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Msg  68973 of 69198  at  1/22/2021 12:43:36 PM  by

carswell


Coffee/Summaries

BEFORE THE OPEN
Source: Thomson Reuters

  • Futures for Canada’s main stock index fell, as oil prices tumbled on demand concerns sparked by pandemic restrictions in China
  • U.S. stock futures fell, along with world shares, as disappointing economic data across the globe and new pandemic restrictions in China dented a rally backed by hopes of U.S. stimulus by President Joe Biden
  • The U.S. dollar was little changed
  • Gold prices slumped as U.S. Treasury yields rose
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

IBM Corp (IBM):
  • The company missed Wall Street estimates for quarterly revenue on Thursday, hurt by a rare sales decline in its software unit as clients shied away from longer-term deals due to pandemic-induced economic uncertainty
  • Revenue from its cloud-computing business rose 10% to a record $7.5 billion in the fourth quarter, with IBM saying it is confident of returning to sales growth in 2021 and expected revenue to grow in mid-single digits after the separation
  • That was not enough to convince investors, however, as the company's shares dropped in extended trading after IBM's fourth consecutive quarter of sales decline
  • Total revenue fell 6.5% to $20.37 billion, missing analysts' average estimate of $20.67 billion, according to IBES data from Refinitiv
  • Excluding items, IBM earned $2.07 per share, above estimates of $1.79
Intel Corp (INTC):
  • The incoming chief executive of the company said on Thursday that most of the company's 2023 products will be made in Intel factories but he sketched a dual-track future in which it will lean more heavily on outside factories
  • Intel also forecast first-quarter revenue and profit above Wall Street expectations, continuing to benefit from pandemic demand for laptops and PCs that have powered the shift to working and playing from home
  • The chipmaker said it expects fiscal first-quarter adjusted sales of $17.5 billion and adjusted earnings per share of $1.10, both ahead of analyst consensus, according to IBES data from Refinitiv
  • Fourth-quarter revenue of $20 billion and adjusted earnings per share of $1.52 also beat Wall Street targets
  • The company also raised its dividend by 5%
Schlumberger NV (SLB):
  • The company's fourth-quarter revenue and adjusted profit grew compared to the previous quarter, aided by cost cuts and a recovery in demand for oilfield services and equipment after a pandemic-driven slump in drilling
  • Schlumberger posted total fourth quarter revenue of $5.53 billion, 5.2% above the third quarter and its first quarter-over quarter increase since the third quarter of 2019
  • The oilfield services provider reported net income excluding charges and credits of $309 million, or 22 cents per share, in the fourth quarter, compared with an income of $228 million, or 16 cents, in the prior quarter
STOCKS IN THE NEWS
Source: Thomson Reuters

Alphabet Inc (GOOG) & Facebook Inc (FB):
  • Google said it would block its search engine in Australia if the government proceeds with a new code that would force it and Facebook to pay media companies for the right to use their content
  • Google's threat escalates a battle with publishers such as News Corp that is being closely watched around the world
  • The search giant had warned that its 19 million Australian users would face degraded search and YouTube experiences if the new code were enforced
  • Australia is on course to pass laws that would make tech giants negotiate payments with local publishers and broadcasters for content included in search results or news feeds
  • If they cannot strike a deal, a government-appointed arbitrator will decide the price
  • In other news, Alphabet is shutting down Loon after concluding the business, which offers balloons as an alternative to cell towers, is not commercially viable, Google's parent company said on Thursday
Amazon Inc (AMZN):
  • The company said on Thursday it will open a pop-up clinic in its Seattle headquarters on January 24 with an aim to vaccinate 2,000 eligible members of the public against COVID-19 on the first day
  • Amazon Senior Vice President of Global Corporate Affairs Jay Carney, who announced the plan in a news conference with Washington Governor Jay Inslee, said a company executive will be working with Washington State's Vaccine Command Center
  • The clinic will be hosted in partnership with Virginia Mason Franciscan Health
  • The move came a day after Reuters reported that Amazon had offered to help with the United States' efforts involving the COVID-19 vaccine, citing a letter addressed to President Joe Biden
  • In other news, an India trader group representing millions of brick-and-mortar retailers said it has received government assurances that stringent changes will be made to foreign investment rules for e-commerce, a move that could hit Amazon.com
Northern Dynasty Minerals Ltd (NDM):
  • The diversified Canadian miner said on Thursday its U.S. subsidiary Pebble Limited Partnership has filed an appeal with the U.S. Army Corps of Engineers (USACE) over its decision to deny a key water permit for the contentious Pebble Mine in Alaska
  • The USACE denied the Clean Water Act permit in November because the plan submitted by the Pebble Limited Partnership detailing how it would handle the project's waste in the ecologically sensitive area did not comply with guidelines
  • "Additional details about the Pebble Partnership's RFA (request for appeal) submission will be released in the days and weeks ahead," Northern Dynasty Minerals said on Thursday
  • Pebble Mine Partnership Chief Executive John Shively said at the time of the permit's denial that the decision was political and that the project had included necessary safeguards
Tesla Inc (TSLA):
  • The company’s chief and billionaire entrepreneur Elon Musk on Thursday took to Twitter to promise a $100 million prize for development of the "best" technology to capture carbon dioxide emissions
  • Capturing planet-warming emissions is becoming a critical part of many plans to keep climate change in check, but very little progress has been made on the technology to date, with efforts focused on cutting emissions rather than taking carbon out of the air
  • The International Energy Agency said late last year that a sharp rise in the deployment of carbon capture technology was needed if countries are to meet net-zero emissions targets
  • "Am donating $100M towards a prize for best carbon capture technology," Musk wrote in a tweet, followed by a second tweet that promised "Details next week"
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • President Joe Biden warned that the U.S. could see 100,000 deaths from the pandemic in the next month, and asked the nation to assume a "wartime" footing as he pressed Congress for more aid
  • Dr. Anthony Fauci is back leading the country's response to the pandemic after he was sidelined by the previous administration

Birchcliff Energy Ltd.* (BIR: $2.14)
Blackline Safety Corp.* (BLN: $8.15)
B2Gold Corp.* (BTO: $6.54)
EQ Inc.* (EQ: $1.70)
Haivision Systems Inc.* (HAI: $9.92)
Silvercorp Metals Inc.* (SVM: $7.54)



Neurocrine Biosciences, Inc.* (NBIX: $115.00)


INDUSTRY UPDATE
Oil
Specialty Minerals and Metals

MORNING INK REPORT
Markin Petroleums takes a stake in Canadian cannabis edibles stock

MACRO - EVENT SCHEDULE
Source: Bloomberg Finance L.P.
Canadian retail sales rose 1.3% month-over-month in November 2020

MOST READ NEWS
Source: Bloomberg Finance L.P.
Wall Street Gets Frugal With Employees After Pandemic Windfall

“I will not follow where the path may lead, but I will go where there is no path, and I will leave a trail.”

- Muriel Strode

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


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