TOP NEWS
• Governments ramp up preparations for coronavirus pandemic
Governments ramped up measures to battle a looming global pandemic of
the coronavirus as the number of new infections outside China for the
first time surpassed new cases in the country where the outbreak began.
• Canada's National Bank profit beats as financial markets, wealth management units shine
National Bank of Canada beat estimates for quarterly profit, helped by
growth in its financial markets and wealth management units.
• Microsoft expects Windows unit to miss revenue outlook on coronavirus impact
Microsoft said on Wednesday it does not expect to meet its quarterly
revenue forecast for its Windows and personal computing business as a
result of the coronavirus outbreak.
• Taxi group wins right to join Uber's London licence appeal case
A taxi association will be able to participate in Uber's appeal against
the loss of its operating licence in the British capital city set to be
heard in full from July 6, a British judge decided.
• Blackstone's Schwarzman says cannot buy Bloomberg while owning Refinitiv
Blackstone Group Chief Executive Stephen Schwarzman said the world's
biggest private equity firm cannot buy Bloomberg should it come up for
sale as long as the firm owns competitor Refinitiv.
BEFORE THE BELL
Canada's main stock index futures and Wall
Street futures fell, in line with global shares which tumbled wiping out more than $3 trillion in value this week alone, as the rapid spread of the coronavirus outside China
raised fears of a pandemic. Oil tanked
2%, falling for the fifth day to the lowest in a year, on fears of a
slowing global economy and concerns over crude demand. Investors
scurrying to the
perceived safety of gold, sent prices higher. The U.S. dollar fell as increasing virus fears raised expectations of a
Fed rate cut. Current account deficit data is scheduled for release.
STOCKS TO WATCH
• National Bank of Canada (NA).
The company beat estimates for quarterly profit,
helped by growth in its financial markets and wealth management units.
Net income rose 10% to C$135 million at its wealth management business,
boosted by higher fee-based revenues. The lender said net income from
its financial markets unit jumped 10%, helped
by stronger revenue from the global markets segment. Net income rose to
C$610 million, or C$1.67 per share, in the first quarter, from C$552
million, or C$1.50 per share, a year earlier.
POLL
Global
stocks outlook still positive, but vulnerable to coronavirus
Global stocks have further to run this year, but the likelihood of a
correction of 10% or more is high, according to Reuters polls of market
strategists, with the severity of the economic hit from the coronavirus
outbreak being the biggest risk. Last year was
a bumper year for stocks, with all 17 top global indexes polled by
Reuters ending the year higher than where they started. Only one did not
rise by a double-digit percentage. Fears of severe economic damage,
even a global recession, have sent the MSCI all-country
equity index to a 2-1/2-month low, wiping almost $3 trillion off its
value this week alone.
ANALYSTS' RECOMMENDATION
• Aimia Inc (AIM).
RBC raises target price to C$6 from C$5.50, following the company’s
fourth-quarter results which were largely in line with expectations,
given the significant ongoing right-sizing of the business following the
sale of Aeroplan and the completion of the common/preferred share
substantial issuer bids.
• Goodfood Market Corp (FOOD).
National Bank of Canada resumes coverage with outperform rating, on the
expectation of solid net revenue growth, supported by good active
subscriber growth and
margin expansion.
• Telus Corp (T).
Scotiabank reinstates coverage with sector outperform rating and C$58
target price, believing the equity raise supports the company’s growth
and increases its financial flexibility.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Current Account for Q4: Expected -C$9 bln; Prior -C$9.86 bln
0830 (approx.) Average weekly earnings yy for Dec: Prior 3.1%
COMPANIES REPORTING RESULTS
February 27:
Algonquin Power & Utilities Corp (AQN). Expected Q4 earnings of 18 cents per share
Atco Ltd (ACOx). Expected Q4 earnings of 89 Canadian cents per share
B2Gold Corp (BTO). Expected Q4 earnings of 7 cents per share
Canadian Utilities Ltd (CU). Expected Q4 earnings of 62 Canadian cents per share
Canadian Western Bank (CWB). Expected Q1 earnings of 82 Canadian cents per share
Cascades Inc (CAS). Expected Q4 earnings of 22 Canadian cents per share
Cronos Group Inc (CRON). Expected Q4 loss of 4 Canadian cents per share
Husky Energy Inc (HSE). Expected Q4 earnings of 1 Canadian cent per share
Innergex Renewable Energy Inc (INE). Expected Q4 earnings of 6 Canadian cents per share
Maple Leaf Foods Inc (MFI). Expected Q4 earnings of 17 Canadian cents per share
National Bank of Canada (NA). Expected Q1 earnings of ₹ C$1.66 per share
Pembina Pipeline Corp (PPL). Expected Q4 earnings of 57 Canadian cents per share
Ritchie Bros. Auctioneers Inc (RBA). Expected Q4 earnings of 40 cents per share
Seven Generations Energy Ltd (VII). Expected Q4 earnings of 24 Canadian cents per share
Stars Group Inc (TSGI). Expected Q4 earnings of 43 cents per share
Toronto-Dominion Bank (TD). Expected Q1 earnings of ₹ C$1.69 per share
Transcontinental Inc (TCLa). Expected Q1 earnings of 54 Canadian cents per share
Tricon Capital Group Inc (TCN). Expected Q4 earnings of 19 cents per share
Whitecap Resources Inc (WCP). Expected Q4 earnings of 8 Canadian cents per share
February 28:
AltaGas Ltd (ALA). Expected Q4 earnings of 57 Canadian cents per share
Boralex Inc (BLX). Expected Q4 earnings of 23 Canadian cents per share
Laurentian Bank of Canada (LB). Expected Q1 earnings of ₹ C$1.08 per share
Snc-Lavalin Group Inc (SNC). Expected Q4 earnings of 42 Canadian cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Maple Leaf Foods Inc (MFI). Q4 earnings conference call
0800 WSP Global Inc (WSP). Q4 earnings conference call
0830 Cronos Group Inc (CRON). Q4 earnings conference call
0900 Cascades Inc (CAS). Q4 earnings conference call
0900 Stantec Inc (STN). Q4 earnings conference call
1000 Canadian Western Bank (CWB). Q1 earnings conference call
1000 Hudson's Bay Co (HBC). Shareholders Meeting
1000 Keyera Corp (KEY). Q4 earnings conference call
1000 Tricon Capital Group Inc (TCN). Q4 earnings conference call
1100 Canadian Utilities Ltd (CU). Q4 earnings conference call
1100 Husky Energy Inc (HSE). Q4 earnings conference call
1100 Pason Systems Inc (PSI). Q4 earnings conference call
1100 Seven Generations Energy Ltd (VII). Q4 earnings conference call
1100 Whitecap Resources Inc (WCP). Q4 earnings conference call
1200 Atco Ltd (ACOx). Q4 earnings conference call
1300 National Bank of Canada (NA). Q1 earnings conference call
1400 Toronto-Dominion Bank (TD). Q1 earnings conference call
EX-DIVIDENDS
Agnico Eagle Mines Ltd (AEM). Amount $0.20
ARC Resources Ltd (ARX). Amount C$0.05
Badger Daylighting Ltd (BAD). Amount C$0.04
Barrick Gold Corp (ABX). Amount $0.07
Boralex Inc (BLX). Amount C$0.16
Brookfield Asset Management Inc (BAMa). Amount $0.18
Chorus Aviation Inc (CHR). Amount C$0.04
Enerplus Corp (ERF). Amount C$0.01
Exchange Income Corp (EIF). Amount C$0.19
First National Financial Corp (FN). Amount C$0.16
iA Financial Corporation Inc (IAG). Amount C$0.48
Jamieson Wellness Inc (JWEL). Amount C$0.11
Morneau Shepell Inc (MSI). Amount C$0.06
Norbord Inc (OSB). Amount C$0.20
Northland Power Inc (NPI). Amount C$0.10
Open Text Corp (OTEX). Amount $0.17
PrairieSky Royalty Ltd (PSK). Amount C$0.06
Russel Metals Inc (RUS). Amount C$0.38
Sienna Senior Living Inc (SIA). Amount C$0.07
Superior Plus Corp (SPB). Amount C$0.06
TMX Group Ltd (X). Amount C$0.66
Vermilion Energy Inc (VET). Amount C$0.23
Whitecap Resources Inc (WCP). Amount C$0.02
(All analysts' estimates are according to I/B/E/S Refinitiv data)
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