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Msg  70499 of 70747  at  10/19/2021 10:09:30 AM  by

Gammafriend


Bay Street analysts reports from Oct 19

 

CANADA EDITION

 

TUESDAY, OCTOBER 19, 2021

 


TOP NEWS
• J&J raises 2021 profit view, keeps vaccine sales outlook unchanged
Johnson & Johnson raised its adjusted profit forecast for 2021, even as it stuck to its outlook of $2.5 billion in sales from its COVID-19 vaccine this year.

• Alberta referendum puts embattled premier in spotlight
Alberta held a referendum on Monday asking whether Canada should remove a commitment to redistribute wealth among provinces from its constitution, but the vote envisioned by Premier Jason Kenney as a tool to gain leverage with Ottawa could backfire against the deeply unpopular leader.

• U.S. bill would stop Big Tech favoring its own products
About a dozen U.S. senators from both parties on Monday formally introduced a bill that would bar Big Tech platforms, like Amazon and Alphabet's Google, from favoring their products and services.

• Halliburton posts Q3 profit as higher oil prices fuel drilling demand
Halliburton posted a quarterly profit, compared with a year-ago loss, as demand rebounded for its oilfield services from oil and gas producers resuming drilling after crude prices hit pre-pandemic levels.

• WHO-led programme aims to buy antiviral COVID-19 pills for $10 -document
A World Health Organization-led programme to ensure poorer countries get fair access to COVID-19 vaccines, tests and treatments aims to secure antiviral drugs for patients with mild symptoms for as little as $10 per course, a draft document seen by Reuters says.


BEFORE THE BELL
Futures tracking Canada's commodity-heavy main stock index rose, boosted by gains in oil and gold prices, while the prospect of strong corporate earnings further lifted investor sentiment. U.S. stock index futures were in the green, mirroring world stocks which climbed to a one-month high following a rally in technology shares. Gold advanced as a weaker U.S. dollar and lower U.S. Treasury yields supported prices and lifted bullion's appeal. Oil prices rose as a supply crunch in natural gas, electricity and coal continued across the globe while falling temperatures in China revived concerns over whether the world's biggest energy consumer can meet domestic demand for heating.  


STOCKS TO WATCH

IPOs 
• Hochschild Mining PLC: The London-listed company said it would pursue a listing of its Chilean rare earth unit Aclara Resources in Toronto, as it taps new funding to step up focus on its mainstay precious metals business. Hochschild, which operates mines in South America, will demerge 80% of Aclara's shares as part of the deal while keeping the remaining stake in the company it acquired in 2019. "Each (Hochschild and Aclara) will have their own strategic focus on their respective products, their own dedicated management teams, separated access to capital and an independent valuation," Hochschild Chairman Eduardo Hochschild said in a statement. Following the demerger, Ramon Barua will step down as chief financial officer at Hochschild to take over as the chief executive of Aclara.

In Other News 
• Centamin PLC: The gold miner expects annual gold production at the midpoint of its previously forecasted range, it said after reporting a rise in quarterly gold output driven by higher grades of mined ores. Centamin, which operates the Sukari gold mine in Egypt, said it was aiming to produce 415,000 ounces (oz) in 2021, the midpoint of its projected range of 400,000-430,000 oz. Third-quarter gold production at 103,546 ounces was, however, 19% lower from last year, largely due to a planned cut in production at Sukari. The company said that the results of the Phase 2 life-of-mine review at Sukari is expected to be announced on Dec. 1, which would throw light into the long-term potential of the asset. He also added that the company expects to hit 450,000-500,000 oz range of annual gold output by 2024 and beyond.


PREVIEW
Megahit "Squid Game" puts focus squarely on Netflix's overseas growth
The success of the South Korean dystopian drama series "Squid Game" has led investors to bet on Netflix's plans to explore more international content to boost slowing subscriber growth.


ANALYSTS' RECOMMENDATION
• Bird Construction Inc: CIBC raises target price to C$12 from C$11, expecting the company to post good organic growth driven by normalizing project productivity levels. 

• Sierra Metals Inc: CIBC cuts target price to C$4.25 from C$5.25, after the company reported third quarter production below estimate. 

• Stingray Group Inc: National Bank of Canada cuts target price to C$8.50 from C$10, seeing weaker growth and margins in 2022 than previously anticipated.  


ECONOMIC EVENTS 
No economic indicators are scheduled for release.


COMPANIES REPORTING RESULTS
October 19:
Canadian National Railway Co: Expected Q3 earnings of C$1.44 per share

October 20:
Canadian Pacific Railway Ltd: Expected Q3 earnings of 95 Canadian cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
1630 Canadian National Railway Co: Q3 earnings conference call


EX-DIVIDENDS
There are no major exdivs for the day.


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


 


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