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Group: Canadian Blue-chip Industrial Forum
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Canada's main stock index was set to open higher after its worst session in nearly two years, but sentiment remained fragile due to worries over global economic growth
Wall Street’s major index futures and European stocks rose as bargain hunters returned to buy beaten-down shares following a bruising selloff
Japan's Nikkei fell for a second day, but avoided bigger losses, while China stocks rebounded on Beijing's vows to support the struggling economy
The U.S. dollar index edged higher, having reached a 20-year high in the previous session
In commodities, oil prices extended losses, hurt by a combination of growing recession fears and COVID-19 lockdowns in China, while gold prices were little changed.
STOCKS IN THE NEWS Source: Thomson Reuters AMC Entertainment Holdings Inc. (AMC):
The world's largest theater chain posted better-than-expected quarterly revenue and a narrower loss on Monday, as the release of big-ticket films such as "The Batman" drew crowds to movie halls, driving a surge in box-office collection
After becoming one of the biggest victims of the pandemic, AMC is seeing a revival in business, as a steady stream of new releases such as "Scream", "Uncharted" and "Doctor Strange and the Multiverse of Madness", the latest film in Disney's Marvel Cinematic Universe, is keeping theaters full
Guests have been spending like never before, with revenues per patron climbing notably at AMC, up 34% above pre-pandemic norms
The company posted an adjusted loss of 52 cents per share on revenue of $785.7 million in the quarter ended March 31
Analysts on average had expected a loss of 63 cents per share on revenue of $743.4 million
The company is gearing up to screen Paramount's "Top Gun: Maverick", Marvel's "Black Panther: Wakanda Forever", "Thor: Love and Thunder" and the much-awaited "Avatar 2"
Suncor Energy Inc. (SU.TO):
The company exceeded analysts' estimates for first-quarter profit and boosted dividend by 12% to its highest level on Monday, as the oil major benefited from soaring crude prices
Suncor's UK assets are offshore in the North Sea, and include a 29.9% stake in the Buzzard field as well as a 40% interest in the Roseback project
Its total production fell to 766,100 barrels of oil equivalent per day (boepd) from 785,900 boepd a year earlier
Its refinery throughput was 436,500 barrels per day, up marginally from a year ago
The company reported on Monday a net income of C$2.95 billion, or C$2.06 per share, for the three months ended March 31, up from C$821 million, or 54 Canadian cents, a year ago
Excluding items, the company posted adjusted operating earnings of C$1.92, beating analysts' expectations of C$1.51
Separately, the company on Monday issued an "all-clear" following a fire in a gasoline-making unit at its 103,000-barrel-per-day Commerce City refinery in Colorado, according to an alert notification
Emergency response teams extinguished the fire in Plant 1, a gasoline-making unit at the refinery, it reported
"All workers are accounted for and there are no reported injuries," the notification said, adding the cause is under investigation
DEAL SPOTLIGHT Source: Thomson Reuters
Grindr Inc & Tiga Acquisition Corp (TINV):
The gay dating app said on Monday it would go public through a merger with a blank-check acquisition firm Tiga - a deal that values it at $2.1 billion and features Tiga Investments CEO Raymond Zage on both sides of the transaction
Grindr said its existing shareholders would own 78% of the company after the merger, which comes two years after China's Kunlun Tech Co divested it for $620 million due to U.S. national security concerns
While Grindr did not disclose the identities of its existing shareholders, Reuters previously reported that Zage had a 41% stake in the consortium that acquired Grindr
A source familiar with the matter said on Monday that Zage continues to be an investor in Grindr
Under the deal, Grindr will receive $284 million in cash from Tiga and up to $100 million in a forward purchase agreement
Grindr said in an investor presentation on Monday that it has 11 million monthly active users and that its revenue grew 30% last year
The deal values Grindr at 27 times its adjusted 2021 earnings before interest, taxes, depreciation and amortization of $77 million
THINGS TO KNOW Source: Bloomberg Finance L.P.
Seemingly no other number matters nearly as much to the markets as inflation these days, but there may be respite: economists forecast the annual print for April to come in at 8.1%
EU talks about a Russia oil ban continue with Hungary coming under increasing pressure not to use its veto on the plan
Oil slumped after the bloc softened its sanctions proposal, scrapping a proposal to ban European-owned vessels from carrying Russian crude
Many U.K. assets have struggled, and the Bank of England last week gave the most pessimistic outlook of any major central bank
It's a good day for stocks (so far)
Gains across Europe extended with most equity indexes recovering roughly half of Monday's selloff
Gains are broad based, but led by construction, auto and banking sectors
REIT REVIEW Upward pressure on cap rates likely as long-term interest rates continue to riseon cap rates likely as long-term interest rates continue to rise
MORNING INK REPORT Goodfellow is a top-ranked dividend payer
MACRO - EVENT SCHEDULE Sources: Bloomberg Finance L.P. Wholesale Inventories MoM in at 2.3%, in line with estimates
MOST READ NEWS Source: Bloomberg Finance L.P. U.S. Futures Signal Equity Rebound; Bonds Advance: Markets Wrap
“A dream doesn't become reality through magic; it takes sweat, determination, and hard work.”
- Colin Powell
ASSET CLASS PERFORMANCE Source: FactSet *All numbers presented on the table below is based on total return