• 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
• 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
• 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.
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
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.
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
• 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
No economic indicators are scheduled for release.
COMPANIES REPORTING RESULTS
July 13 & 14:
No major companies are scheduled to report.
No major events are scheduled for the day.
There are no major ex-divs for the day.
(All analysts' estimates are according to I/B/E/S Refinitiv data)