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CANADIAN ANALYSTS’ CALLS
INITIATIONS
Industrial Alliance starts coverage with a "buy" and a price target of $4 (Canadian) after the company bought Mount Bastion Oil & Gas for $320 million. Surge closed Thursday at $2.47.
TD begins coverage with a "hold" and a target of $24. UNS this week announced a strategic review, lowered its financial forecast and said that its CEO was stepping down. The stock closed yesterday at $21.13.
U.S. ANALYSTS’ CALLS
Barclays lifts the target to $100 (U.S.) from $85, saying revenue momentum is accelerating and that the company's digital transformation could result in a more efcient operating model.
RBC lowers the price target to $69 from $70, which gives the shares a projected return of 50%, and maintains an "outperform" after the semiconductor company's "impressive" earnings report. but shares fell after MU said tarrifs on Chinese goods are weighing on financial results.
UBS upgrades to "buy", saying the company will return to EBITDA growth in the second half of this year.
STOCKS THAT MAY MOVE
Canopy Rivers (TSXV:RIV) surged more than 150% on its first day of trading. We'll have details of an analyst's initiation report on the venture capital arm of Canopy Growth in the next Digest.
It doesn't take much to get a stock moving when you mention cannabis. This one is higher by more than 40% pre-market on speculation the company is working on some sort of cannabis-infused beverage deal.
Tilray (NASDAQ:TLRY) is down in pre-market trading heading into the final session of a crazy week for the stock as a U.S. Congressman is questioning the company's plans to export cannabis to the U.S. for a clinical trial.
Atlantic Power (TSX:ATP;NYSE:AT) is buying two biomass plants in South Carolina from EDF Renewables for $13 million.
MDC Partners (NASDAQ:MCAA) is looking into strategic alternatives, which could include a sale of the company. The company is also searching for a new CEO after the current CEO and Chairman announced plans to step down.
Medtronic (NYSE:MDT) is buying the rest of Mazor Robotics of Israel for $1.64 billion in cash. MDT already owned 11% of Mazor.
The company's head of global supply management, Liam O'Connor, who joined from Apple three years ago, has resigned. He's the latest executive to flee the electric car company in recent months amid CEO Elon Musk's increasingly erratic behaviour.
With files from The Globe and Mail, Reuters and Bloomberg News.
MARKETS
TSX and U.S. equity futures are indicating a positive open as global stocks sit near six month highs and the Dow Industrials and S&P 500 closed Thursday at a record high.
Today is quadruple witching day. The quarterly expiration of options and futures on indexes and stocks, which can lead to increased trading volatility.
CURRENCIES
The Canadian dollar is basically flat at $77.49 U.S.
Bitcoin continues to rally up by 3.8% to $6,737.
COMMODITIES WHAT WE’RE READING
West Texas Intermediate is higher by 0.8% $70.85 a barrel (U.S.) ahead of an OPEC meeting on Sunday when the cartel will continue to assess how to deal with lower supplies out of Iran amid sanctions against that country. Brent crude sits at a four-year high.
Gold is down 0.9% to $1,200.70 an ounce.
WHAT WE’RE READING
Behind the debt binge that threatens markets. Excellent article with great charts by Bloomberg News.
DAILY UPDATE
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