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Msg  67077 of 67433  at  3/31/2020 12:01:04 PM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

TUESDAY, MARCH 31, 2020

 

TOP NEWS
• U.S. senators urge coronavirus delay to June 1 USMCA trade deal start date
A bipartisan group of 19 U.S. senators urged the Trump administration to push back the planned June 1 start date for the new U.S.-Mexico-Canada trade pact, saying the short lead time would add to pressures on U.S. companies due to the spread of the coronavirus.
• Canadian pension scheme CDPQ to help coronavirus-hit firms with C$4 billion fund
Caisse de dépôt et placement du Québec (CDPQ), one of Canada's biggest state pension investors, said on Monday it would create a C$4 billion fund to support companies in Québec adversely affected by the coronavirus pandemic.
• Freight rate surge trims oil traders' profits despite wide contango
A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.
• Global M&A dwindles as coronavirus batters world’s economies
Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers.
• Ford, GE to produce 50,000 ventilators in 100 days
Ford said on Monday it will produce 50,000 ventilators over the next 100 days at a plant in Michigan in cooperation with General Electric's healthcare unit, and can then build 30,000 per month as needed to treat patients afflicted with the coronavirus.



BEFORE THE BELL
Futures for Canada’s main stock index edged higher, as oil prices rose after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilising energy markets. U.S. stocks futures see-sawed, after stocks rallied more than 2% in previous trading session. European stock markets gained, with investors measuring the impact of massive official stimulus efforts. Japan’s Nikkei fell on growing fears that Tokyo could go into its first-ever lockdown. Gold prices dropped as the U.S. dollar strengthened. Canada’s GDP data for January and producer prices figures for February are expected later in the day. 


STOCKS TO WATCH
• Air Canada (AC). Major global airlines projected layoffs, furloughs and capacity cuts over the next few months, with Air New Zealand warning it expected staffing levels to be 30% lower than it is now, due to the coronavirus pandemic. Air Canada will cut second-quarter capacity by 85%-90%, place about 15,200 unionized employees off duty and furlough about 1,300 managers, beginning on or about April 3. Canada's largest airline said it is drawing down about C$1 billion in credit to bolster liquidity, while senior executives will forgo between 25%-50% of their salary and board members agreed to a 25% cut.


ANALYSIS
Dollar may be set for another damaging bout of strength
If the 2008 financial crisis is any guide, world markets - which have barely had time to recover from the dollar's 9% surge in mid-March - may be set for another damaging bout of strength in the greenback.



ANALYSTS' RECOMMENDATION
• Air Canada (AC). RBC cuts target price to C$28 from C$31, reflecting the company’s announcement of capacity reduction and layoffs. 
• BRP Inc (DOO). Canaccord Genuity cuts target price to C$31 from C$40, following the company saying that it intends to suspend or reduce production at all of its plants worldwide, in order to further evaluate the impact of COVID-19 on its operations.



ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 GDP mm for Jan: Expected 0.1%; Prior 0.3%
0830 Producer prices mm for Feb: Prior -0.3%
0830 Producer prices yy for Feb: Prior 0.5%
0830 Raw materials prices mm for Feb: Prior -2.2%
0830 Raw materials prices yy for Feb: Prior 1.7%



COMPANIES REPORTING RESULTS
March 31:
BlackBerry Ltd (BB). Expected Q4 earnings of 4 cents per share

April 1:
Corus Entertainment Inc (CJRb). Expected Q2 earnings of 10 Canadian cents per share
Dollarama Inc (DOL). Expected Q4 earnings of 55 Canadian cents per share



CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Imv Inc (IMV). Q4 earnings conference call
0830 Pivot Technology Solutions Inc (PTG). Q4 earnings conference call
0830 Village Farms International Inc (VFF). Q4 earnings conference call
0930 Bank of Montreal (BMO). Annual Shareholders Meeting
0930 Gran Colombia Gold Corp (GCM). Q4 earnings conference call
0930 Park Lawn Corp (PLC). Q4 earnings conference call
1000 Great Panther Mining Ltd (GPR). Full Year earnings conference call
1000 VIVO Cannabis Inc (VIVO). Q4 earnings conference call
1030 Sierra Metals Inc (SMT). Q4 earnings conference call
1300 SQI Diagnostics Inc (SQD). Shareholders Meeting
1300 WELL Health Technologies Corp (WELL). Q4 earnings conference call
1700 BlackBerry Ltd (BB). Q4 earnings conference call



EX-DIVIDENDS
KP Tissue Inc (KPT). Amount C$0.18
Laurentian Bank of Canada (LB). Amount C$0.67
Robex Resources Inc (RBX). Amount $0.02
Secure Energy Services Inc (SES). Amount C$0.02
Winpak Ltd (WPK). Amount C$0.03



(All analysts' estimates are according to I/B/E/S Refinitiv data)


 


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