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Issuance Shifts Drive Changes in Canada's Bond Market, Desjardins Says

Canada's bond market has undergone meaningful changes in issuance trends in recent years, according to Desjardins in a note Wednesday.The federal government has become a larger presence in the Canadian-dollar debt market, while financial institutions have increasingly turned to offshore funding, with foreign-currency debt now exceeding domestic debt outstanding, Tiago Figueiredo, Macro Strategist at Desjardins, inoted.The shift has been driven by several factors, including the growing international presence of Canadian banks, increased access to deeper capital markets, broader investor diversification and the potential for lower hedged funding costs, said Desjardins.Canadian provincial issuers have increasingly tapped international markets to fund larger deficits, supported by strong demand and favorable conditions in US dollar and euro markets, the bank added.The changing issuance mix remains supportive for credit spreads, but rising non-financial corporate and bond sales in Canadian dollars by non-Canadian sellers should be monitored for signs that offshore market conditions and supply dynamics are becoming less favorable, said Desjardins.

$CAD$CXY$EUR

Mining & Metals3d ago

Tower Resources Raises C$0.64 Million in the Final Tranche of Non-Brokered Private Placement

Tower Resources (TWR.V) closed the final tranche of a non-brokered private placement raising C$0.64 million, it said in a statement late Tuesday.The company place 4-million units at C$0.16 apiece in the tranche. Each unit is made up of a share and one-half of a one-year warrant to buy a share for C$0.25.Certain company directors also participated in the offering and acquired 200,000 units. Proceeds will be used for general working capital and corporate needs, it said.The company's shares last traded Tuesday, closing at C$0.165 on the TSX Venture Exchange.

$TWR.V

Wire3d ago

Nike's Turnaround Challenged by Shift Toward Sports Collectibles, UBS Says,

Nike (NKE) faces a fresh challenge in its turnaround as younger consumers increasingly shift their attention and spending toward sports trading cards and memorabilia and away from limited-edition sneakers, UBS Securities said Tuesday in a report.The sports-collectibles market rose 55% to $32.5 billion in 2025 from $21 billion in 2020, with trading cards representing the largest category, the report said. Collectibles may be absorbing some of the "cultural and financial" appeal that previously benefited Nike and Jordan sneakers, UBS said.That shift may weaken Nike's connection with "sneakerheads," long a core group of brand advocates, the report said. US secondary-market prices for Nike sneakers in June fell 1.7% from a year earlier, reflecting "lackluster" demand, UBS said.Collectibles may offer Nike a path to regain "cultural relevance," potentially through partnerships with trading-card companies, athletes and sports leagues, or by bundling exclusive Nike and Jordan cards with sneaker purchases to spark consumer "excitement," the report said.UBS has a neutral rating on Nike with a price target of $48.Price: $41.97, Change: $-0.99, Percent Change: -2.30%

$NKE

Wire3d ago

Genuine Parts Delivers In-line Q2 as Focus Returns to Separation Plan, UBS Securities Says

Genuine Parts (GPC) delivered an in-line Q2, with focus shifting back to segment performance and the planned corporate separation, UBS Securities said in a note Wednesday.Analysts said management made it clear that the company remains fully committed to the separation, is not in discussions with O'Reilly Automotive (ORLY), and views recent reports and market speculation as "largely noise."Management clarified that the previously disclosed $50 million to $75 million in Motion standalone costs are no longer expected to be incremental expenses and will instead be covered within the existing corporate cost structure, according to the note.Based on its 2025 corporate cost base of about $360 million, management expects $210 million to $230 million to be allocated to Automotive, including about $20 million in asbestos-related expenses. The previously discussed $50 million to $75 million in separation-related costs are expected to be split evenly between the two businesses, analysts said."The market is eager for greater visibility around post-separation leadership structures, but this will happen down the road," analysts said.UBS Securities lowered its price target on Genuine Parts to $122 from $125, while keeping its neutral rating.Shares of Genuine Parts were up more than 2% in Wednesday trading.Price: $121.68, Change: $+2.56, Percent Change: +2.15%

$GPC$ORLY

Mining & Metals3d ago

Planet 13 Holdings to Open Dispensary in Sarasota, Florida

Planet 13 Holdings (PLTH.CN) is scheduled to open its next Florida cannabis dispensary in Sarasota Florida on August 21, it said Wednesday."Sarasota is one of Florida's most affluent coastal communities, and it's exactly the type of market where our retail model performs best," said Co-Chief Executive Officer Bob Groesbeck. "The combination of a strong year-round residential population, seasonal visitor traffic, and a more mature, healthcare-oriented demographic aligns naturally with Florida's medical cannabis program, and we expect this store to be a consistent performer from day one."Shares of the company were last seen down C$0.005, or 2.9%, to C$0.165 on the Canadian Securities Exchange.Price: $0.17, Change: $-0.01, Percent Change: -2.94%

$HMMJ.TO$PLTH.CN

Commodities3d ago

Renewable Fuel Makers Set for Strong Q2 as RINs, Diesel Prices Lift Earnings, TPH Says

Renewable fuel producers are expected to report a sharp improvement in Q2 earnings as stronger government blending mandates, higher diesel prices and a tightening California carbon market boost margins across the sector, TPH Energy strategists said in a note on Wednesday.Matthew Blair, analyst at TPH Energy, said Q2 EBITDA for renewable fuel companies is expected to rise to an average of $600 million, above the consensus estimate of $564 million and higher than the $410 million reported in Q1.Blair said the gains would mark the strongest quarterly performance for many companies in at least four years. TPH said the sector has benefited from three major tailwinds.The US Environmental Protection Agency's 2026 Renewable Volume Obligation introduced more aggressive blending targets, with requirements about 20% higher than the previous year.However, despite a recent increase in renewable diesel utilization, the market is projected to fall short of the mandated volumes unless imports rise substantially.Renewable Identification Numbers, which are used by refiners and fuel blenders to comply with federal biofuel obligations, strengthened during the quarter.D4 renewable diesel RIN prices averaged $2.11 per gallon in Q2, up from $1.39 in the previous quarter, with prices recently approaching $2.50 per gallon.Blair said even with RD utilization picking up recently, the industry is likely to come in well short of the 2026 RVO unless RD imports step up in a big way.The renewable fuels industry also benefited from higher conventional fuel prices following the US-Iran conflict, which disrupted global energy markets and contributed to tighter supply conditions.Flat diesel prices climbed to $3.78 per gallon in Q2 from $2.78 per gallon in the previous quarter, despite repeated expectations during much of the period that diplomatic efforts could lead to a ceasefire.California's Low Carbon Fuel Standard market provided another boost, moving into a supply deficit for the first time in four years as stricter carbon intensity requirements reduced credit availability.LCFS credit prices averaged $68 per metric ton during the quarter, compared with $65/mt in the prior quarter, and have since climbed closer to $75/mt.TPH expects several companies to outperform Wall Street expectations, with the biggest upside projected for Green Plains (GPRE), Archer-Daniels-Midland (ADM) and Neste.Green Plains is forecast to exceed consensus EBITDA estimates by about 15%, supported by stronger co-product contributions.Archer-Daniels is expected to beat estimates by about 10%, driven by improving soybean crushing margins and ethanol market trends, while Neste is projected to come in roughly 7% above consensus as refining conditions improve.Going forward to Q3, renewable natural gas markets are showing further improvement, supported by stronger D3 RIN and LCFS credit prices.Other segments, including renewable diesel, ethanol and soybean crushing, have softened slightly from second-quarter levels but remain above year-ago levels and five-year averages.Price: $17.65, Change: $-0.02, Percent Change: -0.11%

$ADM$GPRE

Japan3d ago

US Equity Indexes Mixed Amid Higher Crude Oil Prices, Treasury Yields

(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes traded mixed ahead of quarterly earnings from Alphabet (GOOG, GOOGL) and Tesla (TSLA) and as government bond yields followed crude oil prices higher amid worsening Iran geopolitics.The Nasdaq Composite slipped less than 0.1% to 25,826.1 after midday Wednesday. The S&P 500 rose 0.1% to 7,519.5, and the Dow Jones Industrial Average climbed 0.3% to 52,369.4.Alphabet and Tesla will report quarterly earnings after the bell on Wednesday.In geopolitical news, the US will destroy an Iranian bridge or power plant, including those in and around Tehran, every time it attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post on Wednesday.Four more tankers changed course in the Red Sea Wednesday following threats by Yemen's Iran-aligned Houthis to attack vessels using Saudi Arabian ports, Reuters reported. The Houthis have reportedly completed preparations to target vessels near the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden and Arabian Sea. The Bab el-Mandeb Strait is an alternative route to the Strait of Hormuz, which remains effectively closed due to tensions between the US and Iran.The front-month US West Texas Intermediate climbed 3.3% to $86.83 a barrel, and global benchmark North Sea Brent jumped 3.3% to $94.02 a barrel.US Treasury yields rose, extending gains from Tuesday. The 10-year marched 2.6 basis points higher to 4.65%, its strongest level in a month. The two-year jumped 4.3 basis points to 4.3%, after yields hit the highest in 52 weeks.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$TSLA

Wire3d ago

Hasbro Well Positioned to Beat, Raise in H2, UBS Says

Hasbro (HAS) is well-positioned to beat and raise in H2 as its fiscal year guidance for low-double-digit growth in the Wizards segment leaves room for upside in the latter half of the year, UBS Securities said.Despite amortization expenses related to Exodus and Warlock and marketing spend of $50 million to $75 million for the Wizards segment, Hasbro is guiding better-than-feared margins for the Wizards next year.The company shifting development into lower-cost regions with robust talent pools could drive a 25% reduction in digital spend by 2028, implying further upside to the full operating profit margin profile of the company heading into 2027 and 2028, according to the note Tuesday.UBS said Hasbro's increased fiscal 2026 revenue, operating margin and EBITDA guidance should help ease investor concerns that the company had been too conservative about its outlook for the Wizards segment.The investment firm said it has increased confidence in upside to its 2027 earnings estimate of $6.27 per share, citing improving visibility into Wizards growth, digital spending reductions and margin expansion.UBS reiterated its buy rating on the stock, with a price target of $110 per share.Price: $88.92, Change: $+0.14, Percent Change: +0.16%

$HAS

Wire3d ago

3M's Growth Outlook Supports Better Results, UBS Says

3M (MMM) could deliver faster growth, higher earnings and stronger margins over the next several years as new products, cost savings and improving demand support results, UBS said in a note emailed Wednesday.UBS raised its 2027 earnings estimate to $10.46 per share, about 10% above the market consensus, based on expected organic sales growth of 5% and continued productivity gains, and expects 3M to generate about $800 million more operating profit in 2027, helped by higher sales and $600 million in net productivity, partly offset by increased investment and stranded costs.3M's product pipeline should become a larger growth driver as the company works toward launching more than 1,000 products by 2027, including more than 350 this year, which should support mid-single-digit growth over time because new launches usually take two to three years to reach full sales potential, UBS said.The investment firm also sees possible upside to 3M's 2026 outlook, saying the company's guidance appears cautious after strong H1 earnings, continued order growth and healthy demand in industrial, safety and data-center markets.UBS kept the company's buy rating and raised the price target to $218 from $190.Price: $172.14, Change: $+1.38, Percent Change: +0.81%

$MMM

Wire3d ago

Market Chatter: Amazon Lays Off Employees at its Artificial General Intelligence Unit

Amazon (AMZN) has cut jobs in parts of its artificial general intelligence organization, without disclosing the exact numbers of affected employees, The Wall Street Journal reported Wednesday.Amazon said that despite the cuts, it remains committed to investing in artificial intelligence, describing the layoffs as part of the company's efforts to prioritize the initiatives that are believed to have the greatest impact for its customers, according to the report.Amazon did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $243.69, Change: $-3.87, Percent Change: -1.56%

$AMZN

Wire3d ago

Solstice Advanced Materials' Element Solutions Acquisition to Boost Cash Flow Return on Investment, UBS Says

Solstice Advanced Materials' (SOLS) planned acquisition of Element Solutions (ESI) should boost margins, asset turns, and cash flow return on investment, UBS Securities said in a note emailed Wednesday.UBS said it used its HOLT economic return framework to assess certain metrics of the companies and the resulting merged entity from their merger. Based on this assessment, UBS said the acquisition serves as a "robust value creation potential" for Solstice that would help push its transaction economic profit to more than $1.1 billion by 2030 from over $400 million in recent years."We see a significant upward skew to SOLS stock at current levels," UBS added, noting growth drivers within refrigerants, electronics, and defense.UBS Securities maintained its buy rating and $78 price target on Solstice Advanced Materials.Price: $61.60, Change: $+1.52, Percent Change: +2.53%

$ESI$SOLS

Mining & Metals3d ago

S&P/TSX Composite Index up 190 points at Midday

The S&P/TSX Composite Index rose 190 points at midday Wednesday despite rising trade tensions with the United States after Monday's announcement of additional US 50% tariffs on some Canadian goods.The mining sector has added 2.2%, making it the best performer, followed by energy, up 1%. Oil is trading at a six-week high as the U.S and Iran hostilities continue.Info tech is the worst performer, down 2.7% at midday.

S&P/TSX CompositeS&P/TSX Composite

International3d ago

CFIB Welcomes Provincial Governments for Reducing Canada's Internal Alcohol Trade Barriers

The Canadian Federation of Independent Business (CFIB) praised a Tuesday accord among provinces to implement Canada's nationwide direct-to-consumer (DTC) alcohol sales agreement, saying it marks an important breakthrough for independent wineries, breweries and distilleries.On Tuesday, most Canadian provinces signed the country's first-ever DTC alcohol sales agreement, which will allow for the freer movement of alcohol across participating jurisdictions.The deal marks a practical step toward reducing internal trade barriers and strengthening Canada's domestic market, wrote CFIB in a late Tuesday statement.The announcement coincides with the 2026 Council of the Federation Summer Meeting on Prince Edward Island, where Canadian premiers are meeting as the US imposes a new round of tariffs. The Trump administration cited some Canadian provinces' removal of US alcoholic beverages from provincial liquor stores, introduced in response to earlier US tariffs, as one justification for the new 50% duties announced Monday.CFIB welcomed the provincial reform but said more work remains. It called for alcohol to be included under the Canadian Mutual Recognition Agreement, allowing products legally sold in one province or territory to be sold across the country without duplicate testing, paperwork, or regulatory requirements, reducing barriers for small producers and improving internal market integration.

$CXY

Wire3d ago

Microsoft's Xbox Adds PC, Handheld Support for Classic Game Titles

Microsoft's (MSFT) Xbox unit said Wednesday it is rolling out a new feature that lets players access classic original Xbox games on PCs and supported handheldsThe early release on Wednesday of Xbox Backward Compatibility on PC enables four classic Xbox titles to run on PCs and handheld devices such as the ROG Xbox Ally and Xbox Ally X, in supported regions, the company said.Price: $389.00, Change: $-8.76, Percent Change: -2.20%

$MSFT

Wire3d ago

Walmart Seen Delivering Softer Q2 as Lower-income Shoppers Remain Pressured, RBC Says

Walmart (WMT) is expected to see a softer fiscal Q2 as lower-income consumers remain pressured, though easing grocery inflation could support growth ahead, RBC Capital Markets said in a note Wednesday.Analysts said they met with the company's investor relations team, which said the overall consumer environment remains unchanged, with lower-income shoppers continuing to face financial pressure. Despite this, the discussions reinforced confidence in Walmart's strong long-term competitive position, analysts said.The investment firm expects fiscal Q2 to be the "low-water mark for the year," although the company's IR team said recent softer sales trends were largely in line with guidance, which called for 4% to 5% fiscal Q2 constant-currency net sales growth, following 5.9% growth in fiscal Q1.The guidance reflected "the Q1 benefit from tax refunds, the impact of rising gas prices, and a difficult general merchandise inflation compare related to tariff timing," according to the note.The firm now expects Walmart US fiscal Q2 comparable sales growth at 3.5%, down from 4% previously and below consensus of 3.8%. Adjusted earnings per share estimate for Q2 is unchanged at $0.75, slightly above consensus of $0.74. For fiscal 2027 and 2028, adjusted EPS is forecast at $2.91 and $3.26, respectively, down from $2.92 and $3.27 previously.RBC Capital Markets has an outperform rating and $137 price target on Walmart.Price: $109.14, Change: $-1.25, Percent Change: -1.13%

$WMT

Wire3d ago

Public Storage Completes Acquisition of National Storage Affiliates Trust

Public Storage (PSA) said Wednesday that it has completed its acquisition of National Storage Affiliates Trust (NSA), with shareholders of National Storage entitled to receive 0.14 of a Public Storage share for each National Storage share.Public Storage said it continues to expect the acquisition to be accretive to funds from operations per share within year one following closing. Additionally, accretion is slated to increase to $0.35 to $0.50 per share upon realization of about $110 to $130 million in run-rate synergies over three to four years, according to the company.With the close of the acquisition, Public Storage and certain legacy limited partners in NSA's operating partnership have formed a joint venture consisting of 313 properties, previously owned by NSA, the company said.The legacy limited partners will own about 80% of the joint venture with Public Storage owning the remaining stake in the entity. Public Storage will exclusively manage the joint venture portfolio and earn income from customary property management, asset management, and tenant reinsurance, according to the company.As part of the closing, the joint venture obtained about $2 billion in secured mortgage financing from Goldman Sachs Bank USA and Wells Fargo Bank, as well as $237 million in mezzanine financing from Public Storage, the company said.Price: $310.89, Change: $+1.14, Percent Change: +0.37%

$NSA$PSA

Commodities3d ago

Range Resources Q2 Output Meets Expectations as Buybacks Beat Forecasts, TPH Energy Says

Range Resources (RRC) reported Wednesday Q2 production of 2,296 million cubic feet equivalent per day, matching expectations, while stronger cash flow and share repurchases highlighted the quarter, TPH Energy said in a Wednesday note.Quarterly production reached 2,296 MMcfe/d, broadly matching TPH Energy's 2,300 MMcfe/d estimate and topping the Street's 2,283 MMcfe/d forecast, the research firm said.The company spent about $220 million on capital projects during the quarter, compared with TPH Energy's $219 million estimate and the Street's $189 million forecast. TPH Energy attributed the higher spending to an additional hydraulic fracturing crew entering operations.Range Resources realized $2.42 per million British thermal units during the quarter, matching TPH Energy's estimate. Cash costs declined to $1.68 per thousand cubic feet equivalent from TPH Energy's $1.77 estimate, largely because of lower gathering, processing and transportation costs.Lower operating costs lifted cash from operations before working capital changes to $333 million, exceeding TPH Energy's $306 million estimate and the Street's $287 million forecast.The company repurchased $78 million of shares during the quarter, well above TPH Energy's $32 million projection, providing another positive surprise in the results, the research firm added.Range Resources maintained full-year production guidance of 2.35 Bcfe/d to 2.40 Bcfe/d and kept capital spending guidance at about $675 million at the midpoint.TPH Energy forecasts 2.39 Bcfe/d and $689 million of capital, while the Street expects 2.37 Bcfe/d and $686 million.TPH Energy expects investors to focus on the pace of production growth during the second half as new infrastructure enters service.The research firm projects an exit production rate of 2.56 Bcfe/d, compared with the Street's 2.53 Bcfe/d.Range Resources also delivered another strong quarter for natural gas liquids pricing, with a premium of $3.49 per barrel over Mont Belvieu compared with TPH Energy's $2.25/bbl estimate.The company raised its full-year pricing outlook to a premium of $2/bbl to $2.50/bbl.The updated investor presentation also increased the company's high-case outlook for Northeast power demand through the end of the decade, according to TPH Energy.Price: $38.41, Change: $+0.66, Percent Change: +1.75%

$RRC

Wire3d ago

Meta Platforms Appoints Assaf Keren as Chief Information Security Officer

Meta Platforms (META) has named Assaf Keren as its new chief information security officer to succeed Guy Rosen, effective later this year, Keren said in a LinkedIn post Wednesday.Keren was most recently the chief security officer at Qualtrics and has previously worked at PayPal (PYPL), according to his LinkedIn profile.Price: $629.00, Change: $-14.81, Percent Change: -2.30%

$META$PYPL

Wire3d ago

Marsh's RIS Business Limited by Macro Conditions, RBC Says

Marsh (MRSH) is expected to see continued pressure in its Risk and Insurance Services business on macro conditions, although its consulting operations remain a bright spot, RBC said in a Tuesday note following its Q2 results."While there were positive signs in the quarter, namely Marsh Management Consulting growth and expanded capital deployment plans, macro conditions continue to limit the largest and highest margin unit, RIS," the report said."RIS will likely benefit from favorable mix shifts in 2H26 but we remain cautious on a meaningful growth reacceleration in 2027, particularly for Guy Carpenter," it added.While shares remain "attractively" priced relative to history, there is a limited scope for a favorable rerating, the report said.RBC kept its sector perform rating with a $200 price target.Price: $176.93, Change: $-4.66, Percent Change: -2.57%

$MRSH

Wire3d ago

Update: Uber, Lyft Granted Preliminary Injunction Blocking New York City Law Against 'Wrongful Deactivations' of Drivers

(Updates with Uber's response in the fifth paragraph.)Uber Technologies (UBER) and Lyft (LYFT) were granted a preliminary injunction by US District Judge Gregory Woods on Wednesday, blocking a recently enacted New York City law protecting ride-share drivers from "wrongful deactivations."Judge Woods said that each company's agreements with drivers conferred broad authority over platform access, including the right to deactivate a driver without advance notice, which Uber and Lyft use to police the safety of their platforms and their passengers, according to court documents.While the New York City Council law takes into account the hardships that wrongful deactivation imposes on drivers, it does not consider the law's effects on the broader citizenry of the city, whose safety depends in part on swift deactivation of drivers accused of assault, fraud or dangerous conduct, the court order said.A Lyft spokesman toldin an email that the company was "pleased the court recognized the serious safety concerns at the heart of this challenge. Lyft's ability to protect riders is a top priority. We now look forward to making our full case."An Uber spokesperson toldthat the court's opinion underscores that driver fairness and rider safety can and must go hand in hand.Price: $70.85, Change: $-0.70, Percent Change: -0.99%

$LYFT$UBER

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Commodities3d ago

Renewable Fuel Makers Set for Strong Q2 as RINs, Diesel Prices Lift Earnings, TPH Says

$ADM$GPRE