2023-04-19 16:31:09
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Glencore increases the pressure on Teck Resources, promises an improved offer. Glencore told Teck Resources shareholders it was ready to improve its US$22.5 billion takeover bid, increasing pressure on the Canadian miner to drop its restructuring plan and withdraw. sit at the negotiating table.
• Netflix reveals mixed results, continues to fight once morest account sharing. Netflix beat Wall Street expectations for the first quarter on Tuesday but offered a lower-than-expected forecast, demonstrating the challenges the already mature video streaming service faces in its pursuit of growth.
• Alberta: Suncor discharges 5,900 m3 of muddy water from an oil sands site. Canadian oil company Suncor Energy reported the spill of 5,900 cubic meters (208,400 cubic feet) of water containing more than twice the allowable level of suspended solids from a sedimentation pond at its Fort Hills in northern Alberta.
• Tesla cuts prices in the US for the 6th time this year ahead of Q1 results. Tesla has cut the prices of some of its Model Y and Model 3 electric vehicles in the United States, its website reported late Tuesday, marking the sixth price cut in the United States this year, just as investors worry regarding the electric vehicle maker’s profit margins.
• Fox settles with Dominion, but bigger libel lawsuit looms. Fox News avoided a legal battle on Tuesday by reaching a US$787.5 million deal with Dominion Voting Systems, but the channel still faces a US$2.7 billion lawsuit from another voting technology company for its coverage of allegations of voter fraud that were denied.
TRENDS BEFORE OPENING
Futures contracts for Canada’s main stock index fell on falling commodity prices. U.S. stock futures also lost ground, as Treasury yields jumped on expectations that the Federal Reserve will keep rates high for longer, as a pullback in of Tesla and Netflix is likely to drag the Nasdaq down. The US dollar is slightly ahead. European equities are down as investors worry regarding inflation in the UK and Eurozone. In Asian markets, the Japanese Nikkei ended the session in negative territory, dragged down by large cap tech stocks. Data on residential housing starts and producer prices in Canada for the month of March are released today.
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TITLES TO FOLLOW
• Suncor Energy: The oil company reported the release of 5,900 cubic meters (208,400 cubic feet) of water containing more than twice the allowable level of suspended solids from a sedimentation pond at its Fort Hills oil sands project in northern Alberta. The April 16 spill was reported to the Alberta Energy Regulator (AER) because the total suspended solids in the water, in this case sludge, exceeded approved limits, Suncor said. . The water came from a sedimentation pond, which collects and disposes of runoff from the oil sands site, not a tailings pond, Suncor spokeswoman Erin Rees said in an email.
• Teck Resources: Glencore told Teck shareholders it was ready to improve its US$22.5 billion takeover bid, increasing pressure on the Canadian miner to drop its restructuring plan and sit down at the negotiating table. In an open letter, Glencore said it would consider taking its offer directly to Teck shareholders if the board did not agree. The Swiss multinational has made a bid for all outstanding shares as Teck’s plan to spin off its metallurgical coal business and focus on copper and zinc is set to go to a vote on April 26.
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