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Msg  71551 of 71821  at  5/10/2022 9:45:31 AM  by

Gammafriend


Morning News Call TD

 

CANADA EDITION

TUESDAY, MAY 10, 2022


TOP NEWS
Bank of Canada turns to interest rate guidance as it battles inflation
Faced with runaway inflation, Canada's central bank has taken the rare step of providing guidance on the path of interest rates, as it aims to keep expectations anchored while it unwinds stimulus in an overheating economy.

Pfizer to buy Biohaven Pharmaceutical in $11.6 billion deal
Pfizer said it will buy migraine drug maker Biohaven Pharmaceutical Holding Company for about $11.6 billion in cash.

Tesla halts most output at Shanghai plant, April sales dive
Tesla has halted most of its production at its Shanghai plant due to problems securing parts for its electric vehicles, according to an internal memo seen by Reuters, the latest in a series of difficulties for the factory.

Walgreens, CVS, Walmart begin $878 million opioid trial in Ohio
CVS Health, Walgreens Boots Alliance and Walmart begin a first-of-its-kind trial to determine what the pharmacy chains owe for their role in the opioid epidemic in two Ohio counties, which are seeking $878 million.

Suncor Energy beats profit estimates, weighs UK portfolio sale
Suncor Energy Inc exceeded analysts' estimates for first-quarter profit and boosted dividend by 12% to its highest level on Monday, as Canada's No.3 oil major benefited from soaring crude prices.​


BEFORE THE BELL
Canada's main stock index was set to open higher after its worst session in nearly two years, but the sentiment remained fragile due to worries over global economic growth. Wall Street’s major index futures and European stocks rose as bargain hunters returned to buy beaten-down shares following a bruising selloff. Japan's Nikkei fell for a second day, but avoided bigger losses, while China stocks rebounded on Beijing's vows to support the struggling economy. The U.S. dollar index edged higher, having reached a 20-year high in the previous session. In commodities, oil prices extended losses, hurt by a combination of growing recession fears and COVID-19 lockdowns in China, while gold prices were little changed. ​


STOCKS TO WATCH

Results
Suncor Energy Inc: The company exceeded analysts' estimates for first-quarter profit and boosted dividend by 12% to its highest level on Monday, as the oil major benefited from soaring crude prices. Suncor's UK assets are offshore in the North Sea, and include a 29.9% stake in the Buzzard field as well as a 40% interest in the Roseback project. Its total production fell to 766,100 barrels of oil equivalent per day (boepd) from 785,900 boepd a year earlier. Its refinery throughput was 436,500 barrels per day, up marginally from a year ago. The company reported on Monday a net income of C$2.95 billion, or C$2.06 per share, for the three months ended March 31, up from C$821 million, or 54 Canadian cents, a year ago. Excluding items, the company posted adjusted operating earnings of C$1.92, beating analysts' expectations of C$1.51. Separately, the company on Monday issued an "all-clear" following a fire in a gasoline-making unit at its 103,000-barrel-per-day Commerce City refinery in Colorado, according to an alert notification. Emergency response teams extinguished the fire in Plant 1, a gasoline-making unit at the refinery, it reported. "All workers are accounted for and there are no reported injuries," the notification said, adding the cause is under investigation.

In Other News
​Parkland Corp: The company on Monday outlined plans to spend C$600 million expanding renewable fuel production at its Burnaby, British Columbia, refinery. The project is subject to a final investment decision, due in the second half of 2023. If it goes ahead, Parkland will boost the refinery's co-processing volumes to 5,500 barrels per day (bpd) from 1,500 bpd currently, and build a stand-alone 6,500 bpd renewable diesel complex that will be the largest in British Columbia. Parkland said the project will create up to 1,000 jobs during construction, and produce cleaner fuels that will cut greenhouse gas emissions from transportation by approximately two megatonnes a year. Production is expected to start in 2026. The company has received provincial government support for more than 40% of the project cost in the form of credits generated by compliance with British Columbia's Low Carbon Fuel Standard, which requires fuel suppliers to progressively decrease the average carbon intensity of their product.


INSIGHT
U.S. producers undo years of efficiency gains in fight for supplies
U.S. manufacturers are finding that their main weapon to fight supply chain snarls is greater inefficiency. Industrial companies reporting earnings over the past few weeks have described steps they've taken - from acquiring trucks to move their own goods to building products that sit around on factory floors waiting for missing semiconductors - to deal with delays and shortages that have dogged them over the past year.​


ANALYSTS' RECOMMENDATION
Aurora Cannabis Inc: ATB Capital Markets cuts target price to C$4 from C$5, citing challenging near-term outlook due to lackluster recreational sales, lumpy international sales, and a shrinking Canadian medical cannabis market.

Ensign Energy Services Inc: RBC raises target price to C$6.50 from C$6, due to higher rig utilization and margin improvement from stronger pricing.

Morguard Corp: CIBC cuts target price to C$165 from C$180, given the current rate environment.


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0600 (approx.) Leading index mm for April: Prior -0.05%


COMPANIES REPORTING RESULTS
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

May 11:
Birchcliff Energy Ltd: Expected Q1 earnings of 32 Canadian cents per share
Boralex Inc: Expected Q1 earnings of 37 Canadian cents per share
Boyd Group Services Inc: Expected Q1 earnings of 10 cents per share
CCL Industries Inc: Expected Q1 earnings of 76 Canadian cents per share
Fortuna Silver Mines Inc: Expected Q1 earnings of 10 cents per share
goeasy Ltd: Expected Q1 earnings of C$2.82 per share
Interfor Corp: Expected Q1 earnings of C$7.04 per share
Manulife Financial Corp: Expected Q1 earnings of 82 Canadian cents per share
MDA Ltd: Expected Q1 loss of 2 Canadian cents per share
Osisko Gold Royalties Ltd: Expected Q1 earnings of 7 Canadian cents per share
Pan American Silver Corp: Expected Q1 earnings of 24 cents per share
Peyto Exploration & Development Corp: Expected Q1 earnings of 55 Canadian cents per share
Power Corporation of Canada: Expected Q1 earnings of 95 Canadian cents per share
Sandstorm Gold Ltd: Expected Q1 earnings of 5 cents per share
Stantec Inc: Expected Q1 earnings of 59 Canadian cents per share
Stella-Jones Inc: Expected Q1 earnings of 68 Canadian cents per share
Sun Life Financial Inc: Expected Q1 earnings of C$1.41 per share
Torex Gold Resources Inc: Expected Q1 earnings of 41 cents per share
Trican Well Service Ltd: Expected Q1 earnings of 6 Canadian cents per share
Vermilion Energy Inc: Expected Q1 earnings of C$1.87 per share
Wesdome Gold Mines Ltd: Expected Q1 earnings of 12 Canadian cents per share
WSP Global Inc: Expected Q1 earnings of C$1.10 per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Bausch Health Companies Inc: Q1 earnings conference call
0800 Element Fleet Management Corp: Q1 earnings conference call
0830 Cronos Group Inc: Q1 earnings conference call
0830 Hudbay Minerals Inc: Q1 earnings conference call
0830 Nuvei Corp: Q1 earnings conference call
0830 Pet Valu Holdings Ltd: Q1 earnings conference call
0930 Cameco Corp: Annual Shareholders Meeting
0930 Suncor Energy Inc: Q1 earnings conference call
1000 Finning International Inc: Q1 earnings conference call
1000 Keyera Corp: Q1 earnings conference call
1030 Ivanhoe Mines Ltd: Q1 earnings conference call
1100 Ritchie Bros Auctioneers Inc: Q1 earnings conference call
1130 Ero Copper Corp: Q1 earnings conference call
1200 Keyera Corp: Annual Shareholders Meeting
1230 Suncor Energy Inc: Annual Shareholders Meeting
1400 Hudbay Minerals Inc: Annual Shareholders Meeting
1530 Element Fleet Management Corp: Annual Shareholders Meeting
1600 Innergex Renewable Energy Inc: Annual Shareholders Meeting
1600 Superior Plus Corp: Annual Shareholders Meeting
1700 Finning International Inc: Annual Shareholders Meeting
1700 Nuvista Energy Ltd: Annual Shareholders Meeting
1730 Innergex Renewable Energy Inc: Q1 earnings conference call
1800 Freehold Royalties 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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