TOP NEWS
• Australia's Uniti agrees to $2.7 billion takeover offer from Brookfield, Morrison & Co
Uniti Group has agreed to a nearly $2.70 billion takeover offer by a unit of Canada's Brookfield Asset Management and fund manager Morrison & Co, the Australian telecom firm said.
• Russian companies, global banks could reap windfall from depositary receipt delisting
Russian companies and global banks including BNY Mellon, Deutsche Bank, Citigroup and JPMorgan could profit if Moscow moves to de-list Russian companies' depositary receipts from foreign exchanges, according to two people familiar with the matter.
• Miner Barrick's first-quarter gold output down 17%
Miner Barrick Gold said first-quarter production fell 17.7% from the previous three months, hurt by lower output at its Carlin and Cortez mines.
• Elon Musk offers to buy Twitter for $41 billion
Billionaire Elon Musk has offered to buy Twitter for about $41 billion in cash, saying the social media company he has often criticized needs to go private to see effective changes.
• Insurer UnitedHealth raises 2022 adjusted profit forecast
UnitedHealth Group raised its full-year adjusted profit forecast following strength at its Optum healthcare services unit that led to an uptick in its quarterly profit.
BEFORE THE BELL
Futures for Canada's main stock index edged lower, pressured by lower bullion and crude prices, as investors awaited a batch of economic data due later in the day. Oil prices slipped on an anticipation of larger-than-expected U.S. stockpiles. U.S. stock futures were mixed amid earnings from a slew of major U.S. banks. European shares edged higher after a mixed batch of earnings. The euro rose against the dollar ahead of ECB's rate decision.
STOCKS TO WATCH
Deals Of The Day:
• Brookfield Asset Management Inc: Uniti Group has agreed to a nearly $2.70 billion takeover offer by a unit of Brookfield Asset Management and fund manager Morrison & Co, the Australian telecom firm said. Under the potential deal, Uniti shareholders will receive A$5.0 per share, representing a premium of 58.7% to the stock's closing price on March 14, a day before the telecom firm received an initial A$4.50 per share offer from Morrison. Uniti's board unanimously recommended that its shareholders vote in favour of the proposal.
In Other News:
• Barrick Gold Corp: The miner said first-quarter production fell 17.7% from the previous three months, hurt by lower output at its Carlin and Cortez mines. Barrick said gold output was lower because of a mechanical mill failure at its Carlin and Cortez mines and a depletion of stockpiled higher grade underground ore. The company, which is scheduled to release its first-quarter results on May 4, said the average market price for gold in the quarter was $1,877 per ounce, up from $1,795 per ounce in the prior quarter. Barrick said it expects the company's all-in sustaining costs (AISC) for gold, a key industry metric, to be 19% to 21% higher from the fourth quarter.
• TD Bank: The company will offer eligible employees a 3% increase to their base pay or a one-time cash reward effective July 1, Chief Executive Officer Bharat Masrani said in an internal memo on Wednesday. TD Bank said the raise would apply to all global employees between level 1 and 12, as well as associate vice presidents and district vice presidents. Employees who receive commission or commission-like payments, and those who participate in the TD Securities or TD Asset Management Performance Compensation Plan, at or below director level, will receive an alternative one-time cash award, Masrani said.
FOCUS
Oreo-maker, Nestle, Pepsi face pressure from European employees over Russia
Oreo-maker Mondelez, Nestle and PepsiCo face staff defections in Ukraine and pushback from workers in eastern Europe angered by the companies' decisions to maintain some business in Russia, according to internal corporate communications reviewed by Reuters and interviews with six workers.
ANALYSTS' RECOMMENDATION
• Baytex Energy Corp: National Bank of Canada ups rating to outperform from sector perform, acknowledging the outsized return potential represented within the company’s Clearwater project.
• Questor Technology: Atb Capital Markets cuts rating to underperform from sector perform saying the company’s challenges are amplified on a relative basis amid an accelerating energy services backdrop.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) Manufacturing sales mm for Feb: Expected 3.6%; Prior 0.6%
0830 (approx.) Wholesale trade mm for Feb: Expected 0.9%; Prior 4.2%
COMPANIES REPORTING RESULTS
April 14:
Goodfood Marchket Corp: Expected Q2 loss of 22 Canadian cents per share
April 18:
No major companies are scheduled to report.
CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Goodfood Marchket Corp: Q2 earnings conference call
0830 Firan Technology Group Corp: Q1 earnings conference call
0900 Canadian General Investments Ltd: Annual Shareholders Meeting
0930 Toronto-Dominion Bank: Annual Shareholders Meeting
1100 COGECO Inc: Q2 earnings conference call
1100 Cogeco Communications Inc: Q2 earnings conference call
1100 Valens Company Inc: Q1 earnings conference call
1300 York Harbour Metals Inc: Annual Shareholders Meeting
1630 Very Good Food Company Inc: Q4 earnings conference call
1700 Engine Gaming and Media Inc: Q2 earnings conference call
1730 Numinus Wellness Inc: Q2 earnings conference call
EX-DIVIDENDS
GFL Environmental Inc: Amount $0.01
(All analysts' estimates are according to I/B/E/S Refinitiv data.)
(Morning News Call - Canada edition will not be published on Friday, April 15, on account of the Good Friday holiday.)
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