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North American Morning Briefing: Stock Futures -3-

11/05/2021 | 05:04am EST

Enbridge 3Q

Ensign Energy Svcs Inc.(ESI.T) 3Q

Magna Intl Inc. (MG.T) 3Q

Oncolytics Biotech 3Q

Sprott 3Q

TC Energy 3Q

TELUS Intl (CDA) (TIXT.T) 3Q

Trillium Therapeutics 3Q

Economic Indicators (ET):

0830 Oct Labour Force Survey

1000 Oct Ivey Purchasing Managers Index

Stocks to Watch:

Russel Metals Agrees to Acquire Boyd Metals

Metals distribution company Russel Metals Inc. on Thursday said it agreed to acquire a group of companies that operate as Boyd Metals in a $110 million deal, subject to closing adjustments.

Boyd has five service centers in Arkansas, Missouri, Oklahoma City and Texas. Its product mix includes carbon steel products, stainless steel, aluminum and other related industrial products, Russel said, adding it also offers value-added processing services.

"For the 12 months ended Sept. 30, 2021, Boyd generated revenues of $244 million," Russel said.

The deal is expected to close in the fourth quarter, Russel said.

Other News:

Canada Strips Military of Powers to Investigate Sexual Misconduct

Canada on Thursday said all allegations of sexual misconduct within the country's armed forces would now be investigated and prosecuted by civilian authorities, citing skepticism among soldiers and the public about the military's ability to police itself.

Policy analysts say this marks a rare move among major Western democracies to strip certain responsibilities away from their own military's justice system. The decision is also the first significant response from the country's Liberal government to a series of sexual-misconduct allegations in the armed forces that sparked a public outcry and a probe by parliamentarians. The uproar also threatened to undermine Prime Minister Justin Trudeau and his high-profile pledge to defend women's rights and fight harassment in the workplace.

Academics who study sexual misconduct in the military had argued Canada lagged behind the U.S. and other jurisdictions in addressing sexual-misconduct complaints in the military, in part because legislative armed-services oversight is among the weakest relative to other major Western democracies.

Anita Anand, named Canada's defense minister last week, said the move would help the armed forces "live up to its stated values and the expectations of Canadians," and was recommended by a former Supreme Court of Canada justice the government appointed this year to investigate sexual misconduct in the military. Ms. Anand is a lawyer and was a law professor before entering politics in 2019.

Market Talk:

Canada Bank Regulator Decision Could Spur Buybacks, Dividends

A decision by Canada's Office of the Superintendent of Financial Institutions to allow Canada's banks to increase dividends and resume share buybacks could unleash a large wave of shareholder returns, Barclays analyst John Aiken says. Canada's banks have been accruing capital well beyond their regulatory minimums since March 2020. The banking regulator imposed capital restrictions on the banks to ensure they had enough capital to withstand possible financial shocks caused by the pandemic. With the restrictions now gone "Canadian large cap banks could go beyond their usual conservative stance," Aiken says.

Expected Major Events for Friday

00:01/UK: Oct BRC-Sensormatic IQ Footfall Monitor

01:01/UK: Oct KPMG and REC UK Report on Jobs

02:00/JPN: Oct Imported Vehicle Sales

07:00/GER: Sep Industrial Production Index

07:00/UK: Oct Halifax House Price Index

07:45/FRA: 3Q Flash estimate of job creation

07:45/FRA: Sep Industrial production index

09:00/ITA: Sep Retail Sales

12:30/CAN: Oct Labour Force Survey

12:30/US: Oct U.S. Employment Report

14:00/CAN: Oct Ivey Purchasing Managers Index

19:00/US: Sep Consumer Credit

All times in GMT. Powered by Kantar Media and Dow Jones.

Expected Earnings for Friday

AMC Networks Inc (AMCX) is expected to report $1.10 for 3Q.

American Axle & Manufacturing Holdings Inc (AXL) is expected to report $0.07 for 3Q.

Brookfield Renewable Partners LP (BEP,BEP.UN.T) is expected to report $0.02 for 3Q.

Canada Goose Holdings Inc (GOOS,GOOS.T) is expected to report $-0.08 for 2Q.

Capital Product Partners LP (CPLP) is expected to report for 3Q.

Centerra Gold is expected to report $0.11 for 3Q.

Century Casinos (CNTY) is expected to report $0.00 for 3Q.

Cinemark Holdings (CNK) is expected to report $-0.65 for 3Q.

Dixie Group (DXYN) is expected to report for 3Q.

Dominion Energy (D) is expected to report $1.03 for 3Q.

EW Scripps Co - Class A (SSP) is expected to report for 3Q.

Elanco Animal Health Inc (ELAN) is expected to report $-0.16 for 3Q.

EnPro (NPO) is expected to report $0.77 for 3Q.

Enbridge Inc (ENB,ENB.T) is expected to report $0.57 for 3Q.

Ensign Energy Services Inc (ESI.T,ESVIF) is expected to report $-0.22 for 3Q.

Forum Energy Technologies Inc (FET) is expected to report for 3Q.

Gannett Co Inc (GCI) is expected to report for 3Q.

Global Partners LP (GLP) is expected to report $0.64 for 3Q.

Goodyear Tire & Rubber Company (GT) is expected to report $0.25 for 3Q.

GrafTech International Ltd (EAF) is expected to report $0.36 for 3Q.

Groupon Inc (GRPN) is expected to report for 3Q.

Hudson Global Inc (HSON) is expected to report for 3Q.

Interface (TILE) is expected to report $0.27 for 3Q.

Kimco Realty Corp (KIM) is expected to report $0.15 for 3Q.

MFA Financial Inc (MFA) is expected to report $0.11 for 3Q.

Magna International Inc (MG.T,MGA) is expected to report $1.08 for 3Q.

Mammoth Energy Services Inc (TUSK) is expected to report $-0.03 for 3Q.

Marcus & Millichap Inc (MMI) is expected to report $0.47 for 3Q.

McCoy Global is expected to report for 3Q.

Newmark Group Inc (NMRK) is expected to report $0.20 for 3Q.

Northwest Natural Holding Co (NWN) is expected to report $-0.69 for 3Q.

Physicians Realty Trust (DOC) is expected to report $0.08 for 3Q.

Pinnacle West Capital (PNW) is expected to report $2.60 for 3Q.

Plymouth Industrial REIT Inc (PLYM) is expected to report $-0.18 for 3Q.

Sempra (SRE) is expected to report $1.73 for 3Q.

Syros Pharmaceuticals Inc (SYRS) is expected to report $-0.47 for 3Q.

TC Energy Corp (TRP,TRP.T) is expected to report for 3Q.

Tenneco Inc (TEN) is expected to report $-0.19 for 3Q.

US Ecology (ECOL) is expected to report for 3Q.

Vistra Corp (VST) is expected to report $1.37 for 3Q.

Powered by Kantar Media and Dow Jones.

ANALYST RATINGS ACTIONS

Allstate Cut to Outperform From Strong Buy by Raymond James

Ameresco Cut to Neutral From Overweight by Piper Sandler

American Water Works Cut to Neutral From Buy by Goldman Sachs

Andersons Raised to Overweight From Equal-Weight by Stephens & Co.

Apache Corp Raised to Buy From Hold by Truist Securities

Asana Cut to Hold From Buy by Jefferies

BioDelivery Sciences Cut to Neutral From Buy by HC Wainwright & Co.

BlueLinx Raised to Buy From Hold by Loop Capital

Cadence Bancorp. Raised to Overweight From Neutral by Piper Sandler

Cutera Raised to Buy From Hold by Maxim Group

elf Beauty Cut to Neutral From Overweight by Piper Sandler

Equinix Cut to Market Perform From Outperform by Cowen & Co.

Evercore Cut to Neutral From Buy by UBS

G1 Therapeutics Cut to Underweight From Neutral by JP Morgan

Immersion Cut to Neutral From Buy by Colliers Securities

IPG Photonics Cut to Underperform From Neutral by B of A Securities

KnowBe4 Raised to Buy From Neutral by Goldman Sachs

Lyft Raised to Buy From Outperform by Daiwa Capital

Macerich Raised to Neutral From Underweight by Piper Sandler

Maxar Technologies Raised to Outperform From Neutral by Baird

Monroe Capital Raised to Buy From Neutral by B. Riley Securities

National CineMedia Raised to Outperform From Neutral by Wedbush

NOW Raised to Overweight From Equal-Weight by Stephens & Co.

Prog Holdings Cut to Equal-Weight From Overweight by Stephens & Co.

Qorvo Cut to Hold From Buy by Summit Insights Group

Qorvo Cut to Neutral From Buy by B of A Securities

Qualcomm Cut to Hold From Buy by Summit Insights Group

Qualcomm Raised to Buy From Neutral by Goldman Sachs

Qualys Raised to Overweight From Underweight by JP Morgan

Reliance Steel Raised to Buy From Neutral by Goldman Sachs

Rimini Street Cut to Neutral From Buy by Alliance Global Partners

Rogers Corp Cut to Hold From Buy by Canaccord Genuity

Rogers Corp Cut to Hold From Buy by Stifel

Starbucks Cut to Hold From Buy by Argus Research

Upland Software Cut to Hold From Buy by Craig-Hallum

Upland Software Cut to Hold From Buy by Jefferies

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

11-05-21 0604ET

Stocks mentioned in the article
ChangeLast1st jan.
CENTERRA GOLD INC. 0.00% 10.43 Delayed Quote.6.26%
ENBRIDGE INC. -0.42% 52.48 Delayed Quote.6.70%
ENSIGN ENERGY SERVICES INC. 3.64% 2.28 Delayed Quote.30.95%
MAGNA INTERNATIONAL INC. -1.36% 104.42 Delayed Quote.8.46%
MCCOY GLOBAL INC. -2.86% 0.68 Delayed Quote.0.00%
ONCOLYTICS BIOTECH INC. 7.46% 2.45 Delayed Quote.30.29%
SPROTT INC. 1.20% 49.7 Delayed Quote.-15.93%
TC ENERGY CORPORATION 0.43% 63.86 Delayed Quote.8.19%
TELUS INTERNATIONAL (CDA) INC. 0.94% 28.89 Delayed Quote.-13.49%
TRILLIUM THERAPEUTICS 0.47% 23.33 End-of-day quote.24.56%
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