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Msg  67730 of 67939  at  7/13/2020 11:29:42 AM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

MONDAY, JULY 13, 2020

 


TOP NEWS
• PepsiCo beats revenue estimates on snacking boost
PepsiCo beat analysts' estimates for quarterly revenue and profit, helped by a surge in demand for snacks including Fritos and Cheetos during lockdowns triggered by the COVID-19 pandemic.
• Chipmaker Analog Devices buys rival Maxim for about $21 billion
Semiconductor maker Analog Devices sealed the United States' biggest merger this year, buying rival Maxim Integrated Products for around $21 billion in a move to expand market share in automotive and 5G chipmaking.
 Alibaba's Jack Ma sells $8.2 billion worth shares, stake dips to 4.8% -filing
Alibaba Group Holding co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.2%, cashing out around $8.2 billion at its current share price, the firm's annual filing released on Friday showed.
• Alphabet's Google to commit $10 billion to India 
Alphabet's Google said it will spend around $10 billion in India over the next five to seven years through equity investments and tie-ups, marking its biggest commitment to a key growth market.
• 
Amid pandemic, wealthy U.S. families approved for government loans
Private investment firms that manage the fortunes of wealthy individuals and their kin were approved for millions of dollars in taxpayer-funded relief loans designed to help small businesses weather the coronavirus lockdown, according to a review of recently released government data. 



BEFORE THE BELL
Canada's main stock index futures rose tracking Wall Street futures and global stock markets, as investors’ focus turned towards the onset of second quarter corporate earnings beginning this week. Gold prices were higher supported by uncertainty over the impact of surging coronavirus cases, while the U.S. dollar declined. Oil dipped on demand concerns after a record daily rise in global coronavirus cases with big spikes in infections over the weekend in the U.S., while traders awaited an OPEC technical meeting expected to recommend an easing of supply cuts.


STOCKS TO WATCH
Deals Of The Day
• Torstar Corp (TSb). Media company Torstar said on Saturday it reached an amended agreement to be acquired by NordStar Capital at a price of 74 cents per share, a 17.5% increase over NordStar's previous bid. NordStar raised its bid after a competing, unsolicited bid was received from a private investor group on Thursday, offering 14% more than NordStar's original bid, Torstar said. Torstar said it turned down the unsolicited offer after its board of directors determined it would not be able to constitute a "Superior Proposal" under the NordStar Agreement.

In Other News
• Bank of Nova Scotia (BNS) & Canadian Imperial Bank of Commerce (CM). The lenders said they plan to fill at least 3.5% of their top roles with Black employees as part of an initiative that aims to fight racism and improve the representation of Black people in boardrooms. The initiative, labeled "BlackNorth," was launched by Wes Hall, a prominent Canadian businessman and the chairman of proxy advisory firm Kingsdale Advisors. It urged executives to fill at least 3.5% of senior executive and board positions in Canada with Black leaders by 2025.
• Triple Flag Precious Metals Corp (TFPM). The mine financing company said on Sunday it has agreed to pay $550 million upfront as part of a streaming financing deal with China Molybdenum Co Ltd 603993.SS (CMOC) for future production of precious metals at CMOC's Northparkes mine in Australia. The deal, between units of the two companies, gives Triple Flag rights to a majority of gold and silver to be produced at the mine in New South Wales until the Toronto-based company receives 630,000 ounces of gold and 9 million ounces of silver. Thereafter, Elliott Management-backed Triple Flag would continue to receive less than half of the gold and silver produced at the mine.



GRAPHIC
Federal Reserve's $3 trillion virus rescue inflates market bubbles
The Federal Reserve's $3 trillion bid to stave off an economic crisis in the wake of the coronavirus outbreak is fueling excesses across U.S. capital markets. The U.S. central bank has pledged unlimited financial asset purchases to sustain market liquidity, increasing its balance sheet from $4.2 trillion in February to $7 trillion today.



ANALYSTS' RECOMMENDATION
• Richelieu Hardware Ltd (RCH). CIBC raises target price to C$33 from C$32, on increased third-quarter EBITDA and 2020 estimates. 
• Tamarack Valley Energy Ltd (TVE). CIBC raises target price to C$1.75 from C$1.50, after the company announced a small asset acquisition on Thursday evening, believing Tamarack Valley to be one of the few light oil producers with the financial capacity to undertake proactive M&A with the acquisition appearing to have strategic merit. 



ECONOMIC EVENTS 
No economic indicators are scheduled for release.


COMPANIES REPORTING RESULTS
July 13 & 14:
No major companies are scheduled to report.



CORPORATE EVENTS 
No major events are scheduled for the day.


EX-DIVIDENDS
There are no major ex-divs for the day.


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



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