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Market Wrap: pre-opening session |
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U.S. market futures fall as oil prices continue to climb. Also, major economic data will be released today.
Yesterday U.S. stocks were pressured again by fears of a prolonged Middle East war.
The Dow Jones slumped 784 points (-1.61%) to 47,954.
The S&P 500 slipped 38 points (-0.56%) to 6,830, and the Nasdaq 100 eased 73 points (-0.29%) to 25,020.
On the stat front in the U.S. nonfarm payrolls are estimated to increase by 70,000 in February, while jobless rate is expected to stay at 4.3%. Also, retail sales are expected to be down 0.2% month-on-month in January after a flat reading in December.
In Canada, the Ivey Purchasing Managers Index (PMI) is anticipated at 50.5 in February vs 50.9 in January.
European indices are extending their losses as oil resumes rally. On the stat front, eurozone's fourth quarter GDP growth rate was revised to 0.2% on a quarterly basis in third reading from 0.3% in previous estimate. It was 0.3% in third quarter
Asian indexes were mostly higher. Australia's S&P/ASX 200 underperformed, losing 1% dragged by basic materials shares.
WTI crude oil prices continue to surge after breaking above 80 dollars. They currently trade above 84 dollars.
Gold and silver continue to consolidate as U.S. dollar rebounds.
Bitcoin pulls back close to 70,000 dollars.
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Costco Wholesale (COST), an operator of a chain of warehouse stores, is little changed after posting quarterly financial figures roughly in-line with estimates.
Marvell Technology (MRVL), a developer and producer of semiconductors, surges on strong quarterly financial figures led by AI demand. The company also issued rose sales guidance for its current fiscal year.
Gap (GAP), a retailer of apparel, drops as quarterly adjusted EPS slightly missed estimates. Sales were in-line with expectations.
Dow Inc (DOW), a diversified chemical manufacturing company, was upgraded to "overweight" from "neutral" at JPMorgan.
Trade Desk (TTD), an advertising technology company, was downgraded to "underperform" from "neutral" at Wedbush.
Samsara (IOT), a fleet operations management platform, soars as full-year financial figures guidance beat estimates.
GuideWire Software (GWRE), a software company for insurers, is well oriented as quarterly financial figures widely topped expectations.
Cooper Cos (COO), a medical device company, gains ground after raising full-year adjusted EPS guidance.
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No major earnings expected
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Earning Release:
Algonquin Power & Utilities Corp (AQN)
On Thursday, the S&P/TSX Composite Index dropped 0.98% to 33,610, and the S&P/TSX 60 Index declined 0.71% to 1,946.
AltaGas (ALA), an energy infrastructure company, unveiled quarterly adjusted EPS up to 0.77 dollar, just above expectations, from 0.76 dollar a year earlier. The company maintained 2026 guidance. Separately, Altagas said that Derek Evans has been appointed as the next Board Chair, effective May 1, 2026. Derek Evans was most recently CEO of MEG Energy.
Methanex (MX), a methanol supplier, reported quarterly adjusted Ebitda down to 186 million dollars, missing estimates, from 191 million dollars a quarter earlier. In the first quarter of 2026, the company expects a slightly higher adjusted Ebitda compared to the fourth quarter of 2025.
Ero Copper (ERO), a mining company, posted quarterly adjusted Ebitda up to 186.7 million dollars from 59.1 million dollars a year earlier on sales up to 320.2 million dollars from 122.5 million dollars a year ago. Both figures topped expectations.
Frontera Energy (FEC), an energy company, "has determined that the binding offer received from Parex Resources (PXT) to acquire all of Frontera's upstream Colombian exploration and production business constitutes a "Superior Proposal" to previously announced GeoPark (GPRK) transaction. Frontera said a five-business-day matching period has begun for GeoPark to match Parex Resources' offer.
Badger Infrastructure Solutions (BDGI), a provider of non-destructive excavating and related services, unveiled quarterly sales up 14% to 213.5 million dollars, beating estimates. Adjusted Ebitda rose 2% to 44.9 million dollars but missed expectations. Also, the company announced a 4% increase to the quarterly dividend.
Aecon Group (ARE), a construction company, reported quarterly adjusted EPS up to 0.52 dollar from 0.23 dollar a year earlier on sales up to 1.54 billion dollars from 1.27 billion dollars a year ago. Both figures topped estimates.
Canfor (CFP), a forest products company, posted quarterly adjusted operating loss that narrowed to 145.0 million dollars from 188.5 million dollars the quarter before. Sales were 1.28 billion dollars, up from 1.26 billion dollars in the earlier quarter. The company said that "looking ahead, North American lumber markets are anticipated to face continued uncertainty through 2026".
Kinaxis (KXS)', a supply chain management software company, target price was cut to 200 dollars from 225 dollars at Canaccord Genuity.
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