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Msg  68653 of 68979  at  11/30/2020 3:27:02 PM  by



In Today’s Morning Coffee…

Source: Thomson Reuters

  • Canada’s main stock index futures dropped, as oil prices tumbled on uncertainty about whether OPEC+ would agree to extend output cuts at talks this week
  • The U.S. dollar edged lower and gold extended its slide as prospects of vaccine-led economic recovery dented safe-haven bets
  • Futures for Wall Street’s major stock indexes fell, after Nasdaq witnessed a record closing high in the previous session, as investors looked to book profits
  • Asian equities dropped on selling pressure and month-end adjustments
  • European shares were muted, with focus set on Brexit negotiations
Source: Thomson Reuters

S&P Global Inc (SPGI) & IHS Markit Ltd (INFO):
  • Data giant S&P Global has agreed to buy IHS Markit in a deal worth $44 billion that will be 2020's biggest merger, creating a heavyweight in the increasingly competitive market in financial information
  • The mega deal, which includes $4.8 billion of debt, is a sign that deal-making activity is accelerating as breakthroughs in developing COVID-19 vaccines improve the economic outlook
  • Under the terms of the deal, each share of IHS Markit will be exchanged for a fixed ratio of 0.2838 shares of S&P Global stock, the two companies said in a statement
  • Once the deal is completed, S&P Global shareholders will own roughly 67.75% of the combined company on a fully diluted basis, while IHS shareholders will own about 32.25%
Source: Thomson Reuters

Exxon Mobil Corp (XOM):
  • ExxonMobil has called off the potential multibillion-dollar sale of its oil and gas assets in Australia's Bass Strait, the company's local affiliate said on Saturday
  • The decision by the U.S. oil major comes just six weeks after the deadline for indicative bids for the portfolio set by adviser JPMorgan
  • ExxonMobil decided to keep the producing assets it operates in the Gippsland Basin "after completing an extensive market evaluation," a spokesman for local affiliate Esso Australia told Reuters in an email
  • "We believe Gippsland Basin and the Kipper unit are more valuable as part of our portfolio and we will continue to operate rather than divest," he said
Moderna Inc (MRNA):
  • Moderna said it will apply for U.S. and European emergency authorization of its COVID-19 vaccine today based on full results from a late-stage study showing its vaccine was 94.1% effective with no serious safety concerns
  • It also reported a 100% success rate in preventing severe cases
  • The filing sets Moderna's product up to be the second vaccine likely to receive U.S. emergency use authorization this year
  • "We believe that we have a vaccine that is very highly efficacious. We now have the data to prove it," Moderna Chief Medical Officer Dr. Tal Zaks said in a telephone interview. "We expect to be playing a major part in turning around this pandemic."
Novavax Inc (NVAX):
  • The vaccine maker said it has pushed back the start of a U.S.-based, late-stage trial for its experimental COVID-19 vaccine and now expects it to begin in the coming weeks instead of November
  • Novavax plans to use vaccine material produced at commercial scale for the trial in the United States and Mexico and has been working closely with the U.S. Food and Drug Administration to greenlight the use of the vaccine made at a North Carolina plant
  • The company also said it has completed enrollment for its 15,000 participant UK trial and expects interim data as soon as the first quarter of 2021
  • More than 25% of enrollees in the UK trial are over the age of 65, while a large proportion of volunteers had underlying co-morbid medical conditions generally representative of the population
TC Energy Corp (TRP):
  • TC Energy's sale of a C$1 billion stake in Keystone XL (KXL) to a Canadian indigenous group is the result of over three years of pressure from a tiny Saskatchewan First Nation that demanded part ownership of the long-delayed oil pipeline, rather than short-term payments for allowing it to be built through its lands
  • Adding indigenous support may help efforts by Canada and TC to convince U.S. President-elect Joe Biden not to revoke the permit of the $8-billion Keystone XL when he takes office as he has promised
  • If they are successful, millions of dollars will flow over a generation into indigenous communities to help youth afford university or pay for business investments, said Chief Alvin Francis of Nekaneet First Nation in Saskatchewan, one of five involved in NLE
Source: Bloomberg Finance L.P.
  • Time is running out in Washington for Congress to agree on a new round of funding for government spending, while odds dim for the confirmation of Judy Shelton to the Federal Reserve Board and on another round of stimulus
  • Ministers from OPEC countries and their allies failed to make progress yesterday on extending the oil-production cuts that are due to expire in January

Lundin Mining Corporation* (LUN: $10.32)

Rhythm Pharmaceuticals, Inc.* (RYTM: $29.27)


Insiders bet on a Total Energy turnaround

Source: Bloomberg Finance L.P.

Source: Bloomberg Finance L.P.
S&P to Buy IHS for $39 Billion in Year’s Second-Biggest Deal

“Do not fear mistakes. There are none.”

- Miles Davis

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

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