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Msg  71601 of 72271  at  5/19/2022 2:40:56 PM  by

carswell


Coffee/Summaries

Web Version

BEFORE THE OPEN
Source: Thomson Reuters

  • Canada's main stock index was set to open lower, a day after recording its worst day in over a week, dragged down by weaker crude prices and investor worries about soaring domestic inflation
  • U.S. stock index futures were lower, tracking heavy falls in European and Asian stock markets, as investors kept a close eye on the impact of rising inflation on the U.S. economy and corporate earnings
  • Gold prices bounced back as a drop in U.S. dollar and Treasury yields coupled with a slide in risk assets rekindled demand for the safe-haven bullion amid worries about global growth
  • Oil prices fell, following earlier gains, on concerns that high fuel prices could hurt economic growth, but planned easing of restrictions in Shanghai and a tight supply outlook capped losses
STOCKS IN THE NEWS
Source: Thomson Reuters

Deutsche Bank AG (DB):
  • The bank begins a new epoch as Chairman Paul Achleitner leaves after a rocky decade during which Germany's largest lender lost billions and saw its share price plummet
  • If all goes to plan at Deutsche's annual general meeting, Alexander Wynaendts, a Dutch former insurance executive, will be voted in to succeed Achleitner
  • Under Achleitner, Deutsche saw multiple top management changes, entered and exited merger talks with rival Commerzbank and also paid big fines for misconduct that regulators feared could topple the Frankfurt-based bank
  • Separately, Deutsche Bank said it had linked its supply chain financing for Henkel AG & Co KGaA to environmental, social and governance (ESG) ratings of the German consumer goods group's suppliers in the first move of this kind in Europe
Nutrien Ltd. (NTR.TO):
  • The Canadian fertilizer company intends to build a $2 billion U.S. plant to produce ammonia with low carbon emissions, it said on Wednesday, in the sector's latest move to meet rising global demand for clean energy
  • Nutrien signed a letter of intent with Mitsubishi Corporation for offtake of up to 40% of the expected production to deliver to the Asian fuel market, including Japan, the statement said
  • The company is evaluating a site in Louisiana for the plant, which could produce 1.2 million metric tonnes a year and capture at least 90% of carbon emissions, Nutrien said in a statement
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

Canada Goose Holdings Inc. (GOOS.TO):
  • The company forecast full-year profit above market estimates, encouraged by strong demand for its luxury parkas and jackets
  • Canada Goose said it expects revenue for fiscal 2023 to be between C$1.30 billion and C$1.40 billion
  • Analysts on average expect it to be C$1.30 billion
  • The company said it expects an adjusted per-share profit of C$1.60 to C$1.90 for fiscal 2023
  • Analysts on average expect profit to be C$1.61
  • Demand for luxury goods has remained strong in North America even amid record levels of inflation, as higher prices of gas and food did not dissuade affluent consumers from splurging on high-end apparel, accessories and perfumes
Cisco Systems Inc. (CSCO):
  • The company cut its full-year earnings forecast on Wednesday after COVID lockdowns in China and the war in Ukraine dragged sales below estimates in the third quarter, sending shares down 13% in extended trading
  • It also said fourth-quarter revenue would decline by 1% to 5.5%, becoming the latest U.S. company to outline a hit from Beijing's "Zero COVID" policy that has worsened supply-chain snags and hurt demand amid rising inflation
  • Cisco, which sells networking equipment and software to connect devices to the internet, now expects revenue growth of 2% to 3% in fiscal 2022, compared with an earlier forecast of 5.5% to 6.5%
  • Adjusted profit is estimated between $3.29 and $3.37 per share from $3.41 to $3.46 per share earlier
DEAL SPOTLIGHTS
Source: Thomson Reuters

Brookfield Asset Management Inc. (BAM-A.TO):
  • The company has agreed to buy British home repair services firm HomeServe Plc for 4.08 billion pounds, as it looks to broaden its exposure to UK residential infrastructure investments
  • News of the recommended cash deal, which adds to Brookfield's $725 billion portfolio of alternative assets, sent HomeServe's shares more than 10% higher in early trading
  • HomeServe shareholders will receive 1,200 pence in cash for each share they hold, representing a roughly 71% premium to the stock price prior to its disclosure of takeover talks with Brookfield in April
Kludein I Acquisition Corp. (INKA):
  • Data intelligence firm Near has agreed to go public through a merger with a blank-check vehicle in a deal valuing it at about $1 billion, the companies said
  • The deal with KludeIn I Acquisition will fetch $268 million in gross proceeds for Near, including a private placement of $95 million
  • The company also said it has secured a $100 million committed equity financing from CF Principal Investments, an affiliate of Cantor Fitzgerald
  • "The reason we chose SPAC was because it was the fastest, most cost-effective and the least risky in the current market for us," Founder and Chief Executive Officer Anil Mathews said
  • After the deal closes, Pasadena, California-based Near will be named "Near Intelligence Inc" and expects to trade on Nasdaq under the ticker "NIR"
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • European shares tumbled and American stock index futures signaled more losses after yesterday’s selloff that erased of $1.5 trillion of market value from US equities
  • China's top diplomat warned, in a phone call with National Security Adviser Jake Sullivan, that increased support from the US for Taiwan could lead to a "dangerous situation"
  • NATO officials have boasted that Vladimir Putin’s invasion of Ukraine has reinvigorated the alliance, but Turkey is challenging its unity by opposing Sweden’s and Finland’s bids to join
  • Elon Musk's Tesla Inc. has lost its spot on the ESG version of the S&P 500 Index
  • S&P Dow Jones Indices cited concerns related to working conditions at Tesla among its reasons for removing the automaker


BBTV Holdings Inc.* (BBTV: $1.82)
Charlotte's Web Holdings, Inc.* (CWEB: $0.56)
Dye & Durham* (DND: $21.60)
Playmaker Capital Inc.* (PMKR: $0.445)




Definitive Healthcare* (DH: $15.71)
Doximity* (DOCS: $30.33)
ImmunoGen* (IMGN: $3.505)
ObsEva SA* (OBSV: $1.68)

INDUSTRY UPDATE
Oil

MORNING INK REPORT
New Lundin Mining director buys the dip

MACRO - EVENT SCHEDULE

Sources: Bloomberg Finance L.P.
Philadelphia Fed Business Outlook came in at 2.6, below estimate of 15.0

MOST READ NEWS

Source: Bloomberg Finance L.P.
Stocks Suffer Steepest Rout in Almost Two Years: Markets Wrap


“I can't change the direction of the wind, but I can adjust my sails to always reach my destination.”

- Jimmy Dean

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


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