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Group: Canadian Blue-chip Industrial Forum
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Futures for Canada's main stock index rose as oil prices advanced on expectations of a strong rebound in global fuel demand
Wall Street futures rose as investors focused on U.S. personal consumption data due later in the day to gauge inflationary pressure
European shares rose as UK-exposed financial stocks gained following a hawkish comment from a Bank of England official
Japanese equities closed higher as steady vaccine rollout boosted hopes of a swift economic recovery, while Chinese stocks ended in the red
A stronger U.S. dollar weighed on gold prices
DEAL SPOTLIGHT Source: Thomson Reuters
HEXO Corp (HEXO):
The company said it would buy Redecan, a Canadian privately-owned licensed cannabis producer, for $764.72 million in a cash-and-stock deal, as the pot producer bolsters its portfolio to tap surging demand
"We will also be able to provide consumers across Canada with a diverse and innovative range of high-quality products, with an enhanced brand offering that will enable us to better compete against other LPs (license producers) in Canada," HEXO's Chief Executive Officer Sebastien St-Louis, said
Redecan will be paid C$400 million in cash and C$525 million through the issuance of HEXO common shares at an implied price per share of C$7.53 at the close of the deal, which is expected in the third quarter of 2021
EARNINGS SPOTLIGHTS Source: Thomson Reuters
National Bank of Canada (NA):
The bank beat analysts' estimates for second-quarter profit, driven by a jump in earnings in its personal and commercial business and a large drop in funds set aside to cover potential loan losses
Excluding the impact of provisions and taxes, earnings rose 14% to C$1.04 billion from a year earlier
National Bank also posted a strong jump in net income from financial markets of 50%. The bank also saw a 17% rise in wealth management net income
National Bank's net income excluding one-off items rose to C$801 million, or C$2.25 a share, in the three months through April, compared with C$379 million, or C$1.01 a share, a year earlier
The company raised its full-year forecast for revenue as well as profit, and reported quarterly revenue that beat analysts' estimates, following increased demand for its cloud-based software due to a pandemic-led shift to remote work
Salesforce raised its annual revenue forecast to between $25.90 billion and $26.00 billion, above estimates of $25.76 billion
The company expects full-year adjusted profit between $3.79 and $3.81 per share, beating Wall Street expectations of $3.43
Salesforce reported total revenue of $5.96 billion in the first quarter, compared with analysts' estimates of $5.89 billion
On an adjusted basis, Salesforce earned $1.21 per share, beating estimates of 88 cents per share
STOCKS IN THE NEWS Source: Thomson Reuters
AMC Entertainment Holdings Inc (AMC):
Shares of the movie theatre chain soared, notching a 35% one-day gain in a rally that burned bearish investors and sparked jubilation among the stock's online supporters
The company’s market value ended the session at $11.9 billion as its shares closed at $26.52, with the highest trading volume of any stock on U.S. exchanges on the day
The shares are now up 1,150% year-to-date after hitting their highest level in four years
About 91 million shares, or roughly 20% of AMC's float are sold short, with bearish investors suffering just under $2 billion in mark-to-market losses year-to-date, according to data from S3 partners
Canada's telecoms regulator announced it would not significantly lower the rates that small companies must pay to access the high-speed broadband networks of larger rivals, ending years of legal battles and a bid to increase competition
The Canadian Radio-television and Telecommunications Commission (CRTC) granted smaller companies access to the networks in 2016 with interim rates that they had to pay larger companies
The setup was intended to increase competition in Canada, which has among the highest internet and cellphone bills in the world, according to government studies
Canada's telecoms industry is dominated by Telus, Rogers Communications and BCE, which have 89.2% of subscribers and 90.7% of revenue, according to government figures
Telus and Rogers were not immediately available for comment
HSBC Holdings PLC (HSBC):
The bank said the United States remains key to its growth plans, a day after announcing the sale of its mass market retail U.S. banking business in a country where it has long struggled to make strong profits
HSBC's business in the United States will focus on internationally-oriented corporate customers, chief executive Noel Quinn told the lender's annual shareholder meeting in London
"The U.S. is key to our international network and an important contributor to our growth plans," Quinn said
A small group of protesters outside the meeting criticised HSBC for not forgiving poor countries' debt to allow them to better cope with the impact of the COVID-19 pandemic, something charities have called on the private sector to do
HSBC did not immediately respond to a request for comment on the protests
THINGS TO KNOW Source: Bloomberg Finance L.P.
President Joe Biden’s budget, which is set to be released today, will increase federal spending to $6 trillion in the coming fiscal year, rising to $8.2 trillion by 2031, according to documents cited by the New York Times
Cathie Wood said it would be “impossible” to shut Bitcoin down and that regulators will eventually turn a little more friendly toward the digital asset
The death toll from Covid-19 has passed 3.5 million, while the uneven distribution of vaccines globally continues to mean some economies are opening while others remain in lockdown
Ayr Wellness Inc.* (AYR-A: $37.65) Canadian Imperial Bank of Commerce* (CM: $141.08) Emerge Commerce Ltd.* (ECOM: $1.12) Neo Lithium Corp.* (NLC: $2.95) Royal Bank of Canada* (RY: $126.00) Wesdome Gold Mines Ltd.* (WDO: $11.21)