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Group: Canadian Blue-chip Industrial Forum
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Canada's main stock index futures inched higher as optimism around a faster pace of economic rebound set the market on track for a second consecutive weekly gain
Wall Street futures were subdued, as a rise in bond yields weighed on richly valued technology stocks a day after the S&P 500 closed at a record high
European stocks were little changed, after hitting longest weekly highs since November 2019
Japan's Nikkei ended higher, with the beginning of the earnings season
The U.S. dollar recovered, following weak U.S. jobs data
Gold prices slipped
Oil prices were little changed
DEAL SPOTLIGHT Source: Thomson Reuters
Crown Holdings Inc (CCK):
The company has agreed to sell 80% of its European tinplate business to private equity firm KPS Capital Partners in a deal valued at 2.25 billion euros, the packaging products supplier said on Thursday
The company said it would receive pre-tax proceeds of about 1.9 billion euros from the deal, which it would use to reduce debt and buy back shares
The unit for sale comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East and Africa and produces food cans, aerosol cans, and promotional packaging
EARNINGS SPOTLIGHT Source: Thomson Reuters
Levi Strauss & Co (LEVI):
The company on Thursday raised its half-year revenue growth forecast, banking on COVID-19 vaccine rollouts to spur a return to normalcy, after the denim maker beat estimates for quarterly results on a pandemic-led e-commerce boost
The jeans maker said it expected its revenue to increase 24% to 25%, up from a prior range of 18% to 20%, for the first half of its fiscal 2021
Levi also said it expected adjusted per-share profit for the period to be 41 cents to 42 cents
Analysts on average expect a profit of 30 cents per share for the first and second quarter
Roughly 500 ballots submitted in Amazon’s landmark union election have been challenged in a contest that will determine whether an Alabama warehouse becomes the online retailer’s first organized workplace in the United States, people familiar with the matter said
Representatives for Amazon and the Retail, Wholesale and Department Store Union (RWDSU) challenged the ballots during closed-door election proceedings that lasted more than a week before U.S. officials began publicly counting votes
They were able to question ballots on suspicion of tampering, a voter's eligibility and other issues
Barrick Gold Corp (ABX):
The company has reached a deal that gives the Papua New Guinea government a majority share in the Porgera gold mine as part of plans to restart operations, the company said
The deal will set a benchmark for further resources projects in the region, Prime Minister James Marape said in a statement, and help shape the terms of new developments by the likes of Australian gold miner Newcrest Mining
Boeing Co (BA):
The company has asked 16 of its customers to address a potential electrical problem in certain 737 MAX airplanes prior to further operations, the U.S. planemaker said
Separately, Boeing said it had filed a suit against and canceled contracts with a Texas-based supplier for Air Force One, the aircraft that carriers the U.S. president, over delays in completing interior work on the two heavily modified 747-8 planes
Turquoise Hill Resources Ltd (TRQ):
Rio Tinto said it has reached a binding agreement with Turquoise Hill over funding for expansion of the massive Oyu Tolgoi copper-gold mine in Mongolia
Rio and Turquoise Hill will restructure debt payments of up to $1.4 billion with lenders and look to raise up to $500 million in supplemental debt under existing financing arrangements
The agreement will smooth the way for the next phase of development, which has faced cost and timeline blowouts and has caused acrimony between the mining giant and its junior partner
THINGS TO KNOW Source: Bloomberg Finance L.P.
The Cboe Volatility Index – known as Wall Street’s fear gauge – closed at the lowest level since February 2020 as stocks trade at record highs
Italian Prime Minister Mario Draghi kicked off a diplomatic spat with Turkey after he said that the country's president is among the category of “dictators” that EU leaders have to work with
President Joe Biden plans to request $715 billion for his first Pentagon budget, lower than the levels sought by the previous administration