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Msg  70576 of 70957  at  11/4/2021 10:00:07 AM  by

Gammafriend


Morning News Call TD

 

CANADA EDITION

THURSDAY, NOVEMBER 4, 2021


TOP NEWS
Britain approves Merck's oral COVID-19 pill in world first
Britain became the first country in the world to approve a potentially game-changing COVID-19 antiviral oral pill jointly developed by Merck and Ridgeback Biotherapeutics, in a boost to the fight against the pandemic.

Moderna cuts 2021 sales forecast for COVID-19 vaccine; shares tumble
Moderna cut its 2021 sales forecast for its COVID-19 vaccine by as much as $5 billion, as it struggles to ramp up production of its two-dose inoculation, sending its shares down 11% in premarket trading.

Fed's Powell and ECB's Lagarde to markets: Hold your rate hike horses
A rush of expectations that tightening signals by central banks in Canada and Australia would nudge the world's biggest monetary policy actors to accelerate their own timelines for rate hikes ran into a wall of sorts on Wednesday, with the Federal Reserve and European Central Bank saying not so fast.

Canadian Natural Resources profit beats on higher oil demand, raises dividend
Canadian Natural Resources reported a third-quarter profit that beat analysts' estimates, helped by a recovery in oil demand and higher output, and the company said it would increase its dividend.

Britain tells climate summit coal era to end as carbon emissions surge
U.N. conference host Britain said 77 countries had pledged to phase out coal, dirtiest of the fossil fuels that drive global warming, as a study showed the carbon dioxide they release into the atmosphere had already rebounded to near pre-pandemic levels.


BEFORE THE BELL
Futures for Canada's commodity-heavy main stock index rose, tracking gains in both oil and gold prices, with upbeat corporate earnings by Canadian Natural Resources further lifting sentiment. The S&P 500 and Nasdaq futures were at record highs, boosted by earnings and as investors took solace in the U.S. Federal Reserve's plan to start tapering its stimulus without hiking rates for the time being. European shares jumped as the Fed unveiled its taper plan, with investor focus now shifting to the Bank of England's policy decision later in the day. Japanese shares ended in the green. The U.S. dollar rebounded and gold prices gained. Oil rose, lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool prices. Trade data is scheduled for release later in the day.


STOCKS TO WATCH
Barrick Gold Corp: The miner reported an 18% drop in third-quarter profit from the second, weighed down by weaker gold and copper prices. Barrick's realized gold price fell 2.7% to $1,771 per ounce in the third quarter. Gold production at Barrick rose to 1.09 million ounces in the quarter, compared to 1.04 million ounces in the second. The company said its all-in sustaining costs, an industry metric that reflects total costs associated with production, fell 4.8% to $1,034 per ounce of gold. Adjusted earnings fell to $419 million, or 24 cents per share, in the three months ended Sept. 30, from $513 million, or 29 cents per share, in the second quarter. Vaccination rollouts and a gradual reopening of the global economy have dimmed the bullion's appeal.

Canadian Natural Resources Ltd: The Canadian oil and gas producer reported a third-quarter profit that beat analysts' estimates, helped by a recovery in oil demand and higher output, and the company said it would increase its dividend. The company, which remained on track to meet its full- year 2021 capital investment target of about $3.48 billion, said the company's board has approved a 25% increase in its quarterly dividend to $0.5875 per share. Canadian Natural produced 1.24 million barrels of oil equivalent per day (boepd) in the third quarter, compared with 1.1 million boepd a year earlier. The company, which operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan, said average realized prices for crude rose 69.5% to C$68.06 per barrel, while realized prices for its natural gas jumped about 78.8% to C$4.13. On an adjusted basis, the company earned C$1.77 per share, compared with estimates of C$1.58.

Manulife Financial Corp: Canada's biggest life insurer on Wednesday missed analyst estimates for third-quarter core profit, which rose from a year earlier due to higher fee income from increased assets under management and new business. Core earnings at Manulife rose to C$1.5 billion, or 76 Canadian cents a share, in the three months ended Sept. 30, from C$1.45 billion, or 73 cents, a year earlier. Analysts had expected 79 Canadian cents. The company took a C$152 million charge in its property and casualty reinsurance business due to estimated losses from Hurricane Ida on the U.S. Gulf Coast and floods in Europe, above about C$135 million expected by Canaccord Genuity analysts. Manulife reported a jump in assets under management that boosted its global wealth and asset management business and helped offset lower earnings in Asia and the United States.

Sun Life Financial Inc: Canada's second-largest life insurer beat analyst estimates for third-quarter core profit, which rose from a year earlier due to a rise in new business and as assets under management increased from a year earlier. Underlying profit at smaller Sun Life was C$902 million, or C$1.54 a share, in the three months ended Sept. 30, from C$842 million, or C$1.44, a year earlier. Analysts had expected C$1.52 Canadian cents. Reported net income attributable to shareholders climbed to C$1 billion from C$750 million a year earlier. Earnings fell 19% in the United States and 12% in Asia, driven in part by COVID-19 related claims in the United States, Indonesia and the Philippines, as well as the negative impacts of foreign exchange movements. However, this was offset by a 23% increase in earnings from its asset management unit.


SPECIAL REPORT
Drugmakers pushed aggressive diabetes therapy. Patients paid the price.
Pharmaceutical giants launched years-long marketing campaigns for a treatment target they helped create, and as their sales of diabetes drugs soared, so did incidents of low blood sugar, a potentially deadly medication risk.


ANALYSTS' RECOMMENDATION
Black Diamond Group Ltd: Canaccord Genuity raises target price to C$6 from C$5.50, citing strong operating metrics and renewed dividend point to further strength ahead, after the company reported third-quarter results with revenue and EBITDA both beating forecasts.

Cenovus Energy Inc: JPMorgan raises target price to C$19 from C$15.50, after the company reported solid third-quarter results and announced its much anticipated plan to shift to a more balanced capital allocation approach between debt reduction and return of capital.

iA Financial Corporation Inc: RBC raises target price to C$83 from C$81, following the company’s third-quarter results that came in above expectations mainly driven by good iA Auto and Home experience.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) Trade Balance for Sept: Expected C$1.55 bln; Prior C$1.94 bln
0830 (approx.) Exports for Sept: Prior C$54.44 bln
0830 (approx.) Imports for Sept: Prior C$52.51 bln


COMPANIES REPORTING RESULTS
November 4:
ARC Resources Ltd: Expected Q3 earnings of 41 Canadian cents per share
Badger Infrastructure Solutions Ltd: Expected Q3 earnings of 37 Canadian cents per share
Barrick Gold Corp: Expected Q3 earnings of 23 cents per share
Baytex Energy Corp: Expected Q3 earnings of 10 Canadian cents per share
BCE Inc: Expected Q3 earnings of 82 Canadian cents per share
Canadian Natural Resources Ltd: Expected Q3 earnings of C$1.58 per share
Constellation Software Inc: Expected Q3 earnings of $12.03 per share
Denison Mines Corp: Expected Q3 loss of 1 Canadian cent per share
Enerplus Corp: Expected Q3 earnings of 48 Canadian cents per share
Fairfax Financial Holdings Ltd: Expected Q3 earnings of $9.49 per share
First Majestic Silver Corp: Expected Q3 earnings of 00 break even per share
Gildan Activewear Inc: Expected Q3 earnings of 57 cents per share
IGM Financial Inc: Expected Q3 earnings of C$1.05 per share
Interfor Corp: Expected Q3 earnings of 59 Canadian cents per share
Jamieson Wellness Inc: Expected Q3 earnings of 35 Canadian cents per share
Kinaxis Inc: Expected Q3 earnings of 14 cents per share
Labrador Iron Ore Royalty Corp: Expected Q3 earnings of C$1.38 per share
Lightspeed Commerce Inc: Expected Q2 loss of 9 cents per share
Maple Leaf Foods Inc: Expected Q3 earnings of 29 Canadian cents per share
Open Text Corp: Expected Q1 earnings of 80 cents per share
Pembina Pipeline Corp: Expected Q3 earnings of 68 Canadian cents per share
Premium Brands Holdings Corp: Expected Q3 earnings of C$1.35 per share
Primo Water Corp (MISSISSAUGA): Expected Q3 earnings of 26 cents per share
Quebecor Inc: Expected Q3 earnings of 71 Canadian cents per share
Ritchie Bros Auctioneers Inc: Expected Q3 earnings of 33 cents per share
Russel Metals Inc: Expected Q3 earnings of C$1.40 per share
Saputo Inc: Expected Q2 earnings of 32 Canadian cents per share
Toromont Industries Ltd: Expected Q3 earnings of C$1.13 per share
Trisura Group Ltd: Expected Q3 earnings of 33 Canadian cents per share
Wheaton Precious Metals Corp: Expected Q3 earnings of 35 cents per share

November 5:
Canada Goose Holdings Inc: Expected Q2 loss of 9 Canadian cents per share
Canopy Growth Corp: Expected Q2 loss of 21 Canadian cents per share
Centerra Gold Inc: Expected Q3 earnings of 11 cents per share
Enbridge Inc: Expected Q3 earnings of 57 Canadian cents per share
Magna International Inc: Expected Q3 earnings of 60 cents per share
Sprott Inc: Expected Q3 earnings of 38 cents per share
TC Energy Corp: Expected Q3 earnings of 99 Canadian cents per share
Telus International Cda Inc: Expected Q3 earnings of 24 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 BCE Inc: Q3 earnings conference call
0800 Kirkland Lake Gold Ltd: Q3 earnings conference call
0800 Lightspeed Commerce Inc: Q2 earnings conference call
0800 Manulife Financial Corp: Q3 earnings conference call
0800 Maple Leaf Foods Inc: Q3 earnings conference call
0830 GFL Environmental Inc: Q3 earnings conference call
0830 Gildan Activewear Inc: Q3 earnings conference call
0830 Hudbay Minerals Inc: Q3 earnings conference call
0830 Iamgold Corp: Q3 earnings conference call
0900 Recipe Unlimited Corp: Q3 earnings conference call
0900 Stantec Inc: Q3 earnings conference call
0930 Spin Master Corp: Q3 earnings conference call
1000 Franco-Nevada Corp: Q3 earnings conference call
1000 goeasy Ltd: Q3 earnings conference call
1000 Primo Water Corp (MISSISSAUGA): Q3 earnings conference call
1000 Sun Life Financial Inc: Q3 earnings conference call
1100 Barrick Gold Corp: Q3 earnings conference call
1100 Canadian Natural Resources Ltd: Q3 earnings conference call
1100 Quebecor Inc: Q3 earnings conference call
1100 Tourmaline Oil Corp: Q3 earnings conference call
1130 Great-West Lifeco Inc: Q3 earnings conference call
1130 Parex Resources Inc: Q3 earnings conference call
1130 Sandstorm Gold Ltd: Q3 earnings conference call
1330 Premium Brands Holdings Corp: Q3 earnings conference call
1430 Saputo Inc: Q2 earnings conference call
1700 Jamieson Wellness Inc: Q3 earnings conference call
1700 Open Text Corp: Q1 earnings conference call


EX-DIVIDENDS
There are no major ex-divs for the day.


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



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