CANADA CHATTER
PRE-OPEN
Canadaian index futures dipped as a fall in gold prices weighed on sentiment. In Asian equities, China’s stocks ended lower over fears of an economic slowdown, while Japan’s Nikkei ended higher, supported by upbeat corporate earnings. European shares rose as investors turned to defensive sectors such as healthcare and consumer staples. The U.S. dollar strengthened, while yuan weakened. Oil price
Canadaian index futures dipped as a fall in gold prices weighed on sentiment. In Asian equities, China’s stocks ended lower over fears of an economic slowdown, while Japan’s Nikkei ended higher, supported by upbeat corporate earnings. European shares rose as investors turned to defensive sectors such as healthcare and consumer staples. The U.S. dollar strengthened, while yuan weakened. Oil price
COMPANIES & NEWS
ECONOMIC EVENTS (EST)
0830 Manufacturing sales mm for June: Expected -0.9%; Prior -2.0%
0830 Wholesale trade mm for June: Expected 0.5%; Prior 1.6%
COMPANIES REPORTING
August 15:
Ivanhoe Mines Ltd: Expected Q2 earnings of 10 cents per share
K92 Mining Inc: Expected Q2 earnings of 5 cents per share
CORPORATE EVENTS (EST)
0830 K92 Mining Inc: Q2 earnings conference call
1030 Ivanhoe Mines Ltd: Q2 earnings conference call
EXDIVIDENDS
No major ex-divs on tap
Asante Gold Corporation. CSE: ASE), announced the appointment of Adriano Sobreira as Vice President, Operations. Asante has also appointed Juliet Manteaw-Kutin as General Counsel to lead the Company’s legal, compliance, ethics and governance functions.
Mr. Sobreira has 40 years’ international experience in the mining industry with extensive expertise delivering safety, cost and productivity initiatives. Prior to joining Asante, Adriano was Vice President and General Manager of Kinross’ Bald Mountain Mine in the USA and also served as Vice President and General Manager of the Chirano Gold Mine, which Asante recently acquired.
Mrs. Manteaw-Kutin brings over 17 years of legal experience in the mining and telecom industries to Asante. Prior to this appointment, Juliet was the Head of Legal, Corporate Affairs and Company Secretary of AngloGold Ashanti (Ghana) Limited where she demonstrated leadership to ensure a high standard of legal practices and governance by AngloGold Ashanti and its subsidiaries in Ghana. Juliet has served as Chairperson of the Legal and Legislative Committee of the Ghana Chamber of Mines. She is respected by her peers and is a sought-after conference speaker regarding mining and corporate governance.
Dave Anthony, President and CEO of Asante, stated, “We are very pleased to welcome Juliet and Adriano to the Asante team. The demonstrated strengths they bring to Asante support our initiatives to become a Tier-1 mining company in West Africa, with best in class corporate governance and operational excellence. Coming right on the heels of our acquisition of the Chirano Gold Mine, these new appointments position Asante to unlock value through synergies from Bibiani and Chirano mines.”
Trojan Gold Inc. (CSE: TGII), provides an update on its preliminary prospecting program at its 50% owned Hemlo South property, subject of the Company’s most recent 43-101 Technical Report.
As noted in the 43-101 Technical Report, the Hemlo South property is located approximately 330 km northeast of Thunder Bay, 33km east from the Town of Marathon and is approximately 2km south of the Hemlo operations of Barrick Gold Inc. (Williams Mine) and comprises a total area of approximately 1,876 hectares (4,636 acres). The Hemlo Gold camp has produced some 21 million oz. gold to date and has been operating for 30 years. Barrick recently extended the life of the Williams Mine to 2026-2035 (from 2018)[1].
The Hemlo ore zone that produced that resource is sericite-rich and carries pyrite, gold, and molybdenite. It is geochemically anomalous in silver, arsenic, barium, antimony, vanadium, and mercury. In addition, there is also a potential for conventional orogenic-type (or “greenstone-type”) gold mineralization to occur on the Hemlo South property. These types of gold deposits are currently being sought at Hemlo South under the supervision of Trojan’s on-site geologists, Ryan Hrkac and Pizye Nankamba.
Specifically, the Company is currently conducting the Phase 1 exploration program recommended in the 43-101 Technical Report with the exploration crew conducting a mapping program and taking soil and rock samples at the site of the Company’s 2020 Mobile Ion Geochemistry (“MIG”) Soil Orientation Survey, shown in Figure 2 (as well as other locations on the property).
Wi2Wi Corporation (TSXV: YTY), today announced its unaudited consolidated financial results for the quarter ending June 30, 2022. The company continues to execute on the fundamentals of its operations, while investing in research and development to best serve customers.
Key Financial Highlights
In Q2 FY22, Wi2Wi saw new inquiries for quotes from new and existing customers, including those in avionics, IIoT and healthcare. The company is investing heavily in R&D both internally and externally and anticipates a healthy book-to-bill ratio to continue in the coming months.
This quarter, revenue was $1.561 million. Gross profit decreased from $465,000 in Q2 FY21 to $128,000. The company’s cash management strategy remains effective, with $1.812 million in cash on hand.
“As we close out the first half of FY22, we are excited about the prospects on the horizon,” said Zachariah Mathews, Chief Executive Officer of Wi2Wi. “Our continued focus on R&D shows outstanding promise, and we are seeing increased bookings and interest from both new and existing customers. We look forward to welcoming Jason Grelowski, an experienced business executive and entrepreneur, to our board. Through these changes, we are confident our positive momentum will carry forward and that our book-to-bill ratio will continue to rise in the coming months.”
American Pacific Mining Corp (CSE: USGD). and Constantine Metal Resources Ltd. (TSXV: CEM)announce that they have entered into a definitive agreement (the “Definitive Agreement”) pursuant to which APM will acquire all of the issued and outstanding common shares of Constantine (the “Transaction”) in an all-share transaction, providing Constantine shareholders with an immediate upfront premium of 48.6% based on each company’s respective 20-day volume weighted average price (“VWAP”).
Barsele Minerals Corp. (TSXV: BME), announced that the Company intends to undertake a non-brokered private placement financing (the “Offering“) to raise gross proceeds of up to approximately $1,000,000 from the sale of up to 3,333,334 units (“Units“) at a price of $0.30 per Unit, with each Unit consisting of one common share of the Company (each, a “Share“) and one-half of one warrant (each whole warrant, a “Warrant“). Each Warrant will entitle the holder thereof to acquire one Share from the Company at a price of $0.45 per Share for a period of 24 months from closing of the Offering.
The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes.
The Offering is anticipated to close on or about August 23, 2022 (the “Closing Date”). The closing of the Offering is subject to certain conditions, including the approval of the TSX Venture Exchange and certain other conditions customary for a private placement of this nature. All securities issued pursuant to the Offering will be subject to a statutory four month and one day hold period from the Closing Date.
Euro Manganese Inc. (TSX-V and ASX: EMN), is pleased to announce key developments during the third fiscal quarter 2022 and to date. The Company has now filed its third quarter Financial Statements and Management’s Discussion and Analysis (“MD&A“).
Key Developments During and Subsequent to the Quarter:
Positive Feasibility Study (“FS”) announced for the Chvaletice Manganese Project (“the Project“). The FS outlines robust base case project economics of after-tax NPV8% of US1.34 billion and an ungeared IRR of 21.9% with a 4.1-year payback period. Initial capital is estimated at US$757.3 million, including total contingencies of $106.5 million. Forecast life of project net revenues are US$13.3 billion with an EBITDA of US$8.1 billion. Based on the price forecasts prepared by CPM Group LLC, a leading, independent commodities market research firm with expertise in high-purity manganese, the upside case shows an after-tax NPV8% of US$1.79 billion and an ungeared IRR of 24.1%.
A conversion rate of 99% Resources to Reserves supports a 25-year project life estimated to produce an annual average of 98,600 tonnes of high-purity manganese sulphate monohydrate (“HPMSM“), containing 32.34% Manganese (“Mn“), and 14,890 tonnes of high-purity electrolytic manganese metal (“HPEMM“), containing 99.9% Mn. HPMSM and HPEMM are critical raw-materials used in the production of most lithium-ion battery cathodes.
EMN is uniquely positioned to provide a secure, traceable, and responsibly produced supply of high-purity manganese products to capitalize on the growth in the European electric vehicle (“EV”) market.
The Company is currently in the process of preparing an Engineering, Procurement, Construction Management (“EPCM”) tender package for the next stage of project development. Tender release is anticipated to be in September 2022, with EPCM award anticipated by Q1 2023.
MediPharm Labs Corp. (TSX: LABS), a pharmaceutical company specialized in precision-based cannabinoids, today announced its financial results for the three and six months ended June 30, 2022.
Silver Hammer Mining Corp. (CSE: HAMR), is pleased to announce that the first drillhole of an 11-hole Phase II diamond drill program (“Phase II Drill Program”) has been completed at its past-producing Silver Strand Project in Idaho.
The Phase II Drill Program, which is utilizing the Company’s established underground drilling station, is focused on expanding known silver-gold mineralization further down-dip, while also testing the potential for additional mineralized chutes (see Figure 1). The Company has generated priority targets based on a drone supported magnetic survey, Phase I drilling results, and the integration of historical drilling data acquired from previous operators of the Silver Strand Project
The Phase II Drill Program, which is utilizing the Company’s established underground drilling station, is focused on expanding known silver-gold mineralization further down-dip, while also testing the potential for additional mineralized chutes (see Figure 1). The Company has generated priority targets based on a drone supported magnetic survey, Phase I drilling results, and the integration of historical drilling data acquired from previous operators of the Silver Strand Project
Turquoise Hill Resources Ltd. (TSX: TRQ), rejected an offer by majority shareholder Rio Tinto Ltd to buy the 49% stake it doesn’t already own for $2.7 billion, as it did not reflect the Canadian company’s full and fair value. After Rio Tinto’s bid in March, which the global miner hoped would clear the way to direct ownership of the massive Oyu Tolgoi copper-gold mining project in Mongolia, Turquoise Hill appointed an independent committee to determine if C$34 ($26.57) per share was in the best interest of minority shareholders. “Engagement between the parties has not resulted in a consensus on value and price or in any improved proposal from Rio Tinto,” Turquoise Hill said in a statement.
Crude prices fell by more than $4 a barrel this morning on concerns over demand in China, the world’s largest crude importer, and ahead of Iran’s response to a nuclear deal proposal which could raise the country’s oil exports. China’s economy unexpectedly slowed in July, while refinery output slipped to 12.53 million barrels per day, its lowest since March 2020, government data showed. ING bank cut their forecast for China’s 2022 GDP growth to 4% from 4.4% previously. It warned a further downgrade is possible, depending on the strength in exports which are suffering from high inflation, ongoing COVID-19 restrictions, and unemployment growth in mainland China. Oil supply could rise if Iran and the United States accept an offer from the European Union to revive the 2015 nuclear deal, which would remove sanctions on Iranian oil exports, analysts said.
ECONOMIC EVENTS (EST)
0830 Manufacturing sales mm for June: Expected -0.9%; Prior -2.0%
0830 Wholesale trade mm for June: Expected 0.5%; Prior 1.6%
COMPANIES REPORTING
August 15:
Ivanhoe Mines Ltd: Expected Q2 earnings of 10 cents per share
K92 Mining Inc: Expected Q2 earnings of 5 cents per share
CORPORATE EVENTS (EST)
0830 K92 Mining Inc: Q2 earnings conference call
1030 Ivanhoe Mines Ltd: Q2 earnings conference call
EXDIVIDENDS
No major ex-divs on tap
WORLD MARKETS
(07:46 EST)
US CHATTER
PRE-OPEN
Wall Street futures were in the red after China’s central bank in a surprise move cut key lending rates. In Asian equities, China’s stocks ended lower over fears of an economic slowdown, while Japan’s Nikkei ended higher, supported by upbeat corporate earnings. European shares rose as investors turned to defensive sectors such as healthcare and consumer staples. The dollar strengthened, while yuan weakened. Gold pric
COMPANIES & NEWS
Several major Wall Street banks have begun offering to facilitate trades in Russian debt in recent days, according to bank documents seen by Reuters, giving investors another chance to dispose of assets widely seen in the West as toxic.
Several major Wall Street banks have begun offering to facilitate trades in Russian debt in recent days, according to bank documents seen by Reuters, giving investors another chance to dispose of assets widely seen in the West as toxic.
The move to delist five Chinese state-owned enterprises (SOEs) from the New York Stock Exchange (NYSE) could pave the way for Beijing to strike an audit deal with the United States, ending a more than decade-old dispute, analysts and advisers said.
The Federal Reserve’s hawkish message on inflation registered quickly in U.S. housing markets this summer as mortgage rates shot up and home sales slowed.
Drugmakers are launching new medicines at record-high prices this year, a Reuters analysis has found, highlighting their pricing power even as Congress moves to cut the $500 billion-plus annual bill for prescription drugs in the United States.
Alphabet Inc: YouTube is planning to launch an online store for streaming video services, the Wall Street Journal reported on Friday. The company has renewed talks with entertainment companies about participating in the platform, which it is referring to internally as a “channel store”, the report said, citing people close to the recent discussions. The platform has been in the works for at least 18 months and could be available as early as this fall, the report added. With more consumers cutting the cord on cable or satellite TV and shifting to subscription-based streaming services, the planned launch will allow YouTube to join companies like Roku Inc and Apple in a bid to gain a portion of the already crowded streaming market.
AstraZeneca Plc: The company said a late-stage trial had confirmed the benefit of breast cancer drug Enhertu in patients with an advanced form of the disease who had been previously treated with another therapy. In a 600-patient trial called DESTINY-Breast02, Enhertu -developed with Japan’s Daiichi Sankyo – was compared against a treatment pre-determined by physicians in people with HER2-positive metastatic breast cancer. In the DESTINY-Breast02 study, Enhertu met the main goal of statistically significant and clinically meaningful improvement in progression-free survival, a measure of how long a person can live without their disease worsening. The drug also improved overall survival, a key secondary goal. The HER2 protein contributes to the growth and spread of breast cancer. About one in five patients with breast cancer are considered HER2-positive, according to AstraZeneca.
Bank of America Corp & New York Times Co: The New York Times has turned to Bank of America and law firm Sidley Austin LLP for advice on how to handle a potential board challenge from ValueAct Capital Management, according to people familiar with the matter. ValueAct, a San Francisco-based hedge fund, disclosed on Thursday that it owns a nearly 7% stake in the New York Times and argued the newspaper company could grow more quickly by aggressively marketing its all-access digital bundle that gives subscribers more than basic news. The Ochs-Sulzberger family controls the New York Times through dual-class shares that allow it to install nine directors on the company’s 13-member board. The structure of the board would give ValueAct scope to challenge the company for one of the other four board seats in a shareholder vote. In a regulatory filing on Thursday that disclosed its stake, the hedge fund said it would have discussions with the New York Times to see “whether it makes sense for a ValueAct Capital employee to be on the issuer’s board of directors.”
Boeing Co: A digital vulnerability in the computer systems used on some Boeing aircraft that could have allowed malicious hackers to modify data and cause pilots to make dangerous miscalculations has been fixed, security researchers said on Friday. Older versions of a digital tool used to calculate landing and take-off speeds on some aircraft could be tampered with by hackers with direct access to an “Electronic Flight Bag,” or EFB, a tablet device used by pilots to plan flights, cybersecurity firm Pen Test Partners said in a report. “If data modification occurs, and the resulting miscalculations are not detected during the crew’s required cross check or verification process, an aircraft could land on a runway too short, or take off at incorrect speeds potentially resulting in a tail strike or runway excursion,” said the report, which was presented at the DEF CON hacker convention in Las Vegas on Friday.
The Federal Reserve’s hawkish message on inflation registered quickly in U.S. housing markets this summer as mortgage rates shot up and home sales slowed.
Drugmakers are launching new medicines at record-high prices this year, a Reuters analysis has found, highlighting their pricing power even as Congress moves to cut the $500 billion-plus annual bill for prescription drugs in the United States.
Alphabet Inc: YouTube is planning to launch an online store for streaming video services, the Wall Street Journal reported on Friday. The company has renewed talks with entertainment companies about participating in the platform, which it is referring to internally as a “channel store”, the report said, citing people close to the recent discussions. The platform has been in the works for at least 18 months and could be available as early as this fall, the report added. With more consumers cutting the cord on cable or satellite TV and shifting to subscription-based streaming services, the planned launch will allow YouTube to join companies like Roku Inc and Apple in a bid to gain a portion of the already crowded streaming market.
AstraZeneca Plc: The company said a late-stage trial had confirmed the benefit of breast cancer drug Enhertu in patients with an advanced form of the disease who had been previously treated with another therapy. In a 600-patient trial called DESTINY-Breast02, Enhertu -developed with Japan’s Daiichi Sankyo – was compared against a treatment pre-determined by physicians in people with HER2-positive metastatic breast cancer. In the DESTINY-Breast02 study, Enhertu met the main goal of statistically significant and clinically meaningful improvement in progression-free survival, a measure of how long a person can live without their disease worsening. The drug also improved overall survival, a key secondary goal. The HER2 protein contributes to the growth and spread of breast cancer. About one in five patients with breast cancer are considered HER2-positive, according to AstraZeneca.
Bank of America Corp & New York Times Co: The New York Times has turned to Bank of America and law firm Sidley Austin LLP for advice on how to handle a potential board challenge from ValueAct Capital Management, according to people familiar with the matter. ValueAct, a San Francisco-based hedge fund, disclosed on Thursday that it owns a nearly 7% stake in the New York Times and argued the newspaper company could grow more quickly by aggressively marketing its all-access digital bundle that gives subscribers more than basic news. The Ochs-Sulzberger family controls the New York Times through dual-class shares that allow it to install nine directors on the company’s 13-member board. The structure of the board would give ValueAct scope to challenge the company for one of the other four board seats in a shareholder vote. In a regulatory filing on Thursday that disclosed its stake, the hedge fund said it would have discussions with the New York Times to see “whether it makes sense for a ValueAct Capital employee to be on the issuer’s board of directors.”
Boeing Co: A digital vulnerability in the computer systems used on some Boeing aircraft that could have allowed malicious hackers to modify data and cause pilots to make dangerous miscalculations has been fixed, security researchers said on Friday. Older versions of a digital tool used to calculate landing and take-off speeds on some aircraft could be tampered with by hackers with direct access to an “Electronic Flight Bag,” or EFB, a tablet device used by pilots to plan flights, cybersecurity firm Pen Test Partners said in a report. “If data modification occurs, and the resulting miscalculations are not detected during the crew’s required cross check or verification process, an aircraft could land on a runway too short, or take off at incorrect speeds potentially resulting in a tail strike or runway excursion,” said the report, which was presented at the DEF CON hacker convention in Las Vegas on Friday.
California Resources Corp: Kimmeridge Energy Management Company has amassed a stake in California Resources and is pushing the oil and gas producer to make changes that include selling some acreage to real estate developers, people familiar with the matter said. The energy-focused activist investment firm owns more than 3 million shares in California Resources, equivalent to about a 4% stake, and has been in talks with the company’s management in recent weeks about how to boost its valuation, the sources said. The ideas pushed by Kimmeridge include divesting California Resources’ Huntington Beach acreage in Orange County, which it believes could fetch around $800 million if sold for conversion to residential real estate, according to the sources. As well as helping California Resources reach its own net zero targets, the investor thinks the firm would be well placed to profit from the technology’s increased deployment in the state, due to the firm’s extensive land footprint and its in-depth knowledge of California’s geology, the sources added.
Carnival Corp: The company’s major cruise lines will drop mandatory COVID-19 testing for vaccinated guests and allow unvaccinated passengers to travel without an exemption in some cases, the company said on Friday. The decision affects Carnival Cruise, Princess Cruises and Cunard and follows a similar move by rival Norwegian Cruise Line Holdings Ltd earlier this week. Unvaccinated guests – who still have to present a negative COVID-19 result – no longer need to apply for an exemption except for Carnival Cruise’s sailings in Australia or on its voyages 16 nights and longer.
Inspired Entertainment Inc & PlayAGS Inc: Gaming equipment provider Inspired Entertainment has made a $370 million offer to acquire slot machine maker PlayAGS, people familiar with the matter said on Friday. Inspired has offered $10 per share in cash to acquire PlayAGS, the sources said. PlayAGS confirmed in a statement that it had received a proposal. It added that it did not accept it but remained in preliminary discussions about a potential deal. It cautioned that no transaction was certain. On an analyst call on Wednesday, Inspired Entertainment Chief Financial Officer Stewart Baker said the firm was actively looking at a number of M&A activities. “We are certainly willing to use capital for M&A if it’s something that strategically fits with what we are trying to do. And there seem to be a lot of things around right now presenting themselves as possibilities,” said Baker.
Kohl’s Corp: Activist hedge fund Starboard Value, which had offered to buy Kohl’s Corp for roughly $9 billion early this year, slashed its stake in the department store by more than 80% in the second quarter, according to a regulatory filing on Friday evening. Starboard sold 2.8 million shares during the quarter, leaving it with 535,029 shares on June 30. Starboard first invested in Kohl’s during the first quarter of 2022 and the firm owned 2.59% of the company’s stock, making it a top 10 holder. Investment managers are beginning to release their quarterly holdings before Monday’s so-called 13-F filing deadline which details what they owned in U.S.-based companies on June 30.
Novartis AG: The company said its canakinumab drug to help treat non-small cell lung cancer failed a phase III trial, the latest blow for the treatment which also fell short in a study last year. The drug, used as an adjuvant treatment, did not meet its primary endpoint of disease-free survival, the Swiss company said. Adjuvant treatments are additional cancer treatments after the primary one intended to lower the risk the cancer will return. “Consensus expectations for this high-risk project remained zero or low with the remaining market exclusivity for canakinumab limited until 2028,” said Zuercher Kantonalbank analyst Laurent Flamme.
Six Flags Entertainment Corp: Three people were injured following gunfire outside the Six Flags theme park in Gurnee, Illinois on Sunday, the Gurnee Police Department said. Two victims were transported to the area medical center with non-life-threatening injuries after the shooting at the theme park, while the third victim declined transport to the hospital, the police department said in a statement. “The shooting this evening was not a random act, and appeared to be a targeted incident that occurred outside the park,” the statement said. Based on the initial investigation, police said suspects in a white sedan entered the Six Flags parking lot, exited the vehicle and began shooting toward another individual, and then got back in the vehicle and quickly left the area. The Northern Illinois Police Alarm System (NIPAS) is currently assisting with clearing the theme park of guests and staff, the department said, adding that the incident remains under investigation.
ECONOMIC EVENTS (EST)
0830 NY Fed Manufacturing for August: Expected 5.50; Prior 11.1
1000 NAHB Housing Market Index for August: Expected 55; Prior 55
COMPANIES REPORTING
No major S&P 500 on radar
CORPORATE EVENTS (EST)
0800 Thoughtworks Holding Inc: Q2 earnings conference call
1630 Ginkgo Bioworks Holdings Inc: Q2 earnings conference call
1800 Nu Holdings Ltd: Q2 earnings conference call
2000 Tencent Music Entertainment Group: Q2 earnings conference call
EX-DIVIDENDS
BOK Financial Corp: Amount $0.53
Chord Energy Corp: Amount $1.25
ConocoPhillips: Amount $0.46
Diamondback Energy Inc: Amount $0.75
Donaldson Company Inc: Amount $0.23
MSA Safety Inc: Amount $0.46
Reinsurance Group of America Inc: Amount $0.80
Carnival Corp: The company’s major cruise lines will drop mandatory COVID-19 testing for vaccinated guests and allow unvaccinated passengers to travel without an exemption in some cases, the company said on Friday. The decision affects Carnival Cruise, Princess Cruises and Cunard and follows a similar move by rival Norwegian Cruise Line Holdings Ltd earlier this week. Unvaccinated guests – who still have to present a negative COVID-19 result – no longer need to apply for an exemption except for Carnival Cruise’s sailings in Australia or on its voyages 16 nights and longer.
Inspired Entertainment Inc & PlayAGS Inc: Gaming equipment provider Inspired Entertainment has made a $370 million offer to acquire slot machine maker PlayAGS, people familiar with the matter said on Friday. Inspired has offered $10 per share in cash to acquire PlayAGS, the sources said. PlayAGS confirmed in a statement that it had received a proposal. It added that it did not accept it but remained in preliminary discussions about a potential deal. It cautioned that no transaction was certain. On an analyst call on Wednesday, Inspired Entertainment Chief Financial Officer Stewart Baker said the firm was actively looking at a number of M&A activities. “We are certainly willing to use capital for M&A if it’s something that strategically fits with what we are trying to do. And there seem to be a lot of things around right now presenting themselves as possibilities,” said Baker.
Kohl’s Corp: Activist hedge fund Starboard Value, which had offered to buy Kohl’s Corp for roughly $9 billion early this year, slashed its stake in the department store by more than 80% in the second quarter, according to a regulatory filing on Friday evening. Starboard sold 2.8 million shares during the quarter, leaving it with 535,029 shares on June 30. Starboard first invested in Kohl’s during the first quarter of 2022 and the firm owned 2.59% of the company’s stock, making it a top 10 holder. Investment managers are beginning to release their quarterly holdings before Monday’s so-called 13-F filing deadline which details what they owned in U.S.-based companies on June 30.
Novartis AG: The company said its canakinumab drug to help treat non-small cell lung cancer failed a phase III trial, the latest blow for the treatment which also fell short in a study last year. The drug, used as an adjuvant treatment, did not meet its primary endpoint of disease-free survival, the Swiss company said. Adjuvant treatments are additional cancer treatments after the primary one intended to lower the risk the cancer will return. “Consensus expectations for this high-risk project remained zero or low with the remaining market exclusivity for canakinumab limited until 2028,” said Zuercher Kantonalbank analyst Laurent Flamme.
Six Flags Entertainment Corp: Three people were injured following gunfire outside the Six Flags theme park in Gurnee, Illinois on Sunday, the Gurnee Police Department said. Two victims were transported to the area medical center with non-life-threatening injuries after the shooting at the theme park, while the third victim declined transport to the hospital, the police department said in a statement. “The shooting this evening was not a random act, and appeared to be a targeted incident that occurred outside the park,” the statement said. Based on the initial investigation, police said suspects in a white sedan entered the Six Flags parking lot, exited the vehicle and began shooting toward another individual, and then got back in the vehicle and quickly left the area. The Northern Illinois Police Alarm System (NIPAS) is currently assisting with clearing the theme park of guests and staff, the department said, adding that the incident remains under investigation.
ECONOMIC EVENTS (EST)
0830 NY Fed Manufacturing for August: Expected 5.50; Prior 11.1
1000 NAHB Housing Market Index for August: Expected 55; Prior 55
COMPANIES REPORTING
No major S&P 500 on radar
CORPORATE EVENTS (EST)
0800 Thoughtworks Holding Inc: Q2 earnings conference call
1630 Ginkgo Bioworks Holdings Inc: Q2 earnings conference call
1800 Nu Holdings Ltd: Q2 earnings conference call
2000 Tencent Music Entertainment Group: Q2 earnings conference call
EX-DIVIDENDS
BOK Financial Corp: Amount $0.53
Chord Energy Corp: Amount $1.25
ConocoPhillips: Amount $0.46
Diamondback Energy Inc: Amount $0.75
Donaldson Company Inc: Amount $0.23
MSA Safety Inc: Amount $0.46
Reinsurance Group of America Inc: Amount $0.80
EUROPEAN, ASIA CHATTER
EARLY MORNING MARKET VIEW
S&P 500 Index Mini Futures: 4,272.25; down 0.2%; 8.75 points
DJIA Mini Futures: 33,655.00; down 0.19%; 63 points
Nikkei: 28,884.64; up 1.18%; 337.66 points
MSCI Asia, Ex-JP: 531.22; up 0.11%; 0.6 point
EUR/USD: $1.0254; down 0.06%; 0.0007 point
GBP/USD: $1.2122; down 0.09%; 0.0011 point
USD/JPY: 133.22 yen; down 0.21%; 0.28 point
Spot Gold: $1,793.62; down 0.45%; $8.14
U.S. Crude: $91.29; down 0.87%; $0.80
Brent Crude: $97.30; down 0.87%; $0.85
10-Yr U.S. Treasury Yield: 2.8376%; down 0.01 point
10-Yr Bund Yield: 0.9785%; down 0.014 point
EARLY MORNING MARKET VIEW
S&P 500 Index Mini Futures: 4,272.25; down 0.2%; 8.75 points
DJIA Mini Futures: 33,655.00; down 0.19%; 63 points
Nikkei: 28,884.64; up 1.18%; 337.66 points
MSCI Asia, Ex-JP: 531.22; up 0.11%; 0.6 point
EUR/USD: $1.0254; down 0.06%; 0.0007 point
GBP/USD: $1.2122; down 0.09%; 0.0011 point
USD/JPY: 133.22 yen; down 0.21%; 0.28 point
Spot Gold: $1,793.62; down 0.45%; $8.14
U.S. Crude: $91.29; down 0.87%; $0.80
Brent Crude: $97.30; down 0.87%; $0.85
10-Yr U.S. Treasury Yield: 2.8376%; down 0.01 point
10-Yr Bund Yield: 0.9785%; down 0.014 point
Euro STOXX 50 futures were up 16 points at 3,795, FTSE futures added 38 points to 7,522, and German DAX futures were 46 points higher at 13,850, by 0430 GMT.
Japanese shares rose, catching the tailwind from a bounce on Wall Street, as upbeat corporate earnings lifted risk appetite and prompted investors to scoop up stocks.
Oil prices dropped for a second session after the head of the world’s top exporter, Saudi Aramco, said it is ready to ramp up output while production at several offshore U.S. Gulf of Mexico platforms is resuming after a brief outage last week.
COMPANIES & NEWS
China’s central bank cut key lending rates in a surprise move to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.
Ukrainian forces reported heavy Russian shelling and attempts to advance on several towns in the eastern region of Donetsk that has become a key focus of the near six-month war, but said they had repelled many of the attacks.
The Bank of England will deliver another bumper 50 basis points increase to borrowing costs next month but then slow the pace to a more regular 25 basis point rise in November before pausing, a Reuters poll forecast.
German wind turbine maker Nordex reported a 21% fall in 2022 first half sales on Sunday, citing lower demand for installations, and stuck to a forecast of a drop for the year as a whole.
Scandinavian airline SAS said on Saturday it entered into an agreement with Apollo Global Management to raise $700 million of fresh financing it needs to see it through bankruptcy.
Germany should not tax “excessive” company profits earned amid an economic and energy crisis as that would interfere with market forces, the finance minister said in an interview on Sunday when asked about the windfall levies imposed elsewhere in Europe.
COMPANY ANNOUNCEMENTS
Hellofresh SE Q2 2022 Earnings Call
Henkel AG & Co KGaA Q2 2022 Earnings Release
Schroders PLC Shareholders Meeting
ECONOMIC EVENTS (GMT)
0600 Germany Wholesale Price Index mm for July: Prior 0.1%
0600 Germany Wholesale Price Index yy for July: Prior 21.2%
0630 Switzerland Producer/Import Price mm for July: Prior 0.3%
0630 Switzerland Producer/Import Price yy for July: Prior 6.9%
1100 Euro Zone Reserve Assets Total for July: Prior 1,122.09 bln EUR
Sources (but not limited too) Reuters, CNBC, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv.
