This week, the TSX endured fluctuations but ultimately achieved a new high in intraday trading. The tech sector has been a significant driver of these gains, thanks to a solid performance among top stocks in the sector.
One of Canada’s leading tech companies, BlackBerry Ltd. (TSX:BB, Forum) unveiled new research highlighting the increasing pressure on software engineers and developers to balance rapid innovation with safety and security. A comprehensive survey of 1,000 embedded software developers and engineers worldwide revealed that 75 per cent of respondents often compromise on key safety requirements because of tight project deadlines.
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The survey also found that 74 per cent of developers are considering switching operating systems because of challenges in security, cost control, and safety certifications. Open-source platforms, while popular, often fall short on safety standards, leading to costly delays and compliance issues. John Wall, SVP and head of BlackBerry QNX, emphasized the importance of pre-certified software in meeting functional safety and security requirements without compromising on deadlines and budgets.
“As we enter the era of ‘Software-Defined Everything,’ where devices and infrastructure increasingly rely on software for operations, new features, and innovation, the importance of functional safety (FuSa) and security are paramount,” Wall said in a news release. “While 90 per cent of organizations surveyed recognize this as a priority, developers are under growing pressure to meet deadlines and budgets, which is why pre-certified software is so important to enabling organizations to not only meet their goals but do so without compromise.”
In contrast, the energy sector has faced the biggest declines on the TSX, influenced by the growing conflict in the Middle East, causing investors to hesitate in making moves.
However, McCoy Global Inc. (TSX:MCB, Forum) has bucked this trend by securing a C$4.3 million contract for enhanced smart casing running tools (smartCRTs) destined for the Middle East market. These tools, set for delivery in Q4 2024, are designed to meet new contract requirements and offer superior safety, efficiency, and real-time data collection capabilities.
“Recent trends in the CRT market presented an opportunity for McCoy to challenge our Technology team to expedite the development of our enhanced smartCRT to meet these market requirements,” Jim Rakievich, the company’s president and CEO explained in a media release. “This enhanced technology is fully ready to integrate into our smarTR system and represents an important milestone on our journey towards automating tubular running services. Our unique, patented solution is an additional enhancement to our smart product suite, providing safe and efficient solutions in the tubular running market. We are eager to officially launch the tool at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in November.”
Tilray Brands Inc. (TSX:TLRY, Forum) has announced the launch of new Charlotte’s Web British Columbia-crafted CBD gummies in Canada. These gummies, available in two flavours – Berry & Fruit and Turmeric & Ginger – are designed for daily CBD consumers. They offer an easy and delicious way to incorporate CBD into wellness routines, supporting active lifestyles and relaxation. The gummies leverage Charlotte’s Web’s proprietary hemp genetics and are available at select cannabis retailers across Ontario, with broader availability expected soon.
As the TSX continues to navigate market fluctuations, investors are encouraged to deepen their due diligence and update their portfolios to align with emerging trends and opportunities. Whether it’s the tech innovations from BlackBerry, the strategic advancements by McCoy Global, or the wellness products from Tilray Brands, staying informed and adaptable is key to successful investing.
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(Top photo: Charlotte’s Web Holdings, Inc.)