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Bank of America posted lower earnings in the first quarter as a slowdown in global trade hurt its investment banking business. (Photo: 123RF)

ESSENTIAL NEWS

• USA: Bank of America reports lower profit for the first quarter. Bank of America posted lower earnings in the first quarter as a slowdown in global trade hurt its investment banking business.

• USA: banks more exposed to commodities with the Russian invasion. Wall Street banks’ exposure to commodity trading is increasing, which could make them vulnerable to sharp swings in asset values ​​following the Russian invasion of Ukraine, according to published first quarter results.

• Twitter: “Love Me Tender,” writes Musk after his takeover attempt. Elon Musk tweeted Elvis Presley’s song “Love Me Tender” after Twitter adopted a “poison pill” to protect itself from the billionaire’s takeover attempt, who wants to get his hands on the media company’s $ 43 billion in perks. cash.

• Pfizer Paxlovid arguments for treating long-standing COVID. Testimonials from two patients who experienced long-term COVID relief after taking Pfizer’s Paxlovid antiviral treatment, including that of a researcher who tested it on herself, provides intriguing evidence for future clinical trials aimed at helping those who suffer. of this debilitating disease, according to experts and drug advocates.

• Reduction of nearly 9% of greenhouse gas emissions in Canada in 2020 with the pandemic. Total greenhouse gas emissions fell by nearly 9% in 2020 in Canada in the first year of the coronavirus pandemic, as the local population was forced, as everywhere in the world, to change their habits and limit their travel.

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TRENDS BEFORE OPENING

Futures for Canada’s leading equity index fell, following the bitter trend on Wall Street as bond yields continue to hit multi-year highs. Chinese equity markets ended the session lower as investors were disappointed by the lower-than-expected reduction in the reserve requirement ratio. Japan’s Nikkei fell, dragged down by losses in the tech sector. Most of the European markets are closed for the Easter holidays. The US dollar is gaining ground against rival currencies, supported by the Federal Reserve’s tough approach. Gold prices are rising due to inflationary pressures and fears related to economic problems related to the Russian invasion. Oil prices fell slightly as concerns about low supply and the crisis in Ukraine were offset by slowing demand in China.

TITLES TO FOLLOW

No trail to follow.

RECOMMENDATIONS

• Firan Technological Group: Acumen Capital lowers its target price from C $ 3.5 to C $ 3.2 to reflect lower expectations for 2022 and 2023 related to slower sales growth and more conservative margin assumptions, as well as due to plans higher investment expenses in 2022 and the purchase of Aerospace Chatsworth until the sale-leaseback is finalized.

• Freedom Gold: The National Bank of Canada resumes stock monitoring with an outperformance rating due to the company’s significant exploration potential in addition to its existing assets, its high quality oxides and its primary jurisdiction in the United States.

• Equity investments of premium brands: Desjardins begins tracking the stock with a purchase valuation as the company has a very compelling growth story, both organically and through mergers and acquisitions, and is led by an experienced team.

• Russel Metals: RBC raises its target price from C $ 40 to C $ 41 to reflect the increase in steel prices in the short term.

• Valente Company: ATB Capital Markets lowers its target price from $ 9.5 to $ 6 to account for slowing industry growth in Canada, lack of visibility on increased short-term cannabidiol sales in the US, and due to a structure excessive costs.

MAIN INDICATORS ON THE AGENDA

No major indicators expected for today.

PUBLICATIONS OF RESULTS

April 18:

PrairieSky Royalty: First quarter earnings per share forecast of C $ 0.25

April 19:

Important results are not expected to be published.

CORPORATE AGENDA

No major corporate release today.

SECONDATIONS OF THE GOOD

Sandstorm Gold: amount of C $ 0.02

All analysts’ forecasts are based on Refinitiv’s I / B / E / S data.

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