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Msg  67430 of 67728  at  5/29/2020 12:46:09 PM  by

carswell


Coffee/Summaries

BEFORE THE OPEN
Source: Thomson Reuters

  • 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
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

Costco Wholesale Corp (COST):
  • The company reported a 7.5% fall in quarterly profit on Thursday, as it spent more on wages and sanitizing its warehouse clubs and halted sales of some high-margin products due to the COVID-19 pandemic
  • The gains from the unprecedented demand for essentials during the coronavirus outbreak were countered by the company halting sale of items such as hearing aids, opticals and jewelry in certain stores and closing dine-in areas at its food courts
  • Net income attributable to Costco fell to $838 million, or $1.89 per share, in the quarter ended May 10, from $906 million, or $2.05 per share, a year earlier
Dell Technologies Inc (DELL):
  • The company beat analysts' estimates for quarterly revenue on Thursday, boosted by demand for its workstations from companies moving more employees to work from home due to the coronavirus outbreak
  • Revenue from client solutions group, that accounts for half of the revenue and includes desktop PCs, notebooks and tablets, rose 2% to $11.1 billion in its fiscal first quarter
  • Total revenue fell marginally to $21.90 billion, but topped estimates of $20.81 billion
  • Net income attributable to the company fell to $143 million, from $293 million a year earlier
Salesforce.com Inc (CRM):
  • The company cut its annual revenue and profit forecasts on Thursday, as the cloud-based business software maker allowed clients to defer payments and provided its sales team one-time commissions amid the COVID-19 pandemic
  • Most of the expenses were recorded in the first quarter, including $140 million in sales commissions, Chief Executive Officer Marc Benioff said on an earnings call
  • Salesforce now expects revenue of $20 billion for its fiscal year ending in 2021, down from its prior forecast of a range of $21 billion to $21.1 billion
  • Net revenue rose 30% to $4.87 billion in the first quarter ended April 30, slightly above the average analyst estimate of $4.85 billion
  • Excluding items, it earned 70 cents per share, in line with estimates
STOCKS IN THE NEWS
Source: Thomson Reuters

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
BlackRock Inc (BLK):
  • A U.S. judge on Thursday said institutional investors, including BlackRock and Allianz's Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market
  • U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense
  • "This is an injury of the type the antitrust laws were intended to prevent," Schofield wrote in a 40-page decision
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
Twitter Inc (TWTR):
  • The company hid a tweet from President Donald Trump and accused him of breaking its rules by "glorifying violence", after he tweeted that looters at protests in Minneapolis would be shot
  • Twitter's decision to step in, at a time of racially charged civil unrest in cities across the United States, escalates a feud between Trump and tech companies
  • It came just hours after Trump signed an executive order threatening Silicon Valley social media firms with new regulations over free speech
  • Trump's message can now be read only after clicking on a notice which says: "This Tweet violated the Twitter Rules about glorifying violence. However, Twitter has determined that it may be in the public’s interest for the Tweet to remain accessible."
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Twitter Inc. is not backing down after Trump signed an executive order targeting social media companies yesterday, putting a rule-violation notice on one of the president’s late-night tweets citing “glorified violence”
  • Federal Reserve Chairman Jerome Powell will take part in a moderated virtual discussion with former Fed Vice Chairman Alan Blinder from 11:00 a.m. Eastern Time

Canadian Imperial Bank of Commerce* (CM: $89.94)
Computer Modelling Group Ltd.* (CMG: $4.40)
BRP, Inc.* (DOO: $48.87)
Equinox Gold Corp.* (EQX: $12.45)
MedMen Enterprises, Inc. Class B* (MMEN: $0.38)
Rubicon Organics, Inc.* (ROMJ: $2.50)
Toronto-Dominion Bank* (TD: $60.29)
Xebec Adsorption Inc.* (XBC: $3.82)

Autodesk, Inc.* (ADSK: $180.18)
Chembio Diagnostics, Inc.* (CEMI: $4.39)
HEICO Corporation* (HEI: $120.67)
MiX Telematics Limited Sponsored ADR* (MIXT: $8.61)
Penumbra, Inc.* (PEN: $153.32)
TransMedics Group, Inc.* (TMDX: $15.53)
Workday, Inc. Class A* (WDAY: $161.38)


INDUSTRY UPDATE
Specialty Minerals and Metals
Oil


MORNING INK REPORT
Generation Mining insiders heading down the feasibility study road

MACRO - EVENT SCHEDULE
Source: Bloomberg Finance L.P.
Canadian GDP shrank 2.1% in the first quarter of 2020

MOST READ NEWS
Source: Bloomberg Finance L.P.
Twitter Puts Warning on Trump Tweet for Glorifying Violence

“People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily.”

- Zig Ziglar

ASSET CLASS PERFORMANCE
Source: FactSet
*All numbers presented on the table below is based on total return



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