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Msg  71545 of 71821  at  5/9/2022 11:01:39 AM  by

Gammafriend


Morning News Call TD

CANADA EDITION

MONDAY, MAY 9, 2022


TOP NEWS
Biden sidelined global energy partners with record emergency oil release -sources
The United States announced a record-sized release of emergency crude oil reserves in March without consulting partners in the International Energy Agency, leaving them scrambling to match with releases of their own, according to two sources familiar with the matter.

White House unveils pact with internet companies to reduce prices
President Joe Biden's administration has secured commitments from 20 internet providers including Verizon, Comcast and AT&T to cut prices or increase internet speeds for millions of U.S. families, administration officials said.

ConocoPhillips submits $1.1 billion Norway oil development plan
ConocoPhillips submitted a plan to develop an oil discovery in the Norwegian North Sea for $1.10 billion, the U.S. petroleum company said.

First Quantum Minerals approves $1.25 billion mine expansion in Zambia
First Quantum Minerals said on Sunday that its board has approved plans for a $1.25 billion expansion of the company's Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by "renewed confidence" in Zambia's investment climate.

Trudeau: Canada to be good energy partner with Europe but won't compromise climate goals
Canada wants to be a good energy partner to Europe but will not abandon its climate goals and planned transition to cleaner fuels, Canadian Prime Minister Justin Trudeau said late on Sunday.​


BEFORE THE BELL
Canada's main stock index was set to open lower as commodity prices retreated. U.S. stock index futures fell, mirroring lower global share, as worries about higher interest rates and a tightened lockdown in Shanghai deepened investors' fears. The U.S. dollar rose on safe-haven demand. ​


STOCKS TO WATCH
First Quantum Minerals Ltd. The company said on Sunday that its board has approved plans for a $1.25 billion expansion of the company's Kansanshi copper mine in Zambia, first floated in January 2020, a decision the miner said was prompted by "renewed confidence" in Zambia's investment climate. First Quantum pointed to that reform in particular as key to unlocking approval for the Kansanshi expansion, saying it "realigned Zambia with international best practice". FQM also said it approved a further $100 million investment in its Enterprise nickel project in Zambia, which it expects to start producing in 2023, ramping up to annual production of 30,000 tonnes of nickel in concentrate. FQM said the $1.35 billion package overall represents the largest investment in Zambia since its Sentinel project was approved in 2012. The announcement came just ahead of the Mining Indaba conference in Cape Town where Hichilema was set to speak on Monday, aiming to draw new investment into the country's mining sector.

Quebecor Inc, Rogers Communications Inc & Shaw Communications Inc: Canada's Commissioner of Competition intends to oppose Rogers Communications proposed C$20 billion merger with Shaw Communications, the companies said in a statement early Saturday. The Commissioner of Competition notified the companies on Friday afternoon of its intention to file applications to the Competition Tribunal opposing the merger. The companies have proposed full divesture of Shaw’s wireless business, Freedom Mobile, to address concerns regarding the possible impact of the merger deal on Canada’s competitive wireless market. Separately, Rogers Communications has asked telecom company Quebecor Inc to join a bid for Shaw Communications’s Freedom Mobile, the Globe and Mail reported on Friday, citing an unnamed source. Rogers said last year it would buy Shaw for about C$20 billion in a deal that would create Canada's second-largest cellular and cable operator. Canada's telecommunications regulator in March conditionally approved Rogers's acquisition of Shaw's broadcast services. Two other regulators, Competition Bureau and Innovation, Science and Economic Development Canada, are reviewing Rogers' plans to buy the rest of Shaw's businesses. Friday's report comes two months after Canadian investment firm Globalive offered $2.9 billion for Freedom Mobile. ​


FOCUS
Suncor CEO Little faces scrutiny after activist Elliott takes aim
As Suncor shares lagged its peers, Elliott Management saw an opportunity and built a 3.4% stake. Last month the hedge fund said it would like to see a handful of new directors join the company's board, as well as management and strategic reviews. Elliott's move is bringing scrutiny over Mark Little's performance as CEO of the oil and gas major, a role he took in 2019 after serving as chief operating officer since December 2017.​


ANALYSTS' RECOMMENDATION
Canadian Natural Resources Ltd: Credit Suisse raises target price to C$93 from C$85, believing high shareholder returns will likely continue given the current commodity price environment.

Endeavour Mining Plc: National Bank of Canada raises target price to C$46 from C$45.25, after the company delivered a financial beat in Q1 anchored by strong production, low costs and elevated FCF.

Pembina Pipeline Corp: ATB Capital Markets raises target price to C$54 from C$52, following the company’s strong Q1 results and optimistic outlook.

Recipe Unlimited Corp: CIBC cuts target price to C$16.5 from C$19, expecting inflation in food and labor costs to pressure the company’s results.

Stelco Holdings Inc: RBC raises target price to C$62 from C$61, after the company generated strong earnings in Q1.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) Building permits mm for March: Expected -8.0%; Prior 21.0%


COMPANIES REPORTING RESULTS
May 9:
Element Fleet Management Corp: Expected Q1 earnings of 20 Canadian cents per share
Ero Copper Corp: Expected Q1 earnings of 40 cents per share
Finning International Inc: Expected Q1 earnings of 50 Canadian cents per share
Galaxy Digital Holdings Ltd: Expected Q1 loss of 42 Canadian cents per share
Hudbay Minerals Inc: Expected Q1 earnings of 11 cents per share
Ritchie Bros Auctioneers Inc: Expected Q1 earnings of 22 cents per share
Suncor Energy Inc: Expected Q1 earnings of C$1.55 per share

May 10:
Altius Minerals Corp: Expected Q1 earnings of 22 Canadian cents per share
Bausch Health Companies Inc: Expected Q1 earnings of $1.00 per share
Converge Technology Solutions Corp: Expected Q1 earnings of 7 Canadian cents per share
Cronos Group Inc: Expected Q1 loss of 7 cents per share
Equitable Group Inc: Expected Q1 earnings of C$2.10 per share
Exchange Income Corp: Expected Q1 earnings of 10 Canadian cents per share
Freehold Royalties Ltd: Expected Q1 earnings of 20 Canadian cents per share
Innergex Renewable Energy Inc: Expected Q1 loss of 1 Canadian cent per share
Intact Financial Corp: Expected Q1 earnings of C$2.37 per share
Ivanhoe Mines Ltd: Expected Q1 earnings of 6 cents per share
Keyera Corp: Expected Q1 earnings of 46 Canadian cents per share
Kinross Gold Corp: Expected Q1 earnings of 7 cents per share
Northland Power Inc: Expected Q1 earnings of 48 Canadian cents per share
Nuvei Corp: Expected Q1 earnings of 41 cents per share
Nuvista Energy Ltd: Expected Q1 earnings of 23 Canadian cents per share
Superior Plus Corp: Expected Q1 earnings of 68 Canadian cents per share
Tricon Residential Inc: Expected Q1 earnings of 12 cents per share
Turquoise Hill Resources Ltd: Expected Q1 earnings of 28 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0830 Galaxy Digital Holdings Ltd: Q1 earnings conference call
1100 Ballard Power Systems Inc: Q1 earnings conference call
1130 E-L Financial Corp Ltd: Annual Shareholders Meeting
1700 Curaleaf Holdings Inc: Q1 earnings conference call


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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