BEFORE THE OPEN
Source: Thomson Reuters
- Canada's main stock index was poised to open higher, after two consecutive days in losses, as riskier assets attempted a comeback, although further gains were limited by weakness in oil and gold prices
- U.S. stock index futures jumped after four straight sessions of losses on Wall Street, with investors snapping up stocks hammered by concerns over Western sanctions on Russia following its invasion of Ukraine
- European shares also rebounded as traders picked up beaten-down stocks following a recent rout, while most Asian stocks struggled for footing
- In currency markets, the euro rose, ahead of the European Central Bank’s meeting on Thursday
- The U.S. dollar was lower against a basket of currencies
STOCKS IN THE NEWSSource: Thomson Reuters
(KO) & PepsiCo Inc.
Lumen Technologies Inc.
- The companies said on Tuesday they are suspending sales of their sodas in Russia, becoming the latest high-profile Western consumer brands to curtail operations in the region following Moscow's invasion of Ukraine
- PepsiCo, whose colas were one of the few Western products allowed in the Soviet Union prior to its collapse, said it would continue to sell daily essentials, such as milk and other dairy offerings, baby formula and baby food, in Russia
- One of the companies that comprises the backbone of the internet, said on Tuesday it was pulling the plug on Russia because of an "increased security risk."
- Lumen said in a brief statement it provides "extremely small and very limited" business services in Russia
- "We decided to disconnect the network due to increased security risk inside Russia," the company said in a statement
- A senior Netflix executive said on Tuesday the company had no current plans to offer a streaming option that included advertising but declined to rule it out in the future
- "Never say never," CFO Spencer Neumann said when asked if the company would change its long-standing position that its service should remain ad-free
- Some Wall Street analysts have urged Netflix, the world's largest streaming service, to develop a lower-cost tier with advertising to boost revenue
- The company's pace of new subscribers has slowed in recent quarters, and Netflix shares have fallen nearly 43% this year
EARNINGS SPOTLIGHTSource: Thomson ReutersBumble Inc.
- The company on Tuesday beat fourth-quarter profit estimates and said it expected strong growth at its Bumble app in 2022, sending the dating company's shares up over 20% in extended trading
- It said combined revenue from Russia, Ukraine, and Belarus was about 2.8% of total annual revenue in 2021
- It expects to lose about $20 million in revenue from the region this year
- For 2022, Bumble forecast full-year 2022 revenue between $934 million and $944 million, the mid-point of which is nearly in line with analysts' estimates
- Excluding items, Bumble earned 13 cents per share for the quarter ended Dec. 31
- Analysts on average had expected the company to break even on a per share basis
- The company also said it is discontinuing operations in Russia, joining a growing number of firms that are exiting the country following its invasion of Ukraine
- Bumble is also removing all of its apps from the Apple App Store and Google Play Store in Russia and Belarus
THINGS TO KNOW
WEALTH AND ESTATE PLANNING
Will you remain involved in the business after the transfer or sale? Why is this important to you?
MORNING INK REPORTIs a contrarian opportunity cooking up at MTY Food Group?
MACRO - EVENT SCHEDULE
Sources: Bloomberg Finance L.P.
US MBA Mortgage Applications came in at 8.5%
MOST READ NEWS
Source: Bloomberg Finance L.P.
Putin’s Endgame Starts to Look Like Reducing Ukraine to Rubble
“Opportunities don't happen. You create them.”
- Chris Gosser
ASSET CLASS PERFORMANCESource: FactSet*All numbers presented on the table below are based on total return*All prices are in local currenciesThis publication is a general market commentary and does not constitute a research report. Any reference to a research report or a recommendation is not intended to represent the whole report and is not itself a research report or recommendation. This commentary is for informational purposes only and does not contain investment advice and is drawn from sources believed to be reliable, but the accuracy and completeness of the information is not guaranteed, nor in providing it does Canaccord Genuity assume any liability. This information is given as of the date appearing in this publication and Canaccord Genuity assumes no obligation to update the information or advise on further developments relating to these securities. This publication is intended for distribution only in those jurisdictions where Canaccord Genuity is registered as an advisor or a dealer in securities. Any distribution or dissemination of this publication in any other jurisdiction is strictly prohibited. Canaccord Genuity, its affiliated companies and its respective directors, officers and employees and companies with which they are associated may have positions in and engage in trading activities in the securities mentioned in this publication.Retail Clients:You can unsubscribe from this newsletter at any time by replying to this email with 'unsubscribe' in the subject line.If you have questions or require assistance, please contact your Investment Advisor.Institutional Clients:For more research and our coverage universe online, visit Canaccord Genuity's Research Portal.For current disclosures, please visit our Online Disclosure Database. For more information, please contact firstname.lastname@example.org.
Certain research on the Canaccord Genuity Research Portal is produced by Canaccord Genuity Limited, which is authorized and regulated by the Financial Conduct Authority (FCA). Where identified, this is non-independent research and a marketing communication under the FCA Conduct of Business rules. Such research constitutes third-party research in North America for purposes of FINRA and IIROC rules. Certain research on the Canaccord Genuity Research Portal is produced by Canaccord Genuity (Australia) Limited, which is authorized and regulated by ASIC. Such research constitutes third-party research in North America for purposes of FINRA and IIROC rules.
Copyright (C) 2022 Canaccord Genuity. All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity. None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of Canaccord Genuity.