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Msg  71560 of 72054  at  5/11/2022 11:20:18 AM  by

carswell

The following message was updated on 5/11/2022 11:20:18 AM.

Coffee/Summaries

  
Web Version

In Today’s Morning Coffee…

BEFORE THE OPEN
Source: Thomson Reuters

  • Canada's main stock index was set to open higher, aided by a rebound in both crude and bullion prices
  • U.S. stock index futures were higher, with investors awaiting consumer prices data for signs on how aggressively the Federal Reserve will hike interest rates
  • European stocks extended gains for a second straight session as strong earnings and a surge in economically sensitive sectors boosted sentiment
  • In major Asian equity markets, China stocks advanced on signs of lower domestic COVID-19 infections, and Japan's Nikkei gained as investors scooped up companies with an upbeat outlook
  • Against a basket of major currencies, the U.S. dollar was lower
STOCKS IN THE NEWS
Source: Thomson Reuters

Occidental Petroleum Corp. (OXY):
  • The oil and gas producer beat Wall Street's earnings estimates and swung to a profit from a year-ago loss, buoyed by soaring oil prices
  • Occidental reported a $2.1 billion adjusted profit - or $2.12 per diluted share - above the $2.03 per share estimated
  • Occidental, one of the top producers in the prolific Permian Basin of West Texas and New Mexico, said its average realized oil price during the first quarter was $91.91 per barrel, up 65% from a year earlier
  • Its average daily production was down to 1.08 million barrels of oil equivalent per day (boepd), from 1.14 million boepd in the same quarter last year, but should recover to around 1.145 million boed in the second quarter, it said
  • Occidental used some of the extra cash from oil sales to pay another $3.3 billion in debt. And confirmed its previous plan to cut debt to $20 billion in the short-term
  • The company's net profit was boosted by a non-cash tax benefit related to its 2019 acquisition of Anadarko Petroleum
  • It posted a $4.7 billion net profit, or $4.65 per diluted share, from a $346 million loss, or 36 cents per share, a year ago

Rogers Communications Inc. (RCI-B) & Shaw Communications Inc. (SJR-B):
  • Canada's competition agency said on Tuesday that concessions offered by Rogers Communications to acquire Shaw Communications in a $16 billion deal were insufficient
  • The companies have proposed full divesture of Shaw's wireless business, Freedom Mobile, to address concerns about the deal's anti-competitive effects on the wireless market
  • "The proposed divestitures will not eliminate the substantial lessening or prevention of competition resulting from the Proposed Transaction," Commissioner of Competition Matthew Boswell said in a filing to the Competition Tribunal
  • New owners of Freedom Mobile would be "likely to provide less effective financial, managerial, technical or other support for the Wireless Services business," Boswell said in the filing, which was made public Tuesday
  • "Shaw remains resolute in our commitment to completing this transaction, which will deliver significant long-term benefits to Canadians, competition, connectivity, and the economy," the company said in a statement to Reuters
  • It added that a "negotiated settlement that involves the divestiture of our wireless business is the best and most logical outcome"
EARNINGS SPOTLIGHT
Source: Thomson Reuters

Toyota Motor Corp. (TM):
  • The carmaker warned "unprecedented" hikes in raw material costs could slice a fifth off full-year profit, a clear sign the world's top automaker by sales can no longer shrug off the supply-chain crunch that has roiled the global industry
  • The home of the famed Corolla compact car said it expects materials costs to more than double to 1.45 trillion yen in the fiscal year that started in April, which it expected to deal with by switching to lower-cost materials
  • The automaker expects to sell 8.85 million vehicles globally this fiscal year, up 7.5% from last year
  • For the current fiscal year, Toyota forecast operating profit will fall about 20% to 2.4 trillion yen
  • Analysts had expected earnings to rise 12% to 3.36 trillion yen
  • In the January-March quarter, its profit slumped to 463.8 billion yen, also significantly below an average estimate of 521.1 billion yen
  • On Tuesday Toyota cut its global production target for May by around 50,000 vehicles to about 700,000 as it plans to suspend some operations for up to six days due to China's lockdowns
  • Still, Toyota predicted worldwide recovery from the pandemic would help the Chinese as well as U.S. vehicle market grow stronger for the current fiscal year
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Everyone has been waiting for US inflation data for April
  • Economists forecast the headline annual number moderated to 8.1% from 8.5% in March
  • Even if that number lands right on target, the Federal Reserve would still be on course to raise interest rates by 50 basis points at the next meeting
  • TerraUSD, an algorithmic stablecoin, slumped on Wednesday as crypto markets await a rescue led by primary backer Do Kwon
  • Shanghai reported a 51% drop in new coronavirus infections on Tuesday, with zero cases found in the community -- a key metric for the city to end a punishing lockdown that’s snarled global supply chains
  • The dollar snapped a four-day rally ahead of the US inflation reading. Stock futures rallied, with the S&P 500 up 1%, and Nasdaq 100 1.3% higher as of 5:40 a.m. in New York

Gold Standard Ventures* (GSV: $0.33)
Hudbay Minerals* (HBM: $6.90)
Keyera Corp.* (KEY: $31.81)
O3 Mining Inc.* (OIII.V: $2.01)

Aptose Biosciences* (APTO: $1.07)
Maxar Technologies Inc* (MAXR: $28.88)
Peloton Interactive* (PTON: $12.90)


WEALTH AND ESTATE PLANNING
When was the last time you reviewed your financial plan?

INDUSTRY UPDATE
Oil

MORNING INK REPORT
SmartCentres REIT a destination for dividend hunters?

MACRO - EVENT SCHEDULE

Sources: Bloomberg Finance L.P.
CPI MoM comes in at 0.3%, higher than estimate 0.2%
CPI YoY comes in at 8.3%, higher than estimate 8.1%

MOST READ NEWS

Source: Bloomberg Finance L.P.
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“You must expect great things of yourself before you can do them.”

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


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