Market news LesAffaires.com

Canada Goose reported quarterly earnings that beat Wall Street forecasts. (Photo: 123RF)

News is essential

• Canada Goose beat expectations, with inflation having little impact on demand. Canada Goose reported quarterly revenue that beat Wall Street forecasts as wealthier consumers continued to buy its luxury coats, little affected by inflation hitting multi-decade highs.

• The Fed will raise rates even as inflation slows. The slowdown in US inflation may have opened the door for the Federal Reserve to slow the pace of future interest rate hikes, but policymakers have left no doubt that they will continue to tighten monetary policy until price pressures are completely eliminated.

• Washington is revising its stance on Chinese tariffs with Taiwan. Beijing’s military tactics toward Taiwan have led Biden administration officials to reconsider their position on removing some tariffs or possibly imposing other tariffs on Chinese goods.

• Disney overtakes Netflix in number of subscriptions and raises its prices. Walt Disney has surpassed Netflix with 221 million total subscriptions to its streaming service and announced it will raise prices for customers who want to watch Disney+ or Hulu ad-free.

• Google opposes self-regulatory body in India, Facebook says yes Google has serious reservations about creating a self-regulatory body for India’s social media industry to hear user complaints, though the report has been supported by Facebook and Twitter. Sources familiar with the talks told Reuters.

(Re)read all market news

Trends before the opening

Canada’s main stock index and Wall Street futures edged ahead after yesterday’s gains in U.S. markets as U.S. inflation slowed more than expected in July, reviving hopes that the Fed’s next rate hike will be less aggressive.

European stocks are down, dragged down by the mining sector. Chinese stocks ended the session higher yesterday, benefiting from the release of US inflation data.

The US dollar fell against most currencies.

Oil prices rose after the International Energy Agency raised demand growth forecasts for this year. Gold prices are falling.

Follow the headlines

Canada Goose: The Canadian retailer unveiled quarterly revenue that beat Wall Street forecasts as affluent consumers continued to buy its luxury coats, little affected by inflation hitting multi-decade highs. Canada Goose’s revenue was C$69.9 million in the first quarter, compared with C$56.3 million a year earlier, and analysts on average had expected C$62.6 million.

• Manulife Financial: Canada’s largest life insurer posted a second-quarter core profit that beat analysts’ forecasts, but profitability fell from a year earlier due to volatility that affected its wealth management division in Asia and COVID-19 restrictions. Manulife reported second-quarter core earnings of C$1.56 billion, or C$0.78 per share, compared with C$1.68 billion, or C$0.83 per share, a year earlier, when analysts on average had expected C$0.76 per share. The firm reported a 14% drop in core earnings from its global wealth and asset management division, due to lower fee income and assets under management, a 4.6% decline for its US division, higher inflation due to lower demand for certain insurance products, and a 2.5% decline in Asia. , due to lower sales, especially in Hong Kong and Japan.

recommendation

Andlauer Healthcare Group: TD Securities raised its target price to C$56 from C$51 after the company reported better-than-expected second-quarter results.

• ATS Automation Tooling System: Scotiabank raised its target price from C$55 to C$60 after the company reported very strong first-quarter results.

• Boyd Group Services: ATB Capital Markets raised its price target to C$250 from C$230 after the company reported better-than-expected second-quarter results on strong same-store sales.

• EAC: National Bank of Canada lowered its target price for the company from C$44 to C$38 due to a decline in its full-year 2023 operating income forecast.

• Sentara Gold: TD Securities cut its price target by C$10 to C$7.5 following the company’s disappointing second-quarter results due to the closure of the Oksut mine.

Key indicators on the agenda

No major indicators are expected today.

Publication of results

August 11

Algonquin Power and Utilities: Q2 earnings per share are forecast at US$0.15

Altus Group: Q2 earnings per forecast of CA$0.68

Canada Goose Holdings: Q1 loss forecast of C$0.61 per share

Canadian Tire Corporation: Q2 earnings per forecast of CA$3.61

CI Finance: Q2 earnings per forecast of CA$0.79

Dosebo: A loss of US$0.07 per share is forecast in Q2

ECN Capital: Earnings per share in Q2 are forecast at 0.09

Exchange Income: Q2 earnings per forecast of CA$0.61

Life Works: Q2 earnings per forecast of CA$0.19

Northland Power: Q2 earnings per forecast of CA$0.11

Park Lawn: Q2 earnings per share are forecast at US$0.29

Sandstorm Gold: Q2 earnings per share are forecast at US$0.05

Vermilion Strength: Q2 earnings per forecast of C$1.67

Wheaton Precious Metals: Q2 earnings per share are forecast at US$0.32

August 12

Dentalcorp Holdings: Q2 loss per share forecast C$0.01

MDA: Q2 earnings per forecast of CA$0.01

Corporate agenda

08:00 Africa Oil: Q2 earnings conference call

8:00 am Canadian Tire: Q2 earnings conference call

08:00 Docebo: Q2 earnings conference call

8:00 am Manulife Financial: Q2 Earnings Conference Call

08:30 Savaria: Q2 Results Conference Call

09:00 Badger Infrastructure Solutions: Q2 Earnings Conference Call

9:00 am Canada Goose Holdings: Q1 Earnings Conference Call

09:00 CI Financials: Q2 Earnings Conference Call

9:00 am Russell Metals: Q2 Earnings Conference Call

09:00 Stantec: Q2 earnings conference call

09:00 Stelco Holdings: Q2 Earnings Conference Call

10:00 am ATS Automation Tooling Systems: Annual General Meeting of Shareholders

10:00 AM Franco-Nevada: Q2 Earnings Conference Call

10:00 am Primo Water: Q2 Earnings Conference Call

10:00 am Tricon Residential: Q2 Earnings Conference Call

10:00 AM Wesdome Gold Mines: Q2 Earnings Conference Call

11:00 am Pleasant: Q2 Earnings Conference Call

11:00 am. Onex: Q2 Earnings Conference Call

11:00 am Pan American Silver: Q2 earnings conference call

11:00 am Pason Systems: Q2 Earnings Conference Call

12:00 pm Fortuna Silver Mines: Q2 Earnings Conference Call

5:00 pm Altus Group: Q2 Earnings Conference Call

5:30 pm ECN Capital: Q2 Earnings Conference Call

Coupon Secondment

iA Financial Corporation: amounting to C$0.67

Magna International: amounting to US$0.45

Sprot: amounting to C$0.25

TMX Group: amounting to CA$0.83

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

Leave a Comment