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Msg  69232 of 69453  at  3/4/2021 12:54:57 PM  by

carswell


Coffee/Summaries

BEFORE THE OPEN
Source: Thomson Reuters

  • 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
DEAL SPOTLIGHT
Source: Thomson Reuters

Okta Inc (OKTA):
  • The identity management company said on Wednesday it has agreed to buy its smaller rival Auth0 in a $6.5 billion all-stock deal, one of the largest software deals so far this year
  • Okta expects to leverage Auth0's customer identification product to accelerate growth in the $55 billion identity market, as COVID-19 has pushed companies of all sizes to shift to remote working and interact with clients online
  • "The customer part is growing faster than the workforce part," Okta Chief Executive Todd McKinnon said in an interview. "We have 10,000 customers, and there are millions of customers that could use both of our solutions."
  • Okta also reported quarterly revenue of $234.7 million on Wednesday, an increase of 40%
  • The company's share price has jumped during the pandemic, taking the San Francisco-based identity provider's market cap to over $30 billion
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

American Eagle Outfitters Inc (AEO):
  • The company said on Wednesday it expects current-quarter revenue and operating income to surpass last two years' numbers, betting on high-growth brand Aerie that sells work-from-home favorites lingerie and loungewear
  • "We're seeing really good signs in terms of where we're headed for the quarter," Chief Executive Jay Schottenstein told analysts
  • For the fourth quarter, total net revenue fell about 2% to $1.29 billion, beating analysts' average expectation of $1.28 billion, according to Refinitiv estimates
  • Excluding one-time items, the company earned a profit of 39 cents per share, beating estimates of 36 cents
  • Holiday-quarter earnings, however, fell about 25%, weighed by underperforming stores and a charge of $103 million due to pandemic-related expenses
Canadian Natural Resources Ltd (CNR):
  • 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 December 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 January 5
Marvell Technology Group Ltd (MRVL):
  • Shares of the company fell on Wednesday as the designer of 5G networking chips said supplies could remain tight through its fiscal 2022
  • Marvell forecast revenue and adjusted profit ranges for its current fiscal first quarter with midpoints of $800 million and 27 cents per share, respectively, in line with analyst expectations of $793.3 million and 27 cents per share
  • "The supply chain was not completely prepared for the surge in demand and needs time to increase capacity," Chief Executive Matt Murphy told investors on a conference call
  • "While we are confident that the industry will respond to these challenges, we anticipate a supply gap for at least through fiscal 2022," he added
STOCKS IN THE NEWS
Source: Thomson Reuters

Albemarle Corp (ALB):
  • The company has accused a Chilean regulator of "unjust" discrimination for refusing to make public a key report on the impact of mining on the Atacama salt flat, according to court filings
  • Corfo told Reuters in a written statement that it had sent a final draft of the environmental study - meant to guide government regulation and oversight of the flat - to SQM for review on February 16
  • The regulator said it would make the final draft public following SQM's review "provided that any eventual affected third parties did not oppose its release"
  • Albemarle told Reuters in a statement that it wants the study made public immediately
  • "This report… should be a contribution towards ensuring the sustainability of the Salar de Atacama," the company said
Apple Inc (AAPL):
  • Britain's competition regulator said it has opened an investigation into the company after complaints that the iPhone maker's terms and conditions for app developers are unfair and anti-competitive
  • The Competition and Markets Authority said the investigation will consider whether Apple has a dominant position in the distribution of apps on Apple devices in the UK
  • Apple charges a commission of up to 30% to developers on the value of transactions or any time a consumer buys their app
  • The regulator said it will also investigate if Apple imposes unfair or anti-competitive terms on developers using the App Store
  • "We look forward to working with the UK Competition and Markets Authority to explain how our guidelines for privacy, security and content have made the App Store a trusted marketplace for both consumers and developers," Apple said in a statement
Bombardier Inc (BBD-B):
  • 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 (GTII):
  • 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

THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • The employment situation may be one of the things that Fed Chair Jerome Powell will use to reaffirm that the central bank is determined to keep monetary policy accommodative, when he appears at a Wall Street Journal Webinar later today
  • OPEC and its allies are meeting today, with preliminary talks giving little hint as to whether the market will get the April supply increase it is expecting


Artis Real Estate Investment Trust* (AX-UN: $11.58)
Bragg Gaming Group Inc.* (BRAG: $2.38)
Drone Delivery Canada Corp.* (FLT: $1.82)
Marimaca Copper Corp.* (MARI: $4.45)
NuVista Energy Ltd.* (NVA: $2.26)
Pollard Banknote Limited* (PBL: $48.85)

ChemoCentryx, Inc.* (CCXI: $62.36)
Kaleido Biosciences, Inc.* (KLDO: $9.82)
Lincoln Educational Services Corporation* (LINC: $5.94)
Pulmonx Corporation* (LUNG: $57.70)
Quanterix Corporation* (QTRX: $65.47)
TransMedics Group, Inc.* (TMDX: $37.46)


INDUSTRY UPDATE
Oil

MORNING INK REPORT
Insiders who have something to grin about

MACRO - EVENT SCHEDULE
Source: Bloomberg Finance L.P.
U.S. initial jobless claims rose to 745k in the week ended February 27

MOST READ NEWS
Source: Bloomberg Finance L.P.
Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain

“The sole substitute for an experience which we have not ourselves lived through is art and literature.”

- Aleksandr Solzhenitsyn


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


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