TOP NEWS
• Review of Alberta regulator's response to tailings leak shows poor communication
A third-party review of the Alberta Energy Regulator's (AER) handling of a months-long toxic tailings leak at Imperial Oil's Kearl oil sands mine has highlighted the need for clearer communication.
• Peloton zooms after striking global deal with yoga wear maker Lululemon
Peloton Interactive and Lululemon Athletica said on Wednesday they had entered into a five-year global partnership, sending Peloton's shares up 16.7% in aftermarket trading.
• UAW could expand strikes at Detroit Three on Friday
The United Auto Workers union could strike additional Detroit Three automotive facilities on Friday if there is no serious progress in labor negotiations, a source familiar with the talks said.
• US Senate, House hold procedural votes as partial government shutdown looms
With a partial shutdown of the U.S. government just three days away, the Democratic-controlled Senate is expected to take a procedural vote on Thursday on a bipartisan short term spending measure that has already been rejected by Republican House Speaker Kevin McCarthy.
• US SEC nearing settlement with Wall Street firms over WhatsApp probe -sources
The U.S. Securities and Exchange Commission (SEC) is finalizing settlements with around two dozen Wall Street firms to resolve investigations into record-keeping lapses, said two people with knowledge of the matter.
BEFORE THE BELL
Futures for Canada's main stock index were muted as oil prices dipped following a drop in crude stocks in the United States. Wall Street futures were steady ahead of crucial economic data, while investors awaited Federal Reserve Chair Jerome Powell's remarks during the day. European shares edged lower with all eyes on German inflation data. Japan's Nikkei share average suffered its biggest one-day percentage drop in a month over concerns that high U.S. interest rates could rattle investors. Gold prices were subdued, while the U.S. dollar weakened.
STOCKS TO WATCH
• Aurora Cannabis Inc, Canopy Growth Corp & Cronos Group Inc: Shares of marijuana companies gave back early gains on Wednesday after jumping following a U.S. Senate committee voted to advance a bill that would give legal cannabis-related companies a boost by allowing them to access banking system services. A bipartisan group of senators on the U.S. Senate Banking Committee voted to advance the Secure and Fair Enforcement Regulation Banking Act, also known as the SAFER Banking Act, which aims to protect banks offering financial services to legal marijuana companies. The bill now heads to the Senate floor. In volatile trading, the U.S.-listed shares of several cannabis firms rose immediately after the Senate vote. But most later reversed course and closed lower.
• Imperial Oil Ltd: A third-party review of the Alberta Energy Regulator's (AER) handling of a months-long toxic tailings leak at Imperial Oil's Kearl oil sands mine has highlighted the need for clearer communication. Imperial, a unit of Exxon Mobil, first spotted discolored water pooling near its Kearl site in May last year. The company informed the AER and local Indigenous communities, but failed to tell those communities the water contained tailings until February, after a second leak. Tailings, a toxic mining by-product containing water, silt, residual bitumen and metals, seeped from the site, angering local Indigenous communities who hunt and fish on the lands downstream from Canada's oil sands mines.
• Lucara Diamond Corp: The company said it had ended its gem sales agreement with HB Trading BV, a unit of HB Antwerp, in a move that could affect a deal between the Belgian trader and the government of Botswana. "Lucara exercised its right to terminate the agreement following a material breach of financial commitments by HB," the Toronto-listed miner said in a statement, without giving details. The two parties first entered into a diamond sales agreement in 2020, which was extended for 10 years in 2022. Under the deal, HB would buy stones of 10 carat quality and above from the Toronto-listed Lucara's Karowe Mine in central Botswana at prices based on the estimated polished value of each diamond.
ANALYSIS
US carbon capture pipeline setbacks reflect challenges in climate fight
A series of permit rejections for two high-profile carbon pipeline projects in the U.S. Midwest could bode poorly for carbon capture and storage (CCS) as a widespread solution to climate change, reflecting deep-seated public concern about its risks and environmental impacts.
ANALYSTS' RECOMMENDATION
• Enbridge Inc: JPMorgan cuts target price to C$56 from C$58, citing the funding for the Dominion gas utility acquisition, which was more expensive than pre-determined estimates.
• Peyto Exploration & Development: Stifel raises target price to C$17 from C$16, after the company acquired Repsol's Canadian unit which bolsters the company's drilling inventory.
• Teck Resources Ltd: B. Riley raises target price to C$78 from C$66, factoring the company's potential to capture higher prices in the Pacific basin.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Average weekly earnings yy for Jul: Prior 3.61%
COMPANIES REPORTING RESULTS
September 28:
Aritzia Inc: Expected Q2 loss of 4 Canadian cents per share
BlackBerry Ltd: Expected Q2 loss of 6 cents per share
September 29:
No major companies are scheduled to report for the day.
CORPORATE EVENTS (All timings in U.S. Eastern Time)
1000 D-Box Technologies Inc: Annual Shareholders Meeting
1000 Medicenna Therapeutics Corp: Annual Shareholders Meeting
1300 Andrew Peller Ltd: Annual Shareholders Meeting
1630 Aritzia Inc: Q2 earnings conference call
1730 BlackBerry Ltd: Q2 earnings conference call
EX-DIVIDENDS
Abc Technologies Holdings Inc: Amount C$0.03
Acadian Timber Corp: Amount C$0.29
Adf Group Inc: Amount C$0.01
Ag Growth International Inc: Amount C$0.15
Airboss of America Corp: Amount C$0.10
Altus Group Ltd: Amount C$0.15
Andlauer Healthcare Group Inc: Amount C$0.09
Andrew Peller Ltd: Amount C$0.06
ARC Resources Ltd: Amount C$0.17
Badger Infrastructure Solutions Ltd: Amount C$0.17
Bird Construction Inc: Amount C$0.03
Black Diamond Group Ltd: Amount C$0.02
Boyd Group Services Inc: Amount C$0.14
Bridgemarq Real Estate Services Inc: Amount C$0.11
BRP Inc: Amount C$0.18
Canacol Energy Ltd: Amount C$0.26
Canadian Banc Corp: Amount C$0.16
Canadian Pacific Kansas City Ltd: Amount C$0.19
Canlan Ice Sports Corp: Amount C$0.03
Capital Power Corp: Amount C$0.61
Cardinal Energy Ltd (Alberta): Amount C$0.06
CES Energy Solutions Corp: Amount C$0.02
Chesswood Group Ltd: Amount C$0.01
CI Financial Corp: Amount C$0.18
Dexterra Group Inc: Amount C$0.08
Dividend Select 15 Corp: Amount C$0.05
Doman Building Materials Group Ltd: Amount C$0.14
Dundee Precious Metals Inc: Amount $0.04
E-L Financial Corp Ltd: Amount C$3.75
Element Fleet Management Corp: Amount C$0.10
Exchange Income Corp: Amount C$0.21
Extendicare Inc: Amount C$0.04
First National Financial Corp: Amount C$0.20
FirstService Corp: Amount $0.22
Freehold Royalties Ltd: Amount C$0.09
Gamehost Inc: Amount C$0.03
Gibson Energy Inc: Amount C$0.39
goeasy Ltd: Amount C$0.96
Headwater Exploration Inc: Amount C$0.10
High Arctic Energy Services Inc: Amount C$0.00
IGM Financial Inc: Amount C$0.56
Information Services Corp: Amount C$0.23
Innergex Renewable Energy Inc: Amount C$0.18
K-Bro Linen Inc: Amount C$0.10
KP Tissue Inc: Amount C$0.18
Labrador Iron Ore Royalty Corp: Amount C$0.95
Laurentian Bank of Canada: Amount C$0.47
Martinrea International Inc: Amount C$0.05
McCoy Global Inc: Amount C$0.01
Medical Facilities Corp: Amount C$0.08
Mullen Group Ltd: Amount C$0.06
North West Company Inc: Amount C$0.39
Northland Power Inc: Amount C$0.10
Nutrien Ltd: Amount $0.53
Osisko Gold Royalties Ltd: Amount C$0.06
Park Lawn Corp: Amount C$0.11
Peyto Exploration & Development Corp: Amount C$0.11
PHX Energy Services Corp: Amount C$0.15
Pizza Pizza Royalty Corp: Amount C$0.07
Pollard Banknote Ltd: Amount C$0.04
Power Corporation of Canada: Amount C$0.52
PrairieSky Royalty Ltd: Amount C$0.24
Premium Brands Holdings Corp: Amount C$0.77
Rogers Sugar Inc: Amount C$0.09
Savaria Corp: Amount C$0.04
Secure Energy Services Inc: Amount C$0.10
Sienna Senior Living Inc: Amount C$0.07
Softchoice Corp: Amount C$0.11
Spin Master Corp: Amount C$0.06
Stantec Inc: Amount C$0.19
Storagevault Canada Inc: Amount C$0.00
Superior Plus Corp: Amount C$0.18
Surge Energy Inc: Amount C$0.04
Tamarack Valley Energy Ltd: Amount C$0.01
TC Energy Corp: Amount C$0.93
TerraVest Industries Inc: Amount C$0.12
TFI International Inc: Amount $0.35
Tidewater Midstream and Infrastructure Ltd: Amount C$0.01
Timbercreek Financial Corp: Amount C$0.05
Total Energy Services Inc: Amount C$0.08
Tree Island Steel Ltd: Amount C$0.03
Tricon Residential Inc: Amount $0.05
Vermilion Energy Inc: Amount C$0.10
Vox Royalty Corp: Amount $0.01
Whitecap Resources Inc: Amount C$0.04
Winpak Ltd: Amount C$0.03
WSP Global Inc: Amount C$0.37
(All analysts' estimates are according to I/B/E/S Refinitiv data) |
