• Accenture to cut 19,000 jobs, trims forecasts
Accenture said it would cut about 19,000 jobs and lowered its annual revenue and profit projections, the latest sign that the worsening global economic outlook was sapping corporate spending on IT services.
• Bombardier lifts 2025 financial targets amid strong business jet market
Canadian business jet maker Bombardier raised its 2025 revenue and free cash flow targets at its investor day, capitalizing on strong demand for private flights.
• TikTok CEO to face tough questions as support for US ban grows
TikTok's chief executive will face tough questions from lawmakers on Thursday who are convinced the Chinese-owned short video app should be barred for being a potential national security threat to the United States.
• Sanofi, Regeneron unveil 'blow-out' smoker's lung drug data
Sanofi's asthma drug Dupixent met all targets in a trial to treat "smoker's lung", potentially adding billions to the French drugmaker's growth prospects, but also underscoring a heavy reliance on its bestseller.
• Norway wealth fund to vote for labour rights motion at Starbucks AGM
Norway's $1.3 trillion wealth fund, one of the world's largest investors, will vote in favour of a shareholder motion calling on Starbucks to report on how it respects labour rights, the fund's manager said.
BEFORE THE BELL
Futures for Canada's main stock index were slightly up as bullion advanced but lower crude oil prices kept a lid on gains for the commodity-heavy bourse. Wall Street futures climbed, a day after the Federal Reserve hinted it was close to pausing its market-punishing interest rate hikes following the recent turmoil in the banking sector. European equities fell with lenders leading declines while Japan's Nikkei share average closed lower. The U.S. dollar headed for its longest losing streak in 2-1/2 years.
STOCKS TO WATCH
• Bombardier Inc: The Canadian business jet maker raised its 2025 revenue and free cash flow targets at its investor day, capitalizing on strong demand for private flights. Bombardier said in a statement it is now targeting more than $9 billion in annual revenue by 2025, up from an earlier objective for that year of about $7.5 billion. Bombardier's full-year revenue reached $6.9 billion in 2022. The company is now expected to generate more than $900 million in free cash flow, a closely watched metric, by 2025, up from earlier estimates of greater than $500 million. Bombardier also said it anticipates tripling its revenues from defense sales and services to more than $1 billion in the second half of the decade.
Oil spills and near misses: more ghost tankers ship sanctioned fuel
Many leading certification providers and engine makers that approve seaworthiness and safety have withdrawn their services from ships carrying oil from sanctioned Iran, Russia and Venezuela, as have a host of insurers, meaning there's less oversight of vessels carrying the flammable cargoes.
• AGF Management Ltd: RBC cuts target price to C$9 from C$9.50, stating that the company’s earnings per share for the first-quarter was below market estimates.
• Boyd Group Services Inc: National Bank of Canada raises rating to outperform from sector perform, following the company’s strong fourth-quarter results.
• ECN Capital Corp: National Bank of Canada cuts target price to C$4.5 from C$5, citing that the company missed its earnings forecast for the fourth-quarter and has a downgraded guidance for the upcoming quarter.
• Hammerhead Energy Inc: Atb Capital Markets initiates coverage with outperform rating, citing that the company will see a double-digit production growth and cash flow in the coming year.
COMPANIES REPORTING RESULTS
Aptose Biosciences Inc: Expected Q4 loss of 11 Canadian cents per share
Badger Infrastructure Solutions Ltd: Expected Q4 earnings of 26 Canadian cents per share
BRP Inc: Expected Q4 earnings of C$3.75 per share
Copperleaf Technologies Inc: Expected Q4 loss of 11 Canadian cents per share
dentalcorp Holdings Ltd: Expected Q4 earnings of 1 Canadian cent per share
Karora Resources Inc: Expected Q4 earnings of 9 Canadian cents per share
Knight Therapeutics Inc: Expected Q4 loss of 8 Canadian cents per share
MDA Ltd: Expected Q4 earnings of 4 Canadian cents per share
Mogo Inc: Expected Q4 loss of 10 Canadian cents per share
Orezone Gold Corp: Expected Q4 earnings of 3 Canadian cents per share
Sylogist Ltd: Expected Q1 earnings of 3 Canadian cents per share
Vitalhub Corp: Expected Q4 earnings of 3 Canadian cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
0830 dentalcorp Holdings Ltd: Q4 earnings conference call
0830 Knight Therapeutics Inc: Q4 earnings conference call
0830 MDA Ltd: Q4 earnings conference call
0830 Payfare Inc: Q4 earnings conference call
0900 BRP Inc: Q4 earnings conference call
0900 Sylogist Ltd: Q1 earnings conference call
1000 Karora Resources Inc: Q4 earnings conference call
1000 Logistec Corp: Q4 earnings conference call
1100 Mountain Province Diamonds Inc: Q4 earnings conference call
1400 Magnet Forensics Inc: Shareholders Meeting
1500 Mogo Inc: Q4 earnings conference call
1700 Aptose Biosciences Inc: Q4 earnings conference call
1700 Copperleaf Technologies Inc: Q4 earnings conference call
1700 GoGold Resources Inc: Annual Shareholders Meeting
Aecon Group Inc: Amount C$0.18
Lundin Mining Corp: Amount C$0.09
Maple Leaf Foods Inc: Amount C$0.21
Melcor Developments Ltd: Amount C$0.16
Wheaton Precious Metals Corp: Amount C$0.15
(All analysts' estimates are according to I/B/E/S Refinitiv data)