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| Market News: News Archive : Morning News Call week ending |
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Mar 12, 2010
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FRIDAY, MARCH 12, 2010, CANADIAN EDITION
TOP NEWS
• Canada posts firm job growth; currency rallies
• Churchill Q4 net drops 31 pct
• Exfo to buy NetHawk for 37.3 mln euro
• Vale Sudbury workers reject settlement offer
• Xinergy to buy all interests in Raven Crest for US$40 mln
BEFORE THE BELL
Toronto main stock index could open higher on Friday after Canada’s employment data came in slightly better-than-expected. Unemployment rate fell to 8.2 percent in February from 8.3 percent January as 20,900 more people found work in the month. The Canadian dollar rose to its highest level against the greenback since July 2008. Wall Street is also set for higher open ahead of retail sales data that could give clues about the strength of the American consumers. Also, chemical stocks will be in the spotlight after the world's largest fertilizer maker Potash Corp sharply raised its first-quarter forecast. European shares were up with banks higher after U.S. talks to force broad banking reform collapsed. Asian stocks were mixed with Japan's Nikkei hitting its highest close in seven weeks, while Chinese stocks fell to three-week lows. Oil held above US$82 a barrel and gold rose towards US$1,120 an ounce.
STOCKS TO WATCH THIS MORNING
• Agrium Inc. (AGU). The fertilizer maker is abandoning its US$5.4 billion bid for U.S. rival CF Industries, ending a drawn out takeover battle and bringing CF one step closer to closing a deal with Terra Industries.
• AlarmForce Industries Inc. (AF). The maker of live two-way voice home alarms systems on Thursday reported higher fourth-quarter profit helped by increase in number of customers and cost cuts.
• Amerigo Resources Ltd. (ARG). The company on Thursday said the operations at its Chilean subsidiary, Minera Valle Central, was not affected by the several aftershocks and said its staff is safe.
• Bonterra Energy Corp. (BNE). The oil and gas company on Thursday reported a near five-fold jump in fourth-quarter earnings, helped by a tax credit recovery and a property sale.
• Capital Power Corp. (CPX). The company on Thursday said its Quality Wind Project awarded Energy Purchase Agreement by BC Hydro, which has an expected cost of $455 million.
• Catalyst Paper Corp. (CTL). The producer of specialty printing papers on Thursday reported a fourth-quarter loss and expects the market conditions to remain challenging in 2010.
• Churchill Corp. (CUQ). The construction company on Friday posted lower fourth-quarter results, hurt by a drop in contract income, but said it expects revenue to increase across all of its operating segments in 2010.
• Com Dev International (CDV). The satellite technology company on Thursday posted first-quarter earnings that missed estimates, hurt by lower margins and higher costs, but said it saw a better year ahead.
• Emerge Oil and Gas Inc. (EME). The company on Thursday said it’s proved plus probable reserves increased to 9.0 million boe during the year, when compared to 0.4 million boe last year.
• Enerchem International Inc. (ECH). The company on Thursday reported fourth-quarter profit driven by increased market share and change in the industry’s focus.
• Exfo Inc. (EXF). The provider of test and service for assurance solutions said it agreed to buy wireless network equipment maker NetHawk Oyj for 37.3 million euro cash, to strengthen its position in the telecom test and service assurance sector.
• Goldcorp (G). The company said on Thursday its fourth-quarter adjusted profit more than doubled, as it benefited from sharply higher prices for gold, silver, and copper.
• Huntingdon Real Estate Investment Trust (HNT_u). The company on Thursday entered into a binding letter of agreement to sell all of the material assets of its Consolidated Real Estate Services Inc for $450,000 and intends to wind up CRESI by the end of 2010.
• Imperial Metals Corp. (III). Holders of the company’s outstanding unsecured convertible debentures have agreed to convert their total principal amount of 14 million into 1.6 million common shares of the company at the conversion price of $8.65 per share.
• Midnight Oil Exploration Ltd. (MOX). The company on Thursday reported fourth-quarter loss of 3 cents a share and said its total proved and total proved and probable reserves rose 50 percent and 44 percent respectively.
• Open Range Energy Corp. (ONR). The company on Thursday said its total proved plus probable reserves increased 68 percent to 16.9 million boe and total proved reserves rose 61 percent to 10.0 million boe at year-end.
• Petrolifera Petroleum Ltd. (PDP). The company on Thursday reported fourth-quarter loss and said it has not yet secured a suitable arrangement for its higher potential lands in Colombia and Peru.
• Potash Corp of Saskatchewan (POT). The world's largest fertilizer maker sharply raised its first-quarter forecast on Thursday, citing a sharp rebound in demand for potash -- a key crop nutrient.
• Stella-Jones Inc. (SJ). The wood utility poles maker on Friday posted fourth-quarter earnings of 24 cents, on total sales of $65.4 million.
• Xinergy Ltd. (XRG). The Central Appalachian coal producer on Friday said it signed an agreement with JMP Coal Holdings, LLC to buy all their outstanding membership interests in Raven Crest Mining, LLC, for US$40 million.
CORPORATE EVENTS
10:00 Denison Mines Corp. (DML). Q4 earnings conference call
10:00 First Capital Realty Inc. (FCR). Q4 earnings conference call
10:00 Neo Material Technologies Inc. (NEM). Q4 earnings conference call
10:00 Stella-Jones Inc. (SJ). Q4 earnings conference call
11:00 Catalyst Paper Corp. (CLT). Q4 earnings conference call
11:00 InnVest REIT (INN_u). Q4 earnings conference call
11:00 Petrolifera Petroleum Ltd. (PDP). Q4 earnings conference call
13:00 Goldcorp (G). Q4 earnings conference call
ANALYST RECOMMENDATION
• Baytex Energy Trust (BTE_u) price target raised to $35.50 from $33.50; rating outperform at Raymond James
• Candente Copper (DNT) price target raised to $1.50 from $1; rating strong buy at Raymond James
• First Quantum Minerals (FM) price target raised to $94 from $80; rating buy at Nomura
• Galleon Energy (GO) rating cut to underweight from market weight at Thomas Weisel
• Lake Shore Gold (LSG) price target cut to $4.10 from $4.20; rating outperform at Raymond James
• Petrobank Energy and Resources (PBG) price target cut to $64 from $65; rating outperform at Raymond James
• Uranium One (UUU) rating raised to outperform from market perform at Raymond James
EXDIVIDEND
• Arbor Memorial Services Inc. (ABOa). Amount $0.11
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
BREAKINGVIEWS - Doubling U.S. exports will take more than rhetoric
U.S. exports will be hard-pressed to increase dramatically if global trade declines. President Obama's goal of doubling exports requires market opening, not subsidies and new bureaucracies. If he yields to protectionism, global trade will decline -- most likely taking U.S. exports down with it.
The economist David Ricardo in the early 19th century propounded the doctrine of comparative advantage, under which goods should be produced where they can be made most cheaply -- an idea at the core of the macroeconomic argument for free trade. If every good is produced as efficiently as possible, global prosperity increases.
Threats to free trade should be looked at partly through this lens. For instance, U.S. milk producers are seeking protection against dairy imports from New Zealand. New Zealand has a free-market agricultural system with considerable natural advantages, and represents 25 percent of world exports of milk products. If it cannot sell these products in the United States or elsewhere, global wealth -- or at least its pace of growth -- could suffer.
Obama's oratory in setting a target for exports, rather than trade, and creating new export promotion bodies is more reminiscent of the economics of Thomas Mun. In around 1630, Mun proposed that governments should aim for trade surpluses, thus maximizing national holdings of "treasure". His economics were badly undermined by the work of Adam Smith and others, though Mun's views still crop up regularly.
The Obama administration's export goal -- which is also supposed to generate 2 million new U.S. jobs -- can best be achieved by lowering trade barriers worldwide. That could be encouraged by America signing a Doha trade agreement envisaging global reductions in trade barriers, ratifying free trade agreements with Korea, Colombia and Panama -- stalled in Congress since 2007 -- and avoiding the imposition of anti-dumping duties against Chinese or other exports.
By contrast, adding further export subsidies and appointing as head of the President's Export Council the chairman of Boeing, a big U.S. industrial group, is unlikely to help double exports. Instead, it may encourage the creation of artificial trade barriers for America's trading partners.
As often with Obama, the rhetoric was potent. The next step is for the United States to act just as strongly to promote global trade.
CONTEXT NEWS
-- President Barack Obama on March 11 reiterated his goal of doubling U.S. exports within five years, and launched a National Export Initiative, created an Export Promotion Cabinet and named James McNerney, chief executive of Boeing, as chair of the President's Export Council.
-- Obama also added US$2 billion per annum to export financing for small and medium-sized businesses. He pledged to work towards an "ambitious and balanced" Doha trade agreement and to "strengthen relations" with South Korea, Panama and Colombia so as to "move forward" with their free trade agreements, stalled in Congress since 2007.
-- President Obama will visit Australia and Indonesia next week, to pursue negotiations in the Trans-Pacific Partnership reducing trade barriers with East Asia and Australasia.
-- U.S. dairy farmers are opposed to further freeing of agricultural trade because they fear competition in cheese and milk powder from New Zealand producers, which currently represent around 25 percent of global dairy exports. The United States exported US$747 billion of goods to the Asia Pacific region in 2008, including US$76 billion of agricultural products.
-- The U.S. trade deficit narrowed to US$37.3 billion in January as both gross exports and gross imports declined.
--- Martin Hutchinson
The author is a Reuters Breakingviews columnist. The opinions expressed are his own
NEWS ACCESS MADE EASY
Reuters Top News page displays a range of market and sector-specific subjects including: US, Europe and Asian companies, fixed income, credit, the global economy, emerging markets, corporate finance and industry sectors.
To access Top News
-- Thomson ONE: Click News tab, Select Front Page from top right, Click Top News.
-- 3000 Xtra: Click Top News tab from the menu bar.
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This publication is not, nor is it to be construed as, a solicitation or recommendation to investors to purchase, sell or hold any of the securities referred to in this publication. Global Securities Corporation is a member of the Canadian Investor Protection Fund.
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THURSDAY, MARCH 11, 2010, CANADIAN EDITION
TOP NEWS
• Scotiabank's Thanachart buys US$1 bln Siam City stake
• BP to pay Devon US$7 bln for Brazil, Azeri fields
• Xceed Mortgage swings to Q1 net loss
• Gabriel Resources Q4 loss wider than estimates
• HSBC says Swiss data theft affects 24,000 accounts
BEFORE THE BELL
Toronto’s main stock index could open lower on Thursday as commodity prices fall after data showed Chinese inflation jumped to a 16-month high drawing concerns the economy is overheating. On the macro front, trade-surplus is likely to have widen to $0.10 billion for January, according to Reuters poll. Wall Street is also set for lower open ahead of a report on weekly jobless claims. European shares were slightly lower on weak miners. Asian stocks were mixed after data rekindled concerns about tighter monetary policy in China. Oil was down slightly to trade at around US$81.95 a barrel and gold steadied to trade at around US$1105.70 an ounce.
COMPANIES REPORTING RESULTS
• AG Growth International Inc. (AFN). Expected to report Q4 earnings of 58 cents a share, according to Thomson Reuters I/B/E/S
• Catalyst Paper Corp. (CTL). Expected to report Q4 loss of 7 cents a share
• COM DEV International Ltd. (CDV). Expected to report Q1 earnings of 5 cents a share
• Cominar Real Estate Investment Trust (CUF_u). Expected to report Q4 earnings of 15 cents a share
• Goldcorp (G). Expected to report Q4 earnings of 25 cents a share
• Neo Material Technologies Inc. (NEM). Expected to report Q4 earnings of 7 cents a share
• TransGlobe Energy Corp. (TGL). Expected to report Q4 earnings of -- cents a share
• Vector Aerospace Corp. (RNO). Expected to report Q4 earnings of 15 cents a share
STOCKS TO WATCH THIS MORNING
• Ballard Power Systems Inc. (BLD). The fuel cell maker on Wednesday reported fourth-quarter adjusted loss of 47 U.S. cents a share, on revenue of US$16.5 million, which fell 13 percent.
• Brookfield Properties Corp. (BPO). The company on Wednesday said it modified the previously announced proposal to create Canada's pre-eminent office real estate investment trust, to be named Brookfield Office Properties Canada. The company also said the Brookfield office properties Canada will not pay the previously announced special distribution.
• Cameco Corp. (CCO). The uranium miner expects its Cigar Lake uranium mine to produce a total of 18 million lbs a year at full production, the company's CEO said on Wednesday.
• Crew Energy Inc. (CR). The company on Wednesday agreed to sell of oil and gas assets excluding Cardium formation rights in the Edson area of west-central Alberta for $126 million.
• Dundee Corp. (DCa). The asset management company on Wednesday acquired 7.1 million flow-through common shares of Valdez Gold Inc at a price of $0.12 per flow-through common share, through a non-brokered private Placement. The position in Valdez was acquired for investment purposes.
• Gabriel Resources Ltd. (GBU). The company on Thursday reported a fourth-quarter loss that was wider than analysts' estimates and said it requires about US$1 billion to complete its high-potential Rosia Montana gold mining project in Romania.
• Galleon Energy Inc. (GO). The company on Thursday said it was reviewing strategic alternatives, including the sale of the company or a portion of its assets. The company reported fourth quarter loss of 7 cents a share.
• Glentel Inc. (GLN). The company on Wednesday reported fourth-quarter EPS of 45 cents, on sales of $90.9 million.
• Grey Horse Corp. (GHC). The company on Wednesday reported lower fourth-quarter profit due to unfavourable market conditions.
• IMAX Corp. (IMX). The company on Thursday reported fourth-quarter adjusted earnings of 20 U.S. cents, before items, on revenue of US$54.2 million.
• Kinross Gold (K). The company expects to add roughly 1 million ounces of gold production by 2015 and complete a prefeasibility study on its Fruta del Norte project in Ecuador by the end of this year, the company's top executive said on Wednesday.
• NAL Oil & Gas Trust (NAE_u). The company on Wednesday said its year-end proved plus probable reserves increased 41 percent to 103.0 million boe at the end of 2009 and also reported fourth-quarter FFO of 51 cents a unit and forecast 2010 production of 29,500 boe/d - 30,500 boe/d.
• The Bank of Nova Scotia (BNS). Thanachart Bank, 49 percent owned by Nova Scotia Bank, has agreed to pay US$1 billion for a 47.6 percent stake in Siam City Bank in Thailand's biggest acquisition in four years.
• Paramount Energy Trust (PMT_u). The company said it agreed to acquire oil and natural gas assets in the Edson area of west central Alberta for $126 million from a Canadian intermediate exploration and production company, to strengthen its footprint in the region.
• Pethealth Inc. (PTZ). The company on Wednesday reported fourth-quarter earnings of 35 cents, on revenue of $8.88 million, which rose 8 percent.
• Plutonic Power Corp. (PCC). Head of the clean power company said on Wednesday he is confident of securing a long-term contract soon after talks with British Columbia's electricity utility led to a slimming down of a key project.
• Points International Ltd. (PTS). The company on Wednesday reported a fourth-quarter profit compared to a loss in last year, which included impairment charges related to assets.
• Scott's Real Estate Investment Trust (SRQ_u). The owner of small-box retail properties on Wednesday reported 8.7 percent decrease in its fourth-quarter revenue, mainly hurt by vacancies and several large property tax reassessments.
• SNC-Lavalin Group Inc. (SNC). The Canadian government on Wednesday branded as unacceptable what it said were excessive prices charged by a subsidiary of SNC-Lavalin under the terms of a major federal contract.
• Sprott Inc. (SII). The company on Thursday reported fourth-quarter EPS of 21 cents and said assets under management were $4.8 billion as at December 31.
• Sure Energy Inc. (SHR). The company on Wednesday reported fourth-quarter loss of 2 cents, and said its total proved plus probable reserves increased by 114 percent in 2009 to 3.25 MMboe and proved reserves increased by 86 percent to 1.89 MMboe.
• Transat AT Inc. (TRZb). The company on Thursday reported first-quarter loss of 37 cents a sahre, on revenue of $792.6 million.
• Uranium One Inc. (UUU). The company on Wednesday posted a net loss in 2009, hurt mainly by lower realized uranium prices, and said it expects to nearly double production in 2010.
• Xceed Mortgage Corp. (XMC). The insured mortgages provider on Thursday swung to a first-quarter loss, hurt by negative fair-value adjustments related to its discontinued business line of uninsured mortgages. Separately, the company on Wednesday said Jeff Bouganim will take the position of CFO, effective May 1, 2010.
CORPORATE EVENTS
08:30 IMAX Corp. (IMX). Q4 earnings conference call
09:00 Lake Shore Gold Corp. (LSG). Q4 earnings conference call
10:00 Uranium One Inc. (UUU). Q4 earnings conference call
10:00 Xceed Mortgage Corp. (XMC). Q1 earnings conference call
10:30 Savanna Energy Services Corp (SVY). Q4 earnings conference call
11:00 Ballard Power Systems (BLD). Q4 earnings conference call
11:00 Cominar Real Estate Investment Trust (CUF_u). Q4 earnings conference call
11:00 Galleon Energy Inc. (GO). Q4 earnings conference call
11:00 MDS Inc. (MDS). Shareholders Meeting
11:00 Peyto Energy Trust(PEY_u). Q4 earnings conference call
14:00 Ag Growth International Inc. (AFN). Q4 earnings conference call
14:00 Xceed Mortgage Corp. (XMC). Annual general meeting
15:00 Baytex EnergyTrust (BTE_u). Q4 earnings conference call
15:00 Vector Aerospace Corp. (RNO). Q4 earnings conference call
16:30 Transglobe Energy Corp(TGL). Q4 earnings conference call
17:00 COM DEV International (CDV). Q1 earnings conference call
ANALYST RECOMMENDATION
• Advantage Oil and Gas (V) price target raised to $9.25 from $8.50; rating outperform at Raymond James
• Allied Properties REIT (AP_u) price target raised to $22 from $21; rating outperform at Macquarie
• Crew Energy (CR) price target raised to $17 from $16; rating market weight at Thomas Weisel
• Dorel Industries (DIIb) price target cut to $41 from $43; rating overweight at Thomas Weisel
• Equinox Minerals (EQN) price target cut to $4.25 from $4.50; keeps buy rating at UBS
• Grande Cache Coal (GCE) rating cut to neutral from buy at UBS
• Paramount Resources (POU) price target raised to $22 from $21; keeps overweight rating at Thomas Weisel
• Primaris Retail REIT (PMZ_u) price target raised to $18 from $17.50; rating outperform Raymond James
• Quebecor Inc. (QBRb). price target raised to $39 from $33; keeps buy rating at UBS
• Savanna Energy Services (SVY) rating raised to outperform from market perform at Raymond James
• Victoria Gold (VIT). rating cut to market perform from outperform at Raymond James
• Western Coal (WTN). price target raised to $5 from $4.4; keeps buy rating at UBS
EXDIVIDEND
• BCE Inc. (BCE). Amount $0.435
• Bonterra Oil & Gas Ltd. (BNE). Amount $0.18
• CAE (CAE). Amount $0.03
• Cenovus Energy Inc. (CVE). Amount $0.20
• Deans Knight Income Corp. (DNC). Amount $0.0583
• EnCana Corp. (ECA). Amount US$0.20
• Equitable Group Inc. (ETC). Amount $0.10
• Gaz Metro LP (GZM_u).Amount $0.31
• Intact Financial Corp. (IFC). Amount $0.34
• Loblaw Cos. (L). Amount $0.21
• Manitoba Telecom Services (MBT). Amount $0.65
• MCAN Mortgage Corp. (MKP). Amount $0.15
• Morguard Corp. (MRC). Amount $0.15
• Seacliff Construction Corp. (SDC). Amount $0.06
• Shaw Communications (SJRb). Amount $0.0733
• Velan Inc. (VLN). Amount $0.08
• Wi-Lan Inc. (WIN). Amount $0.01
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
BREAKINGVIEWS - Citi's US$2 bln preferred offering is an oddity
Citigroup's US$2 billion offering of preferred stock is an oddity. The bank said last year it would do it, and there's no shortage of takers. The puzzle is why Citi should raise capital that's excluded from the strict common equity capital metrics that shell-shocked regulators and investors now favor to gauge an institution's well-being. It seems like a distraction.
The offering of trust preferred shares, denominated in US$25 parcels attractive to smaller investors and juiced with 8.5 percent yields, is doing fine. And there's nothing wrong with doing it. Yet this type of preferred stock doesn't shore up the measure of capital that it's now clear is the one that matters in a crisis.
True, the preferreds do count toward the old-fashioned broader Tier 1 capital benchmark, which regulators still consider. And the new securities raise that measure without further diluting the bank's long-suffering shareholders. Citi told regulators of its intentions when it agreed to pay back US$20 billion of Troubled Asset Relief Program cash in December, so they're on board too.
But two narrower measures of capital -- tangible common equity and the closely related Tier 1 common equity -- have captured the attention of watchdogs in Washington and overseas in the past year or so. More importantly, investors tend to focus on these common stock measures and ignore preferreds when the going gets tough. That's why Citi exchanged preferred securities for common stock in early 2009 as its stock sank.
Citi has markets on its side selling the new trust preferreds. Its stock is trading just shy of US$4, still a fraction of the US$50 or so it fetched before the crisis struck but dramatically stronger than the US$1-odd seen a year ago. And investors are once again willing to take some risk in return for yield.
The bank's ratio of Tier 1 common equity to risk-weighted assets is already a fairly high 9.6 percent. But Citi and other banks need to ensure they aren't diverted from their objectives. If they and their regulators still want to strengthen their capital -- the rallying cry since U.S. financial institutions submitted to stress tests last year -- it might be better to stay laser-focused on boosting common equity.
CONTEXT NEWS
-- Citigroup brought US$2 billion of 30-year trust preferred securities to market on March 10, according to IFR, as part of a previously disclosed plan to sell such securities in the first quarter to strengthen its capital position.
--The trust preferreds are expected to price with a yield of 8.5 percent. Citi's bonds that mature in 2037 yielded 8.465 percent in trading on March 10, according to MarketAxess.
--- Agnes T. Crane
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
NEWS ACCESS MADE EASY
Reuters Top News page displays a range of market and sector-specific subjects including: US, Europe and Asian companies, fixed income, credit, the global economy, emerging markets, corporate finance and industry sectors.
To access Top News
-- Thomson ONE: Click News tab, Select Front Page from top right, Click Top News.
-- 3000 Xtra: Click Top News tab from the menu bar.
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This publication is not, nor is it to be construed as, a solicitation or recommendation to investors to purchase, sell or hold any of the securities referred to in this publication. Global Securities Corporation is a member of the Canadian Investor Protection Fund.
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WEDNESDAY, MARCH 10, 2010, CANADIAN EDITION
TOP NEWS
• Quebecor posts Q4 profit
• Descartes Systems posts lower Q4 profit
• OPEC sees higher 2010 oil demand growth
• Union ratifies labor deal with Canfor, company says
BEFORE THE BELL
Toronto main stock index could open higher on Wednesday as commodities rose on strong import data from China, a major consumer of Canada's resources. Wall Street is also set for higher open following a slew of new corporate deals as Facet Biotech Corp agreed to be acquired by Abbott Laboratories. European shares were mixed after falling for the past two days, with firmer miners offsetting weaker pharma shares. Most Asian stocks were up as Chinese data showed exports and imports in February were better than expected. Oil traded around US$82 a barrel after OPEC said the global oil demand will rise more quickly than expected in 2010. Gold rose towards US$1127 an ounce as investment interest held firm amid persistent concerns over the fiscal health of the euro zone.
COMPANIES REPORTING RESULTS
• Empire Co. (EMPa). Expected to report Q3 earnings of 92 cents a share, according to Thomson Reuters I/B/E/S
• Equinox Minerals Ltd. (EQN). Expected to report Q4 earnings of 7 cents a share
• Lake Shore Gold Corp. (LSG). Expected to report breakeven in Q4
• NAL Oil & Gas Trust (NAE_u). Expected to report Q4 earnings of 7 cents a share
• Peyto Energy Trust (PEY_u). Expected to report Q4 earnings of 21 cents a share
• Points International Ltd. (PTS). Expected to report breakeven in Q4
• Savanna Energy Services Corp. (SVY). Expected to report breakeven in Q4
• Uranium One Inc. (UUU). Expected to report Q4 earnings of 1 cent a share
• Viterra Inc. (VT). Expected to report Q1 earnings of 6 cents a share
STOCKS TO WATCH THIS MORNING
• Air Canada (ACa) (ACb). CEO of the company accused Emirates airline on Tuesday of wanting to "flood" Canadian skies with airline seats so it can scoop up travelers and divert them through Dubai.
• Canfor Corp. (CFP). Unions have ratified a contract at the lumber producer, that the company said offered relief from pressing economic problems. Canfor said a majority of union workers had ratified the deal, which applies to some 2,300 workers.
• Capital Power Corp. (CPX). The company on Tuesday reported fourth-quarter EPS of 33 cents, on revenue of $497 million.
• Catalyst Paper (CTL). The company on Tuesday said it resubmitted a proposal to the union that could allow for the restart of the Elk Falls paper mill at a labour cost, all in, of about $40 per hour.
• Descartes Systems Group Inc. (DSG). The company which provides logistics management software and services posted a lower fourth-quarter profit, mainly hurt by higher expenses.
• Easyhome Ltd. (EH). The company on Tuesday reported fourth-quarter EPS of 18 cents, before items.
• FP Newspapers Income Fund (FP_u). The company on Wednesday said its fourth-quarter revenue rose 11 percent to $30.8 million. The Fund had net earnings of $2.8 million, or $0.411 per Unit for the quarter compared to net earnings of $0.3 million, or $0.048 per Unit, in the same quarter last year.
• Futuremed Healthcare Income Fund (FMD_u). The company on Tuesday said it plans to seek unitholder approval to convert from an income trust into a corporation, effective Jan. 1, 2011.
• Hammond Power Solutions Inc. (HPSa). The transformer maker’s fourth-quarter profit halved, hurt by lower sales and fewer foreign exchange gains.
• Helix BioPharma Corp. (HBP). The company on Wednesday reported second-quarter loss of 6 cents a share, on revenue of $1.12 million.
• Opta Minerals Inc. (OPM). The company on Tuesday reported fourth-quarter earnings of 4 U.S. cents per share, on revenue of US$16.7 million.
• Primaris Retail Real Estate Investment Trust (PMZ_u). The company on Tuesday posted lower-than-expected fourth quarter FFO, hurt by increased costs and lower same property net operating income.
• QLT Inc. (QLT). The biotech company on Wednesday reported brokeven in fourth-quarter, on net product revenue US$10.8 million. The company forecast 2010 revenue about US$47 million to US$53 million.
• Quebecor Inc. (QBRa). The media and communications group reported a fourth-quarter profit on Wednesday, helped by strong performance of its telecommunications segment that continued to see customer growth.
CORPORATE EVENTS
08:30 QLT Inc. (QLT). Q4 earnings conference call
09:00 Primaris Retail Real Estate Investment Trust (PMZ_u). Q1 earnings conference call
10:00 Allied Properties Real Estate Investment Trust (AP_u). Q1 earnings conference call
10:00 SunOpta Inc. (SOY). Q1 earnings conference call
11:00 Easyhome Ltd (EH). Q4 earnings conference call
11:00 Quebecor Inc. (QBRa). Q1 earnings conference call
13:00 Dorel Industries (DIIb). Q4 earnings conference call
13:15 Viterra Inc. (VT). Q1 earnings conference call
15:30 Empire Co. (EMPa). Q3 earnings conference call
17:00 Equinox Minerals Ltd (EQN). Q4 earnings conference call
17:00 Points International Ltd. (PTS). Q4 earnings conference call
17:00 SMTC Corp. (SMX). Q1 earnings conference call
17:30 NAL Oil & Gas Trust (NAE_u). Q4 earnings conference call
ANALYST RECOMMENDATION
• Alimentation Couche Tard (ATDb) price target cut to $22 from $24; rating buy at UBS
• Bank of Nova Scotia (BNS) price target raised to $49 from $48; rating neutral at Macquarie
• Northgate Minerals (NGX) rating raised to neutral from underperform at Macquarie
• Petrobakken Energy (PBN) price target cut to $37 from $41.50; keeps outperform rating at Raymond James
• Primaris REIT (PMZ_u) price target raised to $18 from $17; rating neutral at Macquarie
EXDIVIDEND
• Canadian Natural Resources Ltd. (CNQ). Amount $0.15
• Guardian Capital Group Ltd. (GCG). Amount $0.15
• Tecsys Inc.(TCS). Amount $0.025
• Toromont Industries Ltd. (TIH). Amount $0.15
• Torstar Corp. (TSb). Amount $0.0925
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
Northrop tanker exit spells good news for Boeing
Boeing Co is poised to win a sole-source U.S. contract for aerial tankers that could provide a much-needed boost for the company, but the impact is less certain on Northrop Grumman Corp, which dropped out of the race.
Northrop walked on Monday from one of the few new U.S. defense contracts expected in coming years.
It made good on its threat to abandon a contest it said was skewed against it, surprising top Pentagon officials, supporters in Congress and some industry analysts, who believed Northrop's statements had been a tough negotiating ploy.
One senior Air Force general, upon learning Northrop would not bid, said, "You're kidding. Why not?"
Others said tankers were never core to Northrop's business and the decision underscored new Chief Executive Wes Bush's determination to boost performance and profits in more vital areas such as space, electronics and data services.
"Northrop isn't looking to greatly increase its revenues, it's looking to increase its sustained profits in core business areas," said Loren Thompson, analyst with the Virginia-based Lexington Institute.
Northrop Chief Financial Officer Jim Palmer, speaking at a J.P. Morgan investor conference on Tuesday, reiterated the company's 2010 earnings forecast, but Northrop shares closed 16 cents lower at US$64 on the New York Stock Exchange.
Boeing shares rose 55 cents, or 0.8 percent, to US$67.79.
NEEDED BOOST FOR BOEING
Unless things change dramatically, Boeing is now set to win a sole-source contract this summer to build up to 179 refueling planes for the Air Force and will be in a good position to bid for big follow-on orders in later years.
The deal will give Boeing two decades of orders for its 767 plane that was nearing the end of production, ensuring US$3 billion a year in steady revenues at a time when the Pentagon is once again trying to kill orders for Boeing's C-17 transport plane.
Rob Stallard, defense analyst with Macquarie Securities said it looked like Boeing had "round one sown up," but said there was still a chance for Northrop and its European partner EADS to sell the Air Force larger tankers in the future when it begins to replace its Boeing KC-10s.
That could provide some hope for EADS officials, who pushed Northrop until the very end to stay in the competition.
Airbus Chief Executive Tom Enders and group finance chief Hans Peter Ring held meetings in Washington last Friday to plot strategy in the event that Northrop could not be convinced.
EADS officials agonized over whether to mount a solo bid without Northrop's lobbying skills and Pentagon access, or find a new partner, but decided there simply was not time.
"We wanted to do it, but in the end we could not," a source familiar with the company's decision-making process said.
Thompson said Boeing's biggest gain was not the "tremendous amount of revenues" it could now expect from the 767, but that it had kept Airbus from establishing a production line in the United States -- at least for the time being.
"The best thing about this situation for Boeing is that it precludes the company's biggest rival Airbus from establishing a commercial beachhead in North America," he said.
PASSING UP OPPORTUNITY
"Boeing needs the tanker far more than Northrop does. The end of the C-17 would leave a large gap in Boeing's defense revenues that the tanker can fill," Macquarie's Stallard said.
In addition to facing a halt to U.S. orders for its C-17, Boeing was also hit harder than most by the Pentagon's cancellation of weapons programs over the past two years. It lost work on missile defense programs, watched its US$160 billion Future Combat Systems modernization program shrivel, and was beat out on several big contracts by rival bidders.
Yet Boeing, already under pressure to offer the government a rock-bottom price for tankers, will face additional hurdles as a sole-source provider, including the need to certify the accuracy, timeliness and completeness of its pricing data.
That could limit profits on the tanker program in future years, especially relative to the high profits of 22 percent to 25 percent it generates on the C-17 transport planes, said Jim McAleese, a Virginia-based defense consultant.
But the "shortfall in profits" will be more than compensated by the logistics and maintenance work generally expected for major aircraft programs, he said. "This is a decision that has huge upside for Boeing."
McAleese said some investors were questioning why Northrop would pass up the chance to bid for what he called "the opportunity of a lifetime," especially when there were few new programs on the horizon, except a new Air Force bomber.
Wall Street already traded Northrop at a discount of 10 to 15 percent relative to other defense companies, and this week's developments provided little incentive for change, he said.
Northrop's shipbuilding program faced performance problems, and the company recently lost a ground control contract for the Global Positioning System satellites to Raytheon Co.
But Thompson said Northrop was doing well in other sectors, including classified programs, and had opportunities in coming years to bid for work on a new submarine, an alternative Army modernization program and a long-range bomber.
"Wes Bush is trying to change the culture of his company to emphasize sustained profits rather than mere size and that means he has to take a disciplined approach to new opportunities," he said. "The tanker was not really at the core of what they do."
He said Northrop concluded the Air Force's final terms were not only skewed to favor Boeing, but even if Northrop had managed to win, the long-term fixed price nature of the contract would have capped possible profits.
--- Andrea Shalal-Esa, Reuters
NEWS ACCESS MADE EASY
Reuters Top News page displays a range of market and sector-specific subjects including: US, Europe and Asian companies, fixed income, credit, the global economy, emerging markets, corporate finance and industry sectors.
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This publication is not, nor is it to be construed as, a solicitation or recommendation to investors to purchase, sell or hold any of the securities referred to in this publication. Global Securities Corporation is a member of the Canadian Investor Protection Fund.
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TUESDAY, MARCH 9, 2010, CANADIAN EDITION
TOP NEWS
• Scotiabank Q1 profit rises, beats expectations
• Rocky Mountain Q4 profit trails Street
• Fairholme, Pershing to up General Growth investment
• Sanofi, Merck to create animal health leader
BEFORE THE BELL
Toronto’s main stock index could open lower on Tuesday as commodities weakened ahead of a report expected to show another increase in crude oil inventories. However, declines maybe limited after Canada's third-largest lender, Bank of Nova Scotia, posted better-then-expected first quarter results. Wall Street is also set for a lower start as investors grew cautious on the one-year anniversary of recession bottom. European equities slipped for a second straight session, with weaker financial and mining stocks offsetting a rebound in pharmaceutical stocks. Asian shares were mixed with Chinese market rising on the February car sales data, which rose 55 percent from a year earlier. Oil prices fell more than a dollar on a stronger greenback. Gold prices eased from US$1,120 an ounce to trade around US$1117.05 an ounce.
COMPANIES REPORTING RESULTS
• Allied Properties Real Estate Investment (AP_u). Expected to report Q4 earnings of 12 cents a share, according to Thomson Reuters I/B/E/S
• Cardiome Pharma Corp. (COM). Expected to report Q4 earnings of 5 U.S. cents a share
• Crew Energy Inc. (CR). Expected to report Q4 loss of 11 cents a share
• Northgate Minerals Corp. (NGX). Expected to report Q4 earnings of 3 cents a share
• Primaris Retail REIT (PMZ_u). Expected to report breakeven in Q4
• Easyhome Ltd. (EH). Expected to report Q4 earnings of 23 cents a share
• SunOpta Inc. (SOY). Expected to report breakeven in Q4
• Uni-Select Inc. (UNS). Expected to report Q4 earnings of 70 cents a share
STOCKS TO WATCH THIS MORNING
• Bank of Nova Scotia (BNS). The bank said on Tuesday its profit rose 17 percent in the first-quarter as domestic banking earnings surged 28 percent on stronger mortgage sales and deposits, offsetting a rise in loan loss provisions.
• Bombardier Inc. (BBDb). The maker of transportation equipment on Monday said it is terminating its proposed institutional private placement of new senior notes and cash tender offer for 6.75 percent notes due 2012 due to current unfavorable conditions in debt capital markets.
• Great Canadian Gaming Corp. (GC). The operator of casinos and thoroughbred racetracks on Monday posted a better-than-expected fourth-quarter profit, helped partly by its cost cutting and capital management programs.
• Major Drilling Group International Inc. (MDI). The company on Monday posted a narrower third-quarter loss, as the company was able to control its expenses.
• NuVista Energy Ltd. (NVA). The company on Monday reported fourth-quarter revenue of 95.6 million and forecast 2010 FFO of about $255 million.
• Pengrowth Energy Trust (PGF_u). The company on Monday said on a proved plus probable basis its total reserves decreased from 323.5 mmboe in 2008 to 295.7 mmboe in 2009.
• Rocky Mountain Dealerships Inc. (RME). The agriculture and construction equipment broker on Tuesday reported a narrower-than-expected fourth-quarter profit, as a slim sales growth was offset by a decline in revenue from product support.
• Suncor Energy Inc. (SU). The company on Monday said its oil sands production during February averaged about 211,000 bpd and added year-to-date oil sands production at the end of February averaged about 181,000 bpd.
• Terrane Metals Corp. (TRX). The exploration company is focusing on becoming a junior gold producer and plans to spin-off its Berg copper-molybdenum project, CEO Rob Pease said on Monday.
• Western Copper Corp. (WRN). The exploration company is looking to sell its Carmacks copper project in Canada's northern Yukon territory, and focus on further exploration at its Casino project, a top company executive said on Monday.
• WestJet Airlines Ltd. (WJA). The company launched its long-awaited loyalty program on Monday, hoping to win and keep more customers at a time when airline travel is starting to recover after a bruising slowdown.
CORPORATE EVENTS
08:45 Enghouse Systems Ltd. (ESL). Q1 earnings conference call
09:00 Major Drilling Group International Inc. (MDI). Q3 earnings conference call
10:00 Northgate Minerals Corp. (NGX). Q4 earnings conference call
14:00 Bank of Nova Scotia (BNS). Q1 earnings conference call
16:30 Cardiome Pharma Corp. (COM). Q4 earnings conference call
ANALYST RECOMMENDATION
• Bombardier (BBDb) rating cut to neutral from buy at UBS
• FNX Mining Co. (FNX) rating cut to hold from buy at Desjardins
• Great Canadian Gaming (GC) price target cut to $11 from $12; rating outperform at RBC
• Quadra Mining (QUA) price target cut to $35 from $38; rating strong buy at Raymond James
• Tim Hortons (THI) price target raised to $38 from $37; rating buy at UBS
EXDIVIDEND
• Goldcorp Inc. (G).Amount US$0.015
• Legg Mason Canada Holdings Ltd. (LMI). Amount US$0.03
• TELUS Corp. (T). Amount $0.475
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
COLUMN-Looking for Messrs Supply and Demand
The global economy faces a massive reallocation of capital, resources and employment -- a process that will take years and arguably is being harmfully delayed by current policy.
As it has in every period of economic or financial stress in the past 20 odd years, monetary and government policy has concentrated on easing conditions in order to stoke demand, while with few exceptions, policy towards the shape of the economy has tried to keep obviously overgrown industries like housing, automobile manufacturing and finance from shrinking.
But shrinking is exactly what huge swaths of the global economy almost certainly need to do.
So massive have been the interventions - think about the U.S. support for housing and China's cap on its currency - that we really have very little idea what the "real" economy, if such a thing can be said to exist, actually looks like.
"What do we know about aggregate demand?" William White, chair of the OECD Economic and Development Review Committee asked at a conference in February organized by the Reserve Bank of India.
"The answer at the moment is virtually nothing because of the effects of all the balance sheet (programs) we've never seen before," he said.
"What do we know about aggregate supply? The answer is virtually nothing.
"Cash-for-clunkers in the U.S, where the consumption household spending ratio (at its peak) is 80 percent. This is madness.
"Short time working in the auto industry in Germany when those jobs will never come back? Holding down the exchange rates in China to keep export jobs still functioning when we all know that longer term this is not going to be sustainable?"
White, a former chief economist at the Bank for International Settlements, has argued convincingly that successive interventions by central bankers, led by the U.S. Federal Reserve, seeking to cushion fallout from one bubble or another has simply led to further distortions in the economy and, as Austrian economists would put it, "malinvestment."
This poor investment and consumption in the U.S. and in export-oriented industry almost everywhere else, now needs to wither.
The great debate now is whether this asymmetric policy - cushioning on the way down but not blocking on the way up - can be succeeded by a policy where central banks exert pressure on asset prices as they inflate.
Its not a matter of central bankers knowing the "right" price for an asset, but, as they should, controlling the amount of credit being created.
Central banks and banking regulators seemed to be blissfully unaware during the bubble exactly how much credit was being created by the shadow banking system of derivative-enabled securitization. Asset prices were at the time some of the best sources of evidence that something was amiss and the idea that this should be outside their remit is risible.
LIVING WITH THE POLICY WE HAVE
Outsiders can, of course, talk until they are blue in the face about the policy we ought to have, but perhaps more interesting is what will happen because of the policy we actually are going to have to live with.
There seem to be three alternatives as to how this will work out.
Those responsible for the current policy argue that it's the right path, that it will ease a transition to a differently shaped global economy, with less consumption in the west and more in Asia, and that the alternative to keeping alive a failed model was too dire. Let's call that the right policy, right outcome possibility.
The second alternative is that its the wrong policy precisely because it will work. The current mix of fiscal and monetary stimulus will reignite some bubble or other which will distract us from our current problems, lead to re-employment and strong economic growth and only bite us when the new bubble explodes some five years or so down the line. That explosion would be worse because the build up of debt to keep the circus afloat will be greater. Let's call this the "Bubble Next Time" argument.
The final alternative is that it is the wrong policy and it won't work. We may have reached the limits of effectiveness for a set of policies that depend on falling interest rates and rising levels of debt to artificially drive demand. We may finally have arrived at the place Japan reached long ago. Low interest rates and quantitative easing may simply not be all that effective when both borrowers and lenders realize its in their interests to trim sails.
Or, a sovereign debt crisis may show that we've reached the point where the creditors will no longer play their assigned role.
That, rather than euro zone pantomime, is the most interesting angle on the Greek debt crisis.
--- James Saft
James Saft is a Reuters columnist. The opinions expressed are his own. At time of publication James Saft did not own any direct investments in securities mentioned in this article. He may be an owner indirectly as an investor in a fund.
NEWS ACCESS MADE EASY
Reuters Top News page displays a range of market and sector-specific subjects including: US, Europe and Asian companies, fixed income, credit, the global economy, emerging markets, corporate finance and industry sectors.
To access Top News
-- Thomson ONE: Click News tab, Select Front Page from top right, Click Top News.
-- 3000 Xtra: Click Top News tab from the menu bar.
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This publication is not, nor is it to be construed as, a solicitation or recommendation to investors to purchase, sell or hold any of the securities referred to in this publication. Global Securities Corporation is a member of the Canadian Investor Protection Fund.
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MONDAY, MARCH 8, 2010, CANADIAN EDITION
TOP NEWS
• MetLife to buy AIG's Alico unit for US$15.5 billion
• Kraft under probe over Cadbury deal in UK - report
• Shell, PetroChina bid US$3 bln for Australia's Arrow
• AngloGold may split ops, seeks Americas buy
• Toyota chief says sees U.S. sales recovery ahead
BEFORE THE BELL
Toronto’s main stock index could open higher on Monday as weaker greenback lift commodity prices. U.S. stock index futures were little changed following a strong rally in last week's session. European markets pared earlier losses but was trading flat. Asian shares rose on easing concerns over monetary policy tightening after China’s central bank Governor Zhou Xiaochuan said the timing of exit from economic stimulus would require prudence. Oil rose towards US$82 a barrel. Palladium climbed to a two-year high of US$477 an ounce, while gold was steady to trade at around US$1135.60.
COMPANIES REPORTING RESULTS
• Enghouse Systems Ltd. (ESL). Expected to report Q1 earnings of 8 cents a share, according to Thomson Reuters I/B/E/S
• Great Canadian Gaming Corp. (GC). Expected to report Q4 earnings of 8 cents a share
STOCKS TO WATCH THIS MORNING
• BCE Inc. (BCE). Shares in the telecommunications service provider could rise trade 10 percent over the next year, according to a report in Barron's, which cited the company's potential for dividend increases and share buybacks.
• Brookfield Asset Management Inc. (BAMa). The company said on Sunday it has appointed Jeff Kendrew as the Chief Development Officer of its global infrastructure platform.
• Centric Health Corp. (CHH). The diversified healthcare company's fourth-quarter revenue almost tripled to $12.9 million, helped by an acquisition.
• Hathor Exploration Ltd. (HAT). The company on Monday said it would raise $10 million through a bought deal financing and plans to use the net proceeds to conduct exploration activities on their Athabasca Basin uranium projects.
• Pacific Rubiales Energy Corp. (PRE). The company on Monday said it made a new oil discovery at the Quifa 26X well and plans to continue the exploratory drilling campaign for area during rest of the year.
• Quadra Mining Ltd. (QUA). The company on Monday reported fourth-quarter earnings of 46 U.S. cents, on revenue of US$170.5 million. The company also agreed to form a joint-venture with a subsidiary of State Grid Corporation of China to develop mines in Chile.
CORPORATE EVENTS
08:30 Inscape Corp. (INQ). Q3 earnings conference call
10:00 Quadra Mining Ltd. (QUA). Q4 earnings conference call
17:00 Great Canadian Gaming Corp. (GC). Q4 earnings conference call
ANALYST RECOMMENDATION
• Bombardier (BBDb) price target raised to $7.50 from $7; rating outperform at Macquarie
• Bonavista Energy Trust (BNP_u) price target raised to $25 from $23; rating market perform at Raymond James
• Daylight Resources Trust (DAY_u) price target raised to $13.50 from $12; rating outperform at Raymond James
• Seacliff Construction (SDC) price target raised to $17 from $13.50; rating outperform at Raymond James
• West Energy (WTL) rating cut to market perform from outperform at Raymond James
EXDIVIDEND
• Atco Ltd. (ACOx). Amount $0.265
• Canada Bread Co. Ltd. (CBY). Amount $0.06
• Canadian General Investments Ltd. (CGI). Amount $0.06
• Canadian National Railway Co. (CNR). Amount $0.27
• Cascades (CAS). Amount $0.04
• Finning International Inc. (FTT). Amount $0.11
• GMP Capital Inc. (GMP). Amount $0.05
• Maple Leaf Foods (MFI). Amount $0.04
• Nexen (NXY). Amount $0.05
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
BREAKINGVIEWS - Airgas legal bid fails, stalling tactic works
Airgas can't be too surprised that it failed to persuade a Delaware judge to bar its former legal advisors at Cravath, Swaine & Moore from representing hostile bidder Air Products.
The judge was widely expected to support Cravath's argument that its work for Airgas shouldn't prevent it from aiding a predator trying to swallow the company. Even so, Airgas managed to stall the takeover effort and put its one-time lawyers on the defensive. The company isn't out of ways to fend off Air Products, either.
Cravath had said it was ethically obliged to represent Air Products as its long-standing merger and acquisitions advisor -- a relationship that goes back decades further than the firm's recent work for Airgas. The judge for his part didn't see any reason to stop Cravath working for Air Products, and said he was content that the firm had erected a Chinese wall between lawyers who worked for Airgas and those working for Air Products.
Airgas may still feel the legal fees were well spent. The company got to take a swipe at the reputation of the legal firm that worked for it for almost a decade. Perhaps more importantly, it also delayed the attempted takeover. Such legal diversions are a traditional part of merger theater.
Going forward, Airgas remains well placed to put obstacles in the way of Air Products -- including a couple of poison pills. As the judge pronounced, Airgas shares were trading at nearly a 10 percent premium to the US$60 a share bid from Air Products, suggesting shareholders think Airgas will eventually sell for more. It seems that investors, like the Delaware judge, don't believe the work of Cravath or any other of Air Products' high-priced advisors will make Airgas easy prey.
CONTEXT NEWS
-- A Delaware judge has rejected a claim by Airgas that its former legal counsel Cravath, Swaine & Moore should be prevented from representing Air Products, which has made a US$5.1 billion bid for Airgas that the latter has rejected.
-- William Chandler, the judge, said that "although ethics experts diverge" over whether Cravath had strictly complied with professional conduct rules, he found no evidence that the law firm's work for Airgas would give Air Products an unfair advantage.
-- The judge said Cravath's work for Airgas had been "limited in scope," and that he was "not persuaded" that the law firm possessed Airgas information that was still confidential.
-- "Cravath has erected an ethical wall to seal off those members of the firm who worked on the Airgas debt financings from those members of the firm working on the Air Products proposed business combination with Airgas," the judge added.
--- Christopher Swann
The author is a Reuters Breakingviews columnist. The opinions expressed are his own
NEWS ACCESS MADE EASY
Reuters Top News page displays a range of market and sector-specific subjects including: US, Europe and Asian companies, fixed income, credit, the global economy, emerging markets, corporate finance and industry sectors.
To access Top News
-- Thomson ONE: Click News tab, Select Front Page from top right, Click Top News.
-- 3000 Xtra: Click Top News tab from the menu bar.
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This publication is not, nor is it to be construed as, a solicitation or recommendation to investors to purchase, sell or hold any of the securities referred to in this publication. Global Securities Corporation is a member of the Canadian Investor Protection Fund.
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(Please note Canadian quotes are delayed 15 min)
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