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Msg  69093 of 69925  at  2/10/2021 10:44:11 AM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

WEDNESDAY, FEBRUARY 10, 2021

 


TOP NEWS
• PREVIEW-With Disney shares near record high, investors eye streaming update
 Walt Disney, which wowed investors in December with ambitious streaming TV plans, will update Wall Street on Thursday about its digital subscriber membership and the future of its pandemic-hobbled theme parks.

• Coca-Cola quarterly revenue falls 5% on new pandemic restrictions
Coca-Cola reported a 5% fall in fourth-quarter revenue , as fresh pandemic curbs closed the doors of the soda maker's biggest sales drivers, such as restaurants, cinemas and sporting events, in many parts of the world.

• Reddit forums turn to cannabis sector as stocks hit new highs
Shares in cannabis companies including Tilray and Aphria surged, extending a months-long rally due to bets on decriminalization under the Biden administration, as the Reddit trading community behind a recent trading frenzy promoted the stocks.

• Bunge posts quarterly profit, warns of weak FY 2021 agribusiness earnings
U.S. agricultural commodities trader Bunge posted a profit for the fourth quarter, but warned of weak earnings in its agribusiness segment due to lower contributions from oilseed processing and origination in Brazil.

• Profits aside, GM's EV plans are driving a now-rising stock
General Motors is expected to report a healthy fourth-quarter profit thanks to strong demand for gas-burning pickup trucks and SUVs, but the company's future electric vehicles are now driving the stock, shareholders and analysts said.


BEFORE THE BELL
Futures for Canada's main stock index rose as oil prices extended its rally supported by producer supply cuts and hopes of a demand recovery. Wall Street futures edged higher, boosted by bets of more fiscal aid, while investors looked to inflation data on the pace of an economic rebound. European shares rose as upbeat earnings reports from firms including SocGen helped boost optimism around a broader economic rebound. Asian shares ended in the green. The dollar was little changed, while gold prices edged up.


STOCKS TO WATCH
• Bombardier Inc: Flag carrier PT Garuda Indonesia has terminated a lease for 12 Bombardier CRJ-1000 planes amid a bribery probe into the procurement of the aircraft, a cabinet minister said. The contract with Nordic Aviation Capital (NAC) was initially due to end in 2027, but Garuda will return the planes to the lessor early, State-Owned Enterprise Minister Erick Thohir said. "There are two issues, first was obviously the legal case, and the second is a force majeure because of the COVID-19 situation," Erick told a virtual briefing. Garuda took into consideration the bribery probe conducted by Britain's Serious Fraud Office (SFO) over the procurement process of the planes in 2011 in its decision for the early termination. The SFO announced in November it was investigating Canadian industrial group Bombardier over suspected bribery in airplane sales to Garuda Indonesia. 

• Restaurant Brands International Inc: Popeyes said it would launch a fish-based sandwich, a move that comes nearly two years after its fried chicken sandwich took the internet by storm and challenged big fast-food players. The Cajun Flounder Sandwich will be available in restaurants and for delivery in the United States for $4.49 from Thursday, in time for the lent season during which people abstain from meat or poultry, the Restaurant Brands International owned chain said. It would compete with McDonald's Filet-O-Fish sandwich and KFC's Big Fish sandwich. Popeyes' fried chicken sandwich, introduced in August 2019, quickly sold out and drove sustained spikes in its comparable sales growth beginning that quarter, prompting other companies to try to follow its lead.

• Tilray Inc & Aphria Inc: Shares in cannabis companies surged, extending a months-long rally due to bets on decriminalization under the Biden administration, as the Reddit trading community behind a recent trading frenzy promoted the stocks. One post on WallStreetBets, the Reddit forum linked to the past month's surges in GameStop, AMC Entertainment and others, told users that shares of producers Tilray and Aphria have more room to rise. That post was liked by around 10,000 other users in just twelve hours and shares in the two companies jumped by 21% and 10% respectively. Tilray, being taken over by Aphria in a complicated reverse merger, has gained more than 400% in value since the deal was announced in December. Aphria has gained 243% over the same period.

• TMX Group Ltd: Retail investor participation at Canadian exchange operator TMX Group rose to 45% of total equities trading in January, from 35% a year ago, on the back of the Reddit-driven trading frenzy, its chief executive told Reuters. "The positive strength in trading, equity trading particularly, and what’s driving it in terms of retail interest, is something that we could see for some time," CEO John McKenzie said in an interview. Retail investors who followed the popular Reddit forum WallStreetBets flocked to some U.S. shares over the past few weeks, driving an unprecedented short-term rally followed by sharp falls. McKenzie attributed TMX's recent underperformance to its diversified business model.


COLUMN
Does a greener world need less greenbacks? :Mike Dolan
The greening of the planet should mean fewer dollars need to be held in reserve around the world and may fuel persistent doubts about the greenback's future as the dominant world currency. In the realm of investment megatrends, an accelerating drive to renewable and sustainable energy and a long-forecast but slow decline in dollar hegemony are among the biggest.


ANALYSTS' RECOMMENDATION
• Canopy Growth Corp: Canaccord Genuity raises target price to C$32 from C$25, citing the company's better-than-expected revenue in its third quarter and positive free cash flow forecast.

• SNC-Lavalin Group Inc: RBC raises target price to C$33 from C$32, stating the company's higher EBITDA forecast and lower risk after the sale of its oil and gas business. 

• TFI International Inc: National Bank of Canada raises target price to C$110 from C$103, noting the company's potential for strong earnings growth and higher operating margin outlook.

• TMX Group Ltd: Scotiabank raises target price to C$149 from C$148, citing the company's solid fourth-quarter results and higher EPS growth guidance.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
1100 Refinitiv IPSOS PCSI for Feb: Prior 47.98


COMPANIES REPORTING RESULTS
February 10:
Cameco Corp: Expected Q4 loss of 4 Canadian cents per share
Great-West Lifeco Inc: Expected Q4 earnings of 75 Canadian cents per share
Keyera Corp: Expected Q4 earnings of 27 Canadian cents per share
Kinross Gold Corp: Expected Q4 earnings of 22 cents per share
Manulife Financial Corp: Expected Q4 earnings of 72 Canadian cents per share
Mullen Group Ltd: Expected Q4 earnings of 15 Canadian cents per share
Russel Metals Inc: Expected Q4 earnings of 20 Canadian cents per share
Sun Life Financial Inc: Expected Q4 earnings of C$1.38 per share
Toromont Industries Ltd: Expected Q4 earnings of C$1.05 per share

February 11:
Agnico Eagle Mines Ltd: Expected Q4 earnings of 63 cents per share
ARC Resources Ltd: Expected Q4 earnings of 8 Canadian cents per share
Aurora Cannabis Inc: Expected Q2 loss of 25 Canadian cents per share
Bombardier Inc: Expected Q4 loss of 7 cents per share
Brookfield Asset Management Inc: Expected Q4 earnings of 36 cents per share
CI Financial Corp: Expected Q4 earnings of 63 Canadian cents per share
Colliers International Group Inc: Expected Q4 earnings of $1.41 per share
Dundee Precious Metals Inc: Expected Q4 earnings of 26 cents per share
Fairfax Financial Holdings Ltd: Expected Q4 earnings of $156 per share
iA Financial Corporation Inc: Expected Q4 earnings of C$1.68 per share
IGM Financial Inc: Expected Q4 earnings of 90 Canadian cents per share
Restaurant Brands International Inc: Expected Q4 earnings of 65 cents per share
Sandstorm Gold Ltd: Expected Q4 earnings of 5 cents per share
Telus Corp: Expected Q4 earnings of 25 Canadian cents per share
West Fraser Timber Co Ltd: Expected Q4 earnings of C$4.44 per share
Yamana Gold Inc: Expected Q4 earnings of 10 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Cameco Corp: Q4 earnings conference call
1000 Finning International Inc: Q4 earnings conference call
1000 Keyera Corp: Q4 earnings conference call
1100 Intact Financial Corp: Q4 earnings conference call


EX-DIVIDENDS
Donaldson Company Inc: Amount $0.21
Resmed Inc: Amount $0.39
TJX Companies Inc: Amount $0.26
Valero Energy Corp: Amount $0.98
Westrock Co: Amount $0.20


(All analysts' estimates are according to I/B/E/S Refinitiv data.)


 


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