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Msg  71166 of 71821  at  3/1/2022 10:05:31 AM  by

Gammafriend


Morning News Call TD

 

CANADA EDITION

TUESDAY, MARCH 1, 2022


TOP NEWS
• Russian column bears down on Kyiv as battle for Ukraine capital intensifies
A Russian armoured column bore down on Ukraine's capital Kyiv after the deadly shelling of civilian areas in its second largest city indicated that frustrated Russian commanders could resort to more devastating tactics to achieve the goals of their invasion.

• Bank of Nova Scotia beats quarterly profit estimates
Bank of Nova Scotia beat market estimates for first-quarter profit, driven by strong mortgages and commercial loan growth that boosted its international banking segment.

• Bank of Montreal beats profit estimates lifted by business lending, capital markets grew
Bank of Montreal beat analysts' estimates for quarterly profit, with earnings rising 27% from a year earlier as capital markets strength, commercial loan growth and a recovery of provisions for loan losses offset higher expenses.

• Target forecasts upbeat 2022, sees margin pressure easing
Target forecast 2022 sales and profit above analysts' expectations, after posting a 9% rise in holiday quarter sales even as the big box retailer battled supply chain disruptions and record inflation.

• ​Chevron sticks to capital discipline pledge, raises share buyback
Chevron raised its share buyback and forecast for operating cash flow through 2026, benefiting from cost cuts and a recent surge in energy prices.


BEFORE THE BELL
Futures for Canada's main stock index fell as escalating Russia-Ukraine crisis kept investors on the edge, while investors awaited domestic growth data due later in the day. U.S. stock index futures slid, with banks stocks declining further, while a rise in oil prices supported shares of energy companies. European stocks dipped, kicking off March on a glum note due to weak earnings reports and jitters over the crisis. Meanwhile, China stocks closed higher after data showed factory activity unexpectedly expanded in February and Japanese shares rise on bargain hunting. The U.S. dollar was higher against as basket of major currencies. Palladium jumped on concerns that Western sanctions against Russia would hit supply, with the conflict also driving up prices of safe-haven gold.


STOCKS TO WATCH
Results
• Bank of Montreal
: The lender beat analysts' estimates for quarterly profit, with earnings rising 27% from a year earlier as capital markets strength, commercial loan growth and a recovery of provisions for loan losses offset higher expenses. Canada's fourth-biggest lender said net income excluding one-off items rose to C$3.89 per share in the three months ended Jan. 31, compared with C$3.06 a year earlier. Analysts had expected C$3.28 a share. BMO's capital markets earnings surged 47%, driven by both higher revenues in investment and corporate banking and higher client activity in the trading unit. Average commercial loans grew 10% from a year ago, outpacing an 8% increase in residential mortgages, which have been the primary driver of lending growth for Canadian banks during the pandemic.

• Bank of Nova Scotia: Canada's third-biggest lender beat market estimates for first-quarter profit, driven by strong mortgages and commercial loan growth that boosted its international banking segment. Net income excluding one-off items rose to C$2.15 in the three months ended Jan. 31, compared with C$1.88 a year earlier. Analysts had expected a profit of C$2.05 a share. The lender reported overall net income of C$2.74 billion, or C$2.14 a share, compared with C$2.4 billion, or C$1.86, a year earlier.

• Green Thumb Industries Inc: The U.S. cannabis firm’s fourth-quarter revenue beat estimates with a 37.4% jump, bolstered by growth in its consumer packaged goods and retail businesses. Chicago-based Green Thumb's revenue rose to $243.6 million in the fourth quarter ended Dec. 31, surpassing analysts' average estimate of $237.7 million. Net income attributable to the company rose 1.5% to $22.8 million, or 10 cents per share.

In Other News
• Brookfield Asset Management Inc: Britain's competition regulator cleared Brookfield's proposed acquisition of a minority stake in Scotia Gas Networks (SGN) without referring the $1.7 billion deal to a lengthy investigation. Britain's SSE in August agreed to sell its entire 33.3% stake in Scotia Gas Networks (SGN) to a Canadian consortium formed by Ontario Teachers' Pension Plan Board and Brookfield Super-Core Infrastructure Partners. The deal does not merit a so-called Phase 2 investigation, the Competition and Markets Authority (CMA) said.


INSIGHT
Fed, and Powell, face a new world of risk in pivot to tighter policy
The U.S. Federal Reserve's plan to end the loose money policies used to fight the pandemic is facing an unexpectedly early test as the Russian invasion of Ukraine poses new economic and financial risks already being felt in global markets.


ANALYSTS' RECOMMENDATION
NFI Group Inc: ATB Capital Markets cuts target price to C$28 from C$35, believing that the company’s 2022 outlook is weaker than expected as supply chain issues extend to materially impact the full year.

• Vertex Resource Group Ltd: Acumen Capital raises target price to C$0.75 from C$0.65, following the company’s announcement of the acquisition of Cordy Oilfield Services Inc.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) GDP QQ for Q4: Prior 1.3%
0830 (approx.) GDP QQ annualized for Q4: Expected 6.5%; Prior 5.4%
0830 (approx.) GDP implicit price QQ for Q4: Prior 0.8%
0830 (approx.) GDP yy for Q4: Prior 3.97%
0830 (approx.) GDP mm for Dec: Expected 0.1%; Prior 0.6%
0930 Markit Manufacturing PMI SA for Feb: Prior 56.2


COMPANIES REPORTING RESULTS
March 1:
Aecon Group Inc: Expected Q4 earnings of 47 Canadian cents per share
Bank of Montreal: Expected Q1 earnings of C$3.28 per share
Bank of Nova Scotia: Expected Q1 earnings of C$2.05 per share
Canfor Corp: Expected Q4 earnings of C$1.45 per share
Canfor Pulp Products Inc: Expected Q4 loss of 27 Canadian cents per share
Cronos Group Inc: Expected Q4 loss of 12 cents per share
ECN Capital Corp: Expected Q4 earnings of 4 cents per share
Element Fleet Management Corp: Expected Q4 earnings of 19 Canadian cents per share
First National Financial Corp: Expected Q4 earnings of 82 Canadian cents per share
Green Thumb Industries Inc: Expected Q4 earnings of 7 cents per share
Kinaxis Inc: Expected Q4 earnings of 18 cents per share
Lowell Farms Inc: Expected Q4 loss of 3 cents per share
Neoleukin Therapeutics Inc: Expected Q4 loss of 30 cents per share
Parex Resources Inc: Expected Q4 earnings of 94 cents per share
Village Farms International Inc: Expected Q4 earnings of 2 cents per share
Xenon Pharmaceuticals Inc: Expected Q4 loss of 37 cents per share

March 2:
Andlauer Healthcare Group Inc: Expected Q4 earnings of 36 Canadian cents per share
Athabasca Oil Corp: Expected Q4 earnings of 2 Canadian cents per share
AutoCanada Inc: Expected Q4 earnings of 71 Canadian cents per share
Descartes Systems Group Inc: Expected Q4 earnings of 24 cents per share
Freehold Royalties Ltd: Expected Q4 earnings of 21 Canadian cents per share
Frontera Energy Corp: Expected Q4 earnings of 58 cents per share
Great Panther Mining Ltd: Expected Q4 loss of 3 cents per share
Laurentian Bank of Canada: Expected Q1 earnings of C$1.20 per share
Pizza Pizza Royalty Corp: Expected Q4 earnings of 20 Canadian cents per share
Secure Energy Services Inc: Expected Q4 earnings of 1 Canadian cent per share
Tecsys Inc: Expected Q3 earnings of 8 Canadian cents per share
Tricon Residential Inc: Expected Q4 earnings of 10 cents per share
Turquoise Hill Resources Ltd: Expected Q4 earnings of 59 cents per share
VersaBank: Expected Q1 earnings of 23 Canadian cents per share
Winpak Ltd: Expected Q4 earnings of 33 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0715 Bank of Montreal: Q1 earnings conference call
0800 Green Thumb Industries Inc: Q4 earnings conference call
0815 Bank of Nova Scotia: Q1 earnings conference call
0830 Valeo Pharma Inc: Q4 earnings conference call
0830 Cronos Group Inc: Q4 earnings conference call
0900 Covalon Technologies Ltd: Q1 earnings conference call
0930 Spin Master Corp: Q4 earnings conference call
1000 Africa Oil Corp: Q4 earnings conference call
1000 Global Dividend Growers Income Fund: Shareholders Meeting
1000 Global Innovation Dividend Fund: Shareholders Meeting
1000 Sustainable Infrastructure Dividend Fund: Shareholders Meeting
1100 Amarillo Gold Corp: Shareholders Meeting
1100 Valens Company Inc: Q4 earnings conference call
1700 Eguana Technologies Inc: Q1 earnings conference call
1730 Lowell Farms Inc: Q4 earnings conference call
1730 ECN Capital Corp: Q4 earnings conference call


EX-DIVIDENDS
High Liner Foods Inc: Amount C$0.10
Sun Life Financial Inc: Amount C$0.66
Waste Connections Inc: Amount $0.23


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



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