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Msg  72276 of 72633  at  9/29/2022 10:08:43 AM  by

carswell


Coffee/Summaries

Web Version

Thursday, September 29, 2022


In today’s Morning Coffee…

BEFORE THE OPEN
Source: Thomson Reuters
  • Canada's main stock index futures fell on weaker gold prices as the U.S. dollar strengthened
  • U.S. stock index futures were down as investors worried about a global downturn from aggressive rate hikes by central banks
  • European shares tumbled as a host of companies warned about the effect of rising inflation and costs on their businesses
  • Japan's Nikkei ended higher, led by drugmakers, while Chinese stocks tracked losses in global markets
  • Oil prices firmed on indications that OPEC+ might cut output
  • Canada's GDP data for July is scheduled for release
STOCKS IN THE NEWS
Source: Thomson Reuters
Amazon.com Inc (AMZN):
  • The online retailer’s warehouse and transportation workers will receive an increased average starting pay of more than $19 per hour from $18, Amazon.com said on Wednesday
  • The wage hike would help the company attract and retain workers in a tightening U.S. labor market as the peak season for gifting gets underway
  • Amazon said the pay hikes would cost the company nearly $1 billion over the next year
  • Employees will now earn between $16 and $26 per hour depending on their position and location in the United States, the company added
  • Amazon's minimum wage for hourly employees in the U.S. remains $15, a spokesperson told Reuters
  • The online retailer's decision also comes as some workers continue to push to unionize Amazon facilities in the United States
  • Only one Amazon facility has voted to unionize so far
  • Earlier on Wednesday, Amazon announced new devices including a lineup of voice-controlled devices, an updated e-reader which users can write on and a contactless gadget that can monitor people's sleep
  • Separately, the company is planning to close several call centers in the United States in a move toward remote working, Bloomberg News reported on Wednesday citing people familiar with the matter
Berkshire Hathaway Inc (BRK.A) & Occidental Petroleum Corp (OXY):
  • Warren Buffett's company bought another 5.99 million shares of the petroleum company, boosting its stake to 20.9% after the oil company's shares lost about a fifth of their value in less than a month
  • The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Wednesday
  • Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental's Wednesday closing price of $61.41
  • The Houston-based oil company's share price later rose, peaking at $77.11 on Aug. 29, before declining amid broader weakness in U.S. equity markets
  • Berkshire paid in the high-50s to low-60s per share in this week's purchases
  • Berkshire's stake would allow Buffett's Omaha, Nebraska-based conglomerate to report its proportionate share of Occidental's earnings with its own operating results, through the so-called equity method of accounting
Teck Resources Ltd (TECK.B):
  • The company is considering revising the value of its Zafranal copper project in Peru to more than $2 billion from $1.3 billion, one of its executives said Wednesday
  • The initial value of the project was set in 2019, when copper prices were below their current levels, the general manager of Zafranal Mining, Mario Baeza, said at a conference on Peru's mining industry
  • "We are updating capex and project numbers," Baeza said, adding that the value of the project could be raised to "more than $2 billion."
  • The project is waiting on approval of an environmental study
  • Baeza said he expects the Peruvian government to approve the environmental impact study by the end of 2022 or "at the latest" in the first quarter of next year
  • Construction could start at the end of 2024 and would take three years, he added
  • The facility is expected to produce at least 1.5 million tonnes of copper over about 19 years, Baeza said
EARNINGS SPOTLIGHT
Source: Thomson Reuters
Jefferies Financial Group Inc (JEF):
  • The company on Wednesday beat analysts' estimates for third-quarter profit as robust performance in its merchant banking unit helped cushion the blow from sluggish dealmaking
  • The merchant banking division was boosted by the sale of its wood and lumber products business, Idaho Timber, the bank said
  • The unit reported a 60% jump in revenue to $397.8 million in the three months ended Aug. 31, Jefferies said, compared with a 32% drop in its crown jewel, the investment banking and capital markets unit
  • Excluding costs tied to a regulatory settlement, New York-based Jefferies earned $1.10 per share, comfortably beating Refinitiv IBES estimate of 73 cents
  • Net income tumbled 52%, while revenue slumped 21% from a year earlier
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Ian was downgraded to a tropical storm as it continued to move northeastward across central Florida
  • The former Category 4 hurricane made landfall west of Fort Myers near Cayo Costa shortly after 3 p.m
  • The UK's financial crisis is threatening to tip the economy into recession, with Prime Minister Liz Truss digging her heels in, defending the historically large tax-cut package and describing it as the "right plan"


Cargojet Inc.* (CJT: $119.29)
Whitecap Resources Inc.* (WCP: $8.83)
Canopy Growth Corporation* (WEED: $4.14),



Biogen Inc.* (BIIB: $276.61)
Spire Global Inc.* (SPIR: $1.14)


INDUSTRY UPDATE
Oil

MORNING INK REPORT
Director finds shelter from the market storm in Medical Facilities



MACRO - EVENT SCHEDULE
US Initial Jobless Claims hit 5-month low of 193k, below 215k estimate

MOST READ NEWS
BOE Pledges Unlimited Bond-Buying to Avert Imminent Crash


“Don’t sit down and wait for the opportunities to come. Get up and make them.”
- Madam C.J. Walker
ASSET CLASS PERFORMANCE
Source: FactSet
*All numbers presented on the table below are based on total return

*All prices are in local currencies
 


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