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Market Wrap: pre-opening session |
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U.S. market futures trade green after both the S&P 500 (up 43 points or 0.58% to 7,444) and the Nasdaq 100 (up 302 points or 1.04% to 29,366) rebounded on Wednesday to score record closing levels.
On the other hand, the Dow Jones slipped 67 points (-0.14%) to 49,693.
Kevin Warsh was confirmed by the U.S. Senate as the next Federal Reserve chairman. He will succeed Jerome Powell who will step down on Friday.
Meanwhile, U.S. President Donald Trump and Chinese President Xi Jinping have started a two-day summit in Beijing.
On the stat front in the U.S. retail sales are expected to grow 0.4% month on month in April after a 1.7% rise in March. Separately, import prices are anticipated up 0.9% in April after +0.8% a month earlier. Moreover, weekly initial jobless claims are seen at 209,000.
European indices gain ground. On the stat plan, U.K. gross domestic product climbed 0.6% on a sequential basis in the first quarter in initial estimate vs +0.5% expected and +0.2% in the previous period (revised from +0.1%). Still in U.K. industrial production decreased 0.2% in March month-on-month, as anticipated, after a 0.3% rise in February (revised from +0.5%).
Asian indexes were mixed.
WTI crude oil prices keep consolidating, trading close to 100 dollars.
Gold and silver both continue to trade sideways.
Bitcoin slipped below 80,000 dollars. Later today, the U.S. Senate will discuss the Clarity Bill, which is very important to the cryptocurrency sector.
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Nvidia (NVDA), a chip giant, gains ground as Reuters reported the U.S. has approved sales of the H200 AI chip to roughly 10 Chinese companies.
Boeing (BA), a commercial airplane company, slightly rises as U.S. Treasury Secretary Scott Bessent said seeing potential large Boeing orders from China.
Cisco Systems (CSCO), a leading global supplier of network hardware and software, skyrockets after unveiling current quarter financial figures guidance that smashed estimates. Third quarter earnings and sales also beat expectations. Moreover, with 5.3 billion dollars of orders taken year to date, the company raised full-year orders for AI infrastructure from hyperscalers to 9 billion dollars, up from 5 billion dollars. Separately, the company said that "it is making changes that will result in the reduction of its overall workforce in current quarter by fewer than 4,000 jobs, representing less than 5% of its total employee base."
Starbucks (SBUX), a global specialty coffee chain, was upgraded to "buy" from "hold" at TD Cowen.
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No major earnings expected
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Earnings Release:
Brookfield Corp (BN)
Canadian Tire Corporation Ltd (CTC.A)
On Wednesday, the S&P/TSX Composite Index was down 0.73% to 34,041, and the S&P/TSX 60 Index was down 0.81% to 1,969.
Canada Goose (GOOS), a clothing retailer, jumps as quarterly sales topped expectations.
Canadian Tire (CTC/A), a group of companies that includes a Retail segment, a Financial Services division and CT REIT, posted quarterly adjusted EPS up to 2.02 dollars, beating estimates, from 2.00 dollars a year earlier. Sales rose 3.3% to 3.571 billion dollars.
Quebecor (QBR/B), a telecom and media company, unveiled quarterly adjusted EPS up 18.6% to 0.97 dollar. Sales rose 3.9% to 1.4 billion dollars, slightly above expectations.
Manulife Financial (MFC), a financial services company, reported quarterly adjusted EPS up 11% to 1.06 dollar yet missing estimates. The company said it "remained well positioned to deliver its targets and capture growth".
Superior Plus (SPB), a retail propane distribution company, posted quarterly adjusted EPS up 2% to 0.68 dollar. Sales fell to 897.4 million dollars, missing expectations, from 1.008 billion dollars a year earlier. The company "is increasing its expected 2027 adjusted Ebitda growth rate to 5% from 2% reflecting the signing of multiple new agreements to provide delivered energy to hyperscale data center project".
Constellation Software (CSU)'s, a software provider, target price was cut to 4,500 dollars from 4,800 dollars at RBC.
MDA Space (MDA)'s, a provider of advanced space technologies, target price was raised to 43 dollars from 34 dollars at JPMorgan.
AutoCanada (ACQ), a multi-location automobile dealership group, unveiled quarterly net loss from continuing operations of 3.3 million dollars vs a net income of 9.7 million dollars a year ago. Sales fell to 1.19 billion dollars, yet beating estimates, from 1.24 billion dollars a year earlier.
Northland Power (NPI), a power producer, reported quarterly adjusted Ebitda up to 427.4 million dollars from 361.2 million dollars a year ago on sales up to 774.6 million dollars from 665.15 million dollars a year earlier. Both figures topped expectations.
Franco-Nevada (FNV), a gold-focused royalty and streaming company, was upgraded to "outperform" from "sector perform" at National Bank of Canada.
Boyd Group Services (BYD)'s, an operator of non-franchised collision repair center, target price was cut to 190 dollars from 270 dollars at TD Cowen.
Stantec (STN), a professional services company, posted quarterly adjusted EPS up 14.7% to 1.33 dollar, beating estimates. Sales rose 9.1% to 1.7 billion dollars yet slightly below expectations. Contract backlog increased to 9.0 billion dollars, up 13.2% year-over-year.
Finning International (FTT), a Caterpillar construction equipment dealer, was upgraded to "outperform" from "sector perform" at National Bank of Canada.
Bird Construction (BDT), a construction company, unveiled quarterly adjusted EPS of 0.25 dollar, better-than-expected, up from 0.23 dollar a year ago. Sales rose 9.2% to 783.4 million dollars.
Mattr (MATR), an energy and infrastructure technology company, reported quarterly adjusted Ebitda down 14.9% to 39.6 million dollars on sales up 0.5% to 321.8 million dollars. Both figures beat estimates.
Power Corporation of Canada (POW), a diversified international management and holding company, was cut to "hold" from "buy" at TD Cowen.
Goeasy (GSY)'s, a non-prime consumer lender, target price was cut to 30 dollars from 33 dollars at RBC.
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