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Msg  71907 of 72268  at  7/18/2022 11:02:41 AM  by

carswell


Coffee/Summaries

Web Version

In Today’s Morning Coffee…

BEFORE THE OPEN
Source: Thomson Reuters

  • Canada's main stock index futures rose as metal prices got a fillip from China's pledge for economic support, while receding bets of a super-sized Federal Reserve interest rate hike improved sentiment globally
  • Wall Street futures and European shares were in the green and Chinese and Hong Kong shares ended higher after government stepped up efforts to ease property market woes
  • Gold prices rose as the U.S. dollar weakened and oil prices jumped as tight supplies eased demand concerns
STOCKS IN THE NEWS
Source: Thomson Reuters

Starbucks Corp. (SBUX):
  • The company is not in a formal sale process for its UK business, a spokesperson said in a statement after The Times reported earlier on Saturday that the coffee chain is exploring a sale of the UK operations
  • According to the Times report, Starbucks has not initiated a "formal sales process" of its UK business and continues to "evaluate strategic options" for its company-owned international operations
  • The company faces rising costs and competition from rivals like Pret A Manger, Tim Hortons and Costa, the newspaper said
  • Starbucks, which has been dealing with recent unionization efforts of its U.S. workforce, is looking for a permanent CEO while Howard Schultz would remain interim CEO until the end of March
Tenaz Energy Corp. (TNZ.TO):
  • North Africa-focused gas producer SDX said a new group of investors holding more than a quarter of the company's capital and led by trading company Aleph planned to oppose its planned merger with Tenaz Energy
  • The deal, first announced in May, would value Egypt and Morocco focused SDX at about 21.4 million pounds
  • SDX said it had been advised in a letter from Aleph Commodities Limited dated July 16 that Aleph on behalf of itself and other parties holds 25.65% of SDX's issued share capital
  • "The letter also states that...the group of shareholders led by Aleph intends to vote against the recommended all-share combination with cash alternative between Tenaz and SDX"
Twitter Inc. (TWTR):
  • Elon Musk filed a motion on Friday opposing the social media company's request to fast-track a trial over his plan to terminate his $44 billion deal for Twitter
  • Musk's lawyers, in papers filed with the Delaware Chancery Court, said Twitter's "unjustifiable request" to rush the merger case to trial in two months should be rejected
  • It is the latest move in what promises to be a major legal showdown between Twitter and Musk
  • The San Francisco-based company is seeking to resolve months of uncertainty for its business as Musk tries to walk away from the deal for what he says is Twitter’s "spam bot" problem
  • "Twitter's sudden request for warp speed after two months of foot-dragging and obfuscation is its latest tactic to shroud the truth about spam accounts long enough to railroad defendants into closing," Musk's filing said
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

Bank of America Corp. (BAC):
  • The bank reported a drop in second-quarter profit, hit by a slump in investment banking revenue as underwriting activity stood at a fraction of last year's record levels
  • Wall Street investment bankers, who were neck-deep in deals last year, have seen activity slump in the first half of 2022 amid volatility in the capital markets, geopolitical tensions and a risk-off sentiment that has swept across markets globally
  • With stock market listings on ice and companies slamming the brakes on deal-making, Bank of America's investment banking fees fell 47% to $1.1 billion in the reported quarter
HDFC Bank Ltd. (HDB):
  • India's largest private lender said on Saturday its net profit for the three months to June rose 19% from the same period a year earlier, as provisions for bad loans dropped and loan growth picked up
  • Net profit for the fiscal first quarter rose to 91.96 billion rupees from 77.3 billion rupees a year earlier, the lender said in a regulatory filing
  • Analysts on average had expected the bank to report a profit of 94.9 billion rupees, according to Refinitiv data
  • The bank's gross non-performing loan ratio, a measure of asset quality, improved to 1.28% in the quarter from 1.47% during the same period a year ago
DEAL SPOTLIGHTS
Source: Thomson Reuters

GSK Plc (GSK):
  • In a long scripted overhaul of its business, British drugmaker GSK spun off its consumer health business in the biggest listing in Europe for more than a decade
  • The new company, Haleon, becomes the world's biggest standalone consumer health business, home to brands including Sensodyne toothpaste and Advil painkillers
  • With the split complete, all GSK shareholders receive one Haleon share for each GSK share they own and Pfizer will retain its 32% stake in Haleon, which it intends on selling off over time
  • GSK will hold up to 13.5% in Haleon, while the remaining 54.5% will be owned by GSK shareholders
  • After close of trading on Monday, GSK will consolidate its share price to ensure the company's earnings per share and share price can be compared with previous periods, it has said
Coca-Cola Co. (KO):
  • Hong Kong-based conglomerate Swire Pacific said it would buy the packaging and distribution operations of Coca-Cola in Vietnam and Cambodia, marking its expansion into the southeast Asian beverages market
  • Swire Pacific will pay $1.02 billion in cash for Coc a-Cola Indochina, which packages and distributes the beverage in the two southeast Asian countries
  • The firm is buying Coca-Cola Indochina through its Swire Beverages and Swire Coca-Cola units, from Coca-Cola (Japan), which is ultimately owned by Coca-Cola Co
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • The dollar capped off its vertiginous rise over this past year by rallying 1% last week and this creates problems for the rest of the world as most global trade is denominated in dollars
  • International investors' love for China has all but disappeared as they say reasons to avoid the country outweigh incentives to buy
  • Citing everything from the uncertain regulatory regime to Covid-19 policies to the real-estate problem, money managers have been turning away from the world's second-largest economy
  • The European Central Bank’s battle to restore its credibility with financial markets just got a whole lot harder
  • It looks poised to raise interest rates this week at long last -- just as Russia threatens to escalate the energy crisis with inflation already at records and political chaos brewing in Italy

Cogeco Communications Inc.* (CCA: $82.17)
Greenbrook TMS Inc* (GTMS.TO: $2.16)
Organigram Holdings Inc.* (OGI: $1.30)
Wesdome Gold Mines Ltd.* (WDO: $9.76)

Virgin Galactic Holdings Inc.* (SPCE: $7.35)


INDUSTRY UPDATE
Cannabis
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MORNING INK REPORT
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MACRO - EVENT SCHEDULE

Sources: Bloomberg Finance L.P.
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Source: Bloomberg Finance L.P.
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“Your present circumstances don't determine where you can go; they merely determine where you start.”

- Nido Qubein

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

* Canaccord Genuity and its affiliated companies may have a Corporate Finance or other relationship with the company and may trade in any of the Designated Investments mentioned herein either for their own account or the accounts of their customers, in good faith and in the normal course of market making. The authors have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Corporate Finance activities, or to coverage contained in the Morning Coffee.

Copyright (C) 2018 Canaccord Genuity Corp. All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity Corp. None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of Canaccord Genuity Corp.

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