Digital Growth & Physical Assets: 6 Stocks to Watch
Earnings Test: Retailers, AI, and Your Wallet
On Monday, we talked about the $1.5 Trillion Tech Reset and how "Old School" diversification is currently acting as a shield for Canadian investors. Today, we’re putting that theory into practice.
While Silicon Valley is obsessing over "seats" and software, the Canadian market is moving toward tangible value: Gold, Energy, and Infrastructure. After a rocky start to February, the TSX is surging back toward its January highs, closing at 33,256 yesterday. It turns out that when the world gets nervous about "invisible" tech, it starts looking for the "tangible" stuff Canada has in spades.
But here’s the thing: The most successful investors aren't just "buying old stuff" and hiding. They’re watching how the world's most innovative tech (like Shopify) balances out against the world's most essential assets (like Cameco).
These aren't just stocks on a watchlist; they are the "different engines" that drive our economy. Watching their earnings this week is like getting a masterclass in how a truly diversified portfolio rebalances itself in real-time.
Here is the "Why, Watch, and Warning" for the 6 Canadian heavyweights on my radar this week:
Enbridge Inc. ($ENB):
Enbridge is the "toll booth" of North American energy. They move 30% of the continent's oil, and they get paid regardless of what the price of oil is doing on the open market.
What to Watch: The Venezuela Recovery. The stock took a temporary hit earlier this year when the U.S. incursion into Venezuela caused a sudden oil price shock. Enbridge has since recovered, but investors want to see if the volatility impacted their U.S. gas utility expansion.
Key Investor Fact: 31 Years of Hikes. Enbridge is a legendary "Dividend Aristocrat." They have increased their payout every single year for over three decades, making them a cornerstone of any income-focused TFSA.
The Good: Diversification. They are no longer just an oil pipeline company; their massive Natural Gas utility business in the U.S. provides a "recession-proof" floor to their earnings.
Investor Concern: Debt Management. To buy those U.S. utilities, Enbridge took on billions in debt. Investors are watching to ensure they are paying it down fast enough to maintain their "A-grade" credit rating.
Earnings Date: Friday, February 13th (Before Market Open)
Agnico Eagle Mines ($AEM):
The Gold Standard
Agnico Eagle is the world’s second-largest gold producer and the largest mining company on the TSX. As global markets wobble, it has become the primary destination for investors seeking safety in "hard money."
What to Watch: Free Cash Flow. With gold hitting record highs near $5,500/oz earlier this year, Agnico should be swimming in cash. We are looking for a significant dividend hike this week.
Key Investor Fact: 100% Growth. This stock has been a monster, up over 100% in the past year. It has officially moved into the "Top 5" most valuable companies on the TSX by market cap.
The Good: The Jurisdictional Shield. Unlike rivals, Agnico only mines in "safe" spots like Canada (Quebec/Nunavut), Australia, and Finland. No "geopolitical surprises" here.
Investor Concern: The Recent Gold Dip. Gold prices have cooled slightly in the last two weeks. If Agnico’s "All-in Sustaining Costs" (AISC) are rising due to labour inflation, the stock could see a short-term pullback.
Earnings Date: Thursday, February 12th (After Market Close)
Brookfield Corporation ($BN):
The "Physical AI" Play
Brookfield owns the "real stuff" (pipelines, skyscrapers, and data centres). They are the infrastructure backbone that allows the digital world (and AI) to actually function.
What to Watch: The $100 Billion AI Fund. Brookfield recently partnered with Nvidia to launch a massive fund to build AI data centres. Investors want to see exactly how much of that capital is being deployed right now.
Key Investor Fact: The PM Spotlight. Having their former Chair, Mark Carney, as the current Prime Minister has put Brookfield’s massive Canadian infrastructure projects under a microscope. Whether it's green energy or housing, Brookfield is at the center of the national conversation.
The Good: The 15% Rule. Their subsidiary (BAM) hiked its dividend by 15% last week; we want to see if the parent company follows suit on Thursday to reward loyal shareholders.
Investor Concern: Complexity. Brookfield is a "corporate octopus" with hundreds of subsidiaries. For some, it’s a "black box" that’s harder to value than a simple retail stock.
Earnings Date: Thursday, February 12th (Before Market Open)
Cameco Corp ($CCO):
The Nuclear AI Wildcard
Cameco is the "Nvidia of Energy" because Big Tech has realized that AI data centers need 24/7 power, and they’ve chosen Nuclear as the solution. As a top global uranium supplier, Cameco is holding all the cards.
What to Watch: The India & Westinghouse Deals. Cameco is finalizing massive long-term uranium supply deals. Any update on the "volumes" and "pricing" here will be a huge catalyst for the stock.
Key Investor Fact: 5-Year Moon Mission. This stock has been a life-changer, returning over 700% (7x) in the last five years and up 120% in the last 12 months alone.
The Good: Pricing Power. There is a global shortage of uranium, and Cameco owns the world's highest-grade mines (Cigar Lake). They don't have to "chase" customers; customers are lining up to sign 10-year contracts with them.
Investor Concern: Overheated? After a 7x run, the stock is no longer a "secret." The valuation is high, and any delay in global nuclear reactor rollouts could cause some short-term profit-taking.
Earnings Date: Friday, February 13th (Before Market Open)
Manulife Financial ($MFC):
The Global Fortress
Manulife is a global insurance powerhouse. While tech feels shaky, Manulife’s massive expansion into Asia’s growing middle class has made it a pillar of stability.
What to Watch: Core Earnings from Asia. Over half of their growth now comes from markets like Hong Kong. Watch for "double-digit" growth here… it’s the fuel that keeps their dividend growing.
Key Investor Fact: The "Safe Haven" Rotation. As investors pull money out of volatile tech stocks, they are parking it in "boring" giants like Manulife that pay you to wait.
The Good: Manulife recently implemented GenAI tools to speed up insurance approvals, which is expected to significantly lower their operating costs this year.
Investor Concern: Interest Rate Sensitivity. Now that the Bank of Canada is potentially eyeing rate cuts for later in 2026, there’s a fear that Manulife’s easy "interest income" will dry up. Investors are watching to see if their insurance sales can make up the difference.
Earnings Date: Wednesday, February 11th (After Market Close)
Shopify Inc. ($SHOP):
The Tech Resilience Test
Shopify is Canada’s tech king. While US software giants are bleeding, Shopify is fighting to prove it's the essential "operating system" for global merchants.
What to Watch: Gross Merchandise Volume (GMV). This tracks the total dollar value of everything sold on the platform. In a rocky month, a high GMV proves Shopify is a vital engine for real-world commerce, not just a "luxury" software tool.
Key Investor Fact: Agentic Commerce. Shopify is leading the charge in "AI employees" for small businesses. If they can show that their AI tools are actually helping merchants sell more, they may escape the tech sell-off.
The Good: International Expansion. Shopify is successfully moving beyond North America into Europe, giving them a massive runway for growth while US rivals saturate.
Investor Concern: Too Expensive? The stock has been slammed to start the year, dropping over 20% YTD as investors flee high valuations. This week's earnings are a make-or-break moment to prove they can outrun and recover from the "SaaSpocalypse."
Earnings Date: Wednesday, February 11th (Before Market Open)
📈 The Bottom Line: Why I’m Watching the "Mix"
Earnings season is about more than just green or red numbers on a screen; it’s the moment we see which stories are actually true.
This week, I’m watching these 6 because they represent the "tension" in the current market. We have Shopify trying to prove that tech growth isn't dead, while Agnico and Cameco are showing that the "Real Economy" (Gold and Energy) might be the new driver of the TSX.
When you look at this list, you see the benefit of having "different engines" running at the same time. If one engine (Tech) sputters, the others (Commodities, Financials, Infrastructure) are there to keep the plane in the air. This isn't just a strategy; it’s a front-row seat to how the market rebalances itself during a reset.
I’ll be watching the headlines closely as these reports drop. Which one of the 6 has your attention this week?
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⚠️ This isn’t investment advice… just insights to help you learn, stay informed, build awareness, and make smarter investing decisions over time.
Your Finance Coach, Finance Femster