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| Market News: News Archive : Morning News Call week ending |
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May 7, 2010
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FRIDAY, MAY 7, 2010, CANADIAN EDITION
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TOP NEWS
• Canada posts historic gain in jobs in April
• CGI Group to buy Stanley for US$900 mln
• Enerplus Resources Q1 profit rises 54 pct
• Canadian REIT Q1 FFO beats market estimates
• EnCana buys land at Collingwood shale play
• GMP Capital posts Q1 loss on impairment charges
BEFORE THE BELL
Toronto’s main stock index could open higher on Friday after data showed a historic rise in jobs in April. Statistics Canada said the economy added 108,700 jobs, the highest since Statscan began tracking the data and exceeding even the most upbeat estimate in a Reuters poll, which yielded a median forecast of 25,000 new jobs. The Canadian dollar, trading at around $1.0396, rallied to a high of $1.0338 to the U.S. dollar. Wall Street is set for a mixed open on after Dow suffered its biggest ever intraday point drop in the previous session, ahead of key employment report and the G7 finance ministers meeting. Stock exchange operator Nasdaq issued the names of hundreds of stocks for which it is cancelling trades with price deviations of more than 60 percent between 2:40 p.m. and 3 p.m. U.S. non-farm payrolls is expected to show 200,000 jobs were created in April compared with an increase of 162,000 jobs in March. European markets slipped, extending their three-week sell-off to 11 percent. Asian stocks were hammered, with Nikkei shedding more than 3 percent. Oil rose towards US$78 a barrel while gold fell 1.12 percent at US$1193.55 an ounce as investors cashed in some gains.
COMPANIES REPORTING RESULTS
• Gran Tierra Energy Inc. (GTE). Expected to report Q1 earnings of 8 cents a share, according to Thomson Reuters I/B/E/S
• Great Basin Gold Ltd. (GBG). Expected to report Q1 loss of 2 U.S. cents a share
• IAMGOLD Corp. (IMG). Expected to report Q1 earnings of 13 U.S. cents a share
• IGM Financial Inc. (IGM). Expected to report Q1 earnings of 68 cents a share
• ShawCor Ltd. (SCLa). Expected to report Q1 earnings of 37 cents a share
• Vermilion Energy Trust (VET_u). Expected to report Q1 earnings of 8 cents a share
• Wajax Income Fund (WJX_u). Expected to report Q1 earnings of 53 cents a share
STOCKS TO WATCH THIS MORNING
• Bellatrix Exploration Ltd. (BXE). The oil and gas explorer posted a surprise first-quarter profit, partly helped by a decrease in production expenses, and reaffirmed its full-year production outlook. The company earned $7,000, or breakeven per share, compared with net loss of $9.1 million, or 12 cents a year ago during the quarter.
• Bonavista Energy Trust (BNP_u). The company posted a first-quarter profit that more than doubled, boosted by higher production volumes and average commodity prices. Net income was $79.7 million, or 53 cents per unit, compared with $32.9 million, or 28 cents apiece, a year ago.
• Brookfield Asset Management Inc. (BAMa). General Growth Properties Inc is expected to ask a bankruptcy court on Friday to approve an investment led by the asset manager, after reducing a warrants package by 14 percent, a source familiar with the situation said. Separately, the company said on Thursday it had no plans to list its Australian office portfolio on the public market. The portfolio holds 800,000 square metres of office space and includes Macquarie Group's new Sydney building.
• Canadian Natural Resources Ltd. (CNQ). Canada’s biggest independent oil explorer reported a first-quarter profit that more than doubled on higher oil production and stronger prices. The company expects average oil production of 405,000 to 450,000 bpd this year. Gas output for 2010 is forecast at between 1.2 bcf and 1.27 bcf per day.
• Canadian REIT (REF_u). The company on Friday posted first-quarter FFO above market estimates, and said it is actively seeking high-quality real estate assets. The company posted FFO of 61 cents a share for the quarter.
• CGI Group Inc (GIBa). The computer consulting company on Friday agreed to buy IT services provider Stanley Inc for about US$1.07 billion in cash to expand its U.S. footprint. CGI's offer of US$37.50 a share represents a 29 percent premium to Stanley's closing price on Thursday on the New York Stock Exchange.
• CryptoLogic Ltd. (CRY). The developer of online betting games and internet casino software posted a wider first-quarter loss hurt by subdued wagering activity, but forecast a second-quarter revenue ahead of the same period last year. The company also appointed Huw Spiers as CFO, succeeding Stephen Taylor.
• Denison Mines Corp. (DML). The company reported a first-quarter loss of 3 U.S. cents a share, on revenue of US$22 million, and said 2010 uranium production is expected to total 1.6 million pounds
• DragonWave Inc. (DWI). The maker of radio transmitters used in cellular networks posted fourth-quarter profit that missed estimates on higher costs. Net income was reported at $13.4 million or 35 cents per share, compared with net loss of $2.2 million, or 8 cents per share, last year.
• Eldorado Gold Corp. (ELD). The gold miner reported on Thursday first-quarter profit helped partly by higher sales volumes from Kisladag mine, as well as the contribution of two new mines in China. The company raised 2010 production guidance to 575,000 to 625,000 ounces of gold.
• EnCana Corp. (ECA). The natural gas producer on Friday said it acquired about 250,000 net acres of land on the Collingwood shale play at an average cost of about US$150 an acre. This was "well below" prices paid at the state's most recent land sale earlier this week, the company said.
• Enerplus Resources Fund (ERF_u). The company’s first-quarter profit rose 54 percent on the back of stronger oil and gas prices, and said it is converting into a corporation by 2011. The company posted a first-quarter profit of 45 cents a share, compared with 31 Canadian cents a share, a year ago.
• Equinox Minerals (EQN). The company reported a US$32.5 million net profit for the first quarter on Thursday, compared with a year-before loss, as its Lumwana copper mine in Zambia reached commercial production in 2009.
• Extendicare Real Estate Investment Trust (EXE_u). The company posted lower first-quarter adjusted funds from operations, hurt primarily by higher income taxes. For the quarter, the trust reported FFO from continued operations of $20.6 million, or 25.5 cents per unit, which compares with $21.3 million, or 27.8 cents apiece, a year ago.
• First Capital Realty Inc. (FCR). The developer of shopping centers reported on Thursday first-quarter adjusted funds from operations of 37 cents a share, on revenue of $119.39 million.
• Genivar Income Fund (GNV_u). The company posted a first-quarter profit that missed market estimates, as the engineering services firm was hurt by an exchange loss due to a strengthening Canadian dollar. The company posted earnings of 41 cents a share, on revenue of $126 million for the quarter.
• Gluskin Sheff + Associates Inc. (GS). The wealth manager reported a 28 percent jump in third-quarter profit, buoyed by higher base management fees. For the quarter, net income was $5.2 million, or 17 cents per share, compared with $4.1 million, or 14 cents per share, a year ago.
• GMP Capital Inc. (GMP). The investment dealer on Friday posted a first-quarter loss, primarily hurt by non-cash impairment charges. The company reported a net loss of 89 cents per basic share, compared with a net income of 12 cents per basic unit, a year earlier.
• IBI Income Fund (IBG_u). The company reported first-quarter EPS of 22 cents, on revenue of $68.1 million.
• Martinrea International Inc. (MRE). The company reported a profit for the first-quarter helped in part by improved production volumes in North American light vehicle platforms and additional revenue earned as a result of the acquisition of certain equipment and two facilities.
• MI Developments Inc. (MIMa). The company on Friday reported first-quarter FFO of 55 U.S. cents a share, and revenue of US$44.6 million.
• New Gold (NGD). The gold miner posted first-quarter earnings that met expectations, helped by an increase in gold sales, and said it backed its full-year production outlook. The company posted net earnings from continuing operations of US$17.2 million, or 4 U.S. cents a share, compared with US$12.1 million, or 6 U.S. cents a share, a year ago.
• Paladin Labs Inc. (PLB). The pharmaceutical company reported on Thursday first-quarter profit helped partly by strong performance from its key promoted products such as tridural and metadol.
• Premium Brands Holdings Corp. (PBH). The food products maker on Friday reported a 12 percent drop in first-quarter profit, hurt by higher expenses. The company earned 10 cents a share, compared with 12 cents a share, a year ago.
CORPORATE EVENTS
08:30 CryptoLogic Ltd. (CRY). Q1 earnings conference call
08:30 Denison Mines Corp. (DML). Q1 earnings conference call
09:00 GMP Capital Inc. (GMP). Q1 earnings conference call
10:00 Extendicare Real Estate Investment Trust (EXE_u). Q1 earnings conference call
10:00 Gluskin Sheff Associates Inc. (GS). Q3 earnings conference call
10:00 Gran Tierra Energy Inc. (GTE). Q1 earnings conference call
10:00 IAMGOLD Corp. (IMG). Q1 earnings conference call
10:00 Lundin Mining Corp. (LUN). Shareholders meeting
10:00 MI Developments Inc. (MIMa). Annual shareholders meeting
10:30 Enerplus Resources Fund (ERF_u). Q1 earnings conference call
11:00 Canadian Natural Resources Ltd. (CNQ). Q1 earnings conference call
11:00 Dundee REIT (D_u). Q1 earnings conference call
11:00 Equinox Minerals Ltd. (EQN). Annual and special shareholders meeting
11:00 GMP Capital Inc. (GMP). Annual general meeting of shareholders
11:00 IGM Financial Inc. (IGM). Annual meeting of shareholders
11:00 InnVest REIT (INN_u). Q1 earnings conference call
11:00 Liquor Stores Income Fund (LIQ_u). Q1 earnings conference call
11:00 Wajax Income Fund (WJX_u). Annual general meeting
11:30 Eldorado Gold Corp. (ELD). Q1 earnings conference call
12:00 Vermilion Energy Trust (VET_u). Shareholders meeting
12:05 Enerplus Resources Fund (ERF_u). Annual general meeting
13:00 First Capital Realty Inc. (FCR). Q1 earnings conference call
14:30 Wajax Income Fund (WJX_u). Q1 earnings conference call
15:30 IGM Financial Inc. (IGM). Q1 earnings conference call
16:00 Pembina Pipeline Income Fund (PIF_u). Shareholders meeting
16:00 ShawCor Ltd. (SCLa). Shareholders meeting
--- Ivanhoe Mines Ltd. (IVN). Annual general meeting
ANALYST RECOMMENDATIONS
• Air Canada (ACa) price target raised to $4.50 from $4; rating buy at Salman Partners. Price target cut to $3.75 from $5; rating strong buy at Raymond James. Price target raised to $10.75 from $9.75; rating buy at Genuity
• Alamos Gold (AGI) price target raised to $17 from $16.35; rating buy at Salman Partners
• Armtec Infrastructure Income Fund (ARF_u) rating raised to outperform from market perform at Raymond James
• BCE Inc. (BCE) price target raised to $31 from $28; rating hold at Genuity
• Calloway REIT (CWT_u) price target raised to $22 from $21; rating outperform at RBC. Price target raised to $22 from $21; rating market perform at Raymond James
• Cathedral Energy Services Income Trust (CET) price target raised to $9.50 from $8; rating overweight at Thomas Weisel
• Delphi Energy (DEE) price target raised to $3.75 from $3.50; rating buy at Genuity
• Dorel Industries (DIIb) price target rasied $47 from $41; rating overweight at Thomas Weisel
• Magna International (MGa) price target raised to $102 from $79; rating buy at Genuity
• Morguard REIT (MRT_u) price target raised to $14 from $13.75; rating outperform at RBC
• Pristine Power (PPX) rating cut to hold from buy at Salman Partners
EXDIVIDENDS
• Cash Store Financial Services Inc. (CSF). Amount $0.10
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
COLUMN - After a crash, traders brace for Friday's US jobs data
Investors were astonished by the velocity of the price moves across asset classes on Thursday afternoon, and while there were numerous rumors, there were none that seemed adequate to explain the carnage.
There was some consensus that lingering concerns over potential contagion from the eurozone debt crisis played a role in creating the conditions for the massive selloff in U.S. equities, and many agreed that algorithmic or "black box" trading may have played a significant part in creating what seemed to be random pricing as stocks went lower.
At one point U.S. stocks were down 9 percent, the U.S. 30 year bond yield fell to its lowest since October last year, the euro fell to 14 month low against the dollar and gold rose to near record highs.
Quite a few market participants observed earlier in the week that there was a general rise in risk aversion, with investors gradually removing more volatile assets from their portfolios in favor of defensive ones such as U.S. Treasuries.
Still, Thursday's massive selling in stocks came as a shock to most, and left many in a quandary as to what Friday will bring.
As one hedge fund manager noted, "We lost a boatload of money today in currencies, and made a boatload back on short equities."
"Can you increase volatility with U.S. non-farm payrolls data due tomorrow?," he asked. "If it's a good number, people will sell into it, if it's weak, they'll just sell. I don't see much upside now".
U.S. nonfarm payrolls and unemployment data for April will be reported by the Labor Department Friday morning and will likely show payrolls grew for a second month in April, probably by about 200,000 after a 162,000 gain in March.
This view was echoed by a large pension fund manager:
"Let's say you tell me that non-farms will be really strong, double the market consensus. Then you tell me that there's a chance that the eurozone falls apart over the weekend. Which side of that do you think I'm going to trade?"
There were at least a few people who were looking for bargains in assets that are believed to have been random victims of the crossfire.
The Canadian dollar, in particular, was mentioned as looking potentially attractive for a trade versus the U.S. dollar.
Still, as one fixed income manager cautioned:
"You had some significant flattening in the long end of the U.S. curve today. That doesn't usually tell you that the economy's getting stronger, and I don't think that should be good for Canada or the Canadian dollar."
Still, the prevailing mood was one of caution, perhaps even apprehension, ahead of tomorrow's U.S. non-farm payrolls report.
As Matthew Strauss, senior currency strategist, RBC Capital Markets, Toronto summarized the view: "Trying to profit from this currency environment is an extremely risky proposition.
"One can try to play the trend and buy the safest assets -- yen, dollar and Treasuries -- but a significant announcement could change things around very quickly. Trading this environment is almost as risky as the environment itself, given the volatility."
It seems likely that even aggressive traders will be content to wait to see how their competitors react the tomorrow's events before again wading into riskier waters.
--- Kevin Weir and Stephen C. Johnson, Reuters
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© 2010 Thomson Reuters. All rights reserved. This content is the intellectual property of Thomson Reuters and its affiliates. Any copying, distribution or redistribution of this content is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
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THURSDAY, MAY 6, 2010, CANADIAN EDITION
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TOP NEWS
• Air Canada Q1 loss narrows, traffic increases
• Magna posts Q1 profit, mulls deal to lower founder control
• Biovail Q1 slips to loss on R&D expenses
• Yellow Pages Q1 profit misses estimates
• CML HealthCare Q1 profit falls
BEFORE THE BELL
Toronto’s main stock index could open higher on Thursday as positive corporate news offset lingering worries about Greece. Auto-parts maker Magna said it swung to a profit and Canada's biggest airline Air Canada posted a narrower loss. Investors will be watching building permits and Ivey PMI data. Wall Street is set to open lower. All eyes are on European Central Bank President Jean-Claude Trichet to signal what the bank can do to prevent the Greek debt crisis from spreading to other euro zone nations. European shares edged higher as strong results from BNP Paribas boosted the banking sector. In London, voting began in what is forecast to be the closest election since 1992, with the opposition Conservatives struggling to convert their opinion poll advantage into an outright majority. Asian stocks were down with Nikkei seeing biggest percentage loss in one day since March last year as it caught up with the global selloff after a three-day holiday. Gold rose nearly 1 percent and hit record highs in euros.
COMPANIES REPORTING RESULTS
• Algonquin Power Income Fund (AQN). Expected to report Q1 earnings of 3 cents a share, according to Thomson Reuters I/B/E/S
• Bonavista Energy Trust (BNP_u). Expected to report Q1 earnings of 30 cents a share
• Brookfield Asset Management Inc. (BAMa). Expected to report Q1 earnings of 22 U.S. cents a share
• Canadian Natural Resources Ltd. (CNQ). Expected to report Q1 earnings of $1.27 cents a share
• Carmanah Technologies Corp. (CMH). Expected to report Q1 loss of 1 U.S. cent a share
• CCL Industries Inc. (CCLb). Expected to report Q1 earnings of 61 cents a share
• Dundee Real Estate Investment Trust (D_u). Expected to report Q1 earnings of 21 cents a share
• Eldorado Gold Corp. (ELD). Expected to report Q1 earnings of 7 U.S. cents a share
• Equinox Minerals Ltd. (EQN). Expected to report Q1 earnings of 7 U.S. cents a share
• Extendicare Real Estate Investment Trust (EXE_u). Expected to report Q1 earnings of 10 cents a share
• Gerdau Ameristeel Corp. (GNA). Expected to report Q1 earnings of 1 U.S. cent a share
• Great-West Lifeco Inc. (GWO). Expected to report Q1 earnings of 47 cents a share
• Inter Pipeline Fund (IPL_u). Expected to report Q1 earnings of 23 cents a share
• True Energy Trust (TUI_u). Expected to report Q1 loss of 7 cents a share
STOCKS TO WATCH THIS MORNING
• Apollo Gold Corp. (APG). The company on Thursday said it saw significant improvement in grade at its Black Fox mine in Ontario, and expects progressively higher gold production for the rest of 2010. During first-quarter, the company mined 190,000 tons of ore at Black Fox and total tons mined during the quarter was about 2.1 million.
• Arc Energy Trust (AET_u). The conventional oil and gas royalty trust reported a first-quarter profit helped by recovery in oil prices and increase in certain non-cash items.
• BCE Inc. (BCE). The telecom company reported first-quarter adjusted EPS of 65 cents, on revenue of $4.43 billion, which rose 2.3 percent.
• Biovail Corp. (BVF). The drugmaker on Thursday reported a first-quarter loss hurt by research and development expenditures acquired in recent transactions. The company posted a loss of 2 U.S. cents a share, in the quarter ended March 31, compared with a profit of 25 U.S cents a share for the same time a year earlier.
• Brookfield Asset Management Inc. (BAMa). The investor in property, power and infrastructure assets on Wednesday said its plan to help General Growth Properties exit bankruptcy will mean bigger gains for shareholders of the No. 2 U.S. mall owner than a buyout from its top rival.
• Brookfield Properties (BPO). The company on Thursday said its first-quarter funds from operations rose 30 percent, helped by higher operating income from both commercial and residential property. The company said funds from operations was US$136 million from US$105 million.
• Calloway Real Estate Investment Trust (CWT_u). The company said on Wednesday first-quarter funds from operations increased, helped by higher occupancy and tenant-retention rates.
• Cathedral Energy Services Income Trust (CET). The company reported a higher profit for the first-quarter helped in part by increase in directional drilling revenue. Net income for the period was $6.7 million, or 18 cents a share.
• ClubLink Enterprises Ltd. (CLK). The company reported a decline in first-quarter loss helped by savings in cost of sales and operating expenses and the positive change from the higher income tax recovery. Net loss for the quarter was $4.2 million, or 15 cents a share, compared with a year-before loss of $5.6 million, or 24 cents a share.
• CML HealthCare Income Fund (CLC_u). The company, which specializes in imaging and laboratory services on Thursday posted a 9 percent fall in first-quarter profit, hurt by weakness in its U.S. operations. The company’s net income was 23 cents per fund unit, compared to 26 cents per fund unit, a year ago.
• Constellation Software Inc. (CSU). The software services provider posted first-quarter results above estimates, helped by contributions from recent acquisitions.
• Data Group Income Fund (DGI_u). The company on Thursday reported first-quarter earnings of 14 cents a share, on revenue of $85.6 million.
• Daylight Resources Trust (DAY_u). The company reported a rise in first-quarter revenue helped in part by rise in oil and natural gas prices.
• DDS Wireless International Inc. (DD). The company on Thursday reported a first-quarter loss of 4 cents a share, on rvenue of $8.9 million, which rose 25 percent.
• Delphi Energy Corp. (DEE). The company reported a higher first-quarter results compared to a year-before loss partly due to a 17 percent decrease in the depletion and depreciation rate.
• Horizon North Logistics Inc. (HNL). The company reported a narrower first-quarter profits hurt in part by lower volumes in the conventional camp and catering operations.
• Linamar Corp. (LNR). The maker of auto parts and other precision machined components reported first-quarter profit on Wednesday as a pickup in the auto sector, along with recent cost cuts, helped the company beat analysts' expectations. Linamar reported earnings of $21.6 million, or 33 cents a share, compares with a loss of $12.6 million, or 19 cents, a year earlier, a year ago.
• Magna International Inc. (MGa). The Canadian auto parts maker said on Thursday that it swung to a first-quarter profit on the back of a pickup in global vehicle production rates and cost cuts and also reinstated its quarterly dividend. The company said it earned US$1.97 a share, compares to a loss of US$1.79 a share, a year earlier.
• Manitoba Telecom Services Inc. (MBT). The company on Thursday reported first-quarter earnings of 46 cents a share, on revenue of $442.0 million.
• MDA (MDA). The company reported on Wednesday first-quarter EPS of 71 cents a share, on consolidated revenue of $245.8 million.
• Midway Energy Ltd. (MEL). The company reported a first-quarter loss of 1 cent a share, on revenue of 6.3 million.
• Minefinders Corp. Ltd. (MFL). The company posted a narrower first-quarter net loss, helped by increased gold production and sales. For the quarter, net loss was $0.3 million, or break even per share, compared with a net loss of US$6.2 million, or 10 U.S. cents per share, a year ago.
• Onex Corp. (OCX). The investment firm reported a loss of 70 cents a share for the first-quarter, on revenue of $5.8 billion.
• Osisko Mining Corp. (OSK). The company reported a break-even for the first-quarter and some 78,800 meters of drilling were completed during the period.
• Parkbridge Lifestyle Communities Inc. (PRK). The company reported second-quarter FFO of 8 cents per share and said payment of dividend program will be commenced.
• Pengrowth Energy Trust (PGF_u). The company on Thursday posted a first-quarter profit that handily beat estimates, helped by higher average realized prices of oil. The trust reported a net income of 37 cents per unit, compared with a net loss of 21 cents per unit, a year earlier.
• Pengrowth Energy Trust (PGF_u). The company posted a first-quarter profit that handily beat estimates, helped by higher average realized prices of oil. The company reported loss of 37 cents a share, on oil and gas sales $358.1 million for the quarter.
• Petrominerales Ltd. (PMG). The oil explorer posted a 10-fold increase in first-quarter profit, aided by a surge in oil production. For the quarter, the company earned US$73.4 million, or 71 U.S. cents a share, compared with US$7.4 million, or 7 U.S. cents a share, a year earlier.
• Pristine Power Inc. (PPX). The company posted a first-quarter loss of 7 cents a share, on revenue of $6.6 million.
• Pulse Seismic Inc. (PSD). The company reported a first-quarter loss of 3 cents a share, on sales of $5.1 million.
• QLT Inc. (QLT). The Canadian eye-care company's first-quarter profit more than doubled, primarily driven by a non-cash income tax recovery. The company reported a net income of US$3.4 million, or 6 U.S. cents a share, on revenue of US$13.7 million for the quarter.
• Sun Life Financial Inc. (SLF). Canada's No. 3 life insurer reported a better than expected first-quarter profit on Wednesday as global stock markets and favorable interest rates boosted earnings. Net income for the quarter was $409 million, or 72 cents a share, compared with a loss of $213 million, or 38 cents a share.
• Superior Plus Corp. (SPB). The company, whose services span from energy to specialty chemicals, reported a first-quarter profit, helped by a 60 percent jump in revenue, but cut its 2010 adjusted operating cash flow outlook, citing lackluster market conditions. The company also said it will restart its dividend reinvestment program and plans to use the proceeds mainly to reduce debt.
• Thompson Creek Metals (TCM). The molybdenum miner said on Wednesday its first-quarter profit fell 87 percent, as a non-cash US$24.5 million accounting charge more than offset the impact of rising molybdenum prices. The miner earned US$1.1 million, or 1 U.S. cent a share, compared with a year-before profit of US$8.7 million, or 7 U.S. cents a share.
• TimberWest Forest Corp. (TWF_u). The company reported a first-quarter loss of 32 cents a share, from continued operations, on sales of $58.7 million.
• Transglobe Energy Corp. (TGL). The company on Thursday reported first-quarter earnings of 17 U.S. cents a share, on revenue of US$61.65 million.
• Wi-LAN Inc. (WIN). The technology licensing firm on Thursday posted a first-quarter profit, partly helped by higher-than-expected royalty reports from licensees, and raised its 2010 revenue and proforma earnings outlook. The company reported net profit of 1 cent a share, compared with a loss of 1 cent a share, a year earlier.
• World Energy Solutions Inc. (XWE). The company on Thursday posted a lower first-quarter loss. The company reported a loss of 1 U.S. cent a share, on revenue of US$4.4 million.
• Yellow Pages Income Fund (YLO_u). The media and marketing company on Thursday posted a first-quarter profit that missed estimates, hurt by a 27 percent drop in cash flow from operations. Net income for the quarter was $121.8 million, or 24 cents a unit, on sales of $408.1 million.
ECONOMIC CALENDAR
08:30 Building permits for March: Prior -0.5% Expected 0.9%
10:00 Ivey PMI for April: Prior 57.8 Expected 56.0
CORPORATE EVENTS
08:30 Biovail Corp. (BVF). Q1 earnings conference call
08:30 Constellation Software Inc. (CSU). Q1 earnings conference call
08:30 QLT Inc. (QLT). Q1 earnings conference call
09:00 Air Canada (ACa). Q1 earnings conference call
09:00 Calloway REIT (CWT_u). Q1 earnings conference call
09:00 Killam Properties Inc. (KMP). Shareholders meeting
10:00 CML Healthcare Income Fund (CLC_u). Q1 earnings conference call
10:00 Lake Shore Gold Corp. (LSG). Q1 earnings conference call
10:00 Magna International Inc. (MGa). Annual and special meeting of shareholders
10:00 Marsulex Inc. (MLX) Shareholders meeting
10:00 Sun Life Financial Inc. (SLF). Q1 earnings conference call
10:00 Thompson Creek Metals Co Inc. (TCM). Shareholders meeting
10:00 Wi-Lan Inc. (WIN). Q1 earnings conference call
11:00 Alamos Gold Inc. (AGI). Q1 earnings conference call
11:00 Brookfield Properties Corp. (BPO). Q1 earnings conference call
11:00 Delphi Energy Corp. (DEE). Q1 earnings conference call
11:00 Manulife Financial Corp. (MFC). Shareholders meeting
11:00 Petrolifera Petroleum Ltd. (PDP). Q1 earnings conference call
11:00 Petrominerales Ltd. (PMG). Annual shareholders meeting
11:00 Shoppers Drug Mart Corp. (SC) Shareholders meeting
11:00 Yellow Pages Income Fund (YLO_u). Annual general meeting
12:00 Calfrac Well Services Ltd. (CFW). Q1 earnings conference call
12:00 Canadian Utilities Ltd. (CU). Annual general meeting
12:00 Great West Lifeco Inc. (GWO). Annual meeting of the shareholders
12:00 Manitoba Telecom Services (MBT). Annual general meeting
13:00 Dorel Industries Inc. (DIIb). Q1 earnings conference call
13:30 CCL Industries Inc. (CCLb). Annual general meeting
14:00 Brookfield Asset Management Inc. (BAMa). Q1 earnings conference call
14:00 Manulife Financial Corp. (MFC). Q1 earnings conference call
14:00 Yellow Pages Income Fund (YLO_u). Q1 earnings conference call
14:30 Gerdau AmeriSteel Corp. (GNA). Q1 earnings conference call
15:00 Morguard Real Estate Investment Trust (MRT_u). Q1 earnings conference call
15:30 CCL Industries Inc. (CCLb). Q1 earnings conference call
15:30 Great West Lifeco Inc. (GWO). Q1 earnings conference call
15:30 SNC-Lavalin Group Inc. (SNC). Q1 earnings conference call
16:00 Dundee RETI (D_u). Annual meeting of unitholders
16:00 Extendicare REIT (EXE_u). Annual meeting
16:00 Manitoba Telecom Services Inc. (MBT). Q1 earnings conference call
16:00 Minefinders Corp Ltd. (MFL). Q1 earnings conference call
16:00 New Gold Inc. (NGD). Q1 earnings conference call
16:00 Pembina Pipeline Income Fund (PIF_u). Q1 earnings conference call
16:30 CML Healthcare Income Fund (CLC_u). Annual meeting
16:30 Inter Pipeline Fund (IPL_u). Q1 earnings conference call
16:30 Transglobe Energy Corp. (TGL). Q1 earnings conference call
17:00 Bonavista Energy Trust (BNP_u). Shareholders meeting
17:00 Carmanah Technologies Corp. (CMH). Q1 earnings conference call
17:00 TimberWest Forest Corp. (TWF_u). Q1 earnings conference call
18:00 Equinox Minerals Ltd. (EQN). Q1 earnings conference call
--- BCE Inc. (BCE). Annual general shareholder meeting
--- Canada Bread Co Ltd. (CBY) Annual meeting
--- Constellation Software Inc. (CSU). Annual general shareholder meeting
--- Potash Corporation of Saskatchewan Inc. (POT). Shareholders meeting
--- SNC-Lavalin Group (SNC). Annual shareholders meeting
ANALYST RECOMMENDATIONS
• Aecon Group (ARE) price target cut to $15 from $16; rating buy at Canaccord Adams
• Industrial Alliance (IAG) price target raised to $39 from $37; rating hold at Genuity
• Killam Properties (KMP) price target raised to $9.25 from $8.75; rating outperform at Raymond James
• Kinross Gold (K) price target cut to $22.75 from $23.50; rating buy at Salman Partners
• Linamar (LNR) price target raised to $25 from $21; rating buy at Genuity
• MDA (MDA) price target raised to $51 from $44; rating outperform at Raymond James
• Primaris REIT (PMZ_u) price target raised to $18 from $17; rating outperform at RBC
• Telus Corp. (T) price target raised to $45 from $39; rating buy at Genuity
• Thomson Reuters (TRI) price target raised to $39 from $36; rating equal-weight at Morgan Stanley
EXDIVIDENDS
• Canadian Utilities Ltd. (CU). Amount $0.3775
• CU Inc. (CIU_pa). Amount $0.2875
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
Cameron seen shaking "headline" risk of lost rig
The fact that equipment made by Cameron International Corp is in the spotlight due to the Gulf of Mexico oil spill will mean hard months ahead for the company and its stock, which offers a chance to buy for the long term.
Analysts believe the oilfield services and equipment company, with a history stretching back more than a century, is strong enough to withstand the hit to its reputation.
Cameron supplied the blowout preventer for Transocean Ltd's Deepwater Horizon rig, which sank two weeks ago at the start of one of the worst oil spills in U.S. history, and only formal investigations will make clear what happened.
John Tasdemir, oilfield services analyst at Canaccord Adams, said the stock sell-off was a case of shooting first and asking questions later, despite the lack of clarity on liability.
"When are they going to figure all that out?" he wondered. "It may even be years."
Cameron's stock, like Transocean and well operator BP Plc, has taken a serious hit already, down 17 percent since April 23, and that has prompted a few analysts to upgrade the stock to a "buy," according to Thomson Reuters data.
While nine of the 27 analysts covering Cameron rate it a "hold", that is down from 11 "holds" three months ago and has more to do with the deteriorating drilling prospects hanging over the industry due to the depressed price of natural gas.
REPUTATIONAL RISK
Cameron said last week on a conference call to discuss its first-quarter results that it had a US$500 million liability policy to respond to claims over Horizon's blowout preventer.
That revelation alone knocked Cameron's shares down by as much as 22 percent at one point last Thursday, and analysts at Pritchard Capital Partners said the lack of further clarity from management was likely due to a confidentiality agreement.
Stephen Davis, a portfolio manager at Alpine Mutual Funds who does not own Cameron shares, said "reputational risk" was likely more of a problem for Cameron than liability, but it would be hard to quantify that right now.
"I would want to see some new awards in the next quarter just to see that they're getting new business," he said. "It's going to be difficult on the liability side to make a case that Cameron has a real problem."
Pritchard, which had downgraded Cameron last week due to "headline" risk, then upgraded it to a "buy" given that its liability for the 10-year-old blowout preventer, which was tested weekly, appeared to be limited.
"We do not believe the disaster will result in long-lasting reputational damage," Pritchard said in a note, adding that on top of that, Cameron's management could also buy back about 5 million shares to support the stock price.
There is growing regulatory and political risk from the spill, highlighted by Transocean saying on Wednesday there were several congressional subcommittees looking into it, along with the Homeland Security, Interior and Justice departments.
But increased regulation might even have a silver lining. Roger Read, oilfield services analyst at Natixis Bleichroeder, pointed out that the upshot of new regulations could translate into a requirement for rig operators to upgrade their blowout preventers, which would actually be a boost for Cameron.
According to Read: "When the smoke clears, buying Cameron on this weakness will result in a happy ending."
--- Braden Reddall, 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.
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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© 2010 Thomson Reuters. All rights reserved. This content is the intellectual property of Thomson Reuters and its affiliates. Any copying, distribution or redistribution of this content is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
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, MAY 5, 2010, CANADIAN EDITION
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TOP NEWS
• Enbridge first-quarter profit slides
• Talisman Energy Q1 profit beats market expectations
• Agrium posts Q1 net loss, as hedges weigh
• Penn West Energy posts Q1 profit
• Intact Financial posts Q1 profit
• Torstar posts Q1 profit as costs decline
BEFORE THE BELL
Toronto’s main stock index could open lower on Wednesday as commodity prices tumbled and both German Chancellor Angela Merkel and the head of the IMF warned of financial contagion unless a euro zone debt crisis is stopped in Greece. Tens of thousands of striking Greeks protested against austerity plans, testing the government's determination to carry out draconian budget cuts in exchange for billions of euros in EU/IMF aid. Wall Street is also set for a lower start ahead of ADP employment and ISM non-manufacturing reports. European shares fell as banking stocks remained under pressure. However, forecast-beating results from Societe Generale and brewer Anheuser-Busch InBev provided some support. Markets in Asia were down, although China bucked the trend managing a technical bounce from seven-month lows hit earlier in the session, while Japan remained closed. Crude oil fell 1.81 percent, the steepest one-day loss in three months. Gold gave up its safe-haven status to trade below US$1170 an ounce as the euro hit a one-year low against the dollar.
COMPANIES REPORTING RESULTS
• Calfrac Well Services Ltd. (CFW). Expected to report Q1 earnings of 28 cents a share, according to Thomson Reuters I/B/E/S
• Calloway Real Estate Investment Trust (CWT_u). Expected to report Q1 earnings of 8 cents a share
• Constellation Software Inc. (CSU). Expected to report Q1 earnings of 77 U.S. cents a share
• Cott Corp. (BCB). Expected to report Q1 earnings of 12 U.S. cents a share
• Industrial Alliance Insurance and Financial Services Inc. (IAG). Expected to report Q1 earnings of 74 cents a share
• Lake Shore Gold Corp. (LSG). Expected to report breakeven in Q1
• Linamar Corp. (LNR). Expected to report Q1 earnings of 20 cents a share
• MacDonald Dettwiler and Associates Ltd. (MDA). Expected to report Q1 earnings of 67 cents a share
• Minefinders Corp. Ltd. (MFL). Expected to report Q1 earnings of 1 U.S. cent a share
• Newfoundland Capital Corp. (NCCa). Expected to report Q1 earnings of 2 cents a share
• Petrolifera Petroleum Ltd. (PDP). Expected to report Q1 loss of 1 cent a share
• Sun Life Financial Inc. (SLF). Expected to report Q1 earnings of 58 U.S. cents a share
• Superior Plus Corp. (SPB). Expected to report Q1 earnings of 42 cents a share
• TELUS Corp. (T). Expected to report Q1 earnings of 66 U.S. cents a share
• Thompson Creek Metals Co. (TCM). Expected to report Q1 earnings of 23 U.S. cents a share
STOCKS TO WATCH THIS MORNING
• Aecon Group Inc. (ARE). Canada's biggest publicly traded construction company reported on Tuesday a smaller-than-expected first-quarter loss as it benefited from a strong jump in revenues. However, net loss grew to $6.6 million, or 12 cents a share, compared with a loss of $600,000, or 1 cent a share, in the same period last year.
• Agrium Inc. (AGU). The fertilizer maker said on Wednesday it posted a first-quarter loss, as its results were hurt by losses on gas hedges and other one-time items. The net loss in the quarter 4 U.S. cents a share, compared with a year-ago loss of 38 U.S. cents a share, when the fertilizer maker's results were hit by inventory write-downs and a slump in fertilizer demand.
• Bell Aliant Regional Communications Income Fund (BA_u). The company reported a 4.9 percent decline in first-quarter operating revenue and expects to finish 2010 within guidance ranges announced in February. Bell Aliant also said it plans to convert from an income trust to a corporate structure.
• Black Diamond Group Ltd. (BDI). The company reported a decline in first-quarter earnings hurt in part an 18 percent decrease in non-rental revenue. Earnings for the quarter were $5.2 million, compared with $9.2 million for the first quarter of 2009.
• Centamin Egypt Ltd. (CEE). The gold producer on Wednesday said it produced 36,621 ounces of gold in the third-quarter to end March and that it is on track to meet its 200,000 ounce target for the year. It also said its proven and probable ore reserves increased to 7.1 million ounces from the previous 6.4 million.
• Davis + Henderson Income Fund (DHF_u). The provider of technology to financial services firms posted first-quarter earnings that beat estimates, helped by added sales from its loan servicing business. Net income for the quarter was $23.1 million, or 43 cents per unit, compared with $19.2 million, or 44 cents a unit, a year ago.
• Dundee Precious Metals Inc. (DPM). The company on Wednesday posted a wider first-quarter loss, hurt primarily by net impairment provisions and higher cost of sales. The company reported a net loss of 48 cents a share, compared with 5 cents a share, a year earlier.
• Enbridge Inc. (ENB). The pipeline company on Wednesday reported a lower first-quarter profit compared with the previous year when it benefited from the sale of a Colombian pipeline system. The company reported net income of 92 cents per share, down from $1.53 in the first quarter of 2009.
• Enerchem International (ECH). The maker of hydrocarbon drilling and fracturing fluids said on Tuesday it presented shareholders with the $42 million takeover bid made by Trinity Capital Partners last month.
• Glentel Inc. (GLN). The company reported a decline in first-quarter profit hut in part by rise in taxes and amortization expenses. Net income for the period was $2.3 million, or 21 cents a share.
• Home Capital Group Inc. (HCG). The mortgage lender posted better-than-expected first-quarter profit, backed by a 31 percent increase in net interest income, and said it is targeting a 15 percent to 20 percent growth in earnings for 2010. Net income for the quarter was $41.7 million, or $1.20 cents per share, compared with $31.4 million, or 91 cents apiece, a year earlier.
• HudBay Minerals (HBM). The base metals miner swung to a first-quarter profit from a year-before loss, it said on Tuesday, helped by rebounding prices for copper and zinc, but was held back by the stronger Canadian dollar. The company earned $23.6 million, or 15 cents a share, compared with a year-before loss of $4 million, or 3 cents a share.
• IGM Financial Inc. (IGM). The company said mutual fund assets under management were $102.9 billion while assets under management were $123.4 billion at April 30, 2010.
• Intact Financial Corp. (IFC). The home and auto insurer on Wednesday posted a first-quarter profit, driven partly by strong underwriting performance across all lines of its business. The company’s net income for the quarter was $1.01 a share, compared with a loss of 30 cents a share, in the year-ago quarter.
• Killam Properties Inc. (KMP). The company reported a rise in funds from operations for the first-quarter helped by its same store NOI growth and said it sees selling between 40 and 60 homes in 2010.
• Kinross Gold (K). The miner’s net profit jumped 45 percent in the first quarter on stronger gold prices and said it was taking a 9.4 percent stake in Africa-focused Red Back Mining (RBI). Kinross said it has subscribed for 24 million shares of gold miner Red Back in a private placement, at a total cost of $600 million.
• Labopharm Inc. (DDS). The drugmaker on Wednesday reported a steeper first-quarter loss as foreign exchange fluctuations and lower product sales hurt the company. The company posted a loss of 13 cents a share, compared with a loss of 14 cents a share, a year earlier.
• MDC Partners Inc. (MDZa). The company reported a loss for the first-quarter hurt in part by the timing of client wins and losses and its planned investment in talent.
• Miranda Technologies Inc. (MT). The broadcast equipment maker on Wednesday posted a surprise first-quarter loss, hurt by foreign exchange losses and the company remained uncertain about the recovery in the market. The company’s net loss was 7 cents a share, compared with a net income of 5 cents a share, a year ago.
• Morguard Corp. (MRC). The company reported a decline in first-quarter results hurt by stronger Canadian dollar. Net income for the period was $4.5 million, compared with $4.8 million, a year ago.
• NAL Oil & Gas Trust (NAE_u). The company posted a surprise jump in first-quarter profit, helped by a 26 percent increase in production, and backed its earlier 2010 outlook. For the quarter, NAL earned $29.3 million, or 21 cents per unit, compared with $4.7 million, or 5 cents a piece a year ago.
• Paramount Energy Trust (PMT_u). The company said it is raising $60 million through a bought deal and the net proceeds will be used to repay debt.
• Pareto Corp. (PTO). The company on Wednesday reported a higher first-quarter profit helped by strong organic growth and performance from its recent acquisition of Direct Sales Force. The company reported earnings of $0.023 a share, compared to $0.015 a share in Q1 2009.
• Pason Systems Inc. (PSI). The provider of specialized rental oilfield instrumentation systems posted first-quarter profit that marginally beat estimates, helped by a recovery in the drilling industry, and raised its semi-annual dividend 14 percent. The company posted net income of $8.4 million, or 10 cents a share, compared with net income of $4.9 million, or 6 cents a share, a year ago.
• Penn West Energy Trust (PWT_u). The company on Wednesday posted a first-quarter profit, helped by higher crude oil prices, and said there have been no changes to its prior forecast. The company’s net income was 18 cents per trust unit, compared with a net loss of 25 cents per trust unit, in the year ago.
• Public Storage Canadian Properties (PUB). PS Canada Company ULC said it plans to make an offer to acquire the company at a price of $17 per unit in cash.
• SFK Pulp Fund (SFK_u). The company reported a decline in first-quarter loss helped by favorable market conditions, increased pulp production and cost reduction program. Net loss was $1.2 million, or 1 cent a share, compared with $15.1 million, or 17 cents a share, a year ago.
• Talisman Energy Inc. (TLM). The independent oil exploration company on Wednesday posted a lower first-quarter profit but still beat market expectations, helped by higher oil prices. The company posted net income of 22 cents per share, down from 45 cents per share, in the first quarter of 2009.
• Torstar Corp. (TSb). The publisher of Canada's biggest daily newspaper said on Wednesday it posted a first-quarter profit, helped by lower costs and improved results from its newspaper and digital segment. The company earned 9 cents a share, in the three months to the end of March.
• Zenn Motor Co. (ZNN). The company said CFO Lawrence Schreiner has resigned and has initiated a search for his replacement.
CORPORATE EVENTS
08:15 Torstar Corp. (TSb). Q1 earnings conference call
08:30 Labopharm Inc. (DDS). Q1 earnings conference call
09:00 Enbridge Inc. (ENB). Q1 earnings conference call
09:00 Primaris Retail REIT (PMZ_u). Q1 earnings conference call
10:00 Cott Corp. (BCB). Q1 earnings conference call
10:00 Davis + Henderson Income Fund (DHF_u). Q1 earnings conference call
10:00 HudBay Minerals Inc. (HBM). Q1 earnings conference call
10:00 Intact Financial Cor. (IFC). Q1 earnings conference call
10:00 Killam Properties Inc. (KMP). Q1 earnings conference call
10:30 Aecon Group Inc. (ARE). Q1 earnings conference call
10:30 Home Capital Group Inc. (HCG). Q1 earnings conference call
10:30 Talisman Energy Inc. (TLM). Q1 earnings conference call
11:00 Pason Systems Inc. (PSI). Q1 earnings conference call
11:00 Whiterock REIT (WRK_u). Q1 earnings conference call
11:30 Agrium Inc. (AGU). Q1 earnings conference call
11:30 Industrial Alliance Insurance and Financial Services Inc. (IAG). Q1 earnings conference call
12:00 Penn West Energy Trust (PWT_u). Q1 earnings conference call
14:00 Miranda Technologies Inc. (MT). Q1 earnings conference call
15:30 Dundee Precious Metals Inc. (DPM). Q1 earnings conference call
16:30 Onex Corp. (OCX). Q1 earnings conference call
16:30 TELUS Corp. (T). Q1 earnings conference call
17:00 Linamar Corp. (LNR). Q1 earnings conference call
17:00 MacDonald, Dettwiler and Associates Ltd. (MDA). Q1 earnings conference call
17:00 Superior Plus Corp. (SPB). Q1 earnings conference call
09:00 Domtar Corp. (UFS). Shareholders meeting
10:00 Kinross Gold Corp (K). Shareholders meeting
10:00 MMiranda Technologies Inc. (MT). Shareholders meeting
10:00 Torstar Corp. (TSb). Shareholders meeting
10:30 Genworth MI Canada Inc. (MIC). Shareholders meeting
11:00 Labopharm Inc. (DDS). Shareholders meeting
11:00 Loblaw Companies Ltd. (L). Annual meeting of shareholders
13:00 Emera Inc. (EMA). Annual meeting of shareholders
13:00 TELUS Corp. (T). Shareholders meeting
14:00 Brookfield Asset Management Inc. (BAMa). Shareholders meeting
14:00 Industrial Alliance Insurance and Financial Services Inc. (IAG). Annual general meeting
15:30 Enbridge Inc. (ENB). Shareholders meeting
16:00 Superior Plus Corp. (SPB). Annual meeting of shareholders
16:30 Lake Shore Gold Corp. (LSG). Annual meeting of shareholders
16:30 MacDonald, Dettwiler and Associates Ltd. (MDA). Annual meeting of shareholders
17:00 Petrolifera Petroleum Ltd. (PDP). Annual meeting of shareholders
ANALYST RECOMMENDATIONS
• Black Diamond (BDI) rating cut to market perform from outperform at Raymond James
• Canelson Drilling (CDI) started with overweight rating; price target of $4 at Thomas Weisel
• Ram Power (RPG) price target cut to $4.35 from $4.70; rating outperform at Raymond James
EXDIVIDENDS
• Fortis Inc. (FTS). Amount $0.28
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
BREAKINGVIEWS - Oil watchdogs slept beside banking brethren
Regulators are often accused of being in bed with industry -- even literally when it comes to the oil sector. The BP spill fiasco suggests they trusted tiny track records and deferred to Big Oil on the safety of pioneering technology. Bankers aren't the only ones who need sterner oversight.
Officials at the Minerals Management Service, the agency within the U.S. Department of the Interior that oversees the oil sector, have occasionally taken intimacy with the industry to extremes. A 2008 investigation reported that some of them had engaged in illicit sex with oil employees, among other transgressions.
Indications that the watchdog tamely dropped concerns about safety equipment in deep-sea wells are less salacious but are turning out to be far more embarrassing. The failure to kick up a fuss after concluding in a 2004 report that the industry was ill-prepared to seal off wells after blowouts smacks of regulatory capture.
The shortcomings echo similar problems exhibited by banking regulators. For example, the MMS has been forced to judge the safety of ultra-deep-sea drilling from a wafer-thin sample size, just as was the case when evaluating complex derivatives.
By the end of 2007, a mere 15 rigs in the Gulf of Mexico were drilling for oil in 5,000 feet of water or more -- as was BP's ill-fated Deepwater Horizon. With such a short record, it makes sense to err on the side of caution. Yet the agency did not force the industry to beef up the blowout controls it felt were unreliable.
Even if the BP spill turns out to have been due to human error, it still makes sense to insist on stronger shear rams, which cut off gushing oil pipes, and remote-control shut-off switches.
Sitting inside the Interior Department makes the MMS inevitably political. A drill-baby-drill culture seems to have pervaded, with the goal of energy independence paramount. Outgoing directors have couched their record in terms of expanding production. The BP spill is a reminder that forceful oilmen should be met by a more vigilant watchdog.
CONTEXT NEWS
-- Federal oil industry regulators failed to insist on new restrictions after a 2004 report that cast doubt on whether an important piece of oil-drilling safety equipment worked in deep water wells, according to the Wall Street Journal.
-- Shear rams cut off oil and gas wells after a problem has occurred by pinching the pipe closed and shutting it. The 2004 report by the Minerals Management Service, which regulates the offshore drilling industry questioned whether existing shear rams would be strong enough to close pipes in ultra-deep wells.
-- Some experts have suggested these rams may have failed to work in the BP's Deepwater Horizon well.
--- 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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© 2010 Thomson Reuters. All rights reserved. This content is the intellectual property of Thomson Reuters and its affiliates. Any copying, distribution or redistribution of this content is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
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, MAY 4, 2010, CANADIAN EDITION
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TOP NEWS
• Suncor Q1 operating profit beats market view
• Thomson Reuters Q1 profit beats
• BP fights oil spill with welding torches, cash
• Pfizer Q1 profit beats, forecast unhurt by reform
• Merck Q1 profit beats, but 2010 forecast cautious
BEFORE THE BELL
Toronto’s main stock index could open lower on Tuesday as investors fret over whether Greece could make deep spending cuts ahead of key company results from both sides of the border. Wall Street is also set for a lower open. Investors will be closely watching further development on Wall Street reform bill as voting begins in the Senate. Separately, Treasury Secretary Timothy Geithner testifies before a Senate Finance Committee hearing on a proposed fee for financial institutions on TARP. European stocks fell sharply as mounting doubts over Greece’s bailout and fear of contagion to other euro zone countries rattled investors. Asian markets outside Japan were lower with China's key stock index shedding 1.23 percent on concerns over further tightening of monetary policy. Gold hit five-month highs, while copper tumbled to two-month lows. Crude oil prices fell by more than US$1 a barrel, ahead of data expected to show a rise in U.S. crude and fuel stocks.
COMPANIES REPORTING RESULTS
• Bell Aliant Regional Communications Income Fund (BA_u). Expected to report Q1 earnings of 47 cents a share, according to Thomson Reuters I/B/E/S
• Cameco Corp. (CCO). Expected to report Q1 earnings of 24 cents a share
• Davis + Henderson Income Fund (DHF_u). Expected to report Q1 earnings of 42 cents a share
• Emera Inc. (EMA). Expected to report Q1 earnings of 60 cents a share
• Home Capital Group Inc. (HCG). Expected to report Q1 earnings of $1.14 cents a share
• HudBay Minerals Inc. (HBM). Expected to report Q1 earnings of 24 cents a share
• Killam Properties Inc. (KMP). Expected to report Q1 earnings of 13 cents a share
• Kinross Gold Corp. (K). Expected to report Q1 earnings of 17 U.S. cents a share
• Loblaw Cos. Ltd. (L). Expected to report Q1 earnings of 44 cents a share
• NAL Oil & Gas Trust (NAE_u). Expected to report Q1 earnings of 7 cents a share
• Pason Systems Inc. (PSI). Expected to report Q1 earnings of 9 cents a share
• Primaris Retail REIT (PMZ_u). Expected to report Q1 earnings of 6 cents a share
• Uni-Select (UNS). Expected to report Q1 earnings of 44 cents a share
STOCKS TO WATCH THIS MORNING
• Absolute Software Corp. (ABT). The data protection software company narrowed loss for its third quarter, but said it performed lower than its own expectations hurt by a slowdown in sales growth. However, the company said its fourth quarter is off to a strong start and it is optimistic about its outlook for fiscal 2011.
• Agnico-Eagle Mines (AEM). The company may raise its shareholder dividend when it sets its 2011 budget in December, as the company tries to attract a wider pool of shareholders, its CFO said on Monday.
• Brookfield Real Estate Services Fund (BRE_u). The company’s first-quarter income more than tripled, helped by increase in home sale activity, and said the housing market is poised to moderate in 2010. The company earned 13 cents per unit, compared with 4 cents per unit, a year earlier.
• Capstone Mining Corp. (CS). The company said production at its Minto copper-gold mine in the Yukon has returned to normal levels following the resolution of issues with the tailings plant.
• CI Financial Corp. (CIX). The company said on Monday net sales in April was $43 million and assets under management were $68.5 billion, as at April 30, 2010.
• Fairborne Energy Ltd. (FEL). The oil and natural gas company posted a first-quarter profit that topped market estimates, helped by lower operating and transportation costs. Net income for the period was $3.8 million, or 4 cents a share.
• Franconia Minerals Corp. (FRA). The company on Tuesday said it increased its ownership at Birch Lake to 70 percent and said it may earn up to an 82 percent interest in the project by exercising a further option.
• Mercer International Inc. (MRIu). The company posted a narrower first-quarter loss, helped by strengthening pulp markets. For the quarter net loss was 7.5 million euros, or 21 euro cents a share, compared with a net loss of 39.4 million euros, or 1.08 euros a share, a year ago.
• Ritchie Bros. Auctioneers Inc. (RBA). The company on Tuesday reported a lower first-quarter profit, when compared to a year ago period, on decreased auction proceeds and also declared quarterly cash dividend of 10 U.S. cents per common share payable on June 11, 2010 to shareholders of record on May 21, 2010.
• Stella-Jones Inc. (SJ). The wood utility poles maker on Tuesday reported a 25 percent decline in first-quarter profit, hurt by softer pricing and weaker railway tie sales, and said it expects demand levels to remain similar to last year. The company’s net income was 46 cents a share, compared with 61 cents a share, a year ago.
• Suncor Energy Inc. (SU). Canada's No. 1 energy company posted a first-quarter profit the beat market expectations, helped by additional production from its acquisition of Petro-Canada and higher crude oil prices. Net income for the quarter was $716 million, or 46 cents per share.
• Thomson Reuters Corp. (TRI). The news and data provider on Tuesday reported a lower first-quarter profit, reflecting the lingering effects of the financial crisis on sales to its business and legal clients. The company’s adjusted earnings per share fell to 36 U.S. cents from 40 U.S. cents per share in the same quarter last year.
• WestJet Airlines Ltd. (WJA). The company on Tuesday reported first-quarter net earnings of $13.8 million, or 10 cents per share, compared to $37.4 million, or 29 cents a share a year ago. The company posted total revenue of $619.8 million for the quarter.
• Yamana Gold (YRI). The miner’s first-quarter revenue jumped 62 percent on higher gold prices and rising production, but its profit eased due to a huge foreign exchange gain in the year-before period. Yamana reaffirmed its expected 2010 production of 1.0 million to 1.1 million gold equivalent ounces this year.
CORPORATE EVENTS
08:30 Cott Corp. (BCB). Shareholders meeting
09:00 Boralex Power Income Fund (BPT_u). Q1 earnings conference call
09:00 Fortis Inc. (FTS). Shareholders meeting
09:30 Suncor Energy Inc. (SU). Q1 earnings conference call
10:00 Mercer International Inc (MRIu). Q1 earnings conference call
10:00 Stella-Jones Inc. (SJ). Shareholders meeting
10:00 WestJet Airlines Ltd. (WJA). Q1 earnings conference call
11:00 Boralex Power Income Fund (BPT_u). Shareholders meeting
11:00 Loblaw Cos. Ltd. (L). Q1 earnings conference call
11:00 Ritchie Bros. Auctioneers Inc. (RBA). Q1 earnings conference call
12:30 Suncor Energy Inc. (SU). Shareholders meeting
13:00 Coalcorp Mining Inc. (CCJ). Q1 earnings conference call
13:00 Stella-Jones Inc. (SJ). Q1 earnings conference call
14:00 Brookfield Real Estate Services Fund (BRE_u). Q1 earnings conference call
15:00 Emera Inc. (EMA). Q1 earnings conference call
15:00 Uni-Select Inc. (UNS). Q1 earnings conference call
17:30 NAL Oil & Gas Trust (NAE_u). Q1 earnings conference call
ANALYST RECOMMENDATIONS
• Alange Energy (ALE) price target cut to 45 cents from 60 cents; rating market perform at Raymond James
• Iteration Energy (ITX) price target raised to $1.83 from $1.4 at Genuity
• Shaw Communications (SJRb) price target cut to $19 from $21 at Genuity
• Wescast Industries (WCSa) price target raised to $9.5 from $8.75 at Genuity
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
IMF's dilemma: Help Greece, avoid villain label
The International Monetary Fund walks a delicate line in crafting an economic bailout for Greece that can restore the country's fiscal credibility without stirring old resentments over tough loan conditions.
Past IMF efforts in other regions, including Latin America and Asia, were often seen as heavy-handed and tone-deaf to the privations forced on ordinary citizens.
To some extent, the jury is still out in Greece as well.
Protests in Athens that continued on Monday blasted an alleged "IMF junta," threatened broader strikes and said IMF conditions will result in "asphyxiation" of the Greek people.
Certainly the IMF's 30-billion-euro (about US$40 billion) contribution comes with strings, as will 80 billion euros the rest of the European Union will put up over three years. But analysts note there are signs of generosity in it too.
For example, the aid is approaching 40 times the size of Greece's quota at the IMF, an unprecedented level of access to the IMF's resources and evidence of the global lender's seriousness about helping the debt-stricken country.
"The IMF clearly recognizes that a Greek debt default could have ripple effects on other vulnerable economies in the region and has the potential to spread to other regions as well," said Eswar Prasad, a senior fellow at Brookings Institution.
One problem the IMF faces is limited room for maneuver -- currency devaluation to spur trade is not an option since Greece is a member of the single-currency euro zone and much public spending has been cut.
That's why the IMF said Sunday that fiscal adjustment "must be the cornerstone of the program."
PAIN CAN TURN TO COLLAPSE
Simon Johnson, former IMF chief economist, said the Fund is in a tough position. "You don't make yourself popular by calling for or implementing big fiscal adjustments, but if you don't do so in this case, then Greece will simply collapse."
The public sector is heavily targeted for more reductions, including for wages and entitlements like pensions. Military spending also will fall, but Johnson and other analysts said the IMF had little choice except to call for the cuts.
He blamed European foot-dragging for making the problem more severe and forcing a much larger bailout than might have been required if the European Union had stepped up with a rescue package for its fellow member three months ago.
"The EU has shown itself bankrupt morally and politically and now also economically, at least on the periphery, and so a day of reckoning has appeared," Johnson said.
Prasad similarly called it regrettable that Greece's crisis was allowed to drag on to the point that financial markets lost confidence in the country's ability to handle its finances and forced borrowing costs steeply higher.
"What has happened now is that the IMF has bought Greece about one year of breathing space," Prasad said. But he added that forcing an extra 11 percent of fiscal tightening on top of 5 percent already initiated will cause "enormous pain."
Michael Mussa, a senior fellow at the Peterson Institute for International Economics and an IMF veteran, said getting Greece back to a point where it can once again borrow privately will be a protracted task.
"Once the situation lingered to the point that confidence was lost, it became necessary to have an official financing program that lets them roll over their debt for the next two to three years without accessing private markets," he said.
MAY NOT AVOID DEBT RESTRUCTURE
Mussa added that it was far from clear whether Greece can return to markets without having to restructure its current debt load -- making investors suffer losses. "It's going to be a very near thing. The margin is not going to be large."
Domenico Lombardi, a senior fellow at the Brookings Institution, noted that the IMF did incorporate lessons from past Asian bailout programs in its Greek effort, notably by saying that spending on social safety net programs should not be unduly cut.
He too said the IMF had been dealt a poor hand by Europe.
"The European countries should have taken ownership of the Greek crisis and not externalized the cost of it to the international community as it effectively has done by involving the IMF," Lombardi said.
The IMF said that in its efforts to design a support program for Greece, the issue of restructuring its debt was never discussed. But Lombardi and others expressed skepticism that it will not eventually be put on the agenda.
"I believe that restructuring will be an option on the table as Greeks come to grips with just how painful it is going to be to implement fiscal discipline in a deflationary economic environment," Lombardi said.
--- Glenn Somerville, Reuters
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© 2010 Thomson Reuters. All rights reserved. This content is the intellectual property of Thomson Reuters and its affiliates. Any copying, distribution or redistribution of this content is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
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, MAY 3, 2010, CANADIAN EDITION
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TOP NEWS
• UAL, Continental to form world's largest airline
• U.S. presses BP to stop gushing Gulf Coast oil leak
• Warburg Pincus, Silver Lake to buy IDC
• Loews posts Q1 profit on higher investment income
• CapitalSource posts wider Q1 loss
BEFORE THE BELL
Firmer commodity prices could lift Toronto's main stock index on Monday, but gains could be limited by concerns about the oil spill in the U.S. Mining stocks could be in focus after Australian government said it planned to slap a 40 percent tax on mining profits as commodity prices soar. With no economic data set for release, investors will keep a tab on Wall Street, which is also set for higher open on news that UAL Corp will buy Continental Airlines to form the world's largest airline. European shares edged lower on concerns that a massive bailout package for Greece may face political obstacles and on doubts that Athens can implement tough austerity measures agreed in exchange for aid. Asian equities fell after China on Sunday increased the amount that lenders must keep in reserve at the central bank as it struggles to temper inflationary pressures, its third such move this year. Markets in the United Kingdom, China and Japan are among those that are closed today. Oil was up 0.42 percent at US$86.51 a barrel. Gold rose to hit a new 2010 highs to trade at US$1181.95 an ounce.
COMPANIES REPORTING RESULTS
• Absolute Software (ABT). Expected to report Q3 loss of 3 cents a share, according to Thomson Reuters I/B/E/S
• BPO Properties Ltd. (BPP). Expected to report Q1 earnings of 17 cents a share
• Enbridge Income Fund (ENF_u). Expected to report Q1 earnings of 16 cents a share
• Mercer International (MRI_u). Expected to report Q1 earnings of 12 U.S. cents a share
• Parkland Income Fund (PKI_u). Expected to report Q1 earnings of 13 cents a share
STOCKS TO WATCH THIS MORNING
• Akita Drilling Ltd. (AKTa). The company reported on Friday a decline in first-quarter results hurt by weak market conditions. Net earnings for the period was $1 million, or 6 cents a share, compared with $3.9 million, or 21 cents a share, a year ago.
• Bellamont Exploration Ltd. (BMXa). The oil and gas company said it raised its year-end production outlook by 8 percent, citing a $5 million increase in its 2010 capital budget and successful drilling so far in the year.
• Cathay Forest Products Corp. (CFZ). The company reported a narrower fourth-quarter loss helped in part by increase in volumes in trading revenue. Revenue for the period rose 28.3 percent to $11.1 million.
• Co-operators General Insurance Co. (CCS_pc). The company reported a profit for the first-quarter versus a loss for the same period, a year ago, helped in part by mild winter and improved investment environment.
• Goldcorp (G). Shares in the miner could climb since they have been trading at 1.5 times net asset value over the past year, compared to the industry average of 1.75 times, Barron's said on Sunday.
• Immunotec Inc. (IMM). The company said it acquired assets from licensee in Mexico in connection with the distribution of the company's products in Mexico.
• Kingsway Financial Services Inc. (KFS). The property and casualty insurer said Pennsylvania Insurance Department has filed a notice of appeal to Pennsylvania Supreme Court relating to the Commonwealth Court of Pennsylvania's decision to dismiss all claims against Kingsway and Kingsway America Inc challenging the disposition of Lincoln General Insurance Co. The Commonwealth Court had previously confirmed that the disposition of Lincoln did not violate Pennsylvania insurance laws and did not require department approval. Kingsway said it will oppose the appeal.
• McGraw-Hill Ryerson Ltd. (MHR). The company reported a narrower first-quarter loss helped in part by increase in sales from school and higher education divisions and improved margins.
• The Bank of Nova Scotia (BNS). A unit of the bank, Scotiabank de Puerto Rico, acquired the operations of R-G Premier Bank of Puerto Rico. The acquisition was US$5.6 billion in assets including US$5.3 billion in loans and US$2.2 billion in deposits.
• TransCanada Corp. (TRP). Canada's energy sector will have to wrestle with a period of oil pipeline overcapacity, but TransCanada’s new Keystone system won't be affected, executives said on Friday. The first 435,000 barrel a day phase of TransCanada's Keystone system is due to start shipping crude to southern Illinois in June. Also, the company reported first-quarter net income dropped 11 percent to $296 million, or 43 cents a share, from year-earlier $334 million, or 54 cents a share.
CORPORATE EVENTS
11:00 Red Back Mining Inc. (RBI). Q1 earnings conference call
15:30 Enbridge Income Fund (ENF_u). Annual and special meeting of unitholders
16:00 Parkland Income Fund (PKI_u). Annual and special meeting
17:00 Absolute Software Corp. (ABT). Q3 earnings conference call
17:00 Greystar Resources Ltd. (GSL). Annual general meeting
ANALYST RECOMMENDATIONS
• Breakwater Resources (BWR) price target raised to $0.60 from $0.50; rating outperform at Raymond James
• Parex Resources (PXT) rating raised to outperform from market perform at Raymond James
• RioCan REIT (REI_u) rating raised to outperform from market perform at Raymond James
EXDIVIDENDS
• Asian Television Network International Ltd. (SAT). Amount $0.01
• Indigo Books & Music Inc. (IDG). Amount $0.11
• United Corporations Ltd. (UNC). Amount $0.20
Note: All values in Canadian currency, unless otherwise stated
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INSIGHT
Greek bailout reduces risk, unlikely to end crisis
A 110 billion euro (US$147 billion) plan to bail out Greece reduces the risk of a debt default this year but is unlikely to end the crisis of confidence shaking weak economies on Europe's periphery.
Euro zone governments and the International Monetary Fund now appear set to overcome remaining political obstacles and extend emergency loans to Greece in time for it to redeem 8.5 billion euros of maturing bonds on May 19.
But it will not be clear for many months, possibly years, whether the government of Prime Minister George Papandreou, facing strikes by angry unions, can push through and maintain the austerity steps it has promised in exchange for the bailout.
It is also unclear if the uncompetitive Greek economy, mired in a recession that is expected to last into 2011, can survive the austerity and remain in the euro zone, where it is unable to devalue its currency or control its own interest rates.
If the Greek recovery plan falters, other highly indebted euro zone states such as Portugal, Spain and Ireland could risk losing their access to the financial markets, presenting the euro zone with a bigger challenge.
"There have been several examples of countries successfully enacting fiscal adjustments of this size, so economically it can be done," said Alberto Alesina, a professor at Harvard University.
"But in most of these cases the economy reacted well and grew during the adjustment process. The Greek economy is very weak so this is a big question mark."
TARGETS
Several analysts said Greece's new targets for cutting its debt appeared more realistic than a plan agreed earlier this year with the European Union.
The new plan includes tougher government spending cuts but because of the weakness of the economy, it gives Greece two more years, until 2014, to bring its budget deficit under the EU's ceiling of 3 percent of gross domestic product.
"It is clearly a tough programme, impressive in every respect," said Erik Nielsen of Goldman Sachs.
But sustaining the austerity measures, which include salary and pension reductions for the public sector, tax hikes and a rise in the retirement age, may hinge on the support of a public which is already outraged at corrupt politicians whom they hold responsible for the crisis.
Although parliamentary committees are investigating several scandals, no politician has yet been brought to justice.
"Society's tolerance depends on whether by end-June they see some results, the picture is better and the deficit is reduced," said Costas Panagopoulos, head of ALCO pollsters in Athens.
"But to limit the social explosion the government must satisfy the feeling of social justice, people should not feel they are the only ones who pay."
Opinion polls show people increasingly oppose austerity and disapprove of the government's handling of the crisis, although support for Papandreou personally is high.
If the austerity programme is sustained, it will deal a heavy blow to Greek companies, including banks. Greek bank shares have tumbled 26 percent this year, although they have not quite reached lows hit during the global financial crisis early last year.
Greece's international backers are clearly concerned about the impact on banks; EU and IMF officials said the Greek government would provide liquidity to the banking sector and also create a fund to guarantee banks' solvency.
To help return the economy to growth, Papandreou has announced his intention to push reforms of Greece's labour markets, civil service and regulation. If successful, a crackdown on tax evasion could by itself improve Greece's budget balance by several percentage points, some economists estimate.
But these reforms could take years to be implemented and bear fruit. They will face challenges including an obstructive civil service and the old guard in Papandreou's Socialist party.
EURO ZONE
Another source of risk is political tensions within and among rich euro zone countries over how to handle debt crises in the zone. German public opinion in particular has been strongly against helping Greece.
Three months ago, a strong, explicit pledge of financial support for Greece might have calmed investors enough for Athens to retain its ability to raise funds from the markets, making such a huge bailout unnecessary.
Instead, governments bickered over terms of the bailout and the conditions required of Athens. They eventually reached an agreement in order to protect their single currency, but with less than three weeks to go before Greece's debt refinancing.
This suggests that if Greece continues to struggle and requires even more aid, it may not be forthcoming.
And economists estimate that if Portugal, Ireland and Spain eventually come to require similar three-year bailouts, the total cost could be some 500 billion euros. Politically, this would be very difficult for the euro zone.
The European Commission is to propose a permanent mechanism for handling such crises on May 12, possibly drawing on a German proposal for a European Monetary Fund. But actually creating the mechanism may require contentious changes to the European Union Treaty that would require many months.
--- Dina Kyriakidou and Andrew Torchia, 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.
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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© 2010 Thomson Reuters. All rights reserved. This content is the intellectual property of Thomson Reuters and its affiliates. Any copying, distribution or redistribution of this content is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world.
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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