Canadian Blue-chip Industrial Forum - Morning News Call TD - Canadian Blue-chip Industrial Forum - InvestorVillage
Canadian Blue-chip Industrial Forum
This is a semi-private group. You are free to browse messages, but you must be a member of this group to post messages. Join This Group

Group: Canadian Blue-chip Industrial Forum   /  Message Board  /  Read Message

 
 






Keyword
Subject
Between
and
Rec'd By
Authored By
Minimum Recs
  
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board
Msg  67426 of 67728  at  5/29/2020 11:29:40 AM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

FRIDAY, MAY 29, 2020

 


TOP NEWS
• 
Barrick offers PNG landowners a stake to resolve Porgera mine dispute
Barrick Gold has offered an extra 15% stake in its Porgera gold mine in Papua New Guinea to local landowners, according to a letter from its CEO, in a bid to break an impasse with the national government over the mine's future.
• Hong Kong warns removing U.S. special status is a 'double-edged sword'
Hong Kong told the United States to keep out of the debate over national security legislation being imposed by China, and warned that withdrawal of the financial hub's special status under U.S. law could backfire on the U.S. economy.​

• Twitter hides Trump tweet for 'glorifying violence'
Twitter hid a tweet from President Donald Trump, accusing him of breaking its rules by "glorifying violence" in a message that said looters at protests in Minneapolis would be shot.
• Fed's Powell to speak as focus turns from crisis to bond-buying
Federal Reserve Chair Jerome Powell will speak in a public webcast, with the details of the U.S. central bank's coronavirus-era programs nearly complete and attention turning to the next phase of its response: a likely restart of large-scale bond-buying and promises about how long it might continue.
• CIBC lost $64 million in a day on paper in gold market turmoil
Canadian Imperial Bank of Commerce (CIBC) took a mark-to-market trading loss of C$88.2 million in one day in March due mainly to volatility in the gold market, the bank said in its second-quarter earnings report on Thursday.



BEFORE THE BELL
Futures for Canada’s main stock index and Wall Street’s major indexes fell, with European shares trading lower, as concerns over escalating Sino-U.S. tensions weighed on investor mood. Hong Kong and Japanese stocks retreated, while shares in China ended higher on stimulus hopes. The yen and gold rose as investors looked for safe havens. Worries over weak fuel demand hurt oil prices. Investors will also watch out for GDP data, scheduled for release later in the day.​


STOCKS TO WATCH
• Canadian Imperial Bank of Commerce (CM). The bank took a mark-to-market trading loss of C$88.2 million in one day in March due mainly to volatility in the gold market, it said in its second-quarter earnings report on Thursday. CIBC said the loss happened on March 24 and was "mostly attributable to our precious metals trading business". It was by far the biggest trading loss of any day since May last year, its report showed. CIBC said it was mostly recouped in April. 
• Barrick Gold Corp (ABX). The company has offered an extra 15% stake in its Porgera gold mine in Papua New Guinea to local landowners, according to a letter from its CEO, in a bid to break an impasse with the national government over the mine's future. Any deal would be the first struck by a resources company under economic nationalist prime minister, James Marape, who came to power a year ago seeking to retain a bigger share of the country's resource riches. The government's position on Barrick's offer is unclear. Marape's office did not immediately respond to a request for comment and he has previously expressed a desire for the state to operate the mine itself.


COLUMN
Pandemic catalyzing pre-existing mega trends
The economic shock wrought by the COVID-19 pandemic has already been profound but may just end up accelerating the dominant investment themes already underway well before the virus hit.



ANALYSTS' RECOMMENDATION
• 
BRP Inc (DOO). RBC cuts rating to sector perform from outperform, seeing the company’s shares as near fair value after rebounding sharply over the past 2 months. 
• Vermilion Energy Inc (VET). CIBC raises target price to C$8 from C$7, believing the management shuffle should return the company to a more conservative operating philosophy, which values low financial leverage and a stable return of capital to shareholders. ​



ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 GDP qq for Q1: Prior 0.1%
0830 GDP qq annualized for Q1: Expected -10.0%; Prior 0.3%
0830 GDP implicit price qq for Q1: Prior 1.0%
0830 (approx.) GDP yy for Q1: Prior 1.47%
0830 GDP mm for Mar: Expected -9.0%; Prior 0.0%
0830 Producer prices mm for Apr: Prior -0.9%
0830 Producer prices yy for Apr: Prior -2.4%
0830 Raw materials prices mm for Apr: Prior -15.6%
0830 Raw materials prices yy for Apr: Prior -22.7%
1100 (approx.) Budget balance for Mar: Prior C$3.58 bln
1100 (approx.) Budget balance year-to-date for Mar: Prior -C$6.98 bln



COMPANIES REPORTING RESULTS
May 29:
Canadian Western Bank (CWB). Expected Q2 earnings of 50 Canadian cents per share
Canopy Growth Corp (WEED). Expected Q4 loss of 59 Canadian cents per share
Laurentian Bank of Canada (LB). Expected Q2 earnings of 38 Canadian cents per share

June 1:
No major companies are scheduled to report for the day.



CORPORATE EVENTS (All timings in U.S. Eastern Time)
0900 Laurentian Bank of Canada (LB). Q2 earnings conference call
1000 Canopy Growth Corp (WEED). Q4 earnings conference call
1000 Iamgold Corp (IMG). Annual Shareholders Meeting
1030 Canadian Western Bank (CWB). Q2 earnings conference call
1100 Osisko Mining Inc (OSK). Annual Shareholders Meeting
1100 Trilogy International Partners Inc (TRL). Annual Shareholders Meeting
1200 Assure Holdings Corp (IOM). Q4 earnings conference call



EX-DIVIDENDS
Agnico Eagle Mines Ltd (AEM). Amount $0.20
High Liner Foods Inc (HLF). Amount C$0.05
Norbord Inc (OSB). Amount C$0.05
Secure Energy Services Inc (SES). Amount C$0.00
TransAlta Corp (TA). Amount C$0.04



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


 


     e-mail to a friend      printer-friendly     add to library      
| More
Recs: 2     Views: 50
Previous Message  Next Message   Post Message   Post a Reply return to message boardtop of board






About Us  •  Contact Us  •  Follow Us on Twitter  •  Members Directory  •  Help Center  •  Advertise
Not a member yet? What are you waiting for? Create Account
Want to contribute? Support InvestorVillage by donating
© 2003-2019 Investorvillage.com. All rights reserved. User Agreement
   
Financial Market Data provided by
.


Loading...