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Business

    • Tech wreck: Goldman Sachs cuts Netflix, Roblox and eBay to 'sell'

    Undated photo of a person on a tablet browsing the Netflix app. (Adobe Stock/CNN) Undated photo of a person on a tablet browsing the Netflix app. (Adobe Stock/CNN)
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    Tech stocks have been obliterated this year. The Nasdaq is down more than 26 per cent, putting that index in a bear market. Unfortunately for investors, analysts at Goldman Sachs see more pain ahead for some (but not all) tech heavyweights.

    Goldman Sachs analysts downgraded shares of Netflix, eBay and gaming/metaverse giant Roblox to rare "sell" ratings on Thursday. The Goldman Sachs analysts had previously rated these stocks with a lukewarm "neutral."

    The analysts said the downgrades were done after they decided "to incorporate a greater probability of a weaker macro environment and solidly lower revenue growth...to reflect broader industry maturation."

    In other words, rate hikes, increased competition and the fact that consumers are less worried about COVID and leaving their homes more often instead of sheltering in place are catching up to Netflix, Roblox and eBay.

    Shares of those three companies all tumbled about to 3 per cent to 4 per cent in early trading Friday.

    The Goldman Sachs analysts said they downgraded Netflix due to "concerns around the impact of a consumer recession as well as heightened levels of competition." They said Netflix is now a "show-me story."

    There are growing worries that cash-strapped consumers may find that they are now paying for too many streaming service and need to cut back.

    Netflix is no longer the only streaming game in town, as Disney, Amazon, Apple, Paramount, Comcast and CNN owner Warner Bros. Discovery all have their own services with exclusive content.

    Goldman Sachs seems less worried about competition for Roblox, saying it is still "the best positioned company in the gaming/interactive entertainment" business and has good "long-term secular growth opportunities."

    But there are "increasing concerns around the post-pandemic environment" for Roblox. The Goldman analysts expect "slowing growth" in the near term.

    As for eBay, the Goldman Sachs analysts noted that "with the global consumer environment under pressure and eCommerce growth slowing in a post-pandemic world, we see eBay's...revenue growth at risk, [especially] given its overexposure to international markets."

    The Goldman Sachs analysts also reiterated their "sell" rating on another big tech firm: Airbnb. The analysts slashed their target price on Airbnb from US$150 to $95. The stock currently trades at about $110.

    The analysts said that even though "pent-up travel demand...remains a tailwind," there are concerns about a recession, the stock's valuation and the possibility of "potential normalization of consumer travel habits" leading to more people staying at hotels as opposed to renting homes when they go on vacation.

    Still, it wasn't all doom and gloom from the so-called Vampire Squid about Big Tech.

    The Goldman Sachs analysts said they were maintaining their buy rating on Amazon, Uber, Facebook owner Meta Platforms, Google and YouTube parent Alphabet, Barry Diller's internet conglomerate IAC and its real estate tech spin-off Angi as well as online dating apps Match and Bumble.

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    Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.

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    A BC NDP campaign office in Campbell River received a bomb threat Friday afternoon, according to the party.

    A British Columbia First Nation says at least 55 children died or disappeared while attending a residential school near Williams Lake, more than triple the number recorded for the institution in the National Centre for Truth and Reconciliation memorial register.

    A woman from Montreal's South Shore appeared in court on Friday on charges of aggravated assault after allegedly scalding a 10-year-old boy with boiling water more than one week ago.

    Two young men are facing second-degree murder charges in connection with the fatal fire in Old Montreal that killed L茅onor Geraudie, 43, and her daughter V茅rane Reynaud-Geraudie on Oct. 4.

    The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.

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    • A BC NDP campaign office in Campbell River received a bomb threat Friday afternoon, according to the party.

    • Sometimes love is written in the stars, but for one couple, it鈥檚 written in the aurora borealis.

    • A multiple vehicle collision took place Saturday morning on Hwy. 101 in Nova Scotia.

    • Two young men are facing second-degree murder charges in connection with the fatal fire in Old Montreal that killed L茅onor Geraudie, 43, and her daughter V茅rane Reynaud-Geraudie on Oct. 4.

    • The event took place on Saturday at Willkommen Platz in downtown Kitchener.

    • Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.

    World

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    Health

    • The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.

    • A Montreal study found that many seniors are being overprescribed inappropriate medications.

    Sci-Tech

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    Lifestyle

    • James Taylor never expected to be walking home with a bag full of groceries he didn't buy.

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    • Elon Musk unveils his 'Cybercab' robotaxi

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      Dozens of cars were pulled out of the Detroit River in west Windsor on Tuesday, causing many questions for Windsorites.

    Local Spotlight

    James Taylor never expected to be walking home with a bag full of groceries he didn't buy.

    This weekend marks the fifth anniversary of a large blizzard that paralyzed Manitoba.

    There was an eye-catching mix of rainbows and lightning over Vancouver following a brief downpour this week.

    Jeff Warner from Aidie Creek Gardens in the northern Ontario community of Englehart has a passion for growing big pumpkins and his effort is paying off in more ways than one.

    Saskatchewan鈥檚 Jessica Campbell has made hockey history, becoming the first ever female assistant coach in the National Hockey League (NHL).

    Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.

    A B.C. couple is getting desperate 鈥 and creative 鈥 in their search for their missing dog.

    Videos of a meteor streaking across the skies of southern Ontario have surfaced and small bits of the outer space rock may have made it to land, one astronomy professor says.

    A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.

    • A B.C. Supreme Court judge has ruled on a case she describes as a "bizarre mess" in a decision issued earlier this week.

    • Ever since a cougar made its way from the mainland to the island almost three months ago, the community鈥檚 social media pages have been awash with questions about sightings, sounds and strange goings on. Some residents have posted warnings of deer carcasses spotted on the side of the road; others have described hearing strange caterwauling in the night.

    • A program that started in Nanaimo five years ago that teaches Indigenous kids how to play hockey is so popular that it鈥檚 expanding.

    • Toronto police are investigating after a Jewish girls' school in North York was hit by gunfire for the second time this year.

    • Parents at some private, for-profit daycares across the GTA are being warned that their fees could soon be doubling as operators consider pulling out of the national $10-a-day child-care program.

    • Here is a look at what鈥檚 open, what鈥檚 closed, and what鈥檚 on in the GTA during Thanksgiving weekend 2024:

    • Calgary Public Library (CPL) locations closed early on Friday following a cyber attack.

    • The company behind a contentious biogas project near High River removed its website after Canada鈥檚 anti-greenwashing rules came into effect.

    • Eugene Lewis caught a 10-yard touchdown pass from Tre Ford with 1:09 remaining in the game to lead the Edmonton Elks to a 23-18 win over the Calgary Stampeders at McMahon Stadium on Saturday.

    • CTVNewsOttawa.ca looks at what's open and closed in Ottawa over the Thanksgiving weekend.

    • Firefighters help to rescue a person that fell over through the sidewalk into a ventilation shaft in downtown Ottawa on Saturday.

    • Ontario Provincial Police are investigating after was found dead in a single all-terrain vehicle (ATV) crash.

    • Two young men are facing second-degree murder charges in connection with the fatal fire in Old Montreal that killed L茅onor Geraudie, 43, and her daughter V茅rane Reynaud-Geraudie on Oct. 4.

    • For months, Premier Francois Legault has said Quebec has too many people crossing the border and has demanded that the federal government step in to send them to other provinces.

    • Spiders are larger and more visible in the Montreal area in the fall as they prepare to lay their eggs before the cold winter months.

    • A stretch of Yellowhead Trail in north Edmonton was closed Saturday night after a serious crash.

    • A man's death is under investigation after he was found critically injured on the LRT foot path near the High Level Bridge on Friday night.

    • 愛污传媒 Edmonton spoke with two families, as well as Edmonton's public and Catholic school divisions, about the first month of school with Alberta's school cellphone ban.

    • Halifax Regional Police located a person of interest in relation to a homicide.

    • A multiple vehicle collision took place Saturday morning on Hwy. 101 in Nova Scotia.

    • More than a month after the murder of Nova Scotia woman Esther Jones, her family continues to grapple with the loss.

    • Two Winnipeggers have been arrested after images and videos were posted online of animals being tortured and killed.

    • A 37-year-old Winnipeg man has been charged with multiple offences after videos filmed in a public pool change room were seized by police.

    • Tec Voc has started 6-0 鈥 leading the AAA division as the only undefeated team.

    • The Saskatchewan Roughriders will host a playoff game for the first time since 2021 after defeating the B.C. Lions Saturday night at Mosaic Stadium.

    • The Saskatchewan Party laid out its platform on Saturday, outlining their plan if they get re-elected in the Oct. 28 provincial election.

    • White Butte RCMP and local fire services are responding to a fertilizer spill on Highway 46 and the overpass near Balgonie, Sask. on Saturday afternoon.

    • Days after flames ripped through three units of the Mohawk Plaza, the club is still coming to terms with the loss.

    • The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.

    • The Ontario Provincial Police West Region Highway Safety Division, Traffic Incident Management Enforcement Team and the Ministry of Finance were involved in a joint forces operation on Thursday.

    • The Saskatchewan Roughriders will host a playoff game for the first time since 2021 after defeating the B.C. Lions Saturday night at Mosaic Stadium.

    • The Saskatchewan Party laid out its platform on Saturday, outlining their plan if they get re-elected in the Oct. 28 provincial election.

    • Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.

    • The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.

    • The Mustangs made quick work of Toronto in a rare Friday night OUA Football game.

    • OPP continue to investigate a multi-vehicle crash that occurred midday Saturday in the City of Kawartha Lakes, resulting in five needing treatment for various injuries.

    • 13-year-old Jackson Fuller is attempting to set the record for most miles travelled in an ATV within 24 hours this weekend, chasing it by lapping around the Orillia & District Agricultural Society (ODAS) Park circuit outside Orillia.

    • OPP are investigating a single-vehicle collision in Caledon early Saturday morning that resulted in the death of the driver.

    • With the arrival of Thanksgiving weekend, food banks and shelters in Windsor are reminding people that not everyone in our community will be able to have a turkey dinner with their family.

    • The Canadian Food Inspection Agency (CFIA) has issued a recall for Rana brand Tagliatelle Seasoned White Chicken and Mushroom sauce, citing possible Listeria contamination.

    • Vigars passed away peacefully in a B.C. hospital earlier this week. He was 78.

    • A BC NDP campaign office in Campbell River received a bomb threat Friday afternoon, according to the party.

    • A program that started in Nanaimo five years ago that teaches Indigenous kids how to play hockey is so popular that it鈥檚 expanding.

    • Ever since a cougar made its way from the mainland to the island almost three months ago, the community鈥檚 social media pages have been awash with questions about sightings, sounds and strange goings on. Some residents have posted warnings of deer carcasses spotted on the side of the road; others have described hearing strange caterwauling in the night.

    • Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.

    • A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.

    • Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.

    • The Vancouver Giants scored late to force overtime before winning 4-3 over the Lethbridge Hurricanes Friday night.

    • If you鈥檙e looking for something to do this long weekend, the Lethbridge Corn Maze is open and hosting its annual fundraiser on Monday.

    • Local photographers were amazed by the aurora borealis display in the night sky over Lethbridge on Thursday night.

    • A 32-year-old woman has been charged in connection with the death of an 18-year-old man this past January, according to Ontario Provincial Police.

    • Two people are facing multiple charges after a dead person was brought to North Shore Health Network in Blind River this summer.

    • A closer look at preventing graffiti will be looked at in Sault Ste. Marie, after a string of offensive displays by one man, including spray painting anti-Indigenous language and painting over the pride crosswalk.

    N.L.

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