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Group: Canadian Blue-chip Industrial Forum
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Futures for Canada’s main stock index and Wall Street’s major indexes rose with European shares as investors cheered an agreement being reached between the European Union and the UK over Brexit
Japan’s Nikkei fell on profit-booking and Chinese shares closed marginally flat, while Hang Seng index ended at a one-month high
The euro and the pound jumped on the Brexit agreement, while the U.S. dollar fell against its rivals due to weak U.S. economic data
Over supply concerns weighed on oil prices
Gold eased, while palladium rose for a fourth straight session
EARNINGS SPOTLIGHTS Source: Thomson Reuters
Honeywell International Inc (HON):
The diversified manufacturer fell short of Wall Street estimates for quarterly revenue and cut its full-year sales forecast, as its customers rein in spending amid a slowing global economy
Honeywell cut the top end of its full-year sales forecast to $36.9 billion, while retaining the lower end at $36.7 billion
The company raised the lower end of its 2019 earnings per share forecast by 15 cents to $8.10, while reaffirming the higher end at $8.15
Net income fell to $1.62 billion, or $2.23 per share, in the third quarter ended Sept. 30, from $2.34 billion, or $3.11 per share, a year earlier
Revenue fell 15.6% to $9.09 billion and missed expectation of $9.11 billion
Netflix Inc (NFLX):
The company added slightly more paying subscribers than Wall Street expected in the third quarter, a relief to investors who had worried the company might fall short just as Disney and Apple prepare to ramp up the streaming video wars
Its total subscriber count topped 158 million
For the third quarter, Netflix's net income rose to $665 million, or $1.47 per share, from $403 million, or 89 cents per share, a year earlier
Total revenue rose to $5.25 billion from about $4 billion
Analysts on average had expected $5.52 billion
Separately, Mossack Fonseca, a Panamanian law firm at the center of the "Panama Papers" scandal, has filed a lawsuit against Netflix over its new movie based on the case, accusing the video streaming company of defamation and seeking to stop the film's release
Taiwan Semiconductor Manufacturing Co (TSM):
The Apple supplier raised its 2019 capital spending plan by up to $5 billion and forecast a nearly 10% rise in fourth-quarter revenue on strong demand for faster mobile chips and new high-end smartphones
It expected fourth-quarter revenue of between $10.2 billion and $10.3 billion, up from $9.4 billion a year ago, and gross margin at 48%-50% versus 47.7% in the same period a year ago
Revenue rose 10.7% to $9.4 billion, compared with the company's own estimate of $9.1 billion to $9.2 billion
STOCKS IN THE NEWS Source: Thomson Reuters
International Business Machines Corp (IBM):
The company missed Wall Street estimates for quarterly revenue on Wednesday, as its global technology services unit was hit by weakness in some European markets
Revenue from IBM's cloud services rose 11% to $5 billion, helping the company beat profit expectations for the quarter
Total revenue fell 3.9% to $18.03 billion, missing analysts' average estimate of $18.22 billion
Net income fell to $1.67 billion, or $1.87 per share, from $2.69 billion, or $2.94 per share, a year earlier
Excluding special items, the company earned $2.68 per share, 1 cent above analysts' estimate
Barrick Gold Corp (ABX):
The company has declared force majeure on shipments on its 590,000-barrel-per-day (bpd) Keystone oil pipeline after a snow storm hit Manitoba over the weekend, disrupting operations, the company confirmed on Wednesday
The storm knocked out power to about 3-4 pump stations in Manitoba, affecting pipeline flows, three sources said
TC Energy Corp (TRP):
The U.S. automaker's July to September vehicle sales in China fell 17.5%, as it was hurt by a slowing economy amid the Sino-U.S. trade war and by heightened competition in its key mid-priced SUV segment
GM delivered 689,531 vehicles in China in the third quarter this year, according to a company statement
The drop for the quarter ended September 30 marks the fifth straight quarterly sales decline for GM in China, the world's biggest auto market
Tesla Inc (TSLA):
The company was added to a government list of approved automotive manufacturers, China's industry ministry said, as it granted the electric-vehicle maker a certificate it needs to start production in the country
The list was published by the Ministry of Industry and Information Technology
This means "the green light is fully given to Tesla for production in China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight
THINGS TO KNOW Source: Bloomberg Finance L.P.
A Brexit deal with the EU has been clinched, but remains contingent on a parliamentary vote Saturday
Despite a worsening diplomatic situation between China and the U.S., the text of a trade agreement continues to progress