First Look With Surveillance: Senate Bill, Carlyle CEO Resigns
Barrick Gold will be a stock to watch today after the company reported adjusted earnings per share for the second quarter that topped the average analyst estimate. The company produced just over one-million ounces of gold in Q2, and says it is on track to meet its full year forecasts. Most of Barrick’s gold production in the quarter came from its mines in Nevada, Argentina and Tanzania. We’ll hear from the company’s president and CEO Mark Bristow at 8:35 a.m. EDT.
OIL PRICES SLIDE
The price of crude continues to trade lower after falling to its lowest levels in nearly six months last week. Investors continue to weigh the risk to demand as fears of a global slowdown build. Investors will turn their attention to the latest monthly reports from OPEC and the International Energy Agency, which are due out on Thursday.
U.S. SENATE PASSES CLIMATE, TAX AND HEALTH CARE BILL
The U.S. Senate has approved the new Inflation Reduction Act of 2022. The bill devotes almost $400 billion over 10 years in tax credits to measures to combat climate change and is expected to win approval in the Democrat-controlled House of Representatives next week before heading to the U.S. President Biden’s desk. The new version of this plan encourages Americans to buy more electric vehicles built in North America, instead of just the United States.
OTHER NOTABLE STORIES
- Nutrien has named Ken Seitz as its new CEO. Seitz was named interim CEO at the beginning of the year, after the company’s former chief executive made a surprise exit. The new role is effective immediately.
- Shares of Pfizer are trading lower in the pre-market trade after the company struck a deal to buy Global Blood Therapeutics in a deal worth US$5.4 billion
- Whirlpool also announced a deal this morning. The company is buying Insinkerator, which is Emerson Electric’s food waste-disposal business, in a deal valued a US$3 billion
- Warren Buffett’s Berkshire Hathaway said on Saturday that the drop in global financial markets weighed on the company’s bottom line in the second quarter as it reported a US$43.8 billion loss. However, the conglomerate did generate almost US$9.3 billion of operating profit and added US$3.8 billion in equities last quarter.
- The slide in global stock prices also hit Japanese technology company SoftBank Group in its latest quarter. The company posted a loss of more than $23 billion after a selloff in global tech stocks hit its Vision Fund’s portfolio of investments.
- Private equity firm Carlyle Group said Kewsong Lee has stepped down from his CEO position months before the end of his five-year contract. The company’s co-founder Bill Conway will step in as interim chief executive until a successor is found.
- Notable earnings: Barrick Gold, Hudbay Minerals, WSP Global, RioCan Real Estate Investment Trust, CT Real Estate Investment Trust, Martinrea International, Westport Fuel Systems, Galaxy Digital Holdings, Curaleaf, Hudbay Minerals