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Msg  72654 of 72997  at  12/6/2022 10:46:45 AM  by

carswell


Coffee/Summaries

 

Tuesday, December 6, 2022


In today’s Morning Coffee…

BEFORE THE OPEN
Source: Thomson Reuters
  • Canada's main stock index futures edged up as gold prices rose, while investors awaited the Bank of Canada's interest rate decision due Wednesday
  • U.S. stock index futures were subdued following a selloff on Wall Street after strong U.S. data fanned fears that the Federal Reserve could persist with its aggressive interest rate hikes, with investor focus also turning to Georgia runoff election, which might decide the fate of the U.S. Senate
  • European shares slipped and British stocks were lower
  • Japanese shares ended higher boosted by chip stocks and exporters
  • Gold prices climbed as the U.S. dollar eased
  • Oil fell in a volatile market, as a stronger U.S. dollar and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and prospects of a demand boost in China
STOCKS IN THE NEWS
Source: Thomson Reuters

Cenovus Energy Inc
(CVE):
  • The company forecast higher capital expenditure for 2023, as the energy company looks to boost production in response to higher crude prices amid a supply crunch caused by sanctions on Russia
  • Global crude prices rose as much as 79% this year as sanctions on major oil exporter Russia over its invasion of Ukraine squeezed already tight supplies
  • The energy producer expects production of 800,000 barrels of oil equivalent per day (boepd) to 840,000 boepd next year, a more than 3% year-over-year increase
  • The Calgary, Alberta-based firm expects 2023 spending to be in the range of C$4 billion to C$4.5 billion, higher than expectations of C$3.3 billion to C$3.7 billion for 2022
Goldman Sachs Group Inc (GS):
  • The company plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest
  • FTX's implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up business, Mathew McDermott, Goldman's head of digital assets, told Reuters
  • Goldman is doing due diligence on a number of different crypto firms, he added, without giving details
  • "We do see some really interesting opportunities, priced much more sensibly," McDermott said in an interview last month
  • FTX filed for Chapter 11 bankruptcy protection in the United States on Nov. 11 after its dramatic collapse, sparking fears of contagion and amplifying calls for more crypto regulation
Microsoft Corp (MSFT) & Sony Group Corp (SONY):
  • The company has offered Sony a 10-year contract to make each new "Call of Duty" release available on PlayStation the same day it comes to Xbox, according to an opinion piece in the Wall Street Journal on Monday from a Microsoft executive
  • Sony's gaming chief Jim Ryan said in September that Microsoft's earlier offer to keep the popular game series made by Activision Blizzard on PlayStation for three years after the current agreement expires was inadequate
  • "The main supposed potential anticompetitive risk Sony raises is that Microsoft would stop making 'Call of Duty' available on the PlayStation
  • But that would be economically irrational," Microsoft President Brad Smith said in the WSJ opinion piece
  • Microsoft also said on Monday it was raising the prices of new Xbox games to $70 from $60 starting in 2023, according to a company spokesperson
  • Separately, Microsoft will voluntarily recognize a union of about 300 videogame testers at subsidiary ZeniMax Studios if they vote to unionize, a first for the company in the United States, the Communication Workers of America union (CWA) said on Monday
DEAL SPOTLIGHT
Source: Thomson Reuters
NRG Energy Inc (NRG) & Vivint Smart Home Inc (VVNT):
  • Power generation company NRG will buy Vivint for $2.8 billion in cash as it seeks to diversify its portfolio, the companies said
  • Vivint jumped in premarket trade as the $12 per share deal is at a premium of 33.5% to the stock's closing price on Monday
  • NRG will also take on $2.4 billion of debt as part of the deal
THINGS TO KNOW
Source: Bloomberg Finance L.P.
  • Professional investors overseeing a total of $5 trillion are loading up on bets that a recession can be avoided, according to a study from Goldman Sachs
  • The positions amount to wagers that the Federal Reserve can tame inflation without creating a recession, often referred to as an economic soft landing
  • China is reporting fewer Covid-19 cases as a wave that started to accelerate last month appears to be tailing off


AltaGas Ltd.* (ALA: $23.86)
H2O Innovation Inc.* (HEO: $2.04)



Health Catalyst Inc.* (HCAT: $10.84)
Illumina Inc.* (ILMN: $213.86)


THE REIT REVIEW
Highlights from CBRE’s Canadian Real Estate Lenders’ update

INDUSTRY UPDATE
Oil

MORNING INK REPORT
Atlas Engineered Products nails Q3 results



MACRO - EVENT SCHEDULE
US Trade Balance of -$78.2b is above -$80.0b estimate

MOST READ NEWS
A $65 Trillion Wall of Derivatives Debt Is Sparking Concern


“Most people do not listen with the intent to understand; they listen with the intent to reply.”
- Stephen R. Covey

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

*All prices are in local currencies


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