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Msg  68214 of 68382  at  9/24/2020 10:57:54 AM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

THURSDAY, SEPTEMBER 24, 2020

 



TOP NEWS
• BlackBerry quarterly revenue beats on higher demand for security, car software
BlackBerry's quarterly revenue topped Wall Street estimates, rising nearly 6%, as demand for the Canadian company's security software suite, Spark, and its QNX car software rose.
• Apple critics form coalition to challenge App Store fees 
A group of Apple's critics - including Spotify Technoloy, Match Group and "Fortnite" creator Epic Games - have joined a nonprofit group that plans to advocate for legal and regulatory action to challenge the iPhone maker's App Store practices.
• ByteDance applies for tech export licence in China amid TikTok deal talks
ByteDance has applied for a tech export licence in China as it races to seal a deal with Oracle and Walmart that it hopes will end U.S. government plans to ban its TikTok video-streaming app on security grounds.
• Trudeau says Canada is in second wave of pandemic, urges renewed caution
Canada has entered a second wave of the coronavirus pandemic, Prime Minister Justin Trudeau said on Wednesday, warning that the country was on the brink of a surge if people did not follow public health guidelines.
• Pebble Partnership CEO resigns after secret tapes released
The chief executive of Pebble Limited Partnership, the company trying to develop Alaska's Pebble Mine project, resigned on Wednesday after his comments on elected and regulatory officials in the U.S. state were covertly videotaped and released by an environmental activist group, its Canadian parent said.​



BEFORE THE BELL

Canada’s main stock index futures were higher, after the country’s bourse sharply slumped in the previous session. U.S. stock index futures were little changed ahead of weekly jobless claims data. Major European indexes and stocks in Asia fell on concern about another economic hit from the coronavirus pandemic. The U.S. dollar was up, boosted by its safe-haven appeal. Gold dropped as analysts said the lack of additional stimulus measures reduced the metal's appeal. Oil prices rebounded after falling earlier on a frail demand outlook.



STOCKS TO WATCH
Results  
• BlackBerry Ltd (BB). The company’s quarterly revenue topped Wall Street estimates, rising nearly 6%, as demand for the Canadian company's security software suite, Spark, and its QNX car software rose. The company also benefited from higher sales of its core security software as companies continue to strengthen their IT security to support remote working trends. Total revenue for the second quarter ended Aug. 31 was $259 million, higher than analysts' estimates of $237.03 million. Excluding items, the company reported a profit 11 cents per share, compared with analysts' estimates of a profit of 2 cents per share. Net loss narrowed to $23 million, or 4 cents per share, from $44 million, or 10 cents per share, a year earlier.

In Other News

• Northern Dynasty Minerals Ltd (NDM).  The chief executive of Pebble Limited Partnership, the company trying to develop Alaska's Pebble Mine project, resigned on Wednesday after his comments on elected and regulatory officials in the U.S. state were covertly videotaped and released by an environmental activist group, its Canadian parent said. The comments by Tom Collier embellished both his and the company's relationships with elected officials and federal representatives in Alaska, including Governor Michael Dunleavy, Senators Lisa Murkowski and Dan Sullivan and senior representatives of the U.S. Army Corps of Engineers, Northern Dynasty Minerals said. "The unethical manner in which these tapes were acquired does not excuse the comments that were made, or the crass way they were expressed," Northern Dynasty CEO Ron Thiessen said in a statement.​


 

INSIGHT
Canada 'bets the farm' on big spending as second wave threatens economic recovery
Canada's vow to double down on pandemic-related spending to keep the economic recovery under way in the face of a second wave of COVID-19 infections will support activity but raises questions over the burgeoning deficit, economists say.​



ANALYSTS' RECOMMENDATION
• AGF Management Ltd (AGFb). RBC raises target price to C$6 from C$5.50, citing improvement in the company’s retail net sales.
• Parkland Corp (PKI). CIBC raises target price to C$49 from C$46, given the company’s stronger retail margins in Canada.
• WildBrain Ltd (WILD). CIBC raises rating to neutral from underperformer, stating the company demonstrated operational and strategic agility required to turn a corner during the crisis period against multiple coinciding headwinds.



ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) Average weekly earnings yy for July: Prior 9.37%


COMPANIES REPORTING RESULTS
September 24:
BlackBerry Ltd (BB). Expected Q2 earnings of 2 cents per share​
H2O Innovation Inc (HEO). Expected Q4 loss of break even per share
Supreme Cannabis Company Inc (FIRE). Expected Q4 loss of 2 Canadian cents per share
Vecima Networks Inc (VCM). Expected Q4 loss of 4 Canadian cents per share

September 25:
No major companies are scheduled to report for the day.



CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 BlackBerry Ltd (BB). Q2 earnings conference call
1000 H2O Innovation Inc (HEO). Q4 earnings conference call
1000 Canopy Rivers Inc (RIV). Annual Shareholders Meeting
1300 Vecima Networks Inc (VCM). Q4 earnings conference call
1630 Theralase Technologies Inc (TLT). Annual Shareholders Meeting



EXDIVIDENDS
Canadian Pacific Railway Ltd (CP). Amount C$0.95
Goeasy Ltd (GSY). Amount C$0.45
Logistec Corp (LGTa). Amount C$0.09
Logistec Corp (LGTb). Amount C$0.10
Pembina Pipeline Corp (PPL). Amount C$0.21
Tecsys Inc (TCS). Amount C$0.06



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


 


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