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Msg  65392 of 65660  at  7/17/2019 11:21:57 AM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

WEDNESDAY, JULY 17, 2019

 

TOP NEWS
• Bank of America profit beats as healthy economy fuels loan growth
Bank of America beat estimates for quarterly profit, as the United States' second-largest lender's loan book benefited from a healthy domestic economy.
• Bills targeting China's Huawei introduced in U.S. Congress
Members of the U.S. Senate and House of Representatives introduced bills on Tuesday to keep tight restrictions on Huawei, amid concern about President Donald Trump's easing of curbs on the Chinese firm.
• Seeking to avoid escalation, ships deploy unarmed guards to navigate Gulf
Shipping companies are hiring unarmed security guards for voyages through the Middle East Gulf as an extra safeguard after a wave of attacks in the region, security companies involved said.
• Amazon appeases German watchdog, but EU opens new probe
Amazon has reached a deal with Germany's anti-trust authority to overhaul its terms of service for third-party merchants, acting to appease regulators as the European Union announced its own investigation of the e-commerce giant.
• Facebook to face more scrutiny from Congress on Libra 
Facebook will face more questioning by U.S. lawmakers over its planned cryptocurrency after a bruising first bout when senators from both parties condemned the project, saying the company had not shown it could be trusted.​



BEFORE THE BELL
Canada's main stock index futures edged up, as oil prices rose. U.S. stock futures were slightly higher as investors continue to focus on quarterly results from major companies. European shares were little changed, while Japan's Nikkei ended lower on U.S.-China trade uncertainty. The dollar index edged down. Gold was trading in the negative territory. Canada's inflation and factory sales data are scheduled for release later in the day.


STOCKS TO WATCH
• Barrick Gold Corp (ABX). Acacia Mining said it was seeking a stay of international arbitration proceedings against Tanzania, a step that could ease tensions between the two sides locked in a dispute following a $190 billion tax bill, two days before a deadline for a buyout proposal by Barrick Gold. Adding to pressure on Acacia, the company said late on Tuesday it had been notified of an imminent ban on the use of a storage dam that would prevent its North Mara gold mine - its main source of revenue - from operating. The offer to postpone arbitration, which was scheduled to start on Monday, precedes a looming July 19 deadline for Acacia's majority owner Barrick Gold, holder of a 63.9% stake, to make a firm bid to buy out Acacia.​


INSIGHT
Making sense of chaos? Algos scour social media for clues to crypto moves

After months of relative calm in cryptocurrency markets, bitcoin exploded back into life in April with its sharpest price jump in over a year - but few people could convincingly explain why. The 20% leap focused investors' attention on one of the enduring mysteries of cryptocurrencies: what moves the price of an emerging asset in an opaque, largely unregulated market?​



ANALYSTS' RECOMMENDATION
• Canadian Pacific Railway Ltd (CP). RBC raises target price to C$356 from C$342, reflecting the company's volume growth outlook and operating efficiencies that could drive meaningful EPS growth. 
• Cogeco Communications Inc (CCA). CIBC raises target price to C$109 from C$103, citing the company's solid momentum continuing across both Canadian and U.S. segments. 
• High Tide Inc (HITI). Canaccord Genuity initiates coverage with speculative buy rating, citing the company's growing retail presence in Canada and its accretive acquisitions of 2018.  ​



ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 CPI inflation mm for Jun: Expected -0.2 %; Prior 0.4%
0830 CPI inflation yy for Jun: Expected 2.0%; Prior 2.4%
0830 CPI BoC core yy for Jun: Prior 2.1%
0830 CPI Boc core mm for Jun: Prior 0.4%
0830 CPI mm SA for Jun: Prior 0.3%
0830 Core CPI mm SA for Jun: Prior 0.3%
0830 CPI median for Jun: Prior 2.1%
0830 CPI trim for Jun: Prior 2.3%
0830 CPI common for Jun: Expected 1.8%; Prior 1.8%
0830 CPI NSA for Jun: Prior 136.6
0830 CPI yy SA for Jun: Prior 2.33%
0830 Manufacturing sales mm for May: Expected 2.0%; Prior -0.6%



COMPANIES REPORTING RESULTS
July 17:
No major companies are scheduled to report for the day.

July 18:

West Fraser Timber Co Ltd (WFT). Expected Q2 earnings of 41 Canadian cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
1630 Kinder Morgan Canada Ltd (KML). Q2 earnings conference call


EXDIVIDENDS
Alimentation Couche-Tard Inc (ATDb). Amount C$0.12
Richelieu Hardware Ltd (RCH). Amount C$0.06


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


 


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