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Group: Canadian Blue-chip Industrial Forum
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Futures for Canada's main stock index inched up, as oil prices rose and investors awaited GDP data, which is due later in the day
Wall Street futures fell as investors cautiously monitored the bond market as well as progress on the next round of fiscal stimulus
European shares edged up after data showed Euro zone inflation held steady as expected, while Chinese equities fell after the banking and insurance regulator said it was studying plans to manage inflows and prevent market turbulence
The U.S. dollar rose to its highest level in a month
Gold prices gained as U.S. Treasury yields eased
DEAL SPOTLIGHT Source: Thomson Reuters
eBay Inc (EBAY):
The e-commerce group and Norway's Adevinta planned to sell three smaller British units in order to secure regulatory approval for a long-planned tie-up of their global classified ads businesses, the two firms said
Britain's Competition and Markets Authority (CMA) said last month Adevinta and eBay would have to resolve the watchdog's concerns before proceeding with their $9.2 billion deal
In response, Adevinta and eBay said they had proposed to sell each company's primary classifieds operations in Britain, namely Shpock, Gumtree and Motors.co.uk
Ebay and Adevinta said they aimed to close the transaction in the second quarter of 2021, subject to final ratification by the CMA and regulatory approval in Austria
EARNINGS SPOTLIGHTS Source: Thomson Reuters
Nio Inc (NIO):
The Chinese company posted a wider-than-expected loss and flagged a slowing pace of deliveries for its electric vehicles (EV) in the current quarter, sending its U.S.-listed shares down in extended trading
Nio said it expects to deliver 20,000 to 20,500 vehicles in the first quarter - up 15% to 18% from the fourth quarter
The forecast, however, is slower than the 42% growth it reported between the third and the fourth quarter, in line with seasonal slowing in auto sales in China overall
"For the first half of this year, we would like to be more conservative," Nio's CEO William Li said on an analyst call, citing constraints of battery suppliers and a global semiconductor shortage that has plagued most carmakers
"For the second half of this year, we are quite confident about the demand, but we do not have the full visibility yet," he said
It reported a fourth-quarter net loss of 1.49 billion yuan, compared with the average estimate from analysts for a 757 million yuan loss
Target Corp (TGT):
The company beat analysts' estimates for holiday quarter sales, powered by the company's same-day delivery and store pick-up services that helped fulfill resilient demand for home goods, toys and groceries during the pandemic
The company's comparable sales rose 20.5% in the fourth quarter, comfortably beating analysts' estimates for a 16.4% rise
Sales through its same-day deliveries and store pick-up services surged 212%, as consumers sought quicker ways to get their online purchases
Total fourth-quarter revenue for Target rose 21.1% to $28.34 billion, beating the average estimate of $27.48 billion
Full-year sales rose by over $15 billion, larger than the combined growth of the last 11 years
Net earnings surged 65.6% to $1.38 billion
On an adjusted basis, the company earned $2.67 per share
Zoom Video Communications Inc (ZI):
The company forecast current-quarter revenue above expectations, as the company expects millions of people to continue using its video-conferencing platform to work remotely and attend online classes, sending its shares up
Eric Yuan, founder and chief executive officer of Zoom, said the firm was "well positioned for strong growth" in the coming year
The company forecast current-quarter revenue between $900 million and $905 million, compared with estimates of $829.2 million
The company reported fourth-quarter revenue of $882.5 million, compared with estimates of $811.8 million. On an adjusted basis, Zoom earned $1.22 per share, beating estimates of 79 cents per share
STOCKS IN THE NEWS Source: Thomson Reuters Bank of Montreal (BMO) & Canadian Imperial Bank of Commerce (CM):
Both the banks have postponed employees' return to the office to June end, derailing an earlier plan to get them back by April
In an internal memo seen by Reuters, CIBC said the majority of its employees who are currently working remotely will continue to do so until at least the end of June, as COVID-19 cases remain high in Canada
Bank of Montreal is also "no longer working towards an April timeframe for returning to the office" and has postponed it, a spokesperson for the bank said
CIBC's employees would be given at least four weeks' notice before they are asked to return to office, Sandy Sharman, senior executive vice-president and group head of people, culture and brand, said in the memo
Boeing Co (BA):
The plane maker will use a pilotless, fighter-like jet developed in Australia as the basis for its U.S. Air Force Skyborg prototype, an executive at the company said
The "Loyal Wingman", the first military aircraft to be designed and manufactured in Australia in more than 50 years, made its first flight on Saturday under the supervision of a Boeing test pilot monitoring it from a ground control station in South Australia
"The airpower teaming system is the basis for our Skyborg bid," Boeing airpower teaming programme director Shane Arnott told reporters. "Obviously the U.S. market is a big market. That is a focus for us, achieving some sort of contract or programme of record in the United States."
The Australian government said it would invest a further A$115 million to acquire three more Loyal Wingman aircraft for the Royal Australian Air Force (RAAF) to develop tactics for using the jets with crewed planes, on top of its initial investment of A$40 million
Canopy Growth Corp (WEED):
The company launched its pot-infused Quatreau beverage line in the United States, as it seeks to secure a firm footing in the country's rapidly growing cannabis market ahead of expected reforms under President Joe Biden
Canopy President and Chief Product Officer Rade Kovacevic said the U.S. market was currently fragmented, presenting an opportunity for a larger company to scale up in the region
The Quatreau line of sparkling waters, which come in four variants, would be available for online sales in U.S. states that permit consumption of cannabidiol (CBD), Canopy said
The company said Quatreau is now the top-selling CBD beverage in Canada within months of its launch there, as demand for cannabis-infused edibles surged during COVID-19 lockdowns
Energy Fuels Inc (EFR) & Neo Performance Materials Inc (NEO):
Rare earth manufacturer Neo Performance Materials and Energy Fuels launched a rare earth production initiative spanning the European and North American regions
Under the agreement, uranium miner Energy Fuels said it would process the monazite sands into a mixed rare earth carbonate in Utah for use as feed material for Neo's rare earth production plant in Europe
Energy Fuels also said it would continue to evaluate developing additional U.S rare earth production capabilities in Utah in the future
THINGS TO KNOW Source: Bloomberg Finance L.P.
President Joe Biden will attend a virtual meeting of all Senate Democrats later today as he tries to keep the lawmakers united to pass stimulus legislation this week
China's top banking regulator said he's "very worried" about bubbles in European and U.S. markets as market rallies are heading in the opposite direction of underlying economies