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Group: Canadian Blue-chip Industrial Forum
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Canada's main stock index futures were little changed as higher oil prices offset fears over global economic growth following weak economic data from China and Germany
Wall Street futures slipped, as did European and Japanese shares
Trade concerns boosted safe-haven assets like the Japanese yen, Swiss franc and gold, while the dollar index was little changed
EARNINGS SPOTLIGHTS Source: Thomson Reuters
Cisco Systems Inc (CSCO):
The company forecast second-quarter revenue and profit below expectations as increasing global economic uncertainties kept clients away from spending more on its routers and switches
Cisco expects revenue in the current quarter to drop by 3% to 5% from a year earlier to between $12.07 billion to $11.82 billion
Analysts were expecting revenue of $12.77 billion
It forecast adjusted profit to be between 75 cents and 77 cents per share, below analysts' average estimate of 79 cents
Excluding items, Cisco earned 84 cents per share and beat estimates of 81 cents
Mizuho Financial Group Inc (MFG):
The Japanese lender said its half-year net profit fell 19.9%, primarily due to weakness in its retail operations as well as a one-time high comparison base last year
It reported April-September profit of 287.7 billion yen, compared with 359.4 billion yen in the same period a year earlier
Mizuho also said its retail business division posted a net loss of 4.1 billion yen, versus 13.5 billion yen of net profit a year prior
National Grid plc (NGG):
The company said it was confident it would be able to address concerns over gas supplies raised this week by governor of New York who warned he could revoke the British firm's licence to operate in southern parts of the state
The company also said it expected to avoid being fined by Britain's energy regulator over widespread outages in August
It offered the assurances after reporting higher-than-expected half-year profit
Its underlying profit before tax fell 4% to 785 million pounds for the six months ended Sept. 30
The result came above the 748 million pound figure that analysts had expected
Wix Ltd (WIX):
The company reported higher profit and revenue in the third quarter, but lowered the upper end of its full year revenue forecast range to adjust for recent foreign exchange moves
It posted quarterly net profit of 41 cents a share excluding one-time items, compared with 39 cents a year earlier and in line with analysts' estimates
Revenue grew 26% to $196.8 million but was held back by currency effects, particularly weakness in the euro and British pound
For the fourth quarter it estimates revenue of $204-$206 million, up 24-25% from a year earlier
STOCKS IN THE NEWS Source: Thomson Reuters
Canopy Growth Corp (WEED):
The pot producer reported a bigger quarterly loss, hit by restructuring charges
The company said it took a restructuring charge of C$32.7 million in the reported quarter for returns, return provisions, and pricing allowances primarily related to its softgel and oil portfolio
The biggest Canadian marijuana producer by market capitalization said it sold 998 kilograms of dried medical cannabis in the second quarter, down 41% from the year-ago quarter
It reported a wider net loss of C$374.6 million, in the second quarter ended Sept. 30, from C$330.6 million, a year earlier
Alibaba Group Holding Ltd (BABA):
The e-commerce company’s planned $13.4 billion share sale will be Hong Kong's first paperless stock market listing, a source with knowledge of the matter said
The decision by Alibaba to fully automate the retail subscription component of its deal comes as Hong Kong is gripped by violent civil unrest which has shut shops in the financial district and led the government to close schools
Apple Inc (AAPL):
The iPhone maker’s heart study found the company’s watch could accurately detect atrial fibrillation, the most common type of irregular heartbeat, U.S. researchers reported on Wednesday
The Apple study, conducted by researchers at Stanford University School of Medicine, tested the Apple Watch's heart rate sensor and algorithm in more than 400,000 participants who used an app to sign up for the eight-month trial
During the study, only 0.5% of participants received a warning that they had an irregular pulse
Ford Motor Co (F):
The automaker will start taking reservations for its electric sport utility vehicle, Mustang Mach-E, starting Nov. 17
The Mustang-inspired electric SUV will be among a more than dozen all-electric automobiles the company plans to launch by 2022 with an investment of $11.5 billion as it moves away from traditional gas-powered cars
THINGS TO KNOW Source: Bloomberg Finance L.P.
Germany narrowly dodged a recessionary signal as the biggest economy in Europe grew only 0.1% in the third quarter due to weak manufacturing activities
Yesterday’s testimonies in the public hearings for the impeachment inquiry revealed new details; two more is scheduled to testify tomorrow followed by eight more next week