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Group: Canadian Blue-chip Industrial Forum
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Futures for Canada's main stock index inched lower as global sentiment soured on signs of pain for the U.S. economy, although stronger crude prices limited losses
Wall Street futures fell, mirroring European shares
Asian equities ended mostly in positive territory
The dollar index fell, while the euro gained as markets took a positive view on peace talks in Ukraine.
Oil prices clawed back heavy losses on supply tightness
Gold prices were little changed
STOCKS IN THE NEWS Source: Thomson Reuters Air Canada (AC):
The company and Mexico's Aeromar signed an agreement to jointly market routes through Mexico, the airlines announced in a statement on Tuesday
Air Canada, which already flies to seven tourist hot spots in Mexico, will now allow travelers to connect to 11 new cities in Mexico as well as Cuba's capital, Havana, through the regional carrier, the companies said
The partnership will push Canada's flag carrier over pre-pandemic levels for flights to Mexico this summer, with plans to offer more than 100 flights to the country by winter, the airlines announced
BlackRock Inc. (BLK):
The world's biggest money manager is seeking more infrastructure deals in Saudi Arabia and the Gulf region and is also looking to invest in private companies in the region, an executive said
The U.S. group, which manages more than $10 trillion in assets, recently led a consortium purchase of a $15.5 billion stake in Saudi Aramco's gas pipelines company, having taken a stake in Abu Dhabi energy company ADNOC's pipeline assets a couple of years earlier
Tesla Inc. (TSLA):
A state-owned utility in Australia has picked Tesla's Megapack batteries for a A$150 million energy storage project to back up wind and solar power, the state government of Queensland said
Queensland's CS Energy plans to build the 100 megawatt battery storage project, which would be able to provide 200 megawatt hours (MWh) of power, next to its Kogan Creek coal-fired power station, looking to take advantage of existing transmission connections
Construction at the growing energy hub is due to start later this year
EARNINGS SPOTLIGHT Source: Thomson Reuters
Micron Technology Inc. (MU):
The chipmaker said it expects no impact on near-term production from component shortages driven by the Ukraine crisis, but costs are expected to rise
Micron forecast current-quarter revenue of $8.7 billion, plus or minus $200 million, compared with analysts' average estimate of $8.06 billion
Revenue rose 24.8% to $7.79 billion, beating estimates of $7.52 billion
Micron also charged more for its NAND and DRAM memory chips, helping gross margins as a percentage of revenue rise to 47.2% from 26.4% last year
Excluding items, net income was $2.14 per share, higher than estimates of $1.97
Global chip output was already under pressure after the pandemic drove up demand for cellphones, laptops and later cars, forcing some firms to scale back production
Lululemon Athletica Inc. (LULU):
The company on Tuesday forecast full-year profit and revenue above estimates as demand for athletic wear remains consistent even as people return to offices, and said it plans selective price increases on some of its products
Lululemon forecast full-year 2022 revenue between $7.49 billion and $7.62 billion, while analysts are expecting $7.30 billion, according to IBES data from Refinitiv
It also forecast full-year profit between $9.15 and $9.35 per share, compared to estimates of $9.06 per share
Excluding items, Lululemon earned $3.37 per share in the fourth quarter ended Jan. 30, beating estimates of $3.28 per share
THINGS TO KNOW Source: Bloomberg Finance L.P.
President Joe Biden said he’ll wait and see whether Russia delivers on a promise to scale back military operations in Ukraine
The dreaded inversion of U.S. yield curves is spreading
The differential between two- and 10-year Treasury yields turned briefly negative on Tuesday, a sign that some investors fear may herald a recession even though the evidence may be nuanced
Hackers stole about $600 million from a blockchain network connected to the popular Axie Infinity online game in one of the biggest crypto attacks to date
ImmunoGen* (IMGN: $4.86) Lovesac Company * (LOVE: $56.99) Marrone Bio Innovations* (MBII: $1.03)
WEALTH AND ESTATE PLANNING When was the last time you reviewed your estate documentation including your Will, Powers of Attorney and Health Care Directive?
INDUSTRY UPDATE Oil
MORNING INK REPORT Insiders betting on biogas
MACRO - EVENT SCHEDULE Sources: Bloomberg Finance L.P. US MBA Mortgage Applications come in at -6.8%
MOST READ NEWS Source: Bloomberg Finance L.P. Stocks Fall, Oil Rises as Russia Concerns Return: Markets Wrap
“May you live every day of your life.”
- Jonathan Swift
ASSET CLASS PERFORMANCE Source: FactSet *All numbers presented on the table below is based on total return
* Canaccord Genuity and its affiliated companies may have a Corporate Finance or other relationship with the company and may trade in any of the Designated