TOP NEWS
• Charles Schwab to buy TD Ameritrade in a $26 billion all-stock deal
Charles
Schwab will buy TD Ameritrade in an all-stock deal valued at $26
billion, the two largest U.S. discount brokerages said, as they try to
fend off competition from newer rivals.
• Kirkland Lake Gold to buy Detour Gold for C$4.89 billion in mining deal
Kirkland Lake said it would buy smaller rival Detour Gold for about
C$4.89 billion in an all-stock deal, as it looks to scale up its mining
operations and boost reserves.
• China and U.S. 'very close' to phase one trade deal -Global Times
China and the United States are very close to a phase one trade deal,
the Global Times, a tabloid run by the ruling Communist Party's official
People's Daily, said, discounting "negative" media reports.
• LVMH aims to restore Tiffany's sparkle with $16.2 billion takeover
Louis Vuitton owner LVMH has agreed to buy Tiffany for $16.2 billion in
its biggest acquisition yet as the French luxury goods maker bets it can
restore the iconic U.S. jeweller's lustre.
• Canadian official's critique of 737 MAX software reflects 'working-level' view
An email sent by a Transport Canada official urging Boeing to remove an
anti-stall system involved in two 737 MAX crashes reflects
"working-level discussions" and were not reviewed by the Canadian
regulator, the agency said on Friday.
BEFORE THE BELL
Futures for Canada’s main stock index and Wall
Street futures rose, mirroring global equities, after reports that Washington and Beijing were nearing a trade agreement boosted investor sentiment. The Japanese
yen weakened against the U.S. dollar, while gold prices fell as investors moved to riskier assets. Oil prices
hovered around two-month highs.
STOCKS TO WATCH
Deals Of The Day
• Kirkland Lake Gold Ltd (KL) & Detour Gold Corp (DGC).
Kirkland Lake Gold said it would buy smaller rival Detour Gold for
about C$4.89 billion in an all-stock deal, as it looks to scale up its
mining operations and boost reserves. Kirkland Lake Gold offered 0.4343
shares to Detour Gold shareholders for each share
held. The deal, representing a premium of 23.8% as on Friday's close,
is expected to generate pre-tax savings of about $75 to $100 million per
year, the companies said in a statement. On completion of the deal,
Kirkland Lake Gold and Detour Gold shareholders
will own about 73% and 27%, respectively, of the merged company.
Others
• SolGold Plc (SOLG).
BHP Group will pay 17.1 million pounds to become the biggest
shareholder in the company,
the majority owner of the Cascabel copper-gold project in Ecuador. BHP
said it would raise its stake in the Brisbane-based miner to 14.7% from
11.1% by purchasing 77 million new shares in SolGold for 22.15 pence
each, a 13.1% premium to SolGold's last close
of 19.58 pence. SolGold said this would make BHP the largest
shareholder by a small margin. BHP will also have options to buy more
than 19.25 million SolGold shares, exercisable until Nov. 25, 2024 at a
price of 37 pence per share, the global miner said.
PREVIEW
Canadian
banks set to report slowest earnings growth since crisis on 'confluence of headwinds'
Canadian banks this week are gearing up to report their slowest annual
earnings growth since the global financial crisis, as analysts and
investors brace for another challenging profit season due to tougher
economic conditions.
ANALYSTS' RECOMMENDATION
• Canadian Western Bank (CWB): Canaccord Genuity raises target price to C$36 from C$34, noting the bank’s strong
growth across the board and sound execution of its balanced growth strategy.
• TC Energy Corp (TRP):
JPMorgan raises target price to C$78 from C$77, believing the company
maintains a low-risk business model with minimal direct commodity price
exposure.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Wholesale trade mm for Sep: Expected 0.4%; Prior -1.2%
COMPANIES REPORTING RESULTS
November 25:
No major companies are scheduled to report.
November 26:
Alimentation Couche-Tard Inc (ATDb). Expected Q2 earnings of 48 cents per share
Bank of Nova Scotia (BNS). Expected Q4 earnings of C$1.81 per share
Cresco Labs Inc (CL). Expected Q3 loss of 2 cents per share
CORPORATE EVENTS
No major events are scheduled.
EXDIVIDENDS
Cott Corp (BCB). Amount $0.06
Russel Metals Inc (RUS). Amount C$0.38
(All analysts' estimates are according to I/B/E/S Refinitiv data.)
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