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Msg  72070 of 72289  at  8/16/2022 2:56:34 PM  by

carswell

The following message was updated on 8/16/2022 2:57:29 PM.

Coffee/Summaries

 
Web Version

BEFORE THE OPEN
Source: Thomson Reuters

  • Canada's main stock index futures were in the red, ahead of the country’s inflation numbers, with a fall in oil and gold prices weighing on sentiment
  • U.S. stock index futures inched lower as investors assessed results from retailers Walmart and Home Depot, while signs of a slowing global economy continued to keep investors on edge
  • In Asian equities, China's stocks ended lower over COVID-19 concerns, while Japan's Nikkei ended flat
  • European stocks were up, supported by the mining sector
  • The U.S. dollar rose against a basket of major currencies
STOCKS IN THE NEWS
Source: Thomson Reuters

American Airlines Inc (AAL):
  • The company has cut thousands of domestic and international flights from its November schedule as part of the carrier's efforts to reduce disruptions that have afflicted the industry this year
  • The carrier has scheduled 31,000, or 16%, fewer flights for the month that contains the busy Thanksgiving holiday travel period, data from aviation analytics company Cirium showed
  • American said in an emailed statement that the cuts reflect network and schedule planning throughout the year
  • "Preliminary schedules are published 331 days in advance and then adjustments are made closer in based on the schedule we intend to operate," the airline said
Berkshire Hathaway Inc (BRK)
  • The company run by billionaire Warren Buffett, has tripled its stake in online banking company Ally Financial and increased its bet that "Call of Duty" video game maker Activision Blizzard will be acquired by Microsoft
  • In a Monday regulatory filing describing its U.S.-listed equity investments as of June 30, Berkshire also said it exited what was once an $8.3 billion investment in Verizon and no longer owns Royalty Pharma, which buys drug royalties
  • Buffett's conglomerate ended June with a $327.7 billion equity portfolio, led by $125.1 billion in Apple
Twitter Inc (TWTR):
  • The company needs to give Elon Musk documents from a former Twitter executive who Musk said was a key figure in calculating the amount of fake accounts on the platform, according to a Monday court order
  • Twitter was ordered to collect, review and produce documents from former General Manager of Consumer Product Kayvon Beykpour, according to the order from Chancellor Kathaleen McCormick of the Delaware Court of Chancery
  • Twitter and lawyers for Musk, the world's richest person, did not immediately respond to requests for comment
  • Separately, Elliott Management, the hedge fund that pushed for big changes at Twitter two years ago, exited the stock during the second quarter, soon after Elon Musk announced plans to buy the social media company, a regulatory filing shows
DEAL SPOTLIGHT
Source: Thomson Reuters

Authentic Brands Group Inc & Ted Baker (TED):
  • Juicy Couture and Forever 21 owner has agreed to buy Ted Baker in a deal worth roughly $254 million, ending months of speculation over the fate of the British fashion group
  • Ted Baker has now reached an agreement with U.S.-based ABG, whose brands also include Reebok, consisting of 110 pence cash for each Ted Baker share, and which represents a premium of about 18.2% to Monday's closing price
  • The companies said the deal would not be revised unless a rival suitor emerges
  • "ABG believes there are significant growth opportunities for the Ted Baker brand in North America given (its) ... strong consumer recognition in this market," the New York-listed company said in a statement
EARNINGS SPOTLIGHTS
Source: Thomson Reuters

BHP Group Ltd (BHP):
  • The company reported bumper profits on the back of gains in prices of coal and other commodities, and declined to rule out a second approach in its spurned $6 billion bid for OZ Minerals
  • The company posted greater-than-expected 26% rise in earnings to $21.3 billion for the year ended June 30 - its highest since 2011 - and the announcement of a record dividend
  • "We have lots of levers for growth and M&A is just one of those levers ... we will remain disciplined," said BHP Chief Executive Officer Mike Henry in an earnings briefing
  • Henry did not comment on whether BHP would return to OZ Minerals with a revised offer
Home Depot Inc (HD):
  • The company reported quarterly comparable sales above Wall Street estimates on steady demand for home-improvement goods from builders and handymen
  • Home Depot's comparable sales rose 5.8% for the second quarter, while analysts had expected a 4.9% growth
  • Net sales for the largest U.S. home improvement chain climbed 6.5% to a $43.79 billion, compared with estimates of $43.36 billion
  • Net earnings increased to $5.17 billion, or $5.05 per share, for the quarter ended July 31, from $4.81 billion, or $4.53 per share, a year earlier
  • Analysts were expecting $4.94 per share
Walmart Inc (WMT):
  • The company forecast a smaller drop in full-year profit than previously projected, after deep discounts to clear excess merchandise and a drop in fuel prices helped it beat expectations for quarterly sales
  • Walmart reported inventories of $59.92 billion at the end of the second quarter ended July 31 that was still 25% above last year's levels
  • "The actions we've taken to improve inventory levels in the U.S., along with a heavier mix of sales in grocery put pressure on profit margin for Q2 and our outlook for the year," Walmart Chief Executive Officer Doug McMillon said
  • Still, Walmart lifted its fiscal 2023 adjusted earnings forecast less than a month after slashing it
  • The company now expects adjusted earnings per share to fall 9% to 11%, compared with its previous forecast of a 11% to 13% decline
  • Walmart's total revenue rose 8.4% to $152.86 billion in the second quarter, helped by demand for food and other essential items
  • Analysts had estimated revenue of $150.81 billion
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • The choices confronting the US economy are stark, according to well-known economist Nouriel Roubini, either the economy will enter a hard landing from the Fed's tightening -- referring to a phenomenon where rising rates cause a recession -- or inflation will go "out of control," he told Bloomberg TV
  • Today sees the July update for two of the most important data points for US housing: housing starts and building permits
  • Apple Inc. laid off about 100 of its contract-based recruiters in the past week, part of a push to rein in the tech giant’s hiring and spending, according to people with knowledge of the matter
CareRx Corporation* (CRRX: $3.80)
Sienna Senior Living Inc.* (SIA: $13.93)
SmartCentres REIT.* (SRU.UN: $30.09)


Akumin Inc.* (AKU: $0.79)
Ocuphire Pharma Inc.* (OCUP: $2.53)
SNDL Inc.* (SNDL: $3.17)
Virgin Orbit Holdings Inc.* (VORB: $4.23)

INDUSTRY UPDATE
Oil

MORNING INK REPORT
Winpak insiders win the war with short sellers

MACRO - EVENT SCHEDULE

Sources: Bloomberg Finance L.P.
Canadian CPI YoY Meets Expectations at 7.6%

MOST READ NEWS

Source: Bloomberg Finance L.P.
Credit Suisse Faces Fresh China Setback After Executive Exodus

“Belief creates the actual fact.”

- William James

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