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Msg  71518 of 72054  at  5/4/2022 12:18:38 PM  by

carswell

The following message was updated on 5/4/2022 12:18:38 PM.

Coffee/Summaries

 
Web Version

BEFORE THE OPEN
Source: Thomson Reuters

  • 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 IN THE NEWS
Source: Thomson Reuters

Meta Platforms Inc. (FB):
  • Germany's cartel office said that the social media company, has "paramount significant for competition across markets", a classification which gives the regulator more leeway to curb digital companies' market power
  • Under legislation introduced by German lawmakers in early 2021, the cartel office can ban what it deems to be anti-competitive activities
  • Meta, operates a strong, ad-supported social media ecosystem that continues to expand and is used by a large portion of the population in Germany, the cartel office said in a statement
  • It said the new classification would form the basis for a more rapid conclusion of ongoing antitrust proceedings against Meta
  • A spokesperson for Meta said that the company would comply with the cartel office's decision on the classification
  • "Even if we do not share the reasoning that has led to the Federal Cartel Office's decision, we will continue to concentrate on providing our users in Germany with the best possible experience in keeping with all the laws and regulations," a spokesperson for Meta told Reuters
Twitter Inc. (TWTR):
  • Elon Musk said on Tuesday that the social media company might charge a "slight" fee for commercial and government users, part of the billionaire entrepreneur's push to grow revenue which has lagged behind larger rivals like Meta Platforms Inc's Facebook
  • "Twitter will always be free for casual users, but maybe a slight cost for commercial/government users," Musk said in a tweet
  • "Some revenue is better than none!" he added in another tweet
  • In tweets which were subsequently deleted, Musk suggested changes to Twitter Blue premium subscription service, including slashing its price, banning advertising and giving an option to pay in the cryptocurrency dogecoin
  • Separately, Elon Musk plans to take Twitter public again in as little as three years of buying the social media company, the Wall Street Journal reported on Tuesday
  • Musk has told potential investors he plans to stage an initial public offering to return Twitter to public markets, the report said
EARNINGS SPOTLIGHT
Source: Thomson Reuters

Airbnb Inc. (ABNB):
  • The vacation rental firm projected second-quarter revenue above market estimates on Tuesday, betting on pent-up demand to drive a summer of strong travel after COVID-19 curbs were eased globally.
  • The firm expects revenue between $2.03 billion and $2.13 billion, compared with the average analyst expectation of $1.96 billion
  • Gross booked nights in urban destinations also rose sharply to above pre-pandemic levels, while the number of nights and experiences booked - a key metric of the platform's performance - exceeded 100 million for the first time
  • That along with a 37% surge in average daily rates over 2019 levels drove Airbnb's revenue 70% higher from a year earlier
  • The company reported a net loss of 3 cents per share which was much smaller than analysts' estimate
General Motors Co. (GM):
  • The automaker's first-quarter profit beat analyst estimates on Tuesday, as the company focused on sales of more expensive models with higher margins, even with production still limited by chip shortages and supply chain disruptions
  • GM's net income dipped slightly to $2.9 billion in the quarter, compared with analysts' estimates of $2.45 billion, as higher prices were not enough to offset an increase in costs
  • But Chief Executive Officer Mary Barra delivered an upbeat message to investors: "We continue to see a strong pricing opportunity because there is demand for our product."
  • Barra said GM expects to build 25%-30% more vehicles this year than last despite continued volatility in the supply of semiconductor chips, which the automaker expects to ease in the second half
  • GM said it expects full-year net income of $9.6 billion to $11.2 billion, and reaffirmed its full-year outlook for adjusted EBIT of $13 billion to $15 billion
  • GM's first-quarter revenue of $36 billion was up 11% from $32.5 billion a year ago
  • Diluted earnings per share were $1.35, compared with $2.03 a year earlier
Barrick Gold Corp. (ABX):
  • 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
Uber Technologies Inc. (UBER):
  • The ride hailing firm 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
  • Uber reported a dip in monthly active users in the first three months of the year from the previous quarter, a common trend in the industry during the colder winter months, but was keen to set itself apart from its smaller competitor
  • Uber reported first-quarter adjusted EBITDA, which excludes stock-based compensation and other expenses, of $168 million
  • That surpassed the average analyst expectation of $132 million, according to IBES data from Refinitiv
  • Uber's second-quarter adjusted EBITDA forecast of between $240 million and $270 million also topped the average analyst expectation for $237 million
  • At $6.9 billion, total first-quarter revenue rose 136% and exceeded estimates for $6.13 billion.
  • However, on a net basis, Uber's first-quarter loss surged to $5.9 billion from $108 million a year ago, driven by $5.6 billion in drops in the value of stakes in other
  • But monthly active platform consumers, a metric that includes both ride-hail and food delivery users, dropped from 118 million in the fourth quarter to 115 million in the three months ending March 31
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • The Federal Reserve is all set to raise rates again on Wednesday, with most economists expecting a 50-basis point increase to quell inflation that is running at the fastest pace in decades
  • Overturning Roe v. Wade risks widening economic inequality in the U.S., threatening decades of gains for women in places where abortion could be all but banned
  • The European Union proposed to ban Russian crude oil over the next six months and refined fuels by the end of the year
Gibson Energy* (GEI: $25.38)
i-80 Gold Corp.* (IAU: $3.33)
Think Research Corporation* (THNK: $0.79)
Cansortium* (TIUM: $0.20)


BigCommerce (BIGC: $20.14)
Thomson Reuters Corp* (TRI: $99.07)
ZoomInfo Technologies* (ZI: $51.99)

WEALTH AND ESTATE PLANNING
Do you have an optimized draw-down strategy in place for your retirement?

INDUSTRY UPDATE
Oil

MORNING INK REPORT
Russell Starr defies the crypto bears

MACRO - EVENT SCHEDULE

Sources: Bloomberg Finance L.P.
US MBA Mortgage Applications come in at 2.5%

MOST READ NEWS

Source: Bloomberg Finance L.P.
Russia Seeks to Annex Occupied Ukraine as Invasion Goals Shift

“Never let the fear of striking out keep you from playing the game.”

- Babe Ruth

ASSET CLASS PERFORMANCE
Source: FactSet
*All numbers presented on the table below is based on total return
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*


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