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Msg  71917 of 72271  at  7/19/2022 12:21:51 PM  by

carswell


Coffee/Summaries

 
Web Version

BEFORE THE OPEN
Source: Thomson Reuters

  • Futures for Canada's main stock index edged higher as an easing dollar helped lift gold prices, though losses in oil, on expectations that U.S. inventories may have risen last week, capped gains in index futures
  • Wall Street futures rose as Apple shares gained and investors focused on another round of earnings to gauge the strength of corporate America
  • European shares were trading higher ahead of the ECB policy meeting this week
  • Japanese shares ended with modest gains as investors shied away from making big moves ahead of Bank of Japan's policy meeting this week
STOCKS IN THE NEWS
Source: Thomson Reuters

Apple Inc. (AAPL):
  • Russia's competition authority said it would fine U.S. tech giant for violating Russian antitrust laws and abusing its dominant position in the app store market
  • The federal anti-monopoly service (FAS) said it would levy a turnover-based fine against Apple, the size of which would be determined during the course of an administrative investigation
  • Moscow has long objected to foreign tech platforms' influence in the Russian market, but the simmering dispute has escalated since Russia invaded Ukraine in February
  • "The company has abused its dominant position in the iOS app distribution market," the FAS said in a statement
  • Separately, Apple was sued on Monday in a proposed class action by payment card issuers accusing the iPhone maker of abusing its market power in mobile devices to thwart competition for its Apple Pay mobile wallet
Berkshire Hathaway Inc. (BRK) & Occidental Petroleum Corp. (OXY):
  • Warren Buffett's Berkshire Hathaway on Monday said it has bought another 1.94 million shares of Occidental Petroleum, putting it nearer a threshold where it could record some of the oil company's earnings with its own
  • Berkshire's latest purchases from July 14 to July 16 cost $112 million, and gave Buffett's conglomerate a 19.4% Occidental stake worth about $10.9 billion, regulatory filings show
  • If it reached 20% ownership, Berkshire could record its proportionate share of Houston-based Occidental's earnings, known as the equity method of accounting
  • Analysts on average expect Occidental to post about $10.7 billion of net income this year, according to Refinitiv I/B/E/S
Twitter Inc. (TWTR):
  • The social media firm's showdown with Elon Musk over his $44 billion takeover faces its first test on Tuesday, when a judge will weigh the company's bid for a fast-tracked trial which it says it needs to ensure deal financing doesn't come unraveled
  • The San Francisco-based company is seeking to resolve months of uncertainty for its business as Musk tries to walk away from the deal over what he says are Twitter's "spam" accounts that he says are fundamental to its value
  • Twitter has asked Chancellor Kathaleen McCormick of the Delaware Court of Chancery to find Musk breached the merger agreement and to order him to complete the merger at the agreed price of $54.20 per share
  • Separately, the company said adopting Musk's "slow walk" proposal for a 2023 trial leaves little time for additional litigation over deal financing if Musk is ordered to close and the deal financing expires in April
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

Hasbro Inc. (HAS):
  • The company reported a 10% rise in quarterly adjusted earnings on Tuesday, helped by demand for the toy maker's "Magic: The Gathering" trading card game and an increase in prices
  • Despite a wider slowdown in the gaming market this year, sales at Hasbro have held up well due to a steady stream of new releases
  • The company unveiled in the quarter an expansion set of "Magic: The Gathering", which analysts said lifted orders for both tabletop and online versions of the game
  • Hasbro also said price increases in its consumer products business - its largest and home to toys such as Nerf blasters and My Little Pony figures - offset an increase in freight costs
  • Net revenue rose 1% to $1.34 billion in the second quarter and the company said revenue growth was impacted by a stronger dollar
Johnson & Johnson (JNJ):
  • The healthcare conglomerate cut its full-year adjusted profit forecast for the second straight quarter as a stronger dollar dragged on its sales outside the United States
  • The company now expects a full-year adjusted profit of $10.00 to $10.10 per share, from its prior forecast of $10.15 to $10.35
  • Johnson & Johnson's net earnings fell to $4.81 billion, or $1.80 per share, in the second quarter, from $6.28 billion, or $2.35 per share, a year earlier
  • Sales at pharmaceuticals, J&J's biggest business, rose 6.7% to $13.32 billion and the pharmaceuticals unit has helped the company soften the blow from its pandemic-battered medical device business in the past few quarters
  • In the reported quarter, sales at the company's medical devices unit fell 1.1% to $6.90 billion, hurt by "COVID-19 related mobility restrictions in certain regions"
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Apple Inc. is the latest major technology company to rein in hiring and spending plans, adding to the evidence that even Silicon Valley stalwarts are worried about a recession in the coming months
  • Some Democratic Party senators are urging President Joe Biden to declare a climate emergency as the route to enact legislation in Congress on the issues remains blocked
  • The move would allow Biden to exercise executive powers to curtail the fossil fuel industry and direct funding towards green initiatives
  • Meanwhile, in Europe, the energy problems are mounting: record temperatures are expected in the UK while low river levels and reduced nuclear capacity in France and Germany means alternatives to Russian gas are becoming scarce
  • With the Federal Reserve meeting next week, investors are pricing in an interest rate increase of at least 75 basis points
Fission Uranium Corp.* (FCU: $0.64)
Franco-Nevada Corp.* (FNV: $163.65)
GCM Mining Corp.* (GCM: $3.33)
Small Pharma Inc.* (DMT: $0.10)


Clever Leaves Holdings Inc.* (CLVR: $1.12)
Natera Inc.* (NTRA: $43.58)
Theratechnologies Inc.* (THTX: $2.20)
Square* (SQ: $66.27)

INDUSTRY UPDATE
Oil

THE REIT REVIEW
Highlights from Cushman & Wakefield’s US Marketbeat reports

MORNING INK REPORT
ATCO climbs up the INK Edge rankings

MACRO - EVENT SCHEDULE

Sources: Bloomberg Finance L.P.
US Housing Starts came in at 1559k, below estimate of 1580k

MOST READ NEWS

Source: Bloomberg Finance L.P.
Trader Behind Huge Fed Funds Wager Bags $14 Million in First Day
“Either you run the day or the day runs you.”

- Jim Rohn

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