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Philip Morris International has announced that it is submitting a recommended cash offer for the purchase of Swedish Match. (Photo: 123RF)

News Basics

• Philip Morris offered $16 billion to Swedish Match to stay away from cigarettes. Philip Morris International has announced that it is submitting a recommended cash offer for Swedish Match at SEK 106 per share.

• Boeing is at odds with a major supplier prior to the launch of the Starliner. Boeing is in conflict with Aerojet Rocketdyne, a major supplier to the Starliner space shuttle project, according to people familiar with the matter, as the US multinational wants to quickly test launch an astronaut capsule without a crew and thus restore its image in the space sector.

• United States: pipeline operators are ready to increase shale oil. Analysts say the volume of crude oil transported via a pipeline from major US shale play to export hubs on the US Gulf Coast could reach pre-pandemic levels by October, suggesting lean times are drawing to a close for some Texas operators.

• Google will pay more than 300 European news publishers for their content. Google, which is owned by Alphabet, told Reuters it had signed deals to pay more than 300 publishers in Germany, France and four other European Union countries for their news and would roll out a tool to facilitate signing with other publishers.

• There are not enough concessions from Rogers and Shaw, according to the competition bureau. The Competition Bureau said Tuesday that concessions offered by Rogers Communications to acquire Shaw Communications in a C$16 billion deal are insufficient.

(Re) Read all market news

Directions before opening

Major stock index futures are pointing to a higher open, taking advantage of higher oil and gold prices. US stock futures are advancing as investors await the release of consumer price data to gauge the upcoming interest rate hike by the Federal Reserve. European shares rose for the second consecutive session due to very good earnings releases and the strengthening of some economic sectors. In Asian markets, Chinese stock markets ended the day in positive territory with COVID-19 cases declining, and Japan’s Nikkei Index rose as many hoarded stocks of companies with attractive prospects. The US dollar is falling against most of the major currencies.

Nicknames to follow

• Rogers Communications and Shaw Communications: The Competition Bureau said Tuesday that concessions offered by Rogers Communications to acquire Shaw Communications in a C$16 billion deal are insufficient. The two companies proposed a complete divestiture of Shaw’s wireless business, called Freedom Mobile, to address concerns about the anti-competitive effects of the acquisition in the wireless market. “The proposed divestments do not cancel out the significant reduction or anti-competition resulting from the proposed transaction,” Competition Commissioner Matthew Boswell said in a document filed with the competition court. In the document, published Tuesday, Boswell explains that the new owners of Freedom Mobile “are likely to provide less effective financial, administrative, technical or other support to the wireless company.” “Xu remains committed to completing this transaction, which will bring significant long-term benefits to Canadians, competition, connectivity and the economy,” the company said in a statement to Reuters. “A negotiated settlement that involves divesting our wireless business is the best and most logical outcome,” she adds.

Recommendations

Copperleaf Technologies: The National Bank of Canada lowered its price target from C$20 to C$16 to reflect a low valuation of the multiplier for peer firms and the technology sector as a whole.

• Dentalcorp Holdings: RBC is reducing its price target from C$20 to C$18 due to the continuing impact of COVID-19 on expected revenue and margins.

• Fleet management of items: CIBC upgrades its rating from neutral to outperform on confidence in the company’s growth prospects.

• Hudbay Metals: RBC lowered its price target from C$14 to C$12 after the company released first-quarter results.

• Suncor Energy: JPMorgan is raising its price target from C$52 to C$54 on the back of higher oil prices, putting the company well positioned to achieve its goals of lower net debt and a better return on capital.

The main indicators on the agenda

12:00 Refinitiv IPSOS PCSI Index (May): Previous 49.98.0000

publish results

May 11

Birchcliffe Energy: Earnings per share forecast for the first quarter of C$0.32

Boralex: Earnings per share forecast for the first quarter of C$0.37

Boyd Group Services: Earnings per share forecast for the first quarter of $0.10

CCL Industries: Earnings per share forecast for C$0.76 in the first quarter

Fortuna Silver Mines: Earnings per share forecast for the first quarter of $0.10

goeasy: Earnings per share forecast of C$2.82 in the first quarter

Interfor: Earnings per share forecast for the first quarter of C$7.04

Financial Manulife: Earnings per share forecast CAD 0.82 in the first quarter

MDA: Loss per share forecast of C$0.02 in the first quarter

Osisko Gold Equity: Earnings per share forecast for the first quarter of C$0.07

American silver: Forecast earnings per share for the first quarter of $0.23

Beto Exploration and Development Company: Earnings per share forecast CAD 0.55 in the first quarter

Canadian Energy Corporation: Earnings per share forecast CAD 0.94 in the first quarter

Sandstorm gone: Earnings per share for the first quarter forecast $0.05

your stantic: Earnings per share forecast C$0.59 in the first quarter

Stella Jones: Earnings per share forecast CAD 0.68 in the first quarter

Sun Life Financial: $1.41 CAD forecast first quarter earnings per share

Torx Gold Resources: Forecast earnings per share for the first quarter of $0.41

Trikan Wells Service: Earnings per share forecast C$0.06 in the first quarter

Scarlet Energy: Earnings per share are expected to be $1.87 CAD in the first quarter

Wesdom gold mines: Earnings per share forecast C$0.12 in the first quarter

WSP Global: $1.10 CAD forecast first quarter earnings per share

May 12

African oil: Expected earnings per share for the first quarter of $0.06

Algonquin Energy and Utilities: Earnings per share forecast for the first quarter of $0.21

Badger Infrastructure Solutions: Loss per share forecast of C$0.08 in the first quarter

Canadian Tire Corporation: Earnings per share forecast of $1.74 CAD in the first quarter

Cardinal Energy (Alberta): Earnings per share forecast for the first quarter of C$0.31

waterfalls: Earnings per share forecast CAD 0.05 in the first quarter

CI Finance: Earnings per share forecast CAD 0.84 in the first quarter

Crescent Point Energy: Earnings per share forecast C$0.35 in the first quarter

Dochebo: Expected loss per share of $0.08 in the first quarter

Dye and Durham: Earnings per share forecast for the third quarter of C$0.08

ECN Capital: Earnings per share for the first quarter forecast $0.05

The first majestic silver: Earnings per share for the first quarter forecast $0.05

iA Financial Corporation: CAD 1.97 forecast first quarter earnings per share

Lyon Furniture: Earnings per share forecast CAD 0.47 in the first quarter

Park Lawn: Earnings per share forecast C$0.35 in the first quarter

Kibecor: Earnings per share forecast for the first quarter of C$0.52

company agenda

07:00 Turquoise Hill Resources: Q1 earnings conference call

07:30 GDI Integrated Facilities Services: Q1 earnings conference call

07:45 Kinross Gold: Q1 earnings conference call

08:00 Converged Technology Solutions: Q1 earnings conference call

08:30 Fair Group: Q1 earnings conference call

08:30 exchange income: Q1 earnings conference call

08:30 MDA: Q1 earnings conference call

09:00 Boralex: Q1 earnings conference call

09:00 Freehold rights: Q1 earnings conference call

09:00 GDI Integrated Facilities Services: Annual general meeting of shareholders

09:00 Polymer Intertape Group: Annual general meeting of shareholders

09:00 RET Industrial Income Summit: Q1 earnings conference call

09:00 Turquoise Hill Resources: Annual general meeting of shareholders

10:00 AM Boyd Group Services: Q1 earnings conference call

10:00 AM Kinross Gold: Annual general meeting of shareholders

10:00 AM Northland Power: Q1 earnings conference call

10 a.m. Stella Jones: Annual general meeting of shareholders

10:30 AM Superior Plus: Q1 earnings conference call

11:00 AM Boralex: Annual general meeting of shareholders

11:00 a.m. Mali Slim: Q1 earnings conference call

11:00 AM MDA: Annual general meeting of shareholders

11:00 AM Tricon Residence: Q1 earnings conference call

11:30 a.m. The exchange entered: Annual general meeting of shareholders

12:00 pm. Atco: Annual general meeting of shareholders

1:00 p.m. Sound financial: Annual general meeting of shareholders

1:30 p.m. Stella Jones: Q1 earnings conference call

2:00 PM Boyd Group Services: Annual general meeting of shareholders

3:00 p.m. Inter Four: Annual general meeting of shareholders

5:00 PM Sun Life Financial: Annual general meeting of shareholders

5:00 p.m. The energy of the carmine color: Annual general meeting of shareholders

6:00 p.m. Pan American Silver: Annual general meeting of shareholders

6:00 pm Taqah Wadi Tamrak: Annual general meeting of shareholders

Coupon seconds

metro: Amount of 0.27 Canadian dollars

Tourmaline oil: $1.50 Canadian Dollars

All analyst forecasts are based on I/B/E/S data from Refinitiv.

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