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Msg  71785 of 72054  at  6/23/2022 10:42:37 AM  by

carswell


Coffee/Summaries

Web Version

BEFORE THE OPEN
Source: Thomson Reuters

  • Futures for Canada's main stock index rose, tracking Wall Street futures as Federal Reserve Chair Jerome Powell said the U.S. central bank is "strongly committed" to bringing down inflation
  • European shares dropped after a survey showed euro zone business activity slowed significantly in June, adding to fears of a sharp economic downturn
  • In Asian equity markets, Chinese stocks rose to a near four-month closing high, while Hong Kong's share benchmark gained, as Chinese tech companies and automakers jumped on Beijing's policy support
  • Gold prices fell, weighed down by a stronger U.S. dollar and oil prices tumbled as investors reassessed the risks of recession
STOCKS IN THE NEWS
Source: Thomson Reuters

Bombardier Inc. (BBD):
  • The company said on Wednesday that workers on a key program for the Canadian business jet maker ratified a new labor contract that will deliver pay hikes of up to 18.5% over five years
  • The new contract will cover an estimated 1,800 workers, who mostly produce Bombardier's popular Challenger business jets, which accounted for a third of the company's deliveries in 2021
Berkshire Hathaway Inc. (BRK) & Occidental Petroleum Corp. (OXY):
  • Warren Buffett's Berkshire Hathaway bought another 9.6 million shares of Occidental, boosting its stake to 16.3% as the oil company's shares come off the year's high
  • The purchases were made over the past week and cost about $529 million, Berkshire said in a regulatory filing on Wednesday
  • These come on top of a $336 million share purchase by Berkshire last month in the oil company, and $7 billion in purchases earlier this year
  • Following the purchases, Berkshire now owns about 152.7 million Occidental shares worth about $8.52 billion based on Occidental stock's Wednesday close, which is down over 21% since it touched its year's high in May
EARNINGS SPOTLIGHT
Source: Thomson Reuters

Accenture Plc (ACN):
  • The company forecast fourth-quarter revenue below expectations, expecting a hit from high inflation and the impact of a stronger dollar on its overseas earnings
  • The company forecast fourth-quarter revenue to be in the range of $15.0 billion to $15.5 billion and analysts on average were expecting $15.70 billion
  • The forecast reflects the company's assumption of a negative 8% foreign-exchange impact, Accenture said
  • Revenue for the quarter ended May 31 was $16.16 billion, while analysts on average had expected $16.03 billion in revenue

THINGS TO KNOW

Source: Bloomberg Finance L.P.
  • Federal Reserve Chair Jerome Powell's testimony to Congress yesterday did little to ease fears that the US economy is at risk of falling into recession
  • He said engineering a soft landing, where inflation is taken back under control without causing growth to fall, is "very challenging"
  • Raw materials are starting to take talk of a looming recession seriously, with oil, copper and wheat prices leading the Bloomberg Commodity Index lower for a fourth day
  • Germany warned that Russia’s moves to slash Europe’s natural gas supplies risked sparking a collapse in energy markets, drawing a parallel to the role of Lehman Brothers in triggering the financial crisis
  • Russia faces a fresh bond deadline with a possible default days away.
  • A formal move by European Union leaders to grant candidate status to Ukraine is expected to come at the bloc’s summit in Brussels
  • Risk assets sold off following weaker-than-expected preliminary June PMI readings in Europe
  • Equities dropped sharply before halving losses: Euro Stoxx 50 was down 0.6% as of 5:30 a.m. New York time
  • S&P 500 futures recovered to post small gains and US 10-year yields dropped 5 basis points near 3.1%


B2Gold Corp.* (BTO: $4.73)
Calibre Mining Corp.* (CXB: $1.09)
Capstone Copper Corp.* (CS: $3.84)
PRO Real Estate Investment Trust* (PRV.UN: $6.23)




Laird Superfood.* (LSF: $2.06)
RADA Electronic Industries.* (RADA: $11.29)

INDUSTRY UPDATE
Biotechnology
Oil

MORNING INK REPORT
Insider buying continues at heavily shorted Yangarra Resources

MACRO - EVENT SCHEDULE

Sources: Bloomberg Finance L.P.
Initial Jobless Claims came in at 229k, above estimates of 226k

MOST READ NEWS

Source: Bloomberg Finance L.P.
Powell Says Soft Landing ‘Very Challenging;’ Recession Possible

“All progress takes place outside the comfort zone.”

- Michael John Bobak

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


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