Boeing is not expected to swing back to a profit in the second quarter but investors are optimistic the airline manufacturer is delivering on its promised ramp-up in production following manufacturing and supply chain issues.
Improved commercial deliveries in the year to date of 266 aircraft are expected to have boosted the company's 2Q revenue, with its quarterly financial results set to be handed down on Wednesday, July 26, before the opening bell in New York.
Shares of Zions Bancorporation surged nearly 10% Thursday after the bank reported rising total deposits after the bell Wednesday.
The Utah-based bank reported a 7% rise in deposits to $74.32 billion from $69.21 billion a year earlier. Net interest income, ie what banks earn from lending and pay out on deposits, declined to $591 million from $593 million.
Coca-Cola is expected to report a year-over-year increase in both sales and profit when it hands down its second quarter earnings Wednesday, July 26, before the market opens.
Analysts expect the company to post adjusted earnings per share (EPS) of $0.72 on revenue of $11.73 billion, according to Zacks Consensus Estimate.
Heritage-Crystal Clean shares soared on the news that the environmental services company is being acquired by an investment affiliate of private equity firm J.F. Lehman & Company (JFLCO), in an all-cash transaction valued at $1.2 billion.
The firm will acquire Crystal Clean for $45.50 per share, representing a 24.9% premium to its 60-day volume-weighted average price on July 19, 2023.
ION Energy said it has completed a non-brokered private placement of four million units of the company, at $0.25 per unit, for gross proceeds of $1 million.
The company said the proceeds of the offering will be used for exploration activities at its properties and general corporate purposes.
Canada Silver Cobalt Works Inc (TSX-V:CCW, OTCQB:CCWOF) (CCW) announced that it has made “significant discoveries” through its surface exploration efforts in the Miller Lake area at the Castle Mine property in Ontario, with multiple samples greater than one gram per tonne (g/t) gold and ranging up to 3.2 g/t gold.
The precious metal and battery metals properties developer said through prospecting, stripping and new geophysics, CCW is finding additional targets for unlocking mineralization in addition to the known silver and cobalt at the former high-grade Castle Silver Mine.
General Electric (NYSE:GE) is scheduled to report second-quarter earnings on July 25 before the opening bell, when investors will be hoping for a third-consecutive quarterly EPS beat.
The Street expects GE to deliver revenue of $15 billion and earnings of $0.46 per share, compared to $18.6 billion and a loss of $0.78 per share a year earlier.
Newmont Mining Corporation of Canada Ltd (TSX:NGT) has reported second-quarter earnings that fell short of market expectations, sending its shares lower on Thursday.
However, the gold mining company said it remains on track to achieve its full-year guidance following decisions it took during the period ended June 30, 2023.
Abbott Laboratories (NYSE:ABT) shares surged on Thursday after the company posted a second-quarter earnings beat driven by strong demand for its medical devices as surgery volumes increase.
Its adjusted earnings per share of $1.08 topped the Street’s expectation of $1.05.
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) told investors it has received a large expansion order for its Connected Health Remote Patient Monitoring (RPM) products and services, building on a program announced in March.
In a statement, the company said the program expects to monitor up to 500 patients in a full year with expected overall revenue of approximately C$90,000. It adds post-operative monitoring to the existing deployment of Cloud DX technology for chronic disease management, bringing the total value of this deployment to approximately C$260,000.
Tesla Inc (NASDAQ:TSLA) shares are down Thursday following the company’s second-quarter earnings, but analysts at Wedbush have taken a more bullish stance.
The firm maintained its Outperform rating for the Elon Musk-led electric vehicle producer and upped its price target to $350 from $300.
Analysts at UBS have maintained their ‘Buy’ rating on Aritzia but lowered their price target on the stock after the Canadian clothing retailer lowered its guidance when handing down its first quarter fiscal 2024 earnings.
They wrote in a note to clients that they maintained their ‘Buy’ rating for three reasons, the first being their view that sentiment on the stock was near a trough level based on their conversations with investors.
Hydrogen technologies will be a "pivotal" source of energy over the coming decades, while carbon capture, utilization, and storage (CCUS) and nuclear fusion are "unlikely to have a significant impact" before 2030, according to JPMorgan.
In the investment bank's annual global energy outlook, it did note that hydrogen (H2) should play a crucial role, particularly for hard-to-abate sectors such as steel, ammonia, and heavy-duty transportation, the amount of investment could be hindered by regulatory impediments.
Analysts at Wedbush have reiterated their ‘Outperform’ rating and upped their price target for Netflix following the streaming giant’s second quarter results, despite investor disappointment over the report sending the stock almost 9% lower.
The analysts raised their price target from $475 to $525, reflecting a price-to-earnings multiple of 30 times their 2025 earnings per share (EPS) estimate and 29 times their 2032 free cash flow estimate of $12 billion, discounted at the 10-year treasury rate.
Kenvue Inc has reported a strong set of maiden results following its spin-out from Johnson & Johnson (NYSE:JNJ) earlier this year.
The consumer health company, whose brands include Aveeno, BAND-AID, Johnson’s, Listerine, Neutrogena and Tylenol, reported a 5.4% increase in net sales for the three months to June 30, 2023. Excluding foreign currency fluctuations, it said organic growth was up 7.7%.
Magna International (TSX:MG), a Canadian auto parts supplier, announced on Thursday that it will invest $790 million to build three new supplier facilities to meet the rising demand for parts as automakers ramp up their production of electric vehicles.
Two of the new facilities will be located at Ford Motor Company (NYSE:F)'s BlueOval City campus in Tennessee to support the production of Ford’s second-generation electric truck, the company said in a statement.
BullionVault Ltd has said half of the private investors (49.5%) it surveyed have forecast that the price of gold will increase by 10% by the end of the year, to around $2,125 per troy ounce.
Some are even more bullish, according to the firm's half-yearly research report, with 15% believing that the gold price will increase by 20%, while one in five (21%) predict no change. That gives a consensus outlook for gold to end 2023 at $2,110.
Atossa Therapeutics Inc (NASDAQ:ATOS) has received what’s known as a no objection letter from Health Canada in response to its clinical trial application, the company announced.
This means the company is clear to begin enrolling patients and opening sites in Canada for its Phase 2 EVANGELINE study.of its patented breast cancer treatment.
Canadian trucking and logistics company Mullen Group (TSX:MTL) has reported a decline in both profit and revenue for the second quarter, sending its shares tumbling.
For the quarter ended June 30, 2023, the company saw its revenue decrease by 5.2% from $521.5 million to $494.3 million.
Panoro Energy ASA (OTC:PESAF, OSL:PEN) said the DHIBM-5H production well at the first phase of the Hibiscus Ruche development offshore Gabon has successfully been drilled, completed and handed over to production operations.
Drilling at 116m of water, the well encountered good quality oil-saturated reservoir sands in the regionally prolific Gamba formation, the company said, and has been put onstream at a rate of approximately 6,000 barrels of oil per day (bopd), in line with expectations.
Benchmark Metals Inc. (TSX-V:BNCH, OTCQX:BNCHF) told investors it has completed over 6,000 metres of drilling at the Dukes Ridge and Cliff Creek deposits since it started drilling on July 1, 2023.
In a statement, the company said the drilling, part of a larger 20,000-metre drilling program planned for this year, is focused on expanding resources beneath the deposits at its flagship Lawyers gold-silver project in the prolific Golden Horseshoe region of British Columbia.
Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) announced it has entered into an agreement with a global energy trading company to explore strategic energy opportunities in Bulgaria and Türkiye.
Trillion said that the parties have signed a non-disclosure agreement to share information on a confidential basis regarding potential new business opportunities.
Hapbee Technologies Inc (TSX-V:HAPB, OTCQB:HAPBF) has announced a strategic partnership with TrueMed (True Medicine) that it said will allow US customers to utilize their HSA (Health Savings Account) and FSA (Flexible Spending Account) funds to purchase Hapbee wearable devices.
Under the collaboration with the healthcare payment provider, Hapbee said customers have more options available and can realize significant pre-tax savings ranging from 30% to 40%.
American Airlines Group (NASDAQ:AAL) reported strong second-quarter earnings thanks to a strong start to the busy travel season.
The Fort Worth-based airline reported revenue of $14.06 billion, up 4.7% year-over-year and topping Street expectations of $13.74 billion. Earnings were $1.92 per share, up from $0.68 per share a year early and above expectations of $1.59. Flying capacity was up 5.3%.
Versus Systems Inc. (NASDAQ:VS, CSE:VS) announced that it has entered into a strategic partnership with tabletop and video game creator Maestro Media to expand Versus’ product portfolio and support Maestro Media’s upcoming gaming campaigns.
The engagement and rewards company said its proprietary digital marketing platform will leverage existing Maestro Media campaigns and products to enhance both brand and consumer experiences as well as in-content rewards.
Blackstone Group shares fell before the opening bell in New York Thursday as the asset management firm said its second-quarter distributable earnings fell 39% over the year-ago quarter.
For the period, the company posted distributable earnings, being the profit available to shareholders, of $1.2 billion ($0.93 per share), down from almost $2 billion this time in 2022.
Semiconductor stocks struggled Thursday morning after Taiwanese chipmaker TSMC announced a projected 10% drop in sales for 2023.
The largest contract chipmaker in the world also said investment spending is likely to be in the lower end of its previous $32 billion to $36 billion forecast, pointing to lower demand for chips amidst economic headwinds. That decline has not been nearly offset by rising demand for artificial intelligence (AI) chips, the company said.
D.R. Horton (NYSE:DHI) shares moved higher in pre-market trading after the home builder’s third-quarter fiscal 2023 earnings topped expectations.
Earnings per share came in at $3.90, down 16% from the year-ago quarter’s $4.67 but above the Street estimate of $2.82, per Zacks Consensus Estimate.
Willow Biosciences Inc (TSX:WLLW, OTCQB:CANSF) told investors it is advancing its functional ingredient development program for a large-volume savory foods opportunity with Kalsec Inc, a leading global producer of natural taste and sensory, food protection, colors and advanced hops ingredients for the food and beverage industry.
The company said in a statement that after a successful phase one feasibility program that applied its BioOxi platform which exceeded expectations, Kalsec has agreed to continue the full development toward commercialization that includes additional research and development (R&D) and scale-up work.
ARway.ai (CSE:ARWY, OTCQB:ARWYF) has announced a groundbreaking partnership with Map D, an event technology company wholly owned by its former parent, Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF).
The strategic collaboration aims to revolutionize the lucrative trade show industry, valued at $50 billion, through the introduction of ARway's cutting-edge indoor navigation system.
Anfield Energy Inc. (TSX-V:AEC, OTCQB:ANLDF) said it has completed the acquisition of Neutron Energy, a wholly-owned subsidiary of enCore Energy Corp,
The acquisition sees Anfield gain control of the Marquez-Juan Tafoya uranium project in the Grants Uranium Mineral District, approximately 50 miles west-northwest of Albuquerque, New Mexico.
CULT Food Science Corp (CSE:CULT, OTCQB:CULTF) said third-party testing of its cultivated pet food ingredient, Bmmune, shows postbiotic material in its cultured ingredients to be superior to plant-based sources.
The laboratory results show Bmunne is rich in polyphenols, which are usually found in fruits and other plant-based sources. Bmmune contains 1,000 mg of polyphenols per 100 gram serving, well above apples or pears, the company noted.
Plurilock Security Inc. (TSX-V:PLUR) has launched beta access to its revolutionary AI safety Software-as-a-Service (SaaS) product, PromptGuard.
The new offering will be integrated into the Plurilock AI platform and aims to address the escalating concerns over generative artificial intelligence (AI) use in business and government sectors.
Nano One Materials Corp (TSX:NANO, OTC:NNOMF) has told investors that initial engineering plans for its first full-scale commercial plant are nearing completion after it expedited lithium iron phosphate (LFP) trials, One-Pot factors, sampling and pilot production plans.
In a statement, the company also announced six new patents in Canada, the US and Japan that it said will significantly enhance its global portfolio of intellectual property (IP).
Johnson & Johnson (NYSE:JNJ) has delivered second-quarter earnings that beat expectations and has raised its full-year guidance, sending its shares higher in Thursday pre-marketing trading.
The company reported a 6.3% rise in sales to $25.5 billion for the three months to June 30, 2023. Adjusted operational sales at its MedTech division jumped 9.9%, while Pharmaceutical sales rose 3.9% and sales at Consumer Health came in 7.7% higher as it sold more over-the-counter (OTC) products.
International Business Machines Corp. (NYSE:IBM) reported a slight second-quarter revenue miss due to a sharp decline in infrastructure spending. But the company delivered earnings ahead of expectations and stuck to its full-year sales forecast.
Revenue for the three months to June 30, 2023, declined 0.4% to $15.48 billion, with revenue from software and consulting rising 7% and 4% respectively and infrastructure revenue declining 15%.
Netflix Inc (NASDAQ:NFLX) shares fell 8% in after-hours trading as the streaming giant’s second-quarter revenue missed expectations.
While earnings per share (EPS) of $3.29 far exceeded the Street’s estimate of $2.82, revenue of $8.19 billion fell short of the forecast $8.26 billion.
Tesla Inc (NASDAQ:TSLA) shares slipped 4% in post-market trading as record quarterly revenue failed to keep investors’ eyes off the company’s tightening margins.
Second-quarter 2023 revenue rose 47% year over year to $24.93 billion, while adjusted earnings per share (EPS) for the period sat at $0.91.
Century Global Commodities Corp revealed that Sandy Chim's ownership and control or direction of its ordinary shares has increased from 18.3% to 24.99% as a result of his acquisition of direct or indirect control of an additional 11,514,232 shares upon the closing of a rights offering completed by Century Global, effective July 14, 2023. The shares were acquired at a purchase price of two cents per share under the rights offering, for an aggregate purchase price of $230,284.64. Chim is the president and chief executive officer of Century Global, also serving as chairman of the board of directors . The shares were acquired by Chim both personally and through Thriving Century Ltd., a private company controlled by him. Chim acquired the 11,514,232 shares for investment purposes.
Sintana Energy Inc has reported that its subsidiaries, Patriot Energy Oil and Gas Inc. and Patriot Energy Sucursal Colombia have filed an Arbitration Claim against ExxonMobil Exploration Colombia Limited and ExxonMobil Exploration Colombia Limited Sucursal Colombia. Causes of Action include Breach / Repudiation of the terms of the Farmout Agreement (FOA), Joint Operating Agreement (JOA) and License Contract associated with the 43,158 acres property known as the VMM-37 block which is located in Colombia’s Middle Magdalena Valley Basin (VMM-37). Sintana chief executive officer Douglas Manner commented: “Further to our last release on VMM-37 dated April 18th, it has become necessary to pursue this action to enforce Patriot’s rights under the Agreements and Contract.” Further updates will be provided with respect to these matters as additional information becomes available.
Global Energy Metals Corporation (GEMC) has said it intends to sell on a non-brokered private placement basis, an aggregate of 3,000,000 common shares of the company at an above-market price of C$0.10 per common share for gross proceeds of C$300,000. It is anticipated that Gleason & Sons along with directors and officers of Global Energy Metals will acquire common shares under the offering. The company anticipates closing the offering as soon as practicable and is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange. The net proceeds from the sale of the common shares will be used for project evaluation and for working capital and general corporate purposes.
Auxico Resources Canada Inc announced that Central America Nickel Inc (CAN) has made a subsequent meaningful acquisition of Auxico's outstanding debentures in the principal amount of $1,175,000 from current debenture holder Caroline Freymond. The debentures are convertible into units each comprised of one common share priced at $0.20 and one warrant, for a total of 5,875,000 common shares and 5,875,000 warrants in the capital of Auxico; the warrants have a strike price of $0.25 for a period of three years from the date of issuance. In addition, CAN has acquired 4,125,000 common shares and 4,125,000 warrants in the capital of Auxico from Caroline Freymond; each warrant is convertible into one common share at a strike price of $0.25, until February 28, 2026. CAN now holds 12.64% of the issued and outstanding common shares of Auxico.