Week Ahead: Canadian Markets Await January GDP Print

The economic calendar appears to be quite busy for the week ahead amid the upcoming highly anticipated Canadian GDP print and US pending home sales.

On Monday, healthcare-focused software company Vitalhub is expected to publish its earnings for the fourth quarter 2020, with analysts projecting revenues of $4.79 million. Similarly, Medipharm Labs and Zenabis Global are also expected to release their earnings on Monday.

Tuesday, Canadian smartphone maker Blackberry is expected to release its earnings report for the fiscal quarter ending February 2021 after markets close. The consensus among analysts calls for an earnings per share of $0.035, with revenues of $317.46 million.

It is anticipated that Harvest Health, a US- based vertically integrated cannabis company, will publish its fiscal fourth quarter earnings on Tuesday as well. Analysts are forecasting an earnings per share of -US$0.023, and revenues of US$65.76 million, marking an increase of US$0.48 million from the prior quarter.

In macro news, the US Conference Board is expected to publish the consumer confidence print for March. Analysts are calling for a reading of 96, marking a positive increase from February’s reading of 91.3. Consumer confidence is a leading indicator of household spending, and gauges the overall health of the US economy.

Wednesday is also a big day for macro news, as Statistics Canada will be publishing GDP levels for the month of January. Analysts are calling for a 0.3% increase, but given the scope of tightened public health measures in several key regions that overlapped into the new year, economic activity will likely continue to remain subdued.

In the US, the National Association of Realtors is expected to publish its Pending Home Sales Report for the month of February. Following a drop of 2.8% in January, analysts are calling for yet another decline, this time to the tune of 3.5%. The US housing market has been surging to new highs throughout the pandemic, as record-low interest rates and demand for more spacious homes continues to drive housing prices upward, and add pressure on already-constrained supply.

Wednesday also happens to be a busy day for earnings releases, starting with Gran Columbia Gold. The Canadian-based gold producer is expected to publish its fiscal fourth quarter 2020 earnings, and according to the consensus among analysts, the company’s earnings per share are forecast to hit $0.52, with revenues of $129.99 million.

Micron, a US-based semiconductor company, is also expected to publish its fourth quarter 2020 earnings on Wednesday. Analysts are anticipating an earnings per share of $0.92, and revenues of $6.14 billion.

Dave & Busters, a US-based restaurant and entertainment company, is also slated to reveal its fiscal fourth quarter 2020 results. Analysts call for the company’s earnings per share to decline to $1.3, and revenues to hit $99.85 million.

Finally, as a reminder, this week is a short trading week with markets closed in both Canada and the US for Good Friday.

Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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