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Msg  70508 of 70747  at  10/20/2021 10:47:03 AM  by

Gammafriend


Morning News Call TD

 

CANADA EDITION

 

WEDNESDAY, OCTOBER 20, 2021

 


TOP NEWS
• Canadian National Railway CEO to retire following investor pressure
Canadian National Railway said Chief Executive Officer Jean-Jacques Ruest will retire at the end of January, following investor demands for his exit after the railroad operator's failed bid for Kansas City Southern.

• Facebook plans new group name to revamp image, says The Verge
Facebook, under fire from regulators and lawmakers over its business practices, is planning to rebrand itself with a new group name that focuses on the metaverse, the Verge reported.

• BHP lifts takeover offer for Canadian nickel miner Noront to $339 million
BHP Group topped a takeover offer for Canadian nickel miner Noront Resources by billionaire Andrew Forrest's Wyloo Metals earlier this week, as the two miners vie for the key battery metal used in electric vehicles.

• Baker Hughes posts Q3 profit as drilling demand returns
Baker Hughes reported a quarterly profit compared to a year-ago loss, as crude prices recovered to pre-pandemic levels, fueling drilling activity and demand for oilfield services.

• Global oil refiners crank up output as margins recover to pre-COVID levels
Oil refiners are ramping up output to meet a synchronised uptick in demand across Asia, Europe and the United States, but plant maintenance and high natural gas prices will constrain supply in the fourth quarter, company officials and analysts said.​


BEFORE THE BELL
Futures for Canada's main stock index edged higher, boosted by stronger gold prices, while investors awaited inflation data release later in the day for cues on the domestic economy. U.S. stock index futures were steady as investors digested Netflix' earnings and geared up for quarterly reports from companies including Tesla. European shares were mostly flat as upbeat earnings from Nestle offset underwhelming results from French luxury group Kering and Dutch semiconductor company ASML. China stocks slipped, with property shares extending falls and coal stocks tumbling. The U.S. dollar was marginally up against a basket of major currencies. Oil prices fell after China considered intervention to ease coal crunch.  


STOCKS TO WATCH
• Canadian National Railway Co: The company said Chief Executive Officer Jean-Jacques Ruest will retire at the end of January, following investor demands for his exit after the railroad operator's failed bid for Kansas City Southern. "Dismissing the same CEO that the Board put in place just three short years ago is a good start, but it does not address the fundamental problem of a lack of leadership," TCI Founder Chris Hohn said. In the third quarter ended Sept. 30, adjusted profit rose 9.5% on a surge in petroleum and chemicals shipments. But its operating ratio, a key profitability metric for investors, worsened to 62.7% from 59.9% a year earlier.​


INSIGHT
AI can see through you: CEOs' language under machine microscope
Some investors see the technology - known as natural language processing (NLP) - as one new tool to gain an edge over rivals, according to Reuters interviews with 11 fund managers that are using or trialling such systems.​


ANALYSTS' RECOMMENDATION
• Blackline Safety Corp: TD Securities resumes coverage with speculative buy rating, following the completion of the public equity offering.

• Pembina Pipeline Corp: Canaccord Genuity raises target price to C$47 from C$46, expecting continued sequential conventional pipeline volume growth in the third quarter.

• Sun Life Financial Inc: TD Securities raises target price to C$77 from C$73, reflecting good expected profit growth and good results from asset management. 

• Sylogist Ltd: Acumen Capital raises target price to C$16 from C$15.25, saying the company’s three recent acquisitions, including Municipal Accounting Systems, MISSION CRM and The Pavlik Group, should add to its growth trajectory in the coming years.​


ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 (approx.) CPI inflation mm for Sept: Expected 0.1%; Prior 0.2%
0830 (approx.) CPI inflation yy for Sept: Expected 4.3%; Prior 4.1%
0830 (approx.) CPI mm SA for Sept: Prior 0.4%
0830 (approx.) CPI yy SA for Sept: Prior 3.87%
0830 (approx.) CPI BoC core mm for Sept: Prior 0.2%
0830 (approx.) CPI BoC core yy for Sept: Prior 3.5%
0830 (approx.) Core CPI mm SA for Sept: Prior 0.3%
0830 (approx.) CPI median for Sept: Prior 2.6%
0830 (approx.) CPI trim for Sept: Prior 3.3%
0830 (approx.) CPI common for Sept: Expected 1.9%; Prior 1.8%
0830 (approx.) CPI NSA for Sept: Prior 142.6


COMPANIES REPORTING RESULTS
October 20:
Canadian Pacific Railway Ltd: Expected Q3 earnings of 94 Canadian cents per share

October 21:
Rogers Communications Inc: Expected Q3 earnings of C$1.02 per share
Winpak Ltd: Expected Q3 earnings of 41 cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Canadian Pacific Railway Ltd: Q3 earnings conference call


EX-DIVIDENDS
Richelieu Hardware Ltd: Amount C$0.07


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


 


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