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TOP NEWS
• Barrick Gold Q2 earnings jump on record prices
• Potash Corp Q2 profit climbs as volumes grow
• Thomson Reuters Q2 profit, revenue fall
• Cenovus Q2 profit rises on higher oil sands output
• Eldorado Gold Q2 profit doubles on higher prices
• Bridgewater Q2 profit falls on higher expenses
BEFORE THE BELL
Toronto’s main stock index could open higher on Thursday as a flurry of companies report results with support from energy stocks. Markets will be closely watching the release of industrial product and raw materials price indexes for June. Wall Street is also set for a higher open ahead of weekly jobs data. European shares rose, led by strong company results from AstraZeneca and Capgemini. Asian stocks edged up towards a three-month high, while Nikkei fell on profit-taking. Oil was down below US$77 a barrel after biggest weekly increase in crude inventories for nearly two years in the United States. Gold bounced higher as the U.S. dollar weakened and physical buying picked up.
COMPANIES REPORTING RESULTS
• AltaGas Income Trust. (ALA). Expected to report Q2 earnings of 31 cents a share, according to Thomson Reuters I/B/E/S
• Bonavista Energy Trust. (BNP_u). Expected to report Q2 earnings of 35 cents a share
• Genworth MI Canada Inc. (MIC). Expected to report Q2 earnings of 70 cents a share
• Imperial Oil Ltd. (IMO). Expected to report Q2 earnings of 67 U.S. cents a share
• MDC Partners Inc. (MDZ_a). Expected to report Q2 earnings of 5 U.S. cents a share
• Mullen Group Ltd. (MTL). Expected to report Q2 earnings of 8 cents a share
• Sierra Wireless Inc. (SW). Expected to report Q2 earnings of 8 U.S. cents a share
• Tembec Inc. (TMB). Expected to report Q3 earnings of 22 cents a share
• TransCanada Corp. (TRP). Expected to report Q2 earnings of 44 U.S. cents a share
• Transforce Inc. (TFI). Expected to report Q2 earnings of 18 cents a share
STOCKS TO WATCH THIS MORNING
• Agnico-Eagle Mines (AEM). The gold miner said on Wednesday its second-quarter profit rose sharply, as gold production more than doubled and it benefited from higher gold, zinc, silver and copper prices. For the quarter, the company earned US$100.4 million, or 63 U.S. cents a share.
• Barrick Gold (ABX). The world's largest gold miner on Thursday reported its second-quarter profit rose 59 percent, as record gold prices helped boost results and prompted the world's largest gold miner to raise its dividend by 20 percent. Excluding items, the company reported earnings of $759 million, or 77 cents a share, up from $431 million, or 49 cents a share, a year earlier.
• Bridgewater Systems Corp. (BWC). The telecom software firm on Thursday reported second-quarter 22 percent drop in profit, hurt by higher expenses. Net income fell to $3.2 million or 13 cents a share, from $4.1 million or 17 cents a share, a year ago.
• Cenovus Energy Inc. (CVE). The oil sands company on Thursday reported an 8 percent rise in second-quarter profit, helped mainly by higher oil sands output, and said it was on track to meet its production and cash flow targets for the year. The company earned $172 million or 23 cents a share, up from $160 million or 21 a year ago.
• Dalsa Corp. (DSA). The maker of high performance digital imaging and semiconductor solutions reported on Wednesday second-quarter earnings that beat analysts' estimates, helped by higher sales and research and development funding by the Ontario province. For quarter, the company posted net income from continuing operations of $5.5 million, or 30 cents a share, compared with $100,000, or $0.0 per share, a year ago.
• Diagnocure Inc. (CUR). The life sciences company said on Wednesday Chantal Miklosi has been appointed as the new CFO.
• Eldorado Gold Corp. (ELD). The gold miner reported on Thursday second-quarter profit that more than doubled, driven by higher sales volumes and prices. Net income was US$60.5 million, or 11 U.S. cents a share, compared with US$25.9 million, or 7 U.S. cents a share, a year ago.
• Exco Technologies Ltd. (XTC). The auto parts maker swung to a profit in the third-quarter helped by better gross margins. Net income of the company was $3.5 million, or 9 cents a share, compared with a net loss of $998,000, or 2 cents a share, a year ago.
• Fort Chicago Energy Partners LP (FCE_u). The company reported on Wednesday a smaller profit for the second-quarter hurt in part by higher non-cash foreign exchange losses and a mark-to-market loss related to Fort Chicago Power's exchangeable debentures. Net income for the quarter was $18.4 million, or 13 cents a share, compared with $20 million, or 15 cents a share, a year ago.
• Goldcorp (G). The miner reported a second-quarter profit on Wednesday, as increased gold production and record bullion prices helped it overturn a year-ago loss. Goldcorp said net income in the quarter was US$826.7 million, or US$1.11 a share, compared with a year-ago loss of US$232.4 million, or 32 U.S. cents a share, when results were hurt by a non-cash foreign exchange translation loss.
• Husky Energy Inc. (HSE). The integrated oil production and refining company said on Wednesday it plans to carry out maintenance at its 160,000 barrel a day refinery in Lima, Ohio, cutting output at the facility by about 38 percent while work is completed.
• Marsulex Inc. (MLX). The provider of environmental compliance solutions to various industries posted a 54 percent fall in second-quarter profit on Wednesday, hurt by weakness in its industrial services segment. Net income for the quarter was $7.9 million, or 24 cents a basic share, compared with $17.3 million, or 53 cents a basic share, a year ago.
• Methanex (MX). The world's largest producer of methanol posted a lower-than-expected second-quarter profit late on Wednesday, hurt by a lower price environment and a two-month outage at its Atlas plant in Trinidad. The company earned net income of US$11.7 million, or 13 U.S. cents a share, compared with a loss of US$5.7 million, or 6 U.S. cents a share in the year-ago period.
• Potash Corp of Saskatchewan (POT). The world's largest producer of potash on Thursday reported second-quarter profit more than doubled and easily outstripped expectations, as sales volumes more than quadrupled, offsetting lower prices for the crop nutrient. Net income rose to $472 million, or $1.55 a share, from $186.2 million, or 61 cents, a year earlier.
• Research In Motion (RIM). India on Friday said it has security concerns with RIM over the Canadian company's popular Blackberry services, but is not planning a ban in the world's fastest growing mobile phone market.
• Suncor Energy Inc. (SU). Canada's No.1 oil production and refining company posted a second-quarter profit on Thursday, up from a year-prior loss, helped by its acquisition of Petro-Canada and stronger energy prices. Net income was $480 million, or 31 cents per share, up from a loss of $51 million, or 6 cents, in the second quarter of 2009.
• Thomson Reuters Corp. (TRI). The news and data provider on Thursday reported lower second-quarter profit and revenue that were slightly below Wall Street expectations, but said sales trends pointed to a return to revenue growth this quarter.
• TransForce Inc. (TFI). Canadian cross-border trucker on Thursday reported second quarter profit which beat estimates, helped by cost cuts, and said it sees quality of revenue improving within the next one year. The company earned $17.1 million, or 18 cents a share, compared with $18 million, or 21 cents a share, a year ago.
• Zarlink Semiconductor Inc (ZL). The company on Thursday reported first-quarter profit, helped by strong customer demand for its timing, line circuit and medical wireless products. The company earned US$10.3 million, or 7 U.S. cents a share, for its first quarter, compared with a loss of US$516,000, or 1 U.S cent a share, a year earlier. The company also forecast second quarter revenue of US$58.5 million to US$60.5 million and earnings of 3 U.S. cents to 5 U.S. cents per share for the second quarter.
ECONOMIC CALENDAR
08:30 Producer prices for June:Expected 0.0% Prior 0.3
08:30 Raw materials for June:Expected 1.0% Prior -7.2%
CORPORATE EVENTS
08:30 Bridgewater systems Corp. (BWC). Q2 earnings conference call
08:30 Eldorado Gold Corp. (ELD). Q2 earnings conference call
08:30 IMAX corp. (IMX). Q2 earnings conference call
09:00 Transforce Inc. (TFI). Q2 earnings conference call
09:30 Barrick Gold Corp. (ABX). Q2 earnings conference call
09:30 Suncor Energy Inc. (SU). Q2 earnings conference call
09:30 Zarlink Semiconductor Inc. (ZL). Annual general meeting
10:00 Fort Chicago Energy Partners L.P. (FCE_u) Q2 earnings conference call
10:00 Marsulex Inc. (MLX). Q2 earnings conference call
10:00 RioCan Real Estate Investment Trust (REI_u) Q2 earnings conference call
10:00 Exco Technologies Limited (XTC). Q3 earnings conference call
11:00 Agnico-Eagle Mines Ltd. (AEM). Q2 earnings conference call
11:00 AltaGas Income Trust (ALA). Q2 earnings conference call
11:00 Ballard Power Systems Inc. (BLD). Q2 earnings conference call
11:00 Cenovus Energy Inc. (CVE) Q2 earnings conference call
11:00 TransAlta Corporation (TA). Q2 conference call
12:00 Methanex Corporation (MX). Q2 earnings conference call/presentation
13:00 Angiotech Pharmaceuticals, Inc. (ANP). Shareholders meeting
13:00 Goldcorp Inc. (G). Q2 earnings conference call
13:00 Potash Corp./Saskatchewan Inc. (POT). Q2 earnings conference call
14:30 Maple Leaf Foods (MFI). Q2 earnings conference call
15:00 Tembec Inc. (TMB). Q3 earnings conference call
16:30 TransCanada Corporation (TRP). Q2 earnings conference call
17:30 MacDonald, Dettwiler and Associates Ltd. (MDA) Q2 earnings conference call
17:30 Sierra Wireless Inc. (SW). Q2 earnings conference call
ANALYST RECOMMENDATIONS
• Cequence Energy (CQE) target price cut to $2.75 from $3.25; rating outperform at Raymond James
• Ithaca Energy (IAE) price target cut by $0.55 to $2.70; rating outperform at Macquarie
• Manulife Financial (MFC) price target cut to $16 from $20; rating equal weight at Barclays
• Sun Life Financial (SLF) raised to overweight from equal-weight at Barclays
• TMX Group (X) price target cut to $30 from $31; rating neutral at Macquarie
EXDIVIDENDS
• Aastra Technologies Ltd. (AAH). Amount $0.20
• Brookfield Asset Management Inc. (BAMa). Amount $0.13
• Vitreous Glass Inc. (VCI). Amount $0.06
Note: All values in Canadian currency, unless otherwise stated
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