Teck Resources shares moved higher after the miner reported a stronger-than-expected quarter, supported by copper sales and operational strength, even as rising fuel costs emerge as a risk.
BNN Bloomberg spoke with Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management, about Teck’s performance, mixed earnings reactions across sectors and the growing focus on corporate results.
Key Takeaways
- Teck Resources shares rose as investors reacted to stronger earnings and continued relative strength in the stock.
- Rising fuel costs are beginning to affect companies across sectors, including mining and airlines.
- Earnings reactions have been mixed, with stocks moving sharply in both directions even within the same sector.
- Airline companies reported solid results but cut guidance, highlighting growing cost pressures.
- Investor focus is shifting from geopolitical swings back toward earnings as capital rotation stabilizes.
Read the full transcript below:
ANDREW: So investors like the numbers from Teck Resources, but the company did warn of higher fuel costs at its huge Chilean copper mines. We’re joined by Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management. Colin, thanks very much indeed for joining us.
COLIN: My pleasure. Thanks for having me, Andy.
ANDREW: I’m not sure if you can help me with this — I’m trying to get my head around why Teck would be up today. Isn’t it just trading on the takeover by Anglo American?
COLIN: It seems to me that, from time to time, Teck is trading off other things. And mostly, yes, you would expect that a company involved in a big merger — even though shareholders have approved it — still has to wait on regulatory approvals. Those approvals might take a year. In the shorter term, some people are still trading it off commodity prices and earnings reports as well.
ANDREW: Right. And certainly quite the move up in the stock. Some other stocks on our radar today — investors not loving the news from IBM.
COLIN: No, it’s actually an interesting day for earnings, and an important one. We’re now getting into the heart of earnings season. A lot of companies are reporting, and we’re getting mixed reactions. I’m looking at technology today — in particular IBM and Texas Instruments. IBM is down 10 per cent, even though it beat on earnings, while Texas Instruments is up 16 per cent after beating expectations. A lot of times it comes down to the press conference — what management says in terms of guidance — or if there’s anything small that isn’t necessarily showing up in the headline numbers.
ANDREW: Right. Texas Instruments — wow, that stock almost doubled over the past year. What are your thoughts on Tesla? It’s kind of a concept stock. It’s not a meme stock — it has a real business — but in a way you’re betting on the Elon Musk halo, aren’t you?
COLIN: To a certain extent, yes. That’s always been the case with Tesla. It tends to trade off sentiment and feelings, because its valuation compared to other car companies is astronomical, and has been for many years. So it is more of a sentiment-driven stock. What’s interesting is that even among the large-cap Magnificent Seven stocks, it’s one of the weaker performers and has been for some time.
ANDREW: Would you put money — or clients’ money — into Tesla right now?
COLIN: No. We look at stocks on a relative strength basis and focus investments on companies that are outperforming and have the highest rankings. The ones that are lower in the rankings we tend to avoid until they come back and show some strength. Right now, Tesla is in the lower half — in the red zone — so it’s not a stock we’re looking at.
ANDREW: Just looping back to Teck Resources — Anglo American stock is up around five per cent in London, so that’s probably helping lift Teck by increasing the value, in theory, of the merged company.
COLIN: Absolutely. In terms of Teck and its relative strength, it’s been doing really well. Within the Canadian investment universe, it’s in the top 25 per cent — the green zone — and has been steadily climbing for some time. Even before the numbers came out, Teck had been outperforming.
ANDREW: Investors also appear encouraged that Anglo American has at least three possible buyers for its Australian steelmaking coal operations, after a deal with Peabody fell apart. Are you buying airline stocks these days — American Airlines or Southwest — given higher fuel prices?
COLIN: We’ve been watching both the economic data and the earnings data coming out since the start of the war. What’s interesting is that the broader economic data, especially for North America, has generally held up. Europe has been a bit soft. Now we’re watching what companies have to say. The economy appears relatively robust, but we’re starting to see signs that higher fuel costs are creeping into the system — you mentioned it with Teck. Both airlines that reported today posted better-than-expected results, but they also said fuel costs are rising and cut their guidance. I think that’s something we’re going to see more broadly. For now, American Airlines is up because its losses were smaller than expected, while Southwest is down because its results disappointed. But going forward, even with a strong economy, it looks like inflation is starting to creep in.
ANDREW: It’s fascinating. We sometimes forget how large the airline industry is. Transat announced cuts yesterday, but it’s still only about six per cent of capacity. Even in Europe, Lufthansa is cancelling flights, but it’s still relatively small — so there may be more to come. Colin, your thoughts on the next couple of weeks? I know it depends on diplomacy between the U.S. and Iran, but is there anything investors should watch for?
COLIN: The big thing I’m focusing on over the next couple of weeks is earnings. It seems the situation around the war has settled somewhat after a period of large swings as investors tried to assess what was happening. We’ve seen a lot of capital rotation between sectors, and that now appears to be stabilizing. Investors are shifting focus back to earnings. Over the next two to three weeks, we’re in the heart of earnings season, with hundreds of companies reporting on both sides of the border. So far, results have been mixed — we’ve seen some stocks move up sharply and others fall, even within the same sector. We’re seeing that in technology and airlines. It’s something investors need to watch closely over the coming weeks.
ANDREW: Colin, thank you very much. Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management.
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This BNN Bloomberg summary and transcript of the April 23, 2026 interview with Colin Cieszynski are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
