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Msg  71509 of 72054  at  5/3/2022 10:22:15 AM  by

Gammafriend


Morning News Call TD

CANADA EDITION

TUESDAY, MAY 3, 2022


TOP NEWS
Thomson Reuters ups 2022 revenue forecast after Q1 beat
Thomson Reuters raised its 2022 revenue forecast after beating first-quarter expectations on strong growth across its core legal, tax and accounting, and corporate businesses.

Burger King parent Restaurant Brands tops quarterly sales estimates
Restaurant Brands International beat estimates for quarterly revenue, boosted by higher prices and increased traffic at the Burger King parent's restaurant chains as more consumers stepped out of their homes and resumed pre-pandemic habits.

BP boosts buybacks on soaring energy prices after costly Russia exit
BP recorded its biggest quarterly loss after writing down $24 billion to exit its Russia businesses but a strong operational performance on the back of rocketing oil and gas prices helped the British energy firm step up share buybacks.

Marathon Petroleum posts profit as fuel demand nears pre-COVID levels
Marathon Petroleum posted a first-quarter profit, compared with a loss a year earlier, as demand for fuel and refined products recovered to near pre-pandemic levels amid tight supplies.

Nigeria buys emergency Canadian potash to replace lost Russian supply
Nigeria had to buy emergency supplies of Canadian potash in April after the country was unable to import the key fertilizer from Russia due to the impact of Western sanctions, the head of Nigeria's sovereign investment authority NSIA said.​


BEFORE THE BELL
Futures for Canada's main stock index edged lower, tracking weakness in both crude and bullion prices. U.S. stock index futures slipped as investors remained nervous ahead of the Federal Reserve's policy decision this week. Upbeat earnings and gains in banking shares supported most European stocks, while UK's FTSE 100 dipped as a strong sterling weighed on export-oriented stocks. In Asia, equities were mostly steady in holiday-thinned trade, with both China and Japan markets shut, while in Hong Kong, stocks managed to hold onto most of their gains from the previous session with heavyweight HSBC rising after its largest shareholder called for a break-up. The U.S. dollar fell against a basket of major currencies before an expected Fed rate hike. ​


STOCKS TO WATCH
Nutrien Ltd: The company on Monday raised its full-year earnings forecast well above estimates after posting a more than 10-fold jump in first-quarter profit, as the world's largest fertilizer company benefits strongly from soaring prices of crop nutrients. Nutrien expects 2022 adjusted earnings of $16.20 to $18.70 per share, compared with its previous forecast of $10.20 to $11.80 per share. Analysts were expecting $15.20 per share, as per Refinitiv data. Net earnings rose to $1.39 billion, or $2.49 per share, in the quarter ended March 31 from $133 million, or 22 cents per share, a year earlier. Excluding items, it posted a profit of $2.70 per share, but missed estimates of $2.75.

Restaurant Brands International Inc: The company beat estimates for quarterly revenue, boosted by higher prices and increased traffic at the Burger King parent's restaurant chains as more consumers stepped out of their homes and resumed pre-pandemic habits. The price hikes have helped the company cushion a hit from a decline in comparable sales at its Popeyes chain, which is grappling with staffing shortages and stiff competition from rivals launching similar menu items. The company's total revenue rose to $1.45 billion in the first quarter ended March 31, from $1.26 billion a year earlier. Analysts on average were expecting revenue of $1.39 billion. Net income attributable to common shareholders rose to $183 million, or 59 cents per share, from $179 million, or 58 cents per share, a year earlier.

Thomson Reuters Corp: The company raised its 2022 revenue forecast after beating first-quarter expectations on strong growth across its core legal, tax and accounting, and corporate businesses. Thomson Reuters, said that while the first quarter gave it more confidence in its financial outlook, the ongoing pandemic and geopolitical risks and any worsening of the economy could hurt its ability to reach its goals. It reported adjusted earnings of 66 cents per share, 5 cents ahead of Wall Street expectations. Operating profit was up 7% to $414 million, while total revenues rose 5.5% in the quarter to $1.67 billion. Analysts expected revenue of $1.6 billion, according to estimates from Refinitiv. Revenues are now forecast to rise 5.5% this year, up from an earlier estimate of about a 5% rise. The three main divisions - Legal Professionals, Tax & Accounting Professionals, and Corporates - reported higher quarterly sales, led by an 11% increase in the tax business. Revenue in the Reuters News segment rose 9% to $176 million.​


ANALYSIS
Foreign pilots rush in as U.S. carriers struggle to staff up
Pilots are back in demand in the United States. But carriers cannot find enough of them, so foreign pilots are rushing to fill the empty cockpits.​


ANALYSTS' RECOMMENDATION
Capital Power Corp: ATB Capital Markets raises target price to C$45 from C$44, as growth remains top priority for the company following strong Q1 results.

Cargojet Inc: ATB Capital Markets raises target price to C$230 from C$225, following the company’s record Q1 results.

Eldorado Gold Corp: Haywood Securities cuts target price to C$17.5 from C$20.5, due to much colder weather at all operations, along with reduced manpower levels due to COVID-19 which both impacted production and costs.

Nomad Royalty Company Ltd: Haywood Securities revises rating to tender, saying a definitive arrangement agreement with Sandstorm Gold Ltd will provide the company’s shareholders with increased scale, significantly more liquidity and substantially more portfolio diversification.

West Fraser Timber Co Ltd: CIBC raises target price to C$146 from C$126, stating the company is well-positioned to benefit from elevated U.S. housing starts. ​


ECONOMIC EVENTS
No major events are scheduled.


COMPANIES REPORTING RESULTS
May 3:
Athabasca Oil Corp: Expected Q1 earnings of 7 Canadian cents per share
B2Gold Corp: Expected Q1 earnings of 5 cents per share
Colliers International Group Inc: Expected Q1 earnings of $1.22 per share
Frontera Energy Corp: Expected Q1 earnings of 33 cents per share
Iamgold Corp: Expected Q1 earnings of 2 cents per share
International Petroleum Corp: Expected Q1 earnings of 38 cents per share
LifeWorks Inc: Expected Q1 earnings of 18 Canadian cents per share
Lundin Gold Inc: Expected Q1 earnings of 24 cents per share
Restaurant Brands International Inc: Expected Q1 earnings of 63 cents per share
Russel Metals Inc: Expected Q1 earnings of C$1.24 per share
SSR Mining Inc: Expected Q1 earnings of 29 cents per share
Thomson Reuters Corp: Expected Q1 earnings of 62 cents per share
Waste Connections Inc: Expected Q1 earnings of 83 cents per share

May 4:
Altus Group Ltd: Expected Q1 earnings of 27 Canadian cents per share
Barrick Gold Corp: Expected Q1 earnings of 24 cents per share
Canfor Corp: Expected Q1 earnings of C$4.42 per share
Centerra Gold Inc: Expected Q1 earnings of 15 cents per share
Constellation Software Inc: Expected Q1 earnings of $11.54 per share
Dundee Precious Metals Inc: Expected Q1 earnings of 21 cents per share
Fortis Inc: Expected Q1 earnings of 78 Canadian cents per share
Franco-Nevada Corp: Expected Q1 earnings of 96 cents per share
GFL Environmental Inc: Expected Q1 loss of 2 Canadian cents per share
Gildan Activewear Inc: Expected Q1 earnings of 51 cents per share
Great-West Lifeco Inc: Expected Q1 earnings of 86 Canadian cents per share
Green Thumb Industries Inc: Expected Q1 earnings of 6 cents per share
Home Capital Group Inc: Expected Q1 earnings of C$1.17 per share
Loblaw Companies Ltd: Expected Q1 earnings of C$1.32 per share
Maple Leaf Foods Inc: Expected Q1 earnings of 9 Canadian cents per share
Open Text Corp: Expected Q3 earnings of 67 cents per share
Spin Master Corp: Expected Q1 earnings of 17 cents per share
TransAlta Renewables Inc: Expected Q1 earnings of 20 Canadian cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 TMX Group Ltd: Q1 earnings conference call
0830 MEG Energy Corp: Q1 earnings conference call
0900 Gibson Energy Inc: Q1 earnings conference call
0900 LifeWorks Inc: Q1 earnings conference call
0900 Thomson Reuters Corp: Q1 earnings conference call
1000 Barrick Gold Corp: Annual Shareholders Meeting
1000 Magna International Inc: Annual Shareholders Meeting
1000 Nutrien Ltd: Q1 earnings conference call
1030 LifeWorks Inc: Annual Shareholders Meeting
1100 Altus Group Ltd: Annual Shareholders Meeting
1100 Colliers International Group Inc: Q1 earnings conference call
1200 Gibson Energy Inc: Annual Shareholders Meeting
1200 MEG Energy Corp: Annual Shareholders Meeting
1300 Imperial Oil Ltd: Annual Shareholders Meeting
1400 TMX Group Ltd: Annual Shareholders Meeting
1430 Canfor Corp: Annual Shareholders Meeting
1600 Iamgold Corp: Annual Shareholders Meeting
1600 New Gold Inc: Annual Shareholders Meeting
1700 Mullen Group Ltd: Annual Shareholders Meeting


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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