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Msg  65631 of 65854  at  8/21/2019 1:52:28 PM  by

carswell


Coffee/Summaries

Wednesday, August 21, 2019

In Today's Morning Coffee...

SPECIAL VIDEO HIGHLIGHT ft. TONY DWYER (Canaccord Genuity's Chief Market Strategist)

*Link is embedded within photo


BEFORE THE OPEN
Source: Thomson Reuters
  • Canada's main stock index futures inched up supported by higher oil prices after data showed a larger-than-expected drop in U.S. crude inventories
  • Wall Street futures were up on hopes of stimulus clues from Federal Reserve's annual Jackson Hole symposium later this week and a Group of Seven summit this weekend
  • European shares traded higher and Japan's Nikkei ended in the red
  • The U.S. dollar edged higher against a basket of currencies, whereas gold prices fell as investors locked in profits in the safe-haven asset
DEAL SPOTLIGHT
Source: Thomson Reuters

Pembina Pipeline Corp (PPL) & Kinder Morgan Canada Ltd (KML):
  • Pembina Pipeline said it would buy smaller rival Kinder Morgan Canada in a transaction that values it at about C$2.3 billion
  • The all-share deal values Kinder Morgan Canada at about C$15.02 per share, representing a premium of 36.8% to the stock's Tuesday close
  • Pembina will acquire assets including the Cochin pipeline System, the Edmonton storage and terminal business and bulk storage business Vancouver Wharves, as part of the Kinder Morgan Canada deal
  • The company said it will also buy the U.S. portion of the Cochin pipeline system from Kinder Morgan for about C$2.05 billion in cash
​​​​EARNINGS SPOTLIGHTS
Source: Thomson Reuters

Lowe's Companies Inc (LOW):
  • The home improvement chain beat same-store sales and profit estimates, as it stocked more equipment geared towards pulling high-spending customers
  • The company's same-store sale rose 2.3% in the second quarter, above expectations of a 1.8% increase
  • Net sales rose marginally to $20.99 billion from $20.89 billion, largely in-line with analysts' estimates
  • Lowe's net earnings rose to $1.68 billion, or $2.14 per share, in the reported quarter, from $1.52 billion, or $1.86 per share, a year earlier
  • Excluding items, the company earned $2.15 per share, beating estimates of $2.01
Target Corp (TGT):
  • The company beat Wall Street estimates for quarterly profit and raised its annual forecast, as higher investments to cater to changing shopping habits lifted online sales and attracted more shoppers
  • Robust digital sales drove more than half of the 3.4% growth in same-store sales
  • Store traffic also grew 2.4% in the quarter (analysts on average were expecting same-store sales to grow 3%)
  • The company also raised its full-year adjusted profit forecast between $5.90 and $6.20 per share, compared with the prior range of $5.75 to $6.05
  • Excluding certain items, Target earned $1.82 per share, beating analysts' estimates by 20 cents
  • Total revenue of $18.42 billion beat estimates of $18.34 billion
Toll Brothers Inc (TOL):
  • The company reported a better-than-expected quarterly profit on higher home prices, but its shares fell as orders declined, hinting at weaker demand for new homes
  • Orders fell 3.2% to 2,241 units in the third quarter
  • The company also sold fewer homes in the quarter
  • Toll Brothers said it sold 1,994 homes in the third quarter, down from 2,246 a year earlier
  • Net income fell to $146.3 million, or $1 per share, in the quarter ended July 31 from $193.3 million, or $1.26 per share
  • Revenue fell 7.7% to $1.77 billion, but still beat expectations
STOCKS IN THE NEWS
Source: Thomson Reuters

Citigroup Inc (C):
  • Citigroup and BNP Paribas are caught up in the U.S. criminal case against the chief financial officer of China's Huawei Technologies, according to newly available documents
  • The banks were named in documents released on Tuesday after a hearing in British Columbia Supreme Court where Huawei CFO Meng Wanzhou is fighting extradition to the United States on bank fraud charges
  • The two are among at least four financial institutions that had banking relationships with Huawei when Meng and others allegedly misled them about its business dealings in Iran despite U.S. sanctions
  • Two others, HSBC Holdings and Standard Chartered, have been previously reported
Iamgold Corp (IMG):
  • The miner has dismissed 325 contractors from its Rosebel gold mine in Suriname while it works to restore security after a clash between illegal miners and police, a company spokeswoman said on Tuesday
  • The company continues to process stockpiled material at its mill, but has lowered its full-year production guidance to between 765,000 to 810,000 ounces of gold, owing partly to reduced output at Rosebel
  • Any restart hinges on talks with the government to increase security at the site, company spokeswoman Indi Gopinathan said on Tuesday
  • "What we need is assurances that we don't have another incident like this occur," she said
Royal Bank of Canada (RY):
  • The company missed analysts' estimates for quarterly profit as equity trading weakened and it kept aside more funds to cover bad loans
  • Net income at the lender's capital markets business, which includes trading, investment banking and advisory, fell 6% to C$653 million
  • However, interest rate hikes in the United States and Canada last year benefited its personal and commercial banking business, where net income rose 10% to C$1.66 billion
  • Overall net income rose to C$3.26 billion, or C$2.22 per share, in the third quarter ended July 31, from C$3.11 billion, or C$2.10 per share, a year earlier
  • On an adjusted basis, the largest Canadian lender by market cap earned C$2.26 per share
Walmart Inc (WMT) & Tesla Inc (TSLA):
  • Walmart sued Tesla, accusing it of "widespread negligence" that led to repeated fires of its solar systems and asking a court to force Tesla to remove solar panels from more than 240 of its U.S. stores
  • The lawsuit accuses Tesla of having untrained workers putting up shoddy installations and showing "utter incompetence or callousness, or both," court papers said
  • The lawsuit is the latest blow to Tesla's struggling solar business, which it acquired through its $2.6 billion purchase of SolarCity in 2016
  • The fires destroyed significant amounts of store merchandise and required substantial repairs, totaling millions of dollars in losses, Walmart said in the lawsuit
  • In addition, inspections of the retailer's other Tesla-owned solar installations "displayed troubling problems that were indicative of widespread negligence," the lawsuit said
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Speaking to reporters Tuesday in the Oval Office, Trump reiterated that the U.S. is “very far from a recession” but was willing to administer a range of actions including a payroll tax cut and indexing capital gains to inflation to stave one off
  • Germany auctioned a 30-year bond this morning with a 0% coupon for the first in history as the country sees its entire yield curve fall into negative territory
Barkerville Gold Mines Ltd.* (BGM: $0.37)
BRP, Inc.* (DOO: $39.45)
Mosaic Capital Corporation* (M: $5.33)
Madalena Energy Inc.* (MVN: $0.14)
Probe Metals, Inc.* (PRB: $1.10)
3 Sixty Risk Solutions Ltd.* (SAFE: $0.18)


Premier Inc. Class A* (PINC: $37.60)


WEALTH & ESTATE PLANNING
When was the last time you reviewed your Financial Plan?

INDUSTRY UPDATE
Oil

MORNING INK REPORT
Insiders ride the Jay Forbes road map

MACRO - EVENT SCHEDULE
Source: Bloomberg Finance L.P.
Canadian annual inflation rate at 2.0% in July 2019

MOST READ NEWS
Source: Bloomberg Finance L.P.
Trump Snubs Danish Queen as State Visit Canceled Over Greenland


“Contrarian thinking doesn't make any sense unless the world still has secrets left to give up.”

- Peter Thiel

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



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