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WHAT'S ON TAP
HOT OFF THE PRESS
New home prices rebound in February
New home prices surprised to the upside in February, gaining 0.3% versus expectations for a decline of similar magnitude - the first up month in a year…
… on the back of a 1.1% sequential rise in the Prairies, reversing course from last month’s drawdown and carrying continued weakness in Ontario and BC.
To build momentum, more progress will be needed on unsold inventory reductions.
PPI moderates, but oil is in the driver’s seat
Industrial product prices rose 0.4% in February, moderating versus last month and expectations for a 1.1% gain…
… despite an 8% rise in energy product prices, driven by escalating tensions in Iran.
That translated to raw materials costs, with crude products rising nearly 5%…
… and set to increase more next month, with a full month of anemic oil flow through the Strait of Hormuz hitting results.
ON OUR RADAR
GAINERS & LOSERS
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Hammond Power (HPS-A) was up 14% on the back of its Q4 results, which beat big on revenue thanks to ~24% growth north and south of the border…
… and beat bigger on EPS, with only modest margin compression linked to cost inflation and excess capacity. Both should be short-lived, with costs passed on and the backlog at record levels (up 122% Y/Y)…
… driven by increased data center activity. Combined with its recent $365M acquisition, the street now has multiple years of revenue visibility - prompting positive revisions and multiple compression.
INSIDER TRANSACTIONS
| Insider | Company | Value |
|---|---|---|
| Woodbridge | Thomson (TRI) | $20.8M |
| Jeffrey Housman | Restaurant Brands (QSR) | $1.5M |
| Adam Gray | NFI Group (NFI) | $1.6M |
| Albert Monaco | Cdn. National (CNR) | $1.0M |
EARNINGS
FRIDAY’S EARNINGS
| Company | Actual | Consensus |
|---|---|---|
| 🇨🇦 Info Services (ISC) | 0.76 | 0.64 |
ECONOMIC DATA
FRIDAY’S ECONOMIC RELEASES
| Release | Actual | Consensus |
|---|---|---|
| 🇨🇦 New Home Price M/M | 0.3% | -0.3% |
| 🇨🇦 Retail Sales M/M | 1.1% | 1.5% |
| 🇨🇦 PPI M/M | 0.4% | 1.1% |
| 🇨🇦 Raw Materials M/M | 0.6% | 2.4% |
January’s retail sales rose 1.1%, coming up short of the expected 1.5% increase - but reversing December’s 0.4% drawdown…
… on broad-based strength at the category level, led on an absolute basis by a 2% gain in sales at vehicle and parts dealers.
At the regional level, Alberta did the heavy lifting (up ~4%) - but results were higher across the board…
… which should carry into February, with estimates calling for a 0.9% gain.
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