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Rogers Communications May Look Expensive With MLSE Purchase, Desjardins Says

Rogers Communications (RCI-B.TO) may temporarily look more expensive if it acquires the remaining 25% of sports teams and arenas owner Maple Leaf Sports & Entertainment, Desjardins said on Thursday.Analyst Jerome Dubreuil said barring a last-minute deal with Larry Tanenbaum's Kilmer Sports, the Canadian media and telecom company is expected in July to exercise its call option to acquire MLSE in the second half of 2026."We believe RCI will ultimately emerge from this process in a better position, but maintain our Hold rating in the meantime," Dubreuil said in a note to clients, maintaining a $59 price target on the stock."Sports franchise transactions are typically executed at a premium to private market valuations (PMV), but public markets generally apply a discount to sports assets versus PMV," the analyst said. "We expect this will challenge RCI's value creation in the near term."Dubreuil expects RCI will pay approximately $4.4 billion for the remaining 25% of MLSE, which owns properties including the Toronto Maple Leafs hockey team, Toronto Raptors basketball team and Scotiabank Arena. That represents a 15%-20% premium to private market valuations, according to Desjardins.This would temporarily lift Rogers Communications' leverage to about 4.2 times, or about 4.9 times including financing from investment firm Blackstone (BX), and "could make RCI appear more expensive as the added stake would not contribute to higher reported earnings," Dubreuil said."Monetization is critical," Dubreuil said. "We expect a $5-8 billion monetization of sports and media assets in 2027."

$RCI-B.TO

International38d ago

US Initial Jobless Claims Fall in Week Ended June 20

US initial jobless claims fell to a level of 215,000 in the week ended June 20 from a upwardly revised 227,000 level in the previous week, compared with expectations for a smaller decrease to 225,000 in survey of analysts compiled by Bloomberg.The four-week moving average increased by 750 to 224,250 after increasing by 4,250 to a level of 223,500 in the previous week.Insured jobless claims rose by 21,000 to 1,821,000 in the employment survey week ended June 13. Insured claims were at a level of 1,785,000 in the employment survey week ended May 16.The weekly initial jobless claims data released by the US Labor Department measures filings for unemployment insurance benefits. Initial filings are reported through the previous Saturday, while those already on benefits are measured with a one-week lag.A decrease in claims suggests a stronger labor market, a positive for the US economy and stocks, but a negative for bonds as it suggests wage growth that could lead to inflation.

Asia38d ago

Zheshang Securities Redeems Principal, Interest of 1.5-Billion-Yuan Bonds

Zheshang Securities (SHA:601878) redeemed 1.51 billion yuan in principal and interest of its 163-day bonds, according to a Thursday filing with the Shanghai bourse.The 1.5-bilion-yuan bond issuance held a coupon rate of 1.63%.

SHA:601878

Wire38d ago

Zhongchao to Implement 1-for-3 Share Consolidation

Zhongchao (ZCMD) will implement a 1-for-3 share consolidation of its class A and class B ordinary shares effective June 29, to help maintain its Nasdaq listing, the company said Thursday.The company said the consolidated shares will continue trading on the Nasdaq under the same ticker symbol, but with a new CUSIP number.Zhongchao shares were down over 11% in premarket activity Thursday.Price: $0.36, Change: $-0.048, Percent Change: -11.63%

$ZCMD

Mining & Metals38d ago

Dynacor Group Appoints Rejean Gourde as Board Chair

Dynacor Group (DNG.TO) has appointed Rejean Gourde as board chair, effective immediately.Gourde, who recently chaired the governance, nomination and compensation committee and was a member of the audit and risk management committee, succeeds Pierre Lepine, who did not stand for re-election at the recent shareholder meeting.

$DNG.TO

International38d ago

May Chicago Fed National Activity Index -0.10 Vs. 0.15 Expected, 0.19 Prior

International38d ago

Q1 US GDP Price Index Rises 3.6% Vs. 3.5% Gain Second Estimate, Unrevised 3.5% Expected

International38d ago

Q1 US PCE Rise 0.5% Vs. 1.4% Gain Second Estimate, 1.4% Gain Expected

International38d ago

Q1 US GDP Rises 2.1% Vs. 1.6% Gain Second Estimate, 1.6% Gain Expected

International38d ago

May US Core PCE Price Index Rises 0.3% Vs. Expected 0.3% Gain, Prior 0.3% Gain

International38d ago

May US PCE Price Index Rises 0.4% Vs. Expected 0.5% Gain, Prior 0.4% Gain

International38d ago

May US Real Personal Spending Rises 0.3% Vs. Expected 0.2% Gain, Prior Flat Reading

Research38d ago

EFG-Hermes Brokerage Raises Almarai PT, Keeps at Buy

EFG-Hermes Brokerage on Wednesday raised the price target for food and beverage company Almarai Co. (SASE:2280) to 60 Saudi riyals from 54.50 riyals, while maintaining a buy rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

SASE:2280

Research38d ago

Deutsche Bank Downgrades Man Group to Hold Rating, Lifts PT

Deutsche Bank on Thursday downgraded British alternative investment manager Man Group (EMG.L) to hold from a buy rating, while increasing its price target to 3.10 pounds sterling from 2.95 pounds.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$EMG.L

Research38d ago

Kepler Cheuvreux Starts Tryg's Coverage at Hold

Kepler Cheuvreux on Thursday began its coverage of insurance company Tryg (TRYG.CO) with a hold rating and a price target of 160.00 Danish kroner.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$TRYG.CO

Research38d ago

EFG-Hermes Brokerage Upgrades Aldrees Petroleum and Transport Services to Buy, Lifts PT

EFG-Hermes Brokerage on Wednesday raised gasoline service station operator Aldrees Petroleum and Transport Services (SASE:4200) to buy from neutral and increased its price target to 140 Saudi riyals from 137 riyals.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

SASE:4200

Asia38d ago

EC Healthcare Forecasts Wider Full-Year Loss

EC Healthcare (HKG:2138) expects its net loss to widen to between HK$380 million and HK$420 million for the fiscal year ended March 31, compared with a loss of HK$167.2 million a year earlier.The company attributed the forecast mainly to non-cash impairment charges on goodwill, intangible assets, receivables and other assets, along with fair value losses on certain investments, according to a Hong Kong bourse filing on Thursday. Revenue is also expected to fall to HK$3.70 billion from HK$4.14 billion in the prior year.

HKG:2138

Research38d ago

Jefferies Downgrades Partners Group Private Equity to Underperform Rating

Jefferies on Thursday lowered its rating on private equity company Partners Group Private Equity (PEY.L) to underperform from hold.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PEY.L

Research38d ago

Kepler Cheuvreux Begins Gjensidige Forsikring Coverage at Hold

Kepler Cheuvreux on Wednesday started its coverage of general insurer Gjensidige Forsikring (GJF.OL) with a hold rating and a price rating of 272 Norwegian kroner.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$GJF.OL

Commodities38d ago

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday as Investors Embrace AI Growth Themes, Reduced Middle East Risks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7%, and the actively traded Invesco QQQ Trust (QQQ) advanced 2.1% in Thursday's premarket activity, as investors welcomed signs of stability in the Middle East, while technology shares rallied on expectations for continued AI spending.US stock futures were also higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 2.1% before the start of regular trading.Reports releasing at 8:30 am ET include the personal income and outlays report for May, the third and final estimate report of Q1 gross domestic product, the weekly jobless claims bulletin, the durable goods orders report, and the Chicago Fed national activity index, both for last month.The Kansas City Fed manufacturing index for June posts at 11 am ET.New York Fed President John Williams and Chicago Fed President Austan Goolsbee are slated to speak on Thursday.In premarket action, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% higher, Ether ETF (EETH) advanced 3.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.01%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.4%, while the iShares US Healthcare ETF (IYH) was flat, and the iShares Biotechnology ETF (IBB) was up 0.1%.Bio-Techne (TECH) stock rose more than 19% premarket after the company signed a definitive agreement to be acquired by Germany's Merck KGaA for $73 a share, representing an enterprise value of $11.3 billion.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 2.8%, and the iShares US Technology ETF (IYW) was 3.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 4.4%, while the iShares Semiconductor ETF (SOXX) rose by 5.1%.Micron Technology (MU) shares were up over 17% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, and its guidance for the next quarter also came in above market expectations.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was marginally lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fell by 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 11% pre-bell after the company reported lower Q1 non-GAAP earnings.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) gained 1.7% and the iShares US Industrials ETF (IYJ) was flat.MDA Space (MDA) stock was up 2.7% before the opening bell after the company said it would provide digital payload, antennas, and subsystems for Japan's defense communications satellite program under contracts from Mitsubishi Electric.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) fell 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Barclays (BCS) shares traded up 2% in early hours activity after the company said that the projected capital ratios for its US business remained above the regulatory minimum levels across all nine quarters of the Federal Reserve's stress test.EnergyThe iShares US Energy ETF (IYE) gained 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.4%.TotalEnergies (TTE) stock was down more than 1% before market open after closing the previous session with a 2% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.7% to $69.84 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.4% to $3.27 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.4%, while the United States Natural Gas Fund (UNG) was 1.3% higher.Gold futures for July were down by 0.2% to $4,000.90 an ounce on the Comex. Silver futures retreated by 1.3% to $57.74 an ounce. SPDR Gold Shares (GLD) declined by 0.2%, and the iShares Silver Trust (SLV) was 0.1% higher.

Dow JonesNasdaq CompositeS&P 500$BCS$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MDA$MU$PMR$QQQ$RTH$SLV$SOXX$SPY$TCOM$TECH$TTE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Showing 19161-19180 of 65691

Commodities38d ago