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Msg  71625 of 72269  at  5/25/2022 12:40:35 PM  by

carswell

The following message was updated on 5/25/2022 12:40:35 PM.

Coffee/Summaries

  
Web Version

BEFORE THE OPEN
Source: Thomson Reuters

  • Futures for Canada's main stock index were little changed, as optimism around stronger crude prices was countered by weakness in metals, while investors remained cautious ahead of the U.S. Fed meeting minutes' release
  • U.S. stock index futures were largely subdued and European shares bounced back supported by resource-linked stocks and banks
  • Japan's Nikkei closed lower, tracking Wall Street’s overnight declines
  • The U.S. dollar gained as Treasury yields paused recent falls and gold prices slipped
STOCKS IN THE NEWS
Source: Thomson Reuters

Abbott Laboratories (ABT):
  • The U.S. Food and Drug Administration is easing regulations to allow infant formula imports from Britain, a move it said on Tuesday would bring around 2 million cans onto empty shelves by June to ease a nationwide shortage
  • The FDA said it would allow the release of about 300,000 cans of Abbott's EleCare amino acid-based formula for children who urgently need it to survive, on a case-by-case basis
  • EleCare was previously produced at the Sturgis facility but were not part of the recall, the FDA said
  • Abbott plans to restart production at the facility on June 4, it said in a statement, adding it would prioritize making EleCare and supplying it on or about June 20
  • The company said that it would provide the formula to children in need for free
BlackRock Inc. (BLK):
  • Leading U.S. environmental group the Sierra Club has warned BlackRock it may pull a $12 million investment after the money manager said it would likely support fewer climate-focused shareholder resolutions at annual company meetings this year
  • The Sierra Club Foundation believes the asset manager's stance put it at odds with the goal of mitigating the harms of climate change, it said in a May 24 letter to BlackRock Chief Executive Larry Fink and other executives
  • The Foundation, which oversees some $220 million in assets, currently invests with BlackRock through Aperio, a unit that runs managed accounts
  • A BlackRock spokesman said the company's proxy votes are "based solely on the long-term economic interests of our clients"
  • BlackRock also allows many investors to chose how their proxy votes are cast, including clients of Aperio, the spokesman said
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

Bank of Montreal (BMO) & Bank of Nova Scotia (BNS):
  • The banks kicked off Canada's second-quarter results from the industry with better-than-expected profits as declines in credit-loss provisions and loan growth continued
  • Mortgage growth and credit quality remained strong for both banks, keeping earnings resilient even as capital markets pulled back amid the recent turmoil in markets
  • Scotiabank, Canada's third-largest lender, reported net income excluding one-off items of C$2.18 in the three months ended April 30, compared with C$1.90 a year earlier and estimates of C$1.96
  • Scotiabank’s loan-loss provisions fell to C$219 million from C$496 million a year ago and BMO, the country's fourth-biggest bank, reported adjusted profit of C$3.23 from C$3.13 a year earlier, while analysts had expected C$3.21 a share
  • BMO’s provisions for credit losses decreased to C$50 million from C$60 million a year ago, although that was a reversal of the recoveries the bank made over the past three quarters
  • Both banks saw expenses creep up from a year ago, with Scotiabank's up 3% on an adjusted basis, and BMO's rising 2%, although they fell from the previous quarter
Nordstrom Inc. (JWN):
  • The company raised its annual profit and revenue forecasts on Tuesday as the upscale retailer counts on demand from affluent consumers to help it overcome decades-high inflation, sending its shares up 11% in extended trading
  • Net sales across Nordstrom's banner stores exceeded pre-pandemic levels in the first quarter with a 23.5% jump after Americans returning to offices and social events snapped up designer apparel and footwear
  • Total revenue rose 18.7% to $3.57 billion in the first quarter, surpassing analysts' estimates of $3.28 billion
  • The retailer reported a loss of 1 cent per share on an adjusted basis, compared with estimates for a loss of 5 cents
  • Off-price division Nordstrom Rack reported a growth of 10.3%, driven by increased footfall and better stock levels
  • Nordstrom, which also authorized a new $500 million buyback, projected fiscal 2022 revenue to rise 6% to 8%, compared with a prior forecast of 5% to 7% growth
  • Full-year adjusted profit per share is expected between $3.38 and $3.68, higher than $3.15 to $3.50 earlier
DEAL SPOTLIGHTS
Source: Thomson Reuters

TotalEnergies SE (TTE):
  • The company said it has agreed to buy 50% of Clearway Energy Group, the fifth-largest renewables company in the United States, marking the French group's largest U.S renewables energy acquisition
  • TotalEnergies has been branching out into the fast-growing renewables energy sector and diversifying away from hydrocarbon-centred activities in recent years
  • The company said the acquisition would see it team up with Global Infrastructure Partners (GIP)
  • As part of the deal, GIP will receive $1.6 billion in cash and an interest of 50% minus one share in the TotalEnergies subsidiary that holds its 50.6% ownership in SunPower Corporation
  • The transaction takes into account valuations of $35.1 per share for ClearWay Energy and $18 per share for SunPower, TotalEnergies added
Tenaz Energy Corp. (TNZ.TO):
  • London-listed oil producer SDX Energy Plc has agreed to an all-share takeover by Canada's Tenaz, the companies said on Wednesday
  • Egypt-focused SDX's shareholders would receive 0.075 Tenaz shares for each SDX share, leaving them with about 36% of the combined group if they agree to the proposed deal
  • The deal would value SDX at about 21.4 million pounds, representing a 24% premium to the AIM-listed company's May 24 closing price of 0.0825 pounds per share, the groups said
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Michael Burry, the investor known for betting against the housing market before the 2008 financial crisis, posted a cryptic now-deleted tweet, “As I said about 2008, it is like watching a plane crash. It hurts, it is not fun, and I'm not smiling”
  • Billionaire George Soros warned that Russia’s invasion of Ukraine has rattled Europe and could be the start of another world war
  • Advanced economies will recover sooner from the impact of the coronavirus pandemic than emerging and developing countries, according to Gita Gopinath, the first deputy managing director of the International Monetary Fund
  • Economists downgraded their forecast for China’s economy to expand at a clip of 4.5%, a full percentage point below the official target as the Covid zero policy undermines growth
  • S&P 500 and Nasdaq 100 futures toggled back into some gains as of 6:00 a.m. New York time and in Europe, Stoxx 600 gave back more than half of its earlier advance
  • The dollar pushed higher, pulling most major currencies and all G-10 peers down
Capstone Copper Corp.* (CS: $4.85)
Lithium Americas Corp.* (LAC: $31.55)

Kratos Defense & Security Solutions* (KTOS: $13.61)
Smartsheet* (GHRS: $36.27)

WEALTH AND ESTATE PLANNING
How confident are you that you’re taking advantage of all the tax opportunities you’re entitled to?

INDUSTRY UPDATE
Oil

MORNING INK REPORT
Shorts cover at Gear Energy in broad retreat from the oil patch

MACRO - EVENT SCHEDULE

Sources: Bloomberg Finance L.P.
MBA Mortgage Applications came in at -1.2%
Durable Goods Orders came in at 0.4%, below estimate of 0.6%

MOST READ NEWS

Source: Bloomberg Finance L.P.
Michael Burry Posts Cryptic Tweet Raising Specter of 2008 Crash

“It is never too late to be what you might have been.”

- George Eliot

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