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TOP NEWS
• Concerned about a euro exit, Greeks pull funds from banks
Greece's president spoke of "fear that could develop into panic" at the country's banks in the weeks before fresh elections that could precipitate Athens exit from the euro zone.
• Sears Canada posts profit on lease terminations gain
The department store chain reported a first-quarter profit, helped by a one-off gain on lease terminations and lower costs.
• JPMorgan investment unit played by different high-risk rules
The JPMorgan Chase & Co. unit that lost more than $2 billion through a failed hedging strategy had looser risk controls than the rest of the bank, according to people familiar with the situation.
• Facebook boosts IPO size by 25 pct, could top $16 bln
Facebook Inc will increase the size of its initial public offering by 25 percent, a source familiar with the matter said, and could raise as much as $16 billion as strong investor demand for a share of the No.1 social network trumps debate about the company's long-term potential to make money.
• GE finance arm resumes dividend to parent
General Electric Co's finance arm will resume quarterly dividend to the parent company and pay the largest U.S. conglomerate a $4.5 billion special dividend this year.
BEFORE THE BELL
Canada’s resource heavy main stock index was set to extended losses, dragged by falling commodity prices, with markets pressured by worries around Greece’s new elections and a possible exit from the euro. On the calendar was manufacturing sales. Wall Street was set to edge higher at open. European shares fell and the euro dropped to a four-month low against the dollar. Asian stocks closed lower and oil and gold fell.
STOCKS TO WATCH
Results
• Birchcliff Energy Ltd. (BIR). The natural gas producer reported a 61 percent fall in quarterly profit and said lower prices for the fuel has complicated its growth plans. First-quarter net income fell to C$3.7 million, or 3 Canadian cents per share, from C$9.6 million, 7 Canadian cents per share, a year earlier. Petroleum and natural gas revenue was flat at C$62.8 million, while production averaged 19 percent higher at 21,061 barrel of oil equivalent per day.
• Boardwalk Real Estate Investment Trust (BEI_u). The REIT’s FFO for the first-quarter totalled C$34.3 million, or 66 Canadian cents per unit on a diluted basis, compared to FFO of C$28.1 million or 54 Canadian cents per unit for the same period last year.
• Canadian Zinc Corp. (CZN). The company said it expects capital spending at its main project, the Prairie Creek Mine in the Northwest Territories, to be more than expected due to the addition of more features and an increase in costs. It now expects to spend C$150 million to C$160 million on bringing the mine to production, up from its previous estimate of $120 million. First-quarter net loss narrowed to C$2.5 million from C$14.2 million a year earlier.
• Centerra Gold Inc. (CG). The company reported first-quarter loss of 6 cents per share on revenue of $133.8 million. Ian Atkinson has been appointed as new President and CEO replacing Steve Lang.
• Connacher Oil and Gas Ltd. (CLL). The company reported first-quarter earnings of 5 Canadian cents a share, on revenue of C$193 million.
• Dundee Corp. (DCa). The company reported first-quarter earnings of C$32.5 million or 53 Canadian cents per share from continuing operations, compared with net earnings of C$14.2 million during the same period of the prior year.
• First Nickel Inc. (FNI). The company reported first-quarter loss of 1 Canadian cent per share on revenue of C$10.7 million.
• Gamehost Inc. (GH). The company reported first-quarter earnings of 18 Canadian cents per share on revenue of C$18.9 million.
• High River Gold Mines Ltd. (HRG). The company reported first-quarter basic earnings of 7 Canadian cents per share on revenue of C$138.9 million.
• Ivanhoe Mines Ltd. (IVN). The company reported first-quarter loss of 11 cents per share on revenue of $40.2 million.
• Pan American Silver Corp. (PAA). The company reported first-quarter adjusted earnings of 58 cents per share on sales of $228.8 million.
• Sears Canada Inc. (SCC). The department store chain reported a first-quarter profit, helped by a one-off gain on lease terminations and lower costs. Net income was C$93.1 million, or 91 Canadian cents a share, compared with a loss of C$47 million, or 45 Canadian cents, a year earlier.
• Timmins Gold Corp. (TMM). The company reported first-quarter earnings of 3 cents per share on metal revenues of $35.7 million. Separately, Darren Prins will replace Colin Sutherland as CFO.
• Westaim Corp. (WED). The company reported first-quarter earnings of 1 Canadian cent a share, while net premiums earned were C$77 million.
In Other News
• Brookfield Asset Management (BAMa). The company will spin off its commercial real estate holdings into a new company that will be listed on the New York and Toronto stock exchanges in the second half of the year, according to a Securities and Exchange Commission filing on Tuesday. The shares of the new company will be distributed as a special dividend to the parent company's shareholders. The new company will have assets under management of about $70 billion, permanent shareholder capital of about $25 billion and common equity of about $10 billion, Brookfield said in the filing.
ANALYST RECOMMENDATIONS
• Cominar REIT (CUF_u). Macquarie raises target price to C$25.50 from C$24.50 on achievement of an investment grade rating
• Fortress Paper (FTP). Canaccord Genuity cuts target price to C$42 from C$50 on weaker-than-expected 1st-quarter results; rating buy
• International Tower Hill Mines (ITH). Canaccord cuts to hold from speculative buy, cuts price target to C$3.40 from C$9.90 after its CEO quit the company
• Power Corp of Canada (POW). Barclays cuts price target to C$26 from C$27 to reflect lower earnings expectations for the company
• RBC (RY). TD Bank (TD) National Bank of Canada (NA) CIBC (CM). Bank of Nova Scotia (BNS). Bank of Montreal (BMO). Canaccord Genuity cuts price targets on slipping mortgage growth
ECONOMIC EVENTS
08:30 Manufacturing sales for Mar: Expected 0.3 pct Prior -0.3 pct
CORPORATE EVENTS
08:00 Tethys Petroleum Ltd. (TPL). Earnings conference call
09:00 Aura Minerals Inc. (ORA). Q1 Earnings conference call
09:00 Noranda Income Fund (NIF_u). Q1 Earnings conference call
10:00 Allied Properties Real Estate Investment Trust (AP_u). Q1 Earnings conference call
10:00 Colossus Minerals Inc. (CSI). Annual shareholder meeting
10:00 Ran Power Corp. (RPG). Q1 Earnings conference call
10:00 Semafo Inc. (SMF). Q1 Earnings conference call
10:00 Thera Technologies (TH). Annual shareholder meeting
10:30 Avion Gold Corp. (AVR). Q1 Earnings conference call
10:30 Cineplex Inc. (CGX). Annual shareholder meeting
10:30 Guestlogix Inc. (GXI). Annual shareholder meeting
11:00 Boardwalk Real Estate Investment Trust (BEI_u). Q1 Earnings conference call
11:00 Centerra Gold Inc. (CG). Q1 Earnings conference call
11:00 Cominar Real Estate Investment Trust (CUF_u) Annual shareholder meeting
11:00 Home Capital Group Inc. (HCG). Annual shareholder meeting
11:00 Pan American Silver (PAA). Q1 Earnings conference call
11:30 Lone Pine Resources Inc. (LPR). Annual meeting of stockholders
16:00 Wesdome Gold Mines Ltd. (WDO). Annual shareholder meeting
16:30 Canadian Apartment Properties Real Estate Investment Trust (CAR_u). 2011 Annual meeting of unitholders
EXDIVIDENDS
(Amount rounded off to two decimal places)
• Algoma Central Corp. (ALC). Amount C$0.50
• Cineplex Inc. (CGX). Amount C$0.11
• Jean Coutu Group Inc. (PJCa). Amount C$0.07
• Ritchie Bros. Auctioneers Inc. (RBA). Amount C$0.11
• Sprott Inc. (SII). Amount C$0.03
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