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Msg  69230 of 69453  at  3/4/2021 10:28:28 AM  by

Gammafriend


Morning News Call TD


 

CANADA EDITION

 

THURSDAY, MARCH 4, 2021

 


TOP NEWS
• Canadian Natural Resources beats profit estimates, boosts dividend
Canadian Natural Resources beat analysts' estimates for fourth-quarter profit, as crude prices staged a steady recovery during the period from pandemic-driven lows, also helping boost its dividend.

• Investors look to Fed for next steps as Twist speculation ramps up
After a searing U.S. bond selloff, markets are laser-focused on Federal Reserve Chair Jerome Powell's next move. But while investors will be closely watching the Fed chief, due to speak Thursday at a Wall Street Journal conference, for any hints of concern about last week's jump in bond yields, they see a high bar for the U.S. central bank to actually take action. 

• U.S. Senate expected to begin debating coronavirus package on Thursday
The U.S. Senate is expected to begin debating President Joe Biden's $1.9 trillion coronavirus relief package on Thursday after agreeing to phase out payments to higher-income Americans in a compromise with moderate Democratic senators.

• OPEC+ debates whether to raise or freeze oil output as price recovers
OPEC, Russia and other oil producers meet to decide whether to keep April output steady or increase it as they weigh a recent price rally against uncertainty about the economic recovery.

• UK starts probe on Apple over alleged App Store monopoly
Britain's competition regulator said it has opened an investigation into Apple after complaints that the iPhone maker's terms and conditions for app developers are unfair and anti-competitive.


BEFORE THE BELL
Futures for Canada's main stock index edged up on upbeat earnings from Canadian Natural Resources and higher crude prices. U.S. stock index futures dropped, tracking global equities, over worries that lofty bond yields would spark inflationary trends, while the market awaited comments from Federal Reserve Chair Jerome Powell due later in the day. The dollar index advanced and spot gold prices edged up.


STOCKS TO WATCH
Results
• Canadian Natural Resources Ltd: The oil and gas producer beat analysts' estimates for fourth-quarter profit, as crude prices staged a steady recovery during the period from pandemic-driven lows, also helping boost its dividend. On an adjusted basis, the Calgary, Alberta-based company posted a profit of C$176 million or 15 Canadian cents per share, in the quarter ended Dec. 31, compared with C$135 million or 11 Canadian cents, in the third quarter. Excluding one-items, the company earned 15 Canadian cents per share, beating analysts' average estimate of 13 Canadian cents, according to Refinitiv data. The company also hiked its quarterly dividend to 47 Canadian cents per share payable on April 5, compared with the 42.5 Canadian cents dividend it paid on Jan 5.

In Other news
• Bombardier Inc: The corporate planemaker said it is betting on demand for aftermarket services to help hit an estimated $7.5 billion revenue target in 2025, as the company holds its first investor day since becoming a pure play business jet maker. Bombardier said in a statement it expects to generate more than $500 million in free cash and $1.5 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2025, while growing margins and slashing debt. The company is trying to cut costs and increase earnings by capturing a greater share of sales of aircraft products and maintenance packages, at a time when plane deliveries could take years to recover to 2019 levels due to the coronavirus pandemic.

• Green Thumb Industries Inc: The company said it would make and distribute Gwyneth Paltrow-backed THC- and CBD-infused sparkling water Cann in the United States, banking on the brand's early success in California and rising demand for cannabis drinks. Green Thumb, among the largest U.S. cannabis companies by market value, said on Wednesday it would begin distributing Cann in Illinois this spring and later expand to additional markets, including New Jersey, which recently legalized recreational marijuana. "It's the easiest kind of way to see new users enter the space ... much easier for me to share a drink with my mother than to share a joint," Ben Kovler, Green Thumb's chief executive officer told Reuters. Green Thumb may launch its own cannabis beverage brand in the future, Kovler told Reuters, adding that it was not in the works right now.


FOCUS
Global semiconductor shortage spurs run on vintage chipmaking tools
Minnesota-based Polar Semiconductor makes chips for automakers and is booked beyond capacity. But expanding production lines to help solve a chip shortage that is shutting down car factories around the world is not feasible - in part due to the scarcity of older-style chipmaking machinery.


ANALYSTS' RECOMMENDATION
• Laurentian Bank of Canada: Credit Suisse raises target price to C$36 from C$30, citing the company’s better-than-expected first-quarter results and higher EPS estimates for 2021. 

• Paramount Resources Ltd: CIBC raises target price to C$11.5 from C$9, stating the company’s higher sales volume guidance and its focus on reducing debt. 

• Sleep Country Canada Holdings Inc: RBC raises target price to C$29 from C$24, following the company’s higher-than-expected sales and gross margin in its fourth quarter. 


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) Labor productivity rate for Q4: Prior -10.3%


COMPANIES REPORTING RESULTS
March 4:
Algonquin Power & Utilities Corp: Expected Q4 earnings of 22 cents per share
Denison Mines Corp: Expected Q4 loss of 1 Canadian cent per share
Imax Corp: Expected Q4 loss of 20 cents per share
Labrador Iron Ore Royalty Corp: Expected Q4 earnings of C$1.16 per share
Martinrea International Inc: Expected Q4 earnings of 52 Canadian cents per share
NFI Group Inc: Expected Q4 earnings of 15 cents per share
Parkland Corp: Expected Q4 earnings of 41 Canadian cents per share
Recipe Unlimited Corp: Expected Q4 earnings of 24 Canadian cents per share
Tricon Residential Inc: Expected Q4 earnings of 14 cents per share
Winpak Ltd: Expected Q4 earnings of 39 cents per share

March 5:
No major companies are scheduled to report for the day.


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 NFI Group Inc: Q4 earnings conference call
0830 Kinaxis Inc: Q4 earnings conference call
0830 MEG Energy Corp: Q4 earnings conference call
1000 Tricon Residential Inc: Q4 earnings conference call
1100 Canadian Natural Resources Ltd: Q4 earnings conference call
1100 Peyto Exploration & Development Corp: Q4 earnings conference call
1130 Parex Resources Inc: Q4 earnings conference call
1730 Martinrea International Inc: Q4 earnings conference call


EX-DIVIDENDS
Computer Modelling Group Ltd: Amount C$0.05
Thomson Reuters Corp: Amount $0.40

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


 


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