TOP NEWS
• Barrick Gold Q1 profit surges, sees higher output ahead
Barrick Gold reported a 78% rise in first-quarter profit helped by
rising gold and copper prices, and said it was on track to meet annual
guidance.
• India posts record daily COVID-19 deaths, delegates test positive at G7 meet
India accounted for nearly half the coronavirus cases reported worldwide
last week, the World Health Organization said, as COVID-19 deaths in
the south Asian nation rose by a record 3,780 during the past 24 hours.
• Online sales boom helps Loblaw beat estimates for quarterly revenue, profit
Canadian retailer Loblaw beat market estimates for quarterly revenue and
profit, as homebound consumers shopped more for groceries and other
essentials online during the COVID-19 pandemic.
• Facebook oversight board to rule on Trump's return to Facebook
Facebook's oversight board on Wednesday will decide whether to uphold
the company's indefinite suspension of former U.S. President Donald
Trump, in a much-awaited verdict that may signal how the company will
treat rule-breaking world leaders in the future.
• Boeing faces new hurdle in 737 MAX electrical grounding issue -sources
U.S. air safety officials have asked Boeing to supply fresh analysis and
documentation showing numerous 737 MAX subsystems would not be affected
by electrical grounding issues first flagged in three areas of the jet
in April, two people familiar with the matter
told Reuters.
BEFORE THE BELL
Canadian stock futures edged higher, buoyed by a rise in crude oil prices, as easing of lockdowns in the United States
and parts of Europe raised hopes of higher fuel demand. U.S. stock futures rose, as investors awaited private payrolls data for the month of April. Accelerating euro zone business activity
and positive corporate earnings pushed European stocks higher. Indian equities jumped as its central bank rolled out a
series of measures to support the coronavirus-ravaged economy, while Japan, China and South
Korea markets were closed due to holidays. The U.S. dollar weakened, while gold
futures were slightly higher.
STOCKS TO WATCH
Results
• Barrick Gold Corp: The
company reported a 78% rise in first-quarter profit helped by rising
gold and copper prices, and said it was on track to meet annual
guidance. Barrick said realised
gold prices climbed 11.8% to $1,777 per ounce, while gold production
fell to 1.10 million from 1.25 million ounces due partly to lower grades
at its Pueblo Viejo mine in Dominican Republic. Adjusted profit rose
78% to $507 million in the quarter ended March
31 from $285 million a year earlier.
• Loblaw Cos Ltd:
The company beat market estimates for quarterly revenue and profit on
Wednesday, as homebound consumers shopped more for groceries and other
essentials online during the
COVID-19 pandemic. Online sales more than doubled in the quarter for
the Canadian retailer. Net earnings available to common shareholders
rose to C$313 million, or 90 Canadian cents per share, in the quarter
ended March 27 from C$240 million, or 66 Canadian
cents per share, a year earlier. Excluding one-time items, Loblaw
earned C$1.13 per share, beating the average analyst estimate of 87
Canadian cents per share.
In Other News
• Bombardier Inc:
The company sold its 3.1% stake in French rail giant Alstom for 506.2
million euros through a book building process to institutional
investors, the Canadian business jet
maker said on Tuesday. Bombardier said following the settlement of the
offering, the company will have fully exited its stake in Alstom.
Montreal-based Bombardier said its holdings of 11.5 million shares in
Alstom were sold at 44 euros each.
ANALYSIS
Biden
poised to pivot U.S. arms deals toward security, human rights
Ninety minutes before President Joe Biden took office on January 20th,
the United States signed a $23 billion dollar deal to sell F-35 jets,
drones and advanced missiles to the United Arab Emirates. It was part of
flurry of last minute deals President Donald
Trump had told Congress were coming in his last two months in office,
forcing the Biden administration to make quick decisions on whether or
not to stick with the geopolitically sensitive weapons sales. To the
surprise of some Democratic allies, Biden has
so far kept the lion's share of Trump's more controversial agreements.
Executives at five large defense contractors who requested anonymity to
speak freely were also surprised by the speed of the Biden
administration's deliberations.
ANALYSTS' RECOMMENDATION
• Equitable Group Inc:
National Bank of Canada raises target price to C$174 from C$165, after
the company reported strong first-quarter results and upgraded outlook
for 2021.
• Parkland Corp:
National Bank of Canada raises target price to C$45 from C$44, after
the company reported upbeat first-quarter results and the management
disclosed its ambition to reach $2
billion in adjusted run-rate EBITDA by 2025.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0815 (approx.) Reserve assets total for Apr : Prior $83,375 mln
COMPANIES REPORTING RESULTS
May 5:
ARC Resources Ltd: Expected Q1 earnings of 18 Canadian cents per share
AutoCanada Inc: Expected Q1 earnings of 37 Canadian cents per share
Barrick Gold Corp: Expected Q1 earnings of 27 cents per share
Boralex Inc: Expected Q1 earnings of 41 Canadian cents per share
Constellation Software Inc: Expected Q1 earnings of $121 per share
Fortis Inc: Expected Q1 earnings of 75 Canadian cents per share
Franco-Nevada Corp: Expected Q1 earnings of 79 cents per share
GFL Environmental Inc: Expected Q1 loss of 8 Canadian cents per share
Gildan Activewear Inc: Expected Q1 earnings of 18 cents per share
Great-West Lifeco Inc: Expected Q1 earnings of 76 Canadian cents per share
Jamieson Wellness Inc: Expected Q1 earnings of 25 Canadian cents per share
Loblaw Companies Ltd: Expected Q1 earnings of 87 Canadian cents per share
Manulife Financial Corp : Expected Q1 earnings of 77 Canadian cents per share
Maple Leaf Foods Inc: Expected Q1 earnings of 26 Canadian cents per share
New Gold Inc: Expected Q1 earnings of 2 cents per share
Parex Resources Inc: Expected Q1 earnings of 54 cents per share
Spin Master Corp: Expected Q1 loss of 9 cents per share
Stantec Inc: Expected Q1 earnings of 51 Canadian cents per share
Sun Life Financial Inc: Expected Q1 earnings of C$1.46 per share
Tourmaline Oil Corp: Expected Q1 earnings of 68 Canadian cents per share
May 6:
Algonquin Power & Utilities Corp: Expected Q1 earnings of 21 cents per share
Altus Group Ltd: Expected Q1 earnings of 34 Canadian cents per share
Aurinia Pharmaceuticals Inc: Expected Q1 loss of 34 cents per share
Bombardier Inc: Expected Q1 loss of 7 cents per share
Canadian Natural Resources Ltd: Expected Q1 earnings of 84 Canadian cents per share
Cascades Inc: Expected Q1 earnings of 34 Canadian cents per share
Denison Mines Corp: Expected Q1 loss of 1 Canadian cent per share
Dundee Precious Metals Inc: Expected Q1 earnings of 24 cents per share
First Majestic Silver Corp: Expected Q1 earnings of 7 cents per share
GDI Integrated Facility Services Inc: Expected Q1 earnings of 48 Canadian cents per share
iA Financial Corporation Inc: Expected Q1 earnings of C$1.81 per share
IGM Financial Inc: Expected Q1 earnings of 88 Canadian cents per share
Inter Pipeline Ltd: Expected Q1 earnings of 20 Canadian cents per share
Kirkland Lake Gold Ltd: Expected Q1 earnings of 66 cents per share
Labrador Iron Ore Royalty Corp: Expected Q1 earnings of C$1.58 per share
Linamar Corp: Expected Q1 earnings of C$1.32 per share
Magna International Inc: Expected Q1 earnings of $1.52 per share
Martinrea International Inc: Expected Q1 earnings of 39 Canadian cents per share
NFI Group Inc: Expected Q1 loss of 9 cents per share
Open Text Corp: Expected Q3 earnings of 69 cents per share
Pembina Pipeline Corp: Expected Q1 earnings of 65 Canadian cents per share
Premium Brands Holdings Corp: Expected Q1 earnings of 67 Canadian cents per share
Primo Water Corp (MISSISSAUGA): Expected Q1 earnings of 5 cents per share
West Fraser Timber Co Ltd: Expected Q1 earnings of C$7.27 per share
Westport Fuel Systems Inc: Expected Q1 loss of 2 cents per share
Wheaton Precious Metals Corp: Expected Q1 earnings of 37 cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Maple Leaf Foods Inc: Q1 earnings conference call
0800 Toromont Industries Ltd: Q1 earnings conference call
0830 Equitable Group Inc: Q1 earnings conference call
0830 Fortis Inc: Q1 earnings conference call
0830 Kinaxis Inc: Q1 earnings conference call
0830 New Gold Inc: Q1 earnings conference call
0900 Badger Daylighting Ltd: Q1 earnings conference call
0900 Boralex Inc: Q1 earnings conference call
0900 Russel Metals Inc: Q1 earnings conference call
0900 Stelco Holdings Inc: Q1 earnings conference call
1000 Loblaw Companies Ltd: Q1 earnings conference call
1000 Morguard Corp: Annual Shareholders Meeting
1000 Russel Metals Inc: Annual Shareholders Meeting
1000 Toromont Industries Ltd: Annual Shareholders Meeting
1100 Altus Group Ltd: Annual Shareholders Meeting
1100 Barrick Gold Corp: Q1 earnings conference call
1100 Boralex Inc: Annual Shareholders Meeting
1100 Maple Leaf Foods Inc: Annual Shareholders Meeting
1130 Ero Copper Corp: Q1 earnings conference call
1200 Canadian Utilities Ltd: Annual Shareholders Meeting
1200 Pretium Resources Inc: Q1 earnings conference call
1230 Paramount Resources Ltd: Annual Shareholders Meeting
1300 B2Gold Corp: Q1 earnings conference call
1300 Westport Fuel Systems Inc: Annual Shareholders Meeting
1530 Enbridge Inc: Annual Shareholders Meeting
1600 Franco-Nevada Corp: Annual Shareholders Meeting
1630 Premium Brands Holdings Corp: Annual Shareholders Meeting
1700 Gildan Activewear Inc: Q1 earnings conference call
1700 Jamieson Wellness Inc: Q1 earnings conference call
1700 Sun Life Financial Inc: Annual Shareholders Meeting
EX-DIVIDENDS
Canadian Utilities Ltd: Amount C$0.43
(All analysts' estimates are according to I/B/E/S Refinitiv data.) |