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Msg  71516 of 72054  at  5/4/2022 10:59:08 AM  by

Gammafriend


Morning News Call TD

CANADA EDITION

WEDNESDAY, MAY 4, 2022


TOP NEWS
Fed expected to step up inflation fight with big rate hike
The Federal Reserve is expected to raise interest rates by half of a percentage point and announce the start of reductions to its $9 trillion balance sheet as U.S. central bankers intensify efforts to bring down high inflation.

Miner Barrick Gold Q1 profit beat estimates, doubles dividend
Barrick Gold doubled its quarterly dividend after reporting first-quarter profit above Wall Street expectations, on the back of higher gold and copper prices.

Uber says doesn't need to pay drivers more, forecasts profit ahead of Wall Street
Uber Technologies beat expected operating earnings and forecast a strong second quarter, saying it had no need to offer extra incentives to boost its driver supply, unlike its smaller rival Lyft.

Loblaw revenue misses estimates on easing demand for groceries, essentials
Loblaw Cos missed Wall Street estimates for first-quarter revenue, signaling that pandemic-led demand for groceries and drugs were waning from its peak.

CVS Health raises full-year profit forecast on insurance business strength
CVS Health's raised its full-year adjusted profit forecast, driven by strong performance at its health insurance and pharmacy benefit management businesses in the first quarter.​


BEFORE THE BELL
Canada's main stock index futures were little changed, while U.S. stock index futures edged higher as investors remained on the sidelines ahead of the U.S. Federal Reserve's decision on rate hike. European stocks slipped, dented by disappointing earnings. Chinese and Japanese equity markets were closed, while Australian shares ended lower in volatile trading following a slump in gold and mining stocks. The U.S. dollar was slightly lower against a basket of major currencies. Oil prices gained as the EU gave details of its planned ban on Russian oil imports. Gold prices steadied, a day after hitting an over two-month low.​


STOCKS TO WATCH
Barrick Gold Corp: The miner doubled its quarterly dividend after reporting first-quarter profit above Wall Street expectations, on the back of higher gold and copper prices. However, the company's gold production in the quarter fell 10.1% to 990,000 ounces from a year earlier, hurt by lower output at its Nevada gold mines. The omicron coronavirus variant has caused labor shortages and other production disruptions, forcing rivals like Newmont Corp to take a hit of as much as 150,000 ounces in the first quarter. Barrick said its all in sustaining costs, an industry metric that reflects total costs associated with production, was up at $1,164 per ounce of gold from $1,018 per ounce a year earlier. Barrick also declared a dividend of 20 cents per share for the first quarter, nearly double from the previous quarter. Barrick's first-quarter adjusted earnings per share of 26 cents was above estimates of 24 cents.

Loblaw Cos Ltd: The retailer missed Wall Street estimates for first-quarter revenue signaling that pandemic-led demand for groceries and drugs were waning from its peak. Total revenue rose 3.3% to C$12.26 billion in the three months ended March 26, missing analysts' estimates of C$12.36 billion. Net earnings available to common shareholders rose to C$437 million, or C$1.30 per share for the quarter from C$313 million, or 90 Canadian cents per share, a year earlier.​


GRAPHIC
Investor pessimism mounts as more Fed rate hikes loom
Stock market investors are heading into the U.S. Federal Reserve's rate-setting announcement particularly pessimistic, with fresh milestones for bond yields and worries about rocketing inflation weighing on sentiment as the central bank is expected to hike rates further.


ANALYSTS' RECOMMENDATION
Algonquin Power & Utilities Corp: National Bank of Canada cuts rating to sector perform from outperform, factoring rising bond yields.

Calfrac Well Services Ltd: ATB Capital Markets raises target price to C$7 from C$6, stating the underlying market improvement in North America could significantly help the company’s stock.

Kiwetinohk Energy Corp: National Bank of Canada initiates coverage with outperform rating, saying the company is positioned as one of the most uniquely oriented towards the theme of energy transition, where it intends to vertically integrate high-impact upstream assets through a portfolio of green power generation projects.

Lifeworks Inc: National Bank of Canada cuts target price to C$24 from C$26, after the company reported a Q1 that saw constant-currency organic growth decline as lockdowns limited in-person training and counselling work.

MEG Energy Corp: RBC raises target price to C$22 from C$21, citing the company’s capable leadership team, top-quartile oil sands operations at Christina Lake, balance sheet deleveraging and emerging shareholder returns.​


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) Trade balance for March: Expected C$3.90 bln; Prior C$2.66 bln
0830 (approx.) Export for March: Expected C$61.76 bln; Prior C$58.75 bln
0830 (approx.) Import for March: Expected C$58.11 bln; Prior C$56.08 bln


COMPANIES REPORTING RESULTS
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
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 7 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

May 5:
ARC Resources Ltd: Expected Q1 earnings of 52 Canadian cents per share
Aritzia Inc: Expected Q4 earnings of 24 Canadian cents per share
BCE Inc: Expected Q1 earnings of 81 Canadian cents per share
Bombardier Inc: Expected Q1 loss of 3 cents per share
Cameco Corp: Expected Q1 loss of 2 Canadian cents per share
Endeavour Mining PLC: Expected Q1 earnings of 47 cents per share
Enerplus Corp: Expected Q1 earnings of 66 Canadian cents per share
Hydro One Ltd: Expected Q1 earnings of 48 Canadian cents per share
IGM Financial Inc: Expected Q1 earnings of 98 Canadian cents per share
Jamieson Wellness Inc: Expected Q1 earnings of 22 Canadian cents per share
Kinaxis Inc: Expected Q1 earnings of 55 cents per share
Labrador Iron Ore Royalty Corp: Expected Q1 earnings of ₹ C$1.16 per share
Pembina Pipeline Corp: Expected Q1 earnings of 83 Canadian cents per share
Resolute Forest Products Inc: Expected Q1 earnings of ₹ $1.93 per share
Shopify Inc: Expected Q1 earnings of 69 cents per share
SNC-Lavalin Group Inc: Expected Q1 earnings of 34 Canadian cents per share
Stelco Holdings Inc: Expected Q1 earnings of ₹ C$3.28 per share
Trisura Group Ltd: Expected Q1 earnings of 37 Canadian cents per share
Uni-Select Inc: Expected Q1 earnings of 24 cents per share
Wheaton Precious Metals Corp: Expected Q1 earnings of 35 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Home Capital Group Inc: Q1 earnings conference call
0800 Maple Leaf Foods Inc: Q1 earnings conference call
0830 Fortis Inc: Q1 earnings conference call
0830 Iamgold Corp: Q1 earnings conference call
0830 Waste Connections Inc: Q1 earnings conference call
0900 Russel Metals Inc: Q1 earnings conference call
0930 Centerra Gold Inc: Q1 earnings conference call
1000 Loblaw Companies Ltd: Q1 earnings conference call
1000 Morguard Corp: Annual Shareholders Meeting
1000 Russel Metals Inc: Annual Shareholders Meeting
1100 Athabasca Oil Corp: Annual Shareholders Meeting
1100 Barrick Gold Corp: Q1 earnings conference call
1100 Canfor Corp: Q1 earnings conference call
1100 Lundin Gold Inc: Q1 earnings conference call
1100 Maple Leaf Foods Inc: Annual Shareholders Meeting
1130 Denison Mines Corp: Annual Shareholders Meeting
1130 Frontera Energy Corp: Q1 earnings conference call
1200 Canadian Utilities Ltd: Annual Shareholders Meeting
1200 TransAlta Renewables Inc: Annual Shareholders Meeting
1230 Paramount Resources Ltd: Annual Shareholders Meeting
1300 B2Gold Corp: Q1 earnings conference call
1530 Enbridge Inc: Annual Shareholders Meeting
1600 Franco-Nevada Corp: Annual Shareholders Meeting
1630 Equinox Gold Corp: Annual Shareholders Meeting
1700 Altus Group Ltd: Q1 earnings conference call
1700 Gildan Activewear Inc: Q1 earnings conference call
1700 Green Thumb Industries Inc: Q1 earnings conference call
1700 Open Text Corp: Q3 earnings conference call


EX-DIVIDENDS
Canadian Utilities Ltd: Amount C$0.44


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



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