• Revolutionary Guards impound foreign oil tanker in the Gulf - state TV
Iran has seized a foreign tanker smuggling fuel in the Gulf, state television quoted Iran's Revolutionary Guards as saying.
• SAP says big margin gains to wait until 2020
SAP told investors not to expect a major improvement in margins before
next year as the German business software group reported a 21% decline
in second-quarter operating profit.
• G7 urges strict Libra regime, eyes minimum tax
Digital currencies like Facebook's Libra must be held "to the highest
regulatory standards" to ensure they are not used to launder money and
that users are protected, a Group of Seven taskforce urged.
• UnitedHealth boosts 2019 profit view on strength in insurance, pharmacy benefits
UnitedHealth Group beat estimates for quarterly profit and raised its
2019 earnings forecast, buoyed by strength in the largest U.S. health
insurer's pharmacy benefits management and insurance businesses.
• Aurora Cannabis wins contract to supply medical cannabis to Italy
Canadian pot producer Aurora Cannabis said it had secured a two-year
contract to supply medical cannabis to the Italian government.
BEFORE THE BELL
Futures pointed to a higher opening for Canada's main stock index, as oil prices
gained after Iran said it had seized a foreign tanker smuggling fuel in the Gulf. U.S. stock index futures were down, in line with Asian
markets on signs that the U.S.-China trade war was hurting corporate earnings. Most European shares were slightly higher as investors parsed through corporate results. The U.S.
dollar was nearly flat. Gold prices eased from two-week highs on profit-booking.
STOCKS TO WATCH
• Aurora Cannabis Inc (ACB).
The Canadian pot producer said it had secured a
two-year contract to supply medical cannabis to the Italian government.
The company will supply a minimum of 400 kg of medical cannabis to the
country, one of the most strictly regulated medical cannabis markets in
the world. Aurora said it will supply cannabis
from its Canadian EU GMP certified facilities and imported into Italy
through Aurora Deutschland, its wholly-owned European unit.
wants a weaker dollar. It could be a hard sell
President Donald Trump wants a cheaper dollar, saying earlier this month
the United States should match what he says are efforts by other
countries to weaken their own currencies - giving them an unfair trade
advantage. The comments have prompted speculation
the president could order sales of the greenback, which is near a
multi-decade high and, according to the International Monetary Fund on
Wednesday, at least 6% stronger than warranted by economic fundamentals.
• Calfrac Well Services Ltd (CFW). RBC cuts target price to C$6 from C$10, reflecting
the company's lower 2020 EBITDA.
• Kinder Morgan Canada Ltd (KML).
Credit Suisse raises rating to neutral from underperform, based on its
share price depreciation, which they believe has created excess return
for the company.
• Trican Well Service Ltd (TCW).
CIBC cuts rating to neutral from outperformer, citing the extremely
challenged Canadian market, and as the company lost some key clients
over the past year.
No economic indicators are scheduled for release.
COMPANIES REPORTING RESULTS
West Fraser Timber Co Ltd (WFT). Expected Q2 earnings of 41 Canadian cents per share
No major companies are scheduled to report for the day.
No major events are scheduled for the day.
There are no major exdivs for the day.
(All analysts' estimates are according to I/B/E/S Refinitiv data.)