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Tesla reported a smaller-than-expected decline in quarterly earnings on Wednesday, helped by a series of price hikes for its vehicles, but Elon Musk later called them “embarrassing” and said they could hurt demand. (Photo: 123RF)

News. Basics

• Major oil companies are ready to open the floodgates for their shareholders. Major Western oil companies are expected to return billions of dollars to their shareholders after record profits for the second consecutive quarter thanks to high refining margins and high oil and gas prices.

• The increase in AT&T’s revenue is due to an increase in the number of subscriptions. AT&T raised its annual revenue growth forecast for its wireless business after it reported a surge in new quarterly subscriptions, betting on increased use of its roaming services.

• Blackstone’s earnings are up 86% despite cash cuts. Blackstone, the world’s largest alternative asset manager, reported Thursday an 86 percent jump in distributable earnings in the second quarter thanks to strong asset sales, despite the decline in the value of most of its holdings amid the market downturn.

• Tesla exceeds expectations, but Musk warns of high prices. Tesla reported a smaller-than-expected decline in quarterly earnings on Wednesday, helped by a series of price hikes for its vehicles, but Elon Musk later called them “embarrassing” and said they could hurt demand.

• Microsoft Teams is back online after a worldwide outage. Microsoft MS Teams services have been restored for most users, according to the multinational, after an hour-long outage disrupted a chat and collaboration app for tens of thousands of customers around the world.

(Re)read all market news

TRENDS BEFORE OPENING

Futures on Canada’s main stock index are falling on the back of falling oil prices associated with rising fuel inventories in the US, which raises fears about the worst for demand.

Nasdaq futures continue to rally as Tesla shares rise after the company hit its own targets, while S&P 500 and Dow futures are volatile ahead of new earnings reports amid a tough economic backdrop.

European stocks trade slightly higher as markets wait to see if the European Central Bank will raise interest rates for the first time in 11 years.

Japanese stocks ended the session higher after the Bank of Japan maintained its monetary policy, as investors had expected. The euro fell slightly against the US dollar and gold prices fell.

NAMES TO FOLLOW

• Dye & Durham: Australian company Link Administration Holdings said it would recommend a revised offer by a Canadian software company of A$4.81 per share, valuing the share registration company at A$2.47 billion. dollars. This revised offer comes more than a week after Link said it could not recommend an earlier offer of A$4.57 per share, valued at A$2.34 billion. The company said Thursday that its “Link Group Board of Directors unanimously recommends that Link Group shareholders vote on the revised proposal in the absence of a better proposal,” adding that it also depends on an independent expert’s opinion in favor of the proposal.

RECOMMENDATIONS

• Aris Gold: The National Bank of Canada begins tracking the company’s shares with a sector performance recommendation on the back of good company management and the expansion and modernization of the Marmato mine.

• Converge Technology Solutions: The National Bank of Canada lowers its price target from CAD 14 to CAD 12 to reflect possible bottlenecks in the hardware market.

• Fourth quarter: The National Bank of Canada lowers its target price from CAD 10 to CAD 8 due to a sluggish IPO in the second quarter.

• Thinkific Labs: The National Bank of Canada lowers its price target from CAD 6 to CAD 5 to reflect price increases that could affect lower and mid-range customers.

KEY AGENDA INDICATORS

08:30 New House Price Index (June): Consensus 0.3%; previous 0.5%

PUBLICATIONS OF RESULTS

21 July

Mullen Group: $0.24 CAD EPS Forecast

July 22

Publication of the main results is not expected.

CORPORATE AGENDA

10:00 am Mullen Group: Q2 Earnings Conference Call

COUPON SECONDS

Keyera: Amount CAD 0.16

All analyst forecasts are based on I/B/E/S data from Refinitiv.

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