor (https://investor.morningstar.com) features ratings and inventory screeners that allow customers to tailor portfolios for distinct strategies. Buyers can also filter for sector weightings and other factors, these types of as a firm’s rating on environmental, social and governance measures.

“The portfolio area is fantastic for hunting at a portfolio as one piece,” Carroll adds. “We can swiftly see what a portfolio has for an average price ratio, the allocation, the overlap and various other important metrics that are beneficial.”

The price tag for Morningstar Investor is about $250 per yr, creating it accessible to individual buyers as perfectly.

FactSet

FactSet operates a databases monitoring hundreds of stocks, as very well as Wall Road analyst estimates. Its company traces contain inventory and industry evaluation, expense research, portfolio analytics and tracking environmental, social and governance metrics. It also delivers portfolio administration and investing, as very well as other companies for specialist investors.

Scott Harrison, portfolio supervisor at Argent Money Management in St. Louis, suggests FactSet offers an finish-to-conclusion resolution for expense investigate. “This is a paid out services that features a investigation system for essential assessment combining a assortment of data resources in one workstation,” he claims. Harrison appreciates its person-helpful navigation abilities, as very well as in-depth field and stock-degree exploration and analytics.

Revelation Financial investment Analysis

Dave Gilreath, main expense officer at Modern Portfolios in Indianapolis, also takes advantage of FactSet, but in tandem with knowledge from Revelation Expense Exploration (Revelationir.com). Revelation, primarily based in Crown Level, Indiana, was co-launched by Greg Forsythe, who was earlier Schwab’s director of global fairness research.

The premise of Revelation’s study, Gilreath claims, “is considerably opposite of most companies in that they score shares based on their draw back danger versus just seeking equities with upside likely. The Revelation database feeds off of FactSet, so it ‘plays well’ with our ordinary use of FactSet.”

In addition to various domestic and global draw back chance alerts, Revelation’s membership companies include things like forecasts about authentic estate financial commitment trusts, or REITs. The organization can also provide customized companies.

Dividend.com

Dividend.com is a thorough databases of info on shares and money, all collected in a single place. Buyers can form according to field and sector. The site also presents the ability to monitor for corporations that are rising, decreasing, initiating or suspending dividends, as properly as people featuring distinctive shareholder payouts.

Regularly, investors foundation a system on a company’s dividend background, and Dividend.com provides an easy way to identify classes like stocks from many indexes that have paid out dividends for specified time periods. It also has screens for ETFs, mutual cash, preferred shares and American depositary receipts, which are non-U.S. providers stated on domestic exchanges.

“We enjoy Dividend.com for how easy it is to locate information and facts on dividend-spending stocks,” states Carroll. “With out this, we’d shell out hrs on just about every firm’s site looking down this info.”

At a cost of $199 per 12 months, this support is reasonably priced for quite a few personal buyers as very well.

VettaFi’s ETF Databases

With quite a few buyers turning to ETFs in recent years, it really is develop into more significant to totally vet precisely what each car or truck tracks. For illustration, there is certainly a notion that all ETFs are index-centered, though in actuality, a rising selection are actively managed.

“VettaFi’s web-site is a prosperity of information and facts on ETFs, but our favored is the head-to-head comparison resource,” suggests Carroll.

Throughout the latest sector downturn, Carroll’s company has actively been harvesting tax losses, and VettaFi aids with that. “It can be often complicated to uncover a way to make a lateral transfer and lock in the decline for tax needs, with out violating the IRS clean sale rules,” he says. “The comparison instruments allow for us to rapidly glimpse at option ETFs and see which index they monitor and the price ratio.”

VettaFi’s ETF Databases, at Etfdb.com, also has proprietary ratings and will allow customers to screen in accordance to region, industry, asset course and other classes. There’s a standard no cost screener that can be upgraded to a Professional variation or the before long-to-be-available Economical Advisor Screener.

Panaray

This sophisticated screener was designed by William O’Neil & Corporation (Williamoneil.com), making on 50 a long time of facts investigation and presentation. When sister companies founded by O’Neil offer consumer items, these as the Investor’s Company Every day site and the MarketSmith screener, Panaray is aimed at professional traders.

Gilreath says Panaray enhances the other companies he makes use of. “It is a great charting software with a considerable volume of complex data, as nicely as historical fundamental (information) and analysts’ long run expectations.”

Panaray is made up of large amounts of information on particular stocks, sectors and market groups. “A user of Panaray can shell out hrs in exploration just before they even know it,” Gilreath states.

Reliable with other O’Neil merchandise, Panaray focuses on rate momentum and complex energy, alternatively than value stocks. Gilreath states that Panaray – in concert with Revelation Investment decision Study, which favors benefit shares – enables his agency to determine rising, superior-momentum stocks that also have reduced draw back risk features.

Like quite a few other folks on this checklist, Panaray has a cellular app as well as a desktop edition.

Corporation-Distinct Internet sites

In some cases, when studying much more about a business, it assists to go right to the source. The websites of publicly traded firms comprise information releases about recent and approaching projects new partnerships money developments, these kinds of as personal debt issuances or share buybacks information about staff variations in the govt suite and entire quarterly earnings stories heading back again various decades.

Marketplace-centered sites also have a selection of facts, which include qualitative research, that can support traders. Harrison suggests he typically gravitates toward web sites with differentiated viewpoints or a clean perspective. He exclusively notes research from global consulting business McKinsey & Company, as effectively as Defensenews.com, which addresses defense-field systems, enterprise trends, and other developments affecting organizations in that business. All key industries have sector-certain news resources, which frequently have useful insights for buyers.

October 29, 2022

Stocks surge as Apple boom outweighs Amazon miss

U.S. equities rallied Friday, as an earnings beat from Apple helped stocks elbow their way past a week of Wall Street misses for Big Tech.

The S&P 500 (^GSPC) gained 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The Dow Jones Industrial Average (^DJI) bounced more than 800 points, or 2.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to a two-month high, as it also notched a fourth-straight week of gains and its best week of the year. The tech-heavy Nasdaq Composite (^IXI) rose 2.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The moves came even as Treasury yields climbed back above 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

On the economic data front, the Federal Reserve’s preferred inflation measure showed prices are still running hot across the U.S. economy.

The core personal consumption expenditures price index (PCE) rose 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in September from the prior month, the Commerce Department said Friday — a slight slowdown from August’s month-over-month pace of 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The gauge showed a 5.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increase year over year, an acceleration from the annual 4.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} seen in August. Economists surveyed by Bloomberg expected increases of 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and 5.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, respectively.

Personal income increased 0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over the month and consumer spending 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, compared to economist estimates of 0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increases for each measure.

Amazon (AMZN) shares tanked nearly 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Friday after the e-commerce giant issued fourth-quarter sales guidance that missed Wall Street estimates and delivered disappointing Q3 results. The flub marks the second consecutive quarter that weak financials from the company have spurred double-digit percentage declines in its stock price.

But Apple (AAPL) offered a “dim light in an otherwise dark earnings season,” faring better than its Big Tech peers as they grappled with macroeconomic hurdles posed by inflation, rising interest rates, and currency headwinds. The company reported record revenue but missed analyst projections in key categories such as iPhone and services. Shares rose about 8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, marking the tech giant’s best day since July 2020.

Elsewhere in the technology spotlight, Elon Musk assumed ownership of Twitter (TWTR) after a dragged-out bid to purchase the social media platform was finalized late Thursday. The Tesla CEO fired top executives upon the completion of his $44 billion acquisition of the company and announced plans to reverse lifetime bans from the website.

Twitter logo and a photo of Elon Musk are displayed through magnifier in this illustration taken October 27, 2022. REUTERS/Dado Ruvic/Illustration

A busy start to Friday for investors was also marked by other reports from energy conglomerates Exxon Mobil (XOM) and Chevron (CVX), which both reported earnings and revenue that topped Wall Street estimates – lifting shares of each name up by roughly 2.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, respectively.

SoFi head of investment strategy Liz Young said in a note that she expects further downward revisions and other notable misses this quarter and next, which are likely to challenge the market further. Young noted, however, that on the plus side, this means that investors can tick the box on “earnings get hit.”

“As we move through that process, next up we’ll likely see the economy hit the skids in a bit more dramatic fashion than we’ve seen thus far,” Young said. “There are already several classic recession warning signs in place, and the risks that still lie ahead are bringing the likelihood of an actual recession closer into view.”

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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October 29, 2022

Trump to stay on his Truth Social amid Elon Musk Twitter takeover

Prosper Investing Academy CEO Scott Bauer and Seaport Securities founder Teddy Weisberg discuss if Musk will attain a deal with Twitter and what additional Fed rate hikes indicate for the market place on ‘The Claman Countdown.’

Unique: Former President Donald Trump wished Elon Musk the most effective with Twitter but pressured he will remain on his personal Reality Social, a social media system he touts as “better,” “protected” and that feels “like household.”

Musk on Thursday done his $44 billion acquisition of Twitter, tweeting right before midnight that “the hen is freed” and updating his bio to designate himself as the “Chief Twit.”

In an special job interview with Fox Information Electronic on Friday, Trump reported, “I like Elon and I desire him a lot of luck. I hope he does effectively with it.”

Having said that, Trump included, “I really don’t consider Twitter can be productive without having me.” Really should Musk lift Trump’s lifetime ban on Twitter, the previous president’s account would technically be energetic. Trump declined to remark on if he would ever use it again.

Musk has proposed that he would loosen content material moderation practices for Twitter and would reduce lifetime bans from the platform, but Trump explained to Fox Information Electronic that the new policy will not have an affect on how he takes advantage of social media.

“I am staying on Reality. I like it far better, I like the way it is effective, I like Elon, but I’m being on Truth,” he informed Fox News Digital.

ELON MUSK TWEETS ‘THE Bird IS FREED’ Immediately after FINALIZING $44 BILLION ACQUISITION

Trump was completely suspended from Twitter, Facebook, Instagram and Snapchat subsequent the Jan. 6, 2021 Capitol riot. Twitter considered a range of his tweets connected to the violent protests as inflammatory and warned of “the danger of further more incitement of violence.”

Trump told Fox News Electronic that “terminating” him from Facebook, Twitter and other social media providers in 2021 was “a person of the worst conclusions created in enterprise in the previous two decades,” pointing to “how badly these platforms are accomplishing.”

Former President Donald Trump speaks in the East Home of the White Household in Washington, D.C., on Nov. 4, 2020. (AP Photograph/Evan Vucci)

“Fb is now down $80 billion and tedious,” Trump said. “Twitter has been taken above, and, if it was not for me, it would have never been taken in excess of. No a person would have even imagined about it.”

Trump explained to Fox News Electronic that when he commenced making use of Twitter, it was “a failing procedure.”

“I produced Twitter warm 12 decades ago, I produced Twitter sizzling,” he claimed. “And then when they terminated, it turned cold, and that is what happened.”

TRUMP WILL NOT RETURN TO TWITTER EVEN AS ELON MUSK Buys System, WILL Get started Applying HIS Own Reality SOCIAL

Trump, pointing to Facebook dad or mum corporation Meta Platforms Inc.’s plunge in inventory rate — the lowest because February 2016 — and Twitter, stated “engagements are way down and all the things else due to the fact I still left.”

“And if you bear in mind, 12 a long time in the past, Twitter was a failed business,” he reported. “It was only when I acquired on that it grew to become productive.”

A photo illustration with Twitter owner Elon Musk. (Getty Illustrations or photos/iStock / Getty Photographs)

Trump, after becoming terminated, developed the Trump Media & Know-how Group (TMTG), which released in October 2021. TMTG’s social media system, Truth Social, formally launched previously this calendar year.

Trump’s opinions Friday are in line with opinions he produced completely to Fox News Digital in April, when Musk to start with signaled he would purchase the platform. Trump, at the time, said he would not return to Twitter and would stay on Real truth Social.

Previous President Donald Trump leaves Trump Tower in Manhattan on May possibly 18, 2021. (James Devaney/GC Images | Application store / Getty Images)

“I want to continue to be on Real truth — Fact is greater,” Trump explained to Fox News Electronic on Friday. “I like it greater, it is greater to my eye, and very last 7 days, it was bigger than TikTok. It was selection one very last week.”

Earlier this thirty day period, Google added Truth Social to the Google Enjoy store.

When Reality Social was included to Google Participate in, it was the No. 1 downloaded app in the keep — in advance of TikTok, Amazon, WhatsApp and Instagram, and remained in that place for practically a week.

Truth of the matter SOCIAL NOW Out there IN SAMSUNG GALAXY Retailer

Past thirty day period, Samsung included the app to its Samsung Galaxy shop, and earlier this year, Apple extra Truth of the matter Social to its Application Retail outlet. Through its beta tests, and once again when it opened to the general public, Truth of the matter Social was also ranked No. 1 and the best-rating free of charge app on the App Store in the U.S.

Trump, who has hinted at a 2024 White Property operate, informed Fox News Electronic on Friday that Truth of the matter Social would be his most important system need to he launch a campaign.

“If I opt for to operate, I will only use Truth,” he stated. “When I put out a Truth of the matter, it is all above the position.”

The Truth of the matter social network logo is observed shown in this photo illustration taken Feb. 21, 2022. (REUTERS/Dado Ruvic/Illustration / Reuters Photographs)

“When I place a Truth of the matter out, it goes all in excess of the location in any case,” Trump claimed. “Everyone who is on Twitter and on all the other places, they all place it out in any case.”

He added, “I used to just place out general public PR statements, and you know what, they had been picked up.”

Meanwhile, TMTG’s program is to turn out to be a publicly mentioned organization by a merger with the publicly traded Electronic World Acquisition Corp., a exclusive purpose acquisition firm (SPAC) whose sole reason is to obtain a private business and acquire it public.

GOOGLE APPROVES TRUMP’S Fact SOCIAL FOR DISTRIBUTION IN GOOGLE Enjoy

The SPAC is now underneath investigation by the SEC, chaired by former Hillary Clinton marketing campaign finance chair Gary Gensler, in excess of regardless of whether there was pre-concentrating on of the offer and regardless of whether it experienced previously recognized TMTG as its focus on corporation just before heading public.

The SPAC is established to expire in December, but if it places down approximately $3 million, it could extend by itself for numerous months or a 12 months.

TMTG, whose CEO is previous Rep. Devin Nunes, is nonetheless a private corporation and has not nevertheless merged with the SPAC.

Sources close to Trump and Reality Social instructed Fox News Electronic that if the SPAC does not prolong, Trump will hold it private, anything that could be preferable to the previous president as it has come to be “marketable.”

Trump, in a Real truth Social write-up early Friday, stated Reality Social “has grow to be somewhat of a phenomena.”

“I am incredibly content that Twitter is now in sane fingers, and will no lengthier be run by Radical Remaining Lunatics and Maniacs that genuinely hate our place,” Trump Truthed. “Twitter ought to now get the job done challenging to rid alone of all of the bots and pretend accounts that have harm it so poorly. It will be much more compact, but greater.”

He additional: “I Appreciate Truth!”