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Msg  72500 of 73913  at  11/10/2022 11:03:54 AM  by

Gammafriend


Morning News Call


 

CANADA EDITION

 

THURSDAY, NOVEMBER 10, 2022

 


TOP NEWS
 U.S. Senate up for grabs as Republicans move toward House majority
Republicans edged closer to securing a majority in the U.S. House of Representatives while control of the Senate hinged on a few tight races, two days after Democrats staved off an anticipated "red wave" of Republican gains in midterm elections.

• Origin Energy backs $11.8 billion buyout offer from Brookfield consortium
Origin Energy, Australia's no.2 power producer and energy retailer, backed a $11.8 billion buyout offer from a consortium led by Canada's Brookfield Asset Management, the companies said.

 Canadian Tire quarterly profit dips on higher costs
Retailer Canadian Tire reported a near 20% fall in quarterly profit, hurt by higher costs and lower demand as inflation-weary consumers cut back on high-margin discretionary purchases.

• Manulife core profit hit by declines in wealth & asset management unit
Manulife Financial reported a drop in third-quarter profit on Wednesday, as escalating worries of an economic downturn impaired earnings at its wealth and asset management unit.

• Canada readies new Indo-Pacific strategy amid tense China ties
Canada will soon announce a new Indo-Pacific strategy to challenge China on human rights issues while cooperating with the world's second-biggest economy on climate change and other shared goals, Foreign Minister Melanie Joly said on Wednesday.


BEFORE THE BELL
Futures for Canada's main stock index rose, tracking Wall Street peers ahead of key U.S. inflation data which could influence the Federal Reserve's rate hike plans. The U.S. dollar edged higher while gold prices were little changed. European equities struggled for direction, as losses led by fall in real estate stocks were capped by gains in AstraZeneca shares following upbeat earnings. Japanese shares ended lower, tracking Wall Street losses overnight, as heavyweights Honda Motor and Sumitomo Rubber dropped on disappointing forecasts. Oil extended losses for a fourth consecutive session as renewed COVID curbs in China raised concern about fuel demand. Gold prices were slightly lower. 


STOCKS TO WATCH

Results
• Canadian Tire Corp Ltd: The retailer reported a near 20% fall in quarterly profit, hurt by higher costs and lower demand as inflation-weary consumers cut back on high-margin discretionary purchases. Like its U.S. peers, Canadian Tires' profits are getting squeezed as consumers pinched by higher prices for everything from toothpaste to gas curtail spending on non-essential items such as apparel and home decor. The company's net income fell to C$225 million in the third quarter from C$279.5 million a year earlier. The company's total revenue rose 8.1% to C$4.23 billion, in line with analysts' average estimate of C$4.23 billion.​

• Manulife Financial Corp: The company reported a drop in third-quarter profit on Wednesday, as escalating worries of an economic downturn impaired earnings at its wealth and asset management unit. Manulife's core earnings in global wealth and asset management sank nearly 2% to C$345 million in the third quarter, while net inflows dropped 69% to C$3 billion as turbulent markets deterred investors. The insurer reported core earnings of C$1.32 billion, or 67 Canadian cents a share, in the three months ended Sept. 30, compared with C$1.52 billion, or 76 Canadian cents a share, a year earlier. ​


EXPLAINER
Under pressure: What's weighing on Canadian heavy crude?
Canada's benchmark heavy crude, Western Canada Select (WCS), is trading at a steep discount to West Texas Intermediate (WTI) after weakening sharply last month, and is expected to remain subdued well into next year.​


ANALYSTS' RECOMMENDATION
• AG Growth International Inc: ATB Capital Markets cuts target price to C$64 from C$65.5, given a higher implied cost of capital as a reflection of the rising rate environment.

• Boyd Group Services Inc: ATB Capital Markets raises target price to C$255 from C$250, after the company’s third-quarter results exceeded estimates.

• Keyera Corp: National Bank of Canada cuts target price to C$34 from C$35, citing an incremental $100 million cost overrun for the company representing -$0.50 per share valuation impact, combined with slightly higher maintenance capex for 2023.

• Rogers Communications Inc: JPMorgan cuts target price to C$74 from C$80, focusing on the pending Shaw Communications deal with tribunal proceedings beginning this week.

• Torex Gold Resources Inc: Scotiabank raises target price to C$19 from C$18, saying the company is well-placed to meet its guidance for the fourth year in a row.


COMPANIES REPORTING RESULTS
November 10:
Altus Group Ltd: Expected Q3 earnings of 44 Canadian cents per share
Brookfield Asset Management Inc: Expected Q3 earnings of 74 cents per share
CAE Inc: Expected Q2 earnings of 17 Canadian cents per share
Canadian Tire Corporation Ltd: Expected Q3 earnings of C$3.92 per share
Cardinal Energy Ltd (Alberta): Expected Q3 earnings of 30 Canadian cents per share
CI Financial Corp: Expected Q3 earnings of 73 Canadian cents per share
Definity Financial Corp: Expected Q3 earnings of 34 Canadian cents per share
Docebo Inc: Expected Q3 loss of 6 cents per share
DREAM Unlimited Corp: Expected Q3 earnings of 23 Canadian cents per share
Dundee Precious Metals Inc: Expected Q3 earnings of 15 cents per share
Endeavour Mining PLC: Expected Q3 earnings of 29 cents per share
Filo Mining Corp: Expected Q3 loss of 14 Canadian cents per share
goeasy Ltd: Expected Q3 earnings of C$2.79 per share
Orla Mining Ltd: Expected Q3 earnings of 6 cents per share
Primo Water Corp: Expected Q3 earnings of 23 cents per share
Saputo Inc: Expected Q2 earnings of 37 Canadian cents per share
Softchoice Corp (CA): Expected Q3 earnings of 8 cents per share
Stantec Inc: Expected Q3 earnings of 86 Canadian cents per share

November 11:
Algonquin Power & Utilities Corp: Expected Q3 earnings of 17 cents per share
Emera Inc: Expected Q3 earnings of 74 Canadian cents per share
Hydro One Ltd: Expected Q3 earnings of 49 Canadian cents per share


CORPORATE EVENTS (All timings in U.S. Eastern Time)
0800 Kinross Gold Corp: Q3 earnings conference call
0800 Manulife Financial Corp: Q3 earnings conference call
0800 Canadian Tire Corporation Ltd: Q3 earnings conference call
0800 WSP Global Inc: Q3 earnings conference call
0800 Docebo Inc: Q3 earnings conference call
0830 CCL Industries Inc: Q3 earnings conference call
0830 Exchange Income Corp: Q3 earnings conference call
0830 MEG Energy Corp: Q3 earnings conference call
0830 Endeavour Mining PLC: Q3 earnings conference call
0830 Softchoice Corp (CA): Q3 earnings conference call
0900 Altius Minerals Corp: Q3 earnings conference call
0900 Russel Metals Inc: Q3 earnings conference call
0900 CI Financial Corp: Q3 earnings conference call
0900 Chartwell Retirement Residences: Q3 earnings conference call
0900 GDI Integrated Facility Services Inc: Q3 earnings conference call
1000 Wesdome Gold Mines Ltd (Pre-Merger): Q3 earnings conference call
1000 Northland Power Inc: Q3 earnings conference call
1000 Osisko Gold Royalties Ltd: Q3 earnings conference call
1000 Primo Water Corp: Q3 earnings conference call
1030 Superior Plus Corp: Q3 earnings conference call
1100 Pan American Silver Corp: Q3 earnings conference call
1100 Peyto Exploration & Development Corp: Q3 earnings conference call
1100 Vermilion Energy Inc: Q3 earnings conference call
1200 Fortuna Silver Mines Inc: Q3 earnings conference call
1200 Power Corporation of Canada: Q3 earnings conference call
1400 CAE Inc: Q2 earnings conference call
1700 Altus Group Ltd: Q3 earnings conference call
1700 DREAM Unlimited Corp: Q3 earnings conference call


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

 


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