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Msg  72388 of 72963  at  10/20/2022 10:47:55 AM  by

Gammafriend


Morning News Call TD

CANADA EDITION

THURSDAY, OCTOBER 20, 2022

TOP NEWS
Canada recession may be ‘necessary evil’ as central bank queues big hike
Even as recession worries intensify in Canada, the central bank is likely to go ahead with another supersized interest rate hike next week after data showed underlying inflation was stubbornly persistent despite aggressive tightening, analysts said.

Canada promises industry it will respond to U.S. inflation act
Canada must strengthen its incentives meant to help industry scale up clean technologies after the United States passed massive investments in August to accelerate the green transition there, the finance minister said on Wednesday.

Tesla seeks to ease demand concerns over likely 2022 delivery target miss
Tesla said on Wednesday it expected to miss its vehicle delivery target this year, but downplayed concerns about softening demand after its revenue missed Wall Street estimates.​

Blackstone's earnings fall 16% on sharp drop in asset sales
Blackstone, the world's largest alternative asset manager, said its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market.​

Mercedes signs 1.5 bln eur deal with Rock Tech Lithium to push e-car drive
Mercedes-Benz has signed a supply agreement with Canadian-German Rock Tech Lithium to receive on average 10,000 tons of battery-grade lithium hydroxide per year, the German carmaker said.​


BEFORE THE BELL
Futures for Canada's main stock index edged higher, buoyed by higher crude and metal prices while investors weighed the possibility of a more aggressive pace of tightening by the Bank of Canada. U.S. stock index futures rose on upbeat earnings, but gains were limited after Tesla failed to meet estimates for quarterly revenue and warned of missing its vehicle delivery target. European shares were down, as investors fretted about persistent inflation while downbeat earnings from BE Semiconductor and Nokia added to the economic downturn jitters. Japan's Nikkei cut losses in volatile afternoon trade after a report said China was mulling an easing of COVID-19 rules for visitors. China shares closed lower as concerns about a weakening currency and economic woes dampened sentiment. Gold prices were higher due to a slight pullback in the U.S. dollar. Oil rose in response to tighter supplies and on news that China is considering a cut in the duration of quarantine for inbound visitors.


STOCKS TO WATCH
Rock Tech Lithium Inc: Mercedes-Benz has signed a supply agreement with Canadian-German Rock Tech Lithium to receive on average 10,000 tons of battery-grade lithium hydroxide per year, the German carmaker said. The deal allows the luxury carmaker to supply its battery partners with raw material, starting in 2026, including a qualification period, in order to rapidly scale up production of fully electric vehicles, it said in a statement. The deal, which comes shortly after the two groups said they would explore a strategic partnership, has a volume of 1.5 billion euros and will cover enough lithium hydroxide for 150,000 cars a year, the companies said. "This significant amount of lithium sourced directly from Rock Tech will help Mercedes Benz to advance localization of European production of state of the art battery cells," Mercedes-Benz management board member Markus Schaefer said. As part of the deal, Rock Tech Lithium plans to supply Mercedes-Benz battery partners from a converter based in Guben, Germany, helping the German luxury carmaker to go fully electric by the end of the decade where market conditions allow.​


ANALYSIS
Falling demand for COVID boosters puts price hikes on the table
With most Americans delaying or skipping new COVID-19 booster shots, analysts and investors are now predicting far fewer will be given each year, pushing the number of shots well below annual flu vaccinations. With fewer shots needed, vaccine makers including Pfizer Inc, partner BioNTech SE, rival Moderna Inc and Novavax Inc could have to hike prices as much as three times current levels if they hope to meet Wall Street revenue forecasts for the shots for 2023 and beyond, several analysts said.


ANALYSTS' RECOMMENDATION
B2Gold Corp: Canaccord Genuity cuts target price to C$7.25 from C$7.75, previewing the company’s pre-released third-quarter consolidated production of 215 koz, after the management noted that production at Fekola was lower than planned due to a challenging rainy season which delayed access to higher-grade ore from Fekola Phase 6.

Barrick Gold Corp: Canaccord Genuity cuts target price to C$29 from C$32, saying that the company’s 2022 cash costs are expected at or above the high end of the guided range as a result of inflationary pressures.

Cogeco Communications Inc: Canaccord Genuity cuts target price to C$70 from C$96, recognizing the severity of the downturn in U.S. cable company valuations.

Parkland Corp: RBC cuts target price to C$40 from C$47, saying that the company’s results were negatively impacted by inventory adjustments, increasing costs and hedging losses.

Rogers Communications Inc: Canaccord Genuity cuts target price to C$63 from C$67, accounting moderating adjustments to estimates ahead of the company’s third-quarter results, sharp decline in the share prices of Cogeco Communications and Cogeco Inc, and the inclusion of the a $520 million consent fee paid to the bondholders in relation with the delay in closing the Shaw Communications Inc transaction.​


COMPANIES REPORTING RESULTS
October 20:
Winpak Ltd: Expected Q3 earnings of 50 cents per share
Mullen Group Ltd: Expected Q3 earnings of 40 Canadian cents per share

October 21:
No major companies are scheduled to report for the day.​


CORPORATE EVENTS (All timings in U.S. Eastern Time)
1000 Mullen Group Ltd: Q3 earnings conference call​


EX-DIVIDENDS
Birchcliff Energy Ltd: Amount C$0.20
Metro Inc: Amount C$0.27


(All analysts' estimates are according to I/B/E/S Refinitiv data)



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