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Msg  71568 of 71821  at  5/12/2022 11:21:11 AM  by

Gammafriend


Morning News Call TD

CANADA EDITION

THURSDAY, MAY 12, 2022


TOP NEWS
Biden eyes new ways to bar China from scooping up U.S. data
The Biden administration has drafted an executive order that would give the Department of Justice vast powers to stop foreign adversaries like China accessing Americans' personal data, according to a person familiar with the matter and excerpts seen by Reuters.

Manulife, Sun Life see 1st-quarter earnings decline; Asia COVID challenges weigh
Canada's biggest life insurers, Manulife Financial and Sun Life Financial on Wednesday reported core earnings fell from a year ago as the COVID-19 pandemic took a toll on their Asian earnings, with Manulife also missing estimates.

Disney's streaming growth counters Netflix dip, yet inflation looms
Walt Disney eased concerns on Wednesday about the future of streaming video by picking up 7.9 million new Disney+ customers, although the company warned supply chain disruptions and rising wages could pressure finances.

Coach owner Tapestry cuts profit forecast as China lockdowns bite
Tapestry lowered its full-year profit forecast as fresh lockdowns in major market China hurt sales of its luxury handbags and apparel, sending its shares in premarket trading.

In U-turn, IEA sees world weathering lost Russian oil supply
The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said, in a U-turn after it predicted a possible "global supply shock" in March.​


BEFORE THE BELL
Canada's main stock index was set to open lower, a day after falling into correction territory, tracking a retreat in both crude and bullion prices. Wall Street’s major stock index futures fell, mirroring lower global equities, as fears grew that fast-rising inflation will drive a sharp rise in interest rates that brings the global economy to a standstill. The U.S. dollar rose as investors sought safe-haven currency. Bitcoin meanwhile fell to its lowest in 16 months, leading a rush out of risk assets, while the collapse of TerraUSD, a so-called stablecoin, underscored the strain on cryptocurrency markets. ​


STOCKS TO WATCH
Manulife Financial Corp & Sun Life Financial Inc: Manulife and Sun Life on Wednesday reported core earnings fell from a year ago as the COVID-19 pandemic took a toll on their Asian earnings, with Manulife also missing estimates. Manulife reported core earnings of C$1.5 billion, or 77 Canadian cents a share, in the three months ended March 31, down from C$1.6 billion, or 82 Canadian cents a share, a year earlier. Analysts had expected earnings to remain flat. Underlying profit at Sun Life was C$843 million, or C$1.44 a share, in the three months ended March 31, down from C$850 million, or C$1.45, a year earlier. Analysts had expected C$1.41 a share. Manulife attributed the decline in its profit to "the rapid and unprecedented resurgence of COVID-19 (that) disrupted new business activities in multiple markets in Asia." Profit from the region fell 5.8%, offsetting 20% growth at home. A 31% decline in Sun Life's U.S. earnings, due higher health and death claims, and a 4% decrease in Asia, driven by lower sales in Hong Kong driven by COVID-19 restrictions were behind the drop in Sun Life's profit. Despite recent volatility in markets, both companies reported higher profits from their wealth and asset management units. Sun Life's rose 12% from a year ago, while Manulife's increased nearly 4%. Both saw growth in assets under management.​


FOCUS
Canada banks face 'greenwashing' claims as oil & gas firms obtain sustainable financing
In the past two years, Canadian banks have increased the amount of sustainability-linked financing (SLF) they extend to oil and gas clients. SLF refers to financing whose cost changes when certain environmental, social and governance (ESG) requirements are met at the company level but does not require the funds themselves to be used for climate-friendly purposes. This has led to accusations of "greenwashing," with some environmental groups and investors claiming banks are using SLF merely to pretend to lower their carbon footprint rather than take meaningful steps in that direction.​


ANALYSTS' RECOMMENDATION
Bird Construction Inc: CIBC cuts target price to C$12 from C$13, factoring a potential economic slowdown.

Boyd Group Services Inc: CIBC cuts target price to C$168 from C$175, saying the operating environment for the company remains challenged, with inflation moving higher and the labour environment showing little sign of improvement.

Dexterra Group Inc: Scotiabank cuts target price to C$10 from C$11, as the company’s Modular Solutions segment faced project delays in Q1 which resulted in lower throughput and margins.

Endeavour Silver Corp: CIBC cuts target price to C$8 from C$9, to reflect recent weakness and volatility in the silver price.

Superior Plus Corp: ATB Capital Markets cuts target price to C$13.50 from C$14.50, due to tighter margin expectations.​


ECONOMIC EVENTS
No major events are scheduled.


COMPANIES REPORTING RESULTS
May 12:
Africa Oil Corp: Expected Q1 earnings of 6 cents per share
Algonquin Power & Utilities Corp: Expected Q1 earnings of 21 cents per share
Canadian Tire Corporation Ltd: Expected Q1 earnings of C$1.74 per share
Cardinal Energy Ltd (Alberta): Expected Q1 earnings of 31 Canadian cents per share
Cascades Inc: Expected Q1 earnings of 5 Canadian cents per share
CI Financial Corp: Expected Q1 earnings of 84 Canadian cents per share
Crescent Point Energy Corp: Expected Q1 earnings of 35 Canadian cents per share
Docebo Inc: Expected Q1 loss of 8 cents per share
ECN Capital Corp: Expected Q1 earnings of 5 cents per share
First Majestic Silver Corp: Expected Q1 earnings of 5 cents per share
iA Financial Corporation Inc: Expected Q1 earnings of C$1.97 per share
Leon's Furniture Ltd: Expected Q1 earnings of 47 Canadian cents per share
Park Lawn Corp: Expected Q1 earnings of 35 Canadian cents per share
Quebecor Inc: Expected Q1 earnings of 52 Canadian cents per share

May 13:
Emera Inc: Expected Q1 earnings of 93 Canadian cents per share
Orla Mining Ltd: Expected Q1 earnings of 3 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0730 CCL Industries Inc: Q1 earnings conference call
0800 Canadian Tire Corporation Ltd: Q1 earnings conference call
0800 Docebo Inc: Q1 earnings conference call
0800 Manulife Financial Corp: Q1 earnings conference call
0800 Osisko Gold Royalties Ltd: Q1 earnings conference call
0800 WSP Global Inc: Q1 earnings conference call
0830 Softchoice Corp (CA): Q1 earnings conference call
0900 Cascades Inc: Q1 earnings conference call
0900 CI Financial Corp: Q1 earnings conference call
0900 Stantec Inc: Q1 earnings conference call
0900 Torex Gold Resources Inc: Q1 earnings conference call
0930 goeasy Ltd: Q1 earnings conference call
0930 Quebecor Inc: Annual Shareholders Meeting
1000 Canadian Tire Corporation Ltd: Annual Shareholders Meeting
1000 Canadian Tire Corporation Ltd: Annual Shareholders Meeting
1000 Lundin Mining Corp: Annual Shareholders Meeting
1000 Onex Corp: Annual Shareholders Meeting
1000 Primo Water Corp: Q1 earnings conference call
1000 Sun Life Financial Inc: Q1 earnings conference call
1000 Wesdome Gold Mines Ltd: Q1 earnings conference call
1030 Parex Resources Inc: Q1 earnings conference call
1100 Cascades Inc: Annual Shareholders Meeting
1100 goeasy Ltd: Annual Shareholders Meeting
1100 Interfor Corp: Q1 earnings conference call
1100 Labrador Iron Ore Royalty Corp: Annual Shareholders Meeting
1100 Manulife Financial Corp: Annual Shareholders Meeting
1100 Pan American Silver Corp: Q1 earnings conference call
1100 Peyto Exploration & Development Corp: Q1 earnings conference call
1100 Power Corporation of Canada: Annual Shareholders Meeting
1100 WSP Global Inc: Annual Shareholders Meeting
1130 iA Financial Corporation Inc: Q1 earnings conference call
1130 Parex Resources Inc: Annual Shareholders Meeting
1130 Sandstorm Gold Ltd: Q1 earnings conference call
1200 Crescent Point Energy Corp: Q1 earnings conference call
1200 Fortuna Silver Mines Inc: Q1 earnings conference call
1200 Precision Drilling Corp: Annual Shareholders Meeting
1200 Trican Well Service Ltd: Q1 earnings conference call
1230 Stantec Inc: Annual Shareholders Meeting
1300 Osisko Gold Royalties Ltd: Annual Shareholders Meeting
1300 Power Corporation of Canada: Q1 earnings conference call
1400 CCL Industries Inc: Annual Shareholders Meeting
1400 iA Financial Corporation Inc: Annual Shareholders Meeting
1400 Leon's Furniture Ltd: Annual Shareholders Meeting
1400 Quebecor Inc: Q1 earnings conference call
1530 Trican Well Service Ltd: Annual Shareholders Meeting
1700 Birchcliff Energy Ltd: Annual Shareholders Meeting
1700 Peyto Exploration & Development Corp: Annual Shareholders Meeting
1730 ECN Capital Corp: Q1 earnings conference call


EX-DIVIDENDS
Enbridge Inc: Amount C$0.86
Magna International Inc: Amount $0.45
Shaw Communications Inc: Amount C$0.09
TransAlta Renewables Inc: Amount C$0.07


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



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