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Group: Canadian Blue-chip Industrial Forum
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Canada's main stock index was set to open higher, and global shares rebounded after China cut a key lending benchmark to support its economy
Investors remained cautious amid worries about slowing growth and high inflation
Gold prices rose as a pullback in the U.S. dollar from two-decade highs and deepening concerns over U.S. economic growth burnished the metal's safe-haven appeal
Oil prices steadied as a planned European ban on Russian oil balanced out investor concerns about weakening economic growth hitting demand
STOCKS IN THE NEWS Source: Thomson Reuters Alphabet Inc. (GOOG):
The Google search engine collects data on users who think they can be anonymous if they use a "private browsing" mode, Texas Attorney General Ken Paxton claimed on Thursday, filing an amended privacy lawsuit against Alphabet’ Google unit
Paxton's filing adds Google's Incognito mode to the lawsuit filed in January
Incognito mode or "private browsing" is a web browser function that Paxton said implies Google will not track search history or location activity
The lawsuit said Google offers the option of "private browsing" that could include "viewing highly personal websites that might indicate, for example, their medical history, political persuasion, or sexual orientation”
“…Or maybe they simply want to buy a surprise gift without the gift recipient being tipped off by a barrage of targeted ads”
BCE Inc. (BCE.TO), Shaw Communications Inc. (SJR)& Telus Corp. (T.TO):
The Canadian federal government and competition bureau should block Quebecor from buying Shaw Communications' wireless business, telecom operators Bell Inc and Telus said in separate letters to the government and the agency
Selling Shaw's wireless business to Quebecor had been seen as a way to resolve anti-trust issues posed by Rogers Communications' proposed C$20 billion purchase of Shaw
But in their letters, Bell and Telus have objected the sale on the grounds that Quebecor has a history of not using government resources such as spectrum that it has obtained
The companies say this defeats the purpose of competition, which the government is trying to achieve through this sale of Freedom Mobile, the sources added
A Quebecor spokesperson said the move by Bell and Telus is a ploy to thwart competition that "runs counter to the public interest and the pro-competition policy that the Government of Canada has pursued for several years," a policy the spokesperson credited for delivering lower prices in Quebec
EARNINGS SPOTLIGHTS Source: Thomson Reuters
Applied Materials Inc. (AMAT):
The company forecast third-quarter revenue and profit below estimates, signaling that supply bottlenecks, exacerbated by the COVID-19 lockdowns in China, would hamper its ability to meet demand for its chipmaking tools
Applied Materials estimates current-quarter revenue of $6.25 billion, plus or minus $400 million and analysts on average expect revenue of $6.73 billion
Sales in its display and adjacent markets segment rose 1.6% to $385 million in the quarter ended May 1
The company expects adjusted profit to be in the range of $1.59 to $1.95 per share in the third quarter, below estimates of $2.04
For the second quarter, the company reported adjusted profit per share of $1.85 and revenue of $6.25 billion, both of which fell short of Wall Street estimates
Deere & Co. (DE):
The company raised its annual profit forecast boosted by higher sales for its tractors, combines and sprayers as gaps in global grain supply triggered by Russia's invasion of Ukraine fueled crop prices and spurred demand
Shares of the world's largest farm equipment maker surged to record highs in March as investors bet on stronger demand
Including special items, the company forecast fiscal 2022 net income between $7.0 billion and $7.4 billion, up from a prior estimate of $6.7 billion and $7.1 billion
The Moline, Illinois-based firm's net income was $2.09 billion or $6.81 per share for the quarter ended May 1, compared $1.79 billion or $5.68 per share a year earlier
Total net sales and revenue rose about 11% to $13.37 billion from $12.06 billion
DEAL SPOTLIGHT Source: Thomson Reuters
Blackstone Inc. (BLK):
Crown Resorts Ltd's shareholders approved a $6.3 billion buyout by Blackstone, but the deal faces further delays as it awaits nods from the regulators of states where the troubled casino operator ran its businesses
Crown's Chairman Ziggy Switkowski said the company would delay a conclusive Federal Court hearing - earlier scheduled for next week - to week starting June 6, as it was unsure of securing regulatory assent before that
In the meeting, 92.1% Crown shareholders voted in favour of the deal, while 99.9% of the votes were in approval
The success of the deal with the U.S. private equity giant could give billionaire James Packer an out from the beleaguered Australian casino firm hit by scandals and regulatory setbacks and draw the curtain on one of Australia's most storied business dynasties
THINGS TO KNOW Source: Bloomberg Finance L.P.
US stocks are headed for a seventh successive week of declines, the longest losing streak since the bursting of the dotcom bubble, as traders fret the possibility of slowing earnings growth
China's central bank cut a key interest rate for long term loans by a more-than-expected 15 basis points in a move seen as supportive for the country's property market
There was more bad news for the embattled tech sector as Canada banned Huawei Technologies Co. and ZTE Corp. equipment from use in its 5G network
President Joe Biden is weighing a meeting with Saudi Arabia’s Mohammed bin Salman as soon as next month, according to people familiar with the matter
Relations between the two countries have been strained since the murder of columnist Jamal Khashoggi
The G7 will agree on more than 18 billion euros ($19 billion) in aid for Ukraine to guarantee the short-term finances of the government in Kyiv