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Group: Canadian Blue-chip Industrial Forum
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Futures for Canada’s main stock index were in the green as oil prices rose on data showing robust fuel consumption in the U.S. and expected fall in Russian supply late in the year
U.S. stock index futures edged higher, even as minutes from the Fed's July meeting suggested the central bank would keep raising rates to tame inflation
European equities rose, boosted by oil stocks
Japanese shares ended lower, tracking overnight losses on the Wall Street
Gold inched up as U.S. Treasury yields slipped, with a strong U.S. dollar capping gains
STOCKS IN THE NEWS Source: Thomson Reuters Enbridge Inc (ENB.TO):
Phillips 66 on Wednesday offered to acquire the public units of DCP Midstream in a deal that would value the pipeline operator at $7.2 billion deal and bulk up Phillip's natural gas liquids business
A deal would mark the first major move by Mark Lashier, who took over as the chief executive officer of Phillips 66 last month
Enbridge, which owned 50% of DCP's general partner, said it would reduce its stake in the company to 13.2% from 28.3%
It received a $400 million cash payment from Phillips 66 as part of the deal
Enbridge will, in turn, take over as operator and more than double its stake in Grey Oak pipeline, previously operated by Phillips 66
The Grey Oak pipeline transport crude oil from West Texas to the Gulf Coast
Tesla Inc (TSLA):
The electric auto giant said it has slashed the delivery waiting time for its Model 3 and Model Y cars in China as it ramps up output at its Shanghai plant after upgrading production lines
The waiting time for the rear-wheel drive Model Y sport utility vehicle is now four to eight weeks, while buyers of other versions of the SUV and Model 3 sedans need to wait for 12 to 20 weeks
Tesla confirmed the shortened waiting time, first disclosed on the company's Chinese website, citing the output ramp-up at its Shanghai plant as one of the reasons
Tesla has completed a major upgrade of the production lines at its Shanghai plant, its most productive manufacturing hub, and is ramping up output with a target of making 22,000 Model 3 and Model Y cars combined each week
Walmart Inc (WMT):
The company may launch a platform that will use social media influencers to help the retailer and its 100,000 third-party sellers promote their goods and services online, according to trademark filings
Walmart filed trademarks for "Walmart Creator" and "Walmart Creator Collective," which would provide social media consulting and "the promotion of goods and services of others through influencers," according to the July 27 documents seen by Reuters
Walmart declined to comment on its plans for Walmart Creator and Walmart Creator Collective
EARNINGS SPOTLIGHTS Source: Thomson Reuters Cisco Systems Inc (CSCO):
The company gave a positive forecast for first-quarter sales as a COVID-19 recovery in China eases supply chain shortages and helps it meet demand for networking hardware
The networking major expects current-quarter revenue to rise between 2% and 4%, while analysts predicted it would remain flat
Annual revenue is forecast to jump 4% to 6%
"The guide was good enough because they start lapping stronger year-ago numbers
So the guide for the year and quarter are seen as a sign of confidence by the company," Elazar Advisors analyst Chaim Siegel said
Fourth-quarter adjusted profit was 83 cents per share, one cent above estimates
Revenue came in at $13.1 billion, beating expectations of $12.73 billion
Estee Lauder Cos Inc (EL):
The company forecast full-year sales and adjusted profit below estimates, due to a hit from COVID-19-related lockdowns in major market China
The company expects full-year 2023 net sales to increase between 3% and 5%, compared with analysts' average estimate of a 7.6% rise
Estee also sees full-year 2023 adjusted profit per share to increase between 5% and 7%, below estimates of a 10.5% gain
Tapestry Inc (TPR):
The company forecast full-year earnings below estimates after reporting lower-than-expected quarterly revenue, as lockdowns in China hurt sales of its designer handbags and apparel in the region
Tapestry forecast fiscal 2023 profit between $3.80 and $3.90 per share, lower than Wall Street expectations of $3.91
The Coach handbag maker reported total revenue of $1.62 billion for the fourth quarter ended July 2, missing analysts' average estimate of $1.64 billion
THINGS TO KNOW Source: Bloomberg Finance L.P.
Tencent logged its first-ever revenue decline after online advertising sales fell by a record, underscoring the extent to which China’s worsening economy is hurting its biggest corporations
Federal Reserve officials agreed last month on the need to eventually dial back the pace of interest-rate hikes but also wanted to gauge how their monetary tightening was working toward curbing US inflation
Apple is aiming to hold a launch event on Sept. 7 to unveil the iPhone 14, kicking off a fall season that will also see the release of multiple new Macs, low-end and high-end iPads, and three Apple Watch models
CubicFarm Systems Corp.* (CUB: $0.29) Playmaker Capital Inc.* (PMKR: $0.54) Quipt Home Medical Corp.* (QIPT: $6.83) WSP Global Inc.* (WSP: $159.56)