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Msg  67732 of 67939  at  7/13/2020 4:10:23 PM  by

carswell

The following message was updated on 7/13/2020 6:37:29 PM.

Coffee/Summaries

 

BEFORE THE OPEN
Source: Thomson Reuters

  • 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
DEAL SPOTLIGHTS
Source: Thomson Reuters

Analog Devices Inc (ADI) & Maxim Integrated Products Inc (MXIM):
  • The 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
  • The offer values Maxim at $78.43 per share, a premium of about 22% to its Friday close
  • The companies said in a statement the deal added Maxim's strength in automotive and data center markets to ADI's across broad industrial, communications and digital healthcare segments
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
EARNINGS SPOTLIGHT
Source: Thomson Reuters

PepsiCo Inc (PEP):
  • The company 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
  • Overall, net revenue fell about 3% to $15.95 billion, but beat analysts' estimates of $15.38 billion
  • Net income attributable to the company fell to $1.65 billion, or $1.18 per share, in the three months ended June 13, from $2.04 billion, or $1.44 per share, a year earlier
  • Excluding one-time items, the company earned $1.32 per share, beating Wall Street estimates of $1.25
STOCKS IN THE NEWS
Source: Thomson Reuters

Alibaba Group Holding Ltd (BABA):
  • The company's 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
  • Alibaba Executive Vice Chairman Joseph Tsai also reduced his stake in the company over the same period, to 1.6% from 2.2%
  • The offloaded shares were worth $3.3 billion as of Friday
Alphabet Inc (GOOGL):
  • 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
  • "We'll do this through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments," Sundar Pichai, CEO of Alphabet, said on a webcast during the annual "Google for India" event
  • Beyond investments via the fund, Google would also focus on areas such as artificial intelligence and education in India, Pichai told Reuters in an interview
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
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • New York reported yesterday its first day without any coronavirus deaths since the pandemic hit
  • It was a different story in Florida where 15,300 new cases were reported in one day, the most ever for a U.S. state

Aritzia, Inc.* (ATZ: $20.03)
Eldorado Gold Corporation* (ELD: $15.13)

Hecla Mining Company* (HL: $4.02)
Misonix Inc* (MSON: $14.04)
Stoke Therapeutics, Inc.* (STOK: $23.40)
Theratechnologies Inc.* (THTX: $2.29)
Zymeworks Inc.* (ZYME: $33.19)


INDUSTRY UPDATE
Cannabis
Oil

MORNING INK REPORT
Will EV battery metals juniors be next to join the party?

MACRO - EVENT SCHEDULE

Source: Bloomberg Finance L.P.
Refreshed

MOST READ NEWS

Source: Bloomberg Finance L.P.
Futures, Stocks Rise as Earnings Week Kicks Off: Markets Wrap


"The highest result of education is tolerance.”


- Helen Keller

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


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