BRAND NEW EPISODE: MID-YEAR REVIEW
Which fund managers made the best calls of the year? Which stocks soared, which ones crashed, and what can investors learn from the biggest surprises of 2026 so far? In this special mid-year review, Amber Kanwar and Executive Producer Jillian Glickman look back at every Pro Pick featured on In the Money over the past year. They reveal the top-performing stocks, the biggest disappointments, and rank the fund managers whose ideas delivered the strongest returns.
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This will be my last note until September! I have fantasies of lounging on the dock chipping away at the five books I’ve been saving for the summer while my children frolic peacefully around me. I’ll let you know how that actually played out when I am back!
Here are five things to know:
This is where I leave you: Stocks are looking to build on yesterday’s rebound. Better than expected results from Amazon coupled with higher spending plans are lifting the chip stocks (more on the below). This breathed new life into the South Korean market with the KOSPI surging 18% (not a stock – the whole index!). Canadian GDP for May increased more than expected suggesting a further rebound from the technical recession earlier in the year. The early estimate for June indicates further gains. “The better-than-expected monthly data meant that the advance estimate for Q2 is for impressive seasonally adjusted annualized growth of 3.4%,” wrote CIBC’s Andrew Grantham who notes that is much better than the Bank of Canada’s projections. Having said that, things like the World Cup could be holding up the numbers. “And with GDP growth likely to ease closer to that pace in Q3, we continue to see slack in the economy fading only slowly and for the Bank of Canada to keep interest rates on hold throughout the remainder of the year.”
Deep cuts: Telus is plunging 5% in the pre-market after profit missed expectations, the dividend was slashed 55%, and the company revealed plans to sell some non-core assets in the first quarterly report under new CEO Victor Dodig. “Much worse than expected,” is how Vince Valentini characterized the earnings in a note to clients. He says the news on asset sales will be viewed as disappointing. “Only non-core portions of Healthcare and real estate were cited as near-term divestiture candidates, with no mention of Agriculture, the venture portfolio, or 100% of Healthcare,” wrote Valentini. Telus shares are trading around a 15-year low as it has been crushed under the weight of high debt and payout while the industry grapples with lower subscriber growth and high price competition. Profit this quarter was 20% below expectations and it added only 17,000 mobile subscribers vs expected 34,000. “Unless commentary on the midday call is clear and positive (which we view as unlikely), we believe TELUS shares will be down over 5% today.” The conference call is at 12:30pmET today. I own Telus. Below is the US quote to show pre-market action.
A to Z: Amazon is surging 10% right now after data centre revenue grew more than expected offsetting a weaker forecast than expected and higher spending plans. Amazon Web Services – their cloud services business which drives the majority of profit for Amazon – surged 37% from last year and represents the fifth quarter in a row of accelerated growth. On the flip side, the company has increased its spending plans to $220 billion from the previous outlook of $200 billion. Like peers, this is coming at the expense of free cash flow which went negative for a second quarter in a row. The market is forgiving this because clearly the benefit is there. Not only is AWS growing faster but margins are also expanding. And its customers are increasingly using their AI tools. “Agentic adoption is growing, as over 350 million customers have now used Alexa for Shopping in the last 12 months, and engagement accelerated in Q2 with active users nearly doubling and interactions up over 5x year over year,” wrote Brian Nowak at Morgan Stanley, “…we continue to see AMZN as one of the companies best
positioned to drive agentic commerce.” I own Amazon.
Forbidden fruit: Apple is dropping 8% from a record high after its outlook for revenue failed to live up to expectations as a supply crunch constrains their growth prospects. Quarterly results didn’t blow the doors down either – profit was 7% higher than expected but services revenue, iPad sales and China sales all missed (although sales were up a robust 22%). iPhone growth was the bright spot with 22% growth and revenue hitting a record. Apple has famously sat out the AI spending spree and as investors turn their back on big AI spenders – Apple has outperformed. Shares are up 61% over the past year compared to just 13% from the Magnificent 7 index. It’s outperformance makes it an easy candidate for some profit taking. “Despite the softer near-term outlook, we remain constructive on Apple’s long-term trajectory, supported by its ability to gain share,” wrote Citi’s Asiya Merchant, “Looking ahead, the upcoming September iPhone launch and rollout of enhanced Siri AI capabilities represent important catalysts with potential for iCloud+ adoption to enhance Services segment growth.” I own Apple.
Radiating: Cameco is popping 4% in pre-market after saying it has filed for an IPO of its Westinghouse Electric business which it owns jointly with Brookfield Renewable Partners. The news of the IPO is enough to offset a mixed quarter in which profit was lower than expected. “We expect the announced Westinghouse IPO filing and additional financial details to be received positively, as the company has more explicitly outlined the significant pipeline of opportunities for AP1000 new builds (up to 91 reactors) and the IPO indicates confidence in the long-term business prospects,” wrote Andrew Wong of RBC. Below is the US quote to show pre-market action.
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