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 IN THE NEWS
Source: Thomson Reuters
Occidental Petroleum Corp (OXY):
The oil producer on Wednesday increased by about 22% its estimated investment for the world's first large-scale direct air capture (DAC) project and disclosed plans to build others
The Houston-based company now expects to spend $1.1 billion on the project under construction in Ector County, Texas, up from the previous estimate of $800 million-$1 billion
Occidental is aiming to build a profitable business by pulling CO2 out of the air and burying it underground. It bets the world will need oil for decades to come and that government and business climate goals will only be achieved if emissions are not only reduced, but also actively removed from the air
Veru Inc (VERU):
A panel of outside advisers to the U.S. health regulator on Wednesday voted against authorizing Veru’s drug for treating high-risk patients hospitalized with COVID-19, citing multiple concerns over efficacy and safety data being based on a small trial
The panel voted 8-5 against the oral drug sabizabulin's usage and hinted that Veru gather additional data, preferably from a larger sample, regarding the drug's ability to treat COVID-19
"Even though (the data) is impressive for a new molecular entity - it has no direct evidence to support the antiviral activity," said panel member Susanne May, who voted against authorization of the drug
The unfavorable vote is a setback for Veru in its effort to develop a COVID-19 treatment
The company was originally testing sabizabulin, which prevents tumor cells from multiplying, as a treatment for prostate cancer
WeWork Inc (WE):
The flexible workspace provider said it will exit about 40 locations across the United States in a bid to cut costs
The closures, of about 41,000 workstations, are expected to pull down revenue but the simultaneous cost reductions will contribute roughly $140 million to annual adjusted core earnings
The move is a part of the company's effort to pare back expenses and reduce its debt load and lease obligations
WeWork's systemwide real estate portfolio consisted of 801 locations across 39 countries, as of Sept. 30
EARNINGS SPOTLIGHTS
Source: Thomson Reuters
AstraZeneca PLC (AZN):
The company raised its full-year adjusted earnings forecast after third-quarter profit and revenue topped analysts' expectations, helped by sales of its key cancer drugs
Sales of AstraZeneca's key cancer medicines — Tagrisso and Imfinzi — helped the company's quarterly revenue beat, with sales of its broader oncology portfolio rising 24%
AstraZeneca now expects its full year adjusted profit per share to increase by a "high twenties to low thirties percentage"
Previously, it had forecast a 2022 gain in the "mid-to-high twenties percentage"
The company said it generated $10.98 billion total revenue for the three months ended Sept. 30 on a constant-currency basis, while core earnings came in at $1.67 cents per share
Canadian Tire Corp Ltd (CTC.A):
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 (MFC):
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
THINGS TO KNOW
Source: Bloomberg Finance L.P.
This time around, the turmoil in Bitcoin and Co. appears to have spilled over into the wider market, with losses sustained by retail -- and some professional -- investors hurting risk appetite and forcing drawdowns in stocks on Wednesday
Sam Bankman-Fried told FTX.com investors that without a cash injection the company would need to file for bankruptcy, according to a person with knowledge of the matter
The struggle for control of the US Senate boiled down to three races in Georgia, Arizona and Nevada, with each party needing to win two of those states to secure a majority
