North American Morning Briefing: Stock Futures Rise Ahead of Key Inflation Report -2-

Air Canada Announces C$2.5 B Minority Equity Investment in Aeroplan Led by Blackstone and La Caisse; 2Q Adj EPS CAD 0.40; FactSet Est. CAD 0.15; 2Q Operating Margin Negative 3.4%; 2Q Adj EBITDA CAD 719M; 2Q Operating Loss CAD 215M; FY Outlook Adj EBITDA CAD 2.9B - 3.2B; 2Q Loss/Shr CAD 0.63; FactSet Est. CAD 0.14; 2Q Revenue CAD 6.3B; FactSet Est. CAD 6.17B; Air Canada FY Outlook Below Consensus; 2Q Adj EPS Beats Estimates; 2Q Loss/Shr C$0.63; 2Q Rev C$6.27B; 2Q Adj EPS C$0.40; 2Q Capacity Up 0.3%; 2Q CASM Up 24.3%; 2Q Adj CASM Up 7.4%; Reinstated and Updated Full-Yr 2026 Guidance, Including Adjusted EBITDA C$2.9B to C$3.2B

Andrew Peller 1Q EPS C$0.08

Bonterra Energy 2Q EPS 56c

BTB Real Estate 2Q EPS C$0.098; 2Q Adj EPS C$0.084

Cavvy Energy 2Q EPS C$0.05

Cipher Pharmaceuticals 2Q EPS 15c; 2Q Rev $12.1M

COSCIENS Biopharma 2Q Loss/Shr $0.19; 2Q Net Loss $0.2M; 2Q Revenue $3.1M; Reports 2Q Loss/Shr of $0.19

D-BOX Technologies 1Q Adj EBITDA CAD 4.26M; 1Q EPS CAD 0.012; 1Q Net Income CAD 2.94M; 1Q Royalty Revenues CAD 5M; 1Q Revenue CAD 13.4M; 1Q Adj EBITDA Margin 32%; 1Q Gross Profit CAD 7.92M; Reports 1Q EPS of CAD 0.012; 1Q Rev C$13.4M

Dream Unlimited 2Q Revenue CAD 75.6M; FactSet Est. CAD 82M (1 Est.); 2Q Revenue Misses Estimates

Dundee Corporation 2Q Net Loss CAD 28.1M; 2Q Loss/Shr CAD 0.31; Reports 2Q Loss/Shr of CAD 0.31; 2Q Loss/Shr C$0.31

Eupraxia Pharmaceuticals Anticipate Existing Cash Reserves Will Be Sufficient to Fund the Co Into 2H28; 2Q Loss C$14.5M

Exchange Income Corporation 2Q Net Income CAD 57M; 2Q Adj EBITDA CAD 226M; 2Q Revenue CAD 952M; FactSet Est. CAD 914.8M; 2Q Free Cash Flow CAD 161M; 2Q Adj Net Income CAD 64M; 2Q Revenue Beats Estimates; 2Q Rev C$952M

Firm Capital Property 2Q Rev C$15.9M; 2Q FFO C$0.121/Shr

Franco-Nevada Corp 2Q EPS $1.83; 2Q Net Income $354M; 2Q Revenue $580.9M; FactSet Est. $616.7M; 2Q Adj Net Income $349.2M; 2Q Adj EBITDA $529.7M; 2Q Revenue Misses Estimates; 2Q Rev $580.9M; 2Q EPS $1.83

Helios Fairfax Partners 2Q Book Value per Share $4.44; 2Q EPS $0.17; 2Q Net Income $18.6M; Reports 2Q EPS of $0.17; 2Q EPS 17c; 2Q Net $18.6M; 2Q Book Value Per Shr $4.44; 2Q EPS 23c

Hemlo Mining Corp. 2Q EPS 10c; 2Q Rev $142.5M

Integra Resources 2Q Net $12M; 2Q Rev $70.8M

Meren Energy 2Q Net Income $31.8M; 2Q Basic EPS $0.05; 2Q Operating Cash Flow $60.4M; FY Outlook EBITDAX $390M - 430M; 2Q EBITDAX $108.4M; Sees FY Outlook EBITDAX of $390M - 430M

Pason Systems 2Q Net Income CAD 13.6M; 2Q Free Cash Flow CAD 3.46M; 2Q Adj EBITDA CAD 35.7M; 2Q CAPEX CAD 17.1M; 2Q Revenue CAD 100.8M; 2Q Funds Flow from Operations CAD 33.5M; Reports 2Q Revenue of CAD 100.8 Million; 2Q EPS C$0.18

Peyto Exploration 2Q EPS CAD 0.51; FactSet Est. CAD 0.51 (1 Est.); 2Q FFO CAD 227.7M; 2Q Basic EPS CAD 0.52; Reports 2Q EPS of CAD 0.51, Compared With FactSet Consensus of CAD 0.51 (1 Est.)

Westport Fuel Systems 2Q Adj EBITDA Loss $6.27M; 2Q Net Loss $11.4M; 2Q Revenue $2.72M; FactSet Est. $2.23M; 2Q EBITDA Loss $10.8M; 2Q Revenue Beats Estimates; 2Q Loss/Shr 64c; 2Q Rev $27.1M

Expected Major Events for Wednesday 06:00/GER: Jul CPI

06:00/JPN: Jul Preliminary Machine Tool Orders

08:00/ITA: Jul CPI

08:00/FRA: Aug IEA Oil Market Report

11:00/US: 08/07 MBA Weekly Mortgage Applications Survey

12:30/CAN: Jun Building permits

12:30/US: Jul CPI

12:30/US: Jul Real Earnings

14:00/US: Jul Online Help Wanted Index

14:30/US: 08/07 EIA Weekly Petroleum Status Report

16:00/US: World Agricultural Supply & Demand Estimates (WASDE)

16:59/GER: Jun Balance of Payments

18:00/US: Jul Monthly Treasury Statement of Receipts and Outlays of the U.S. Government

23:01/UK: Jul RICS Residential Market Survey

23:50/JPN: Jul Corporate Goods Price Index

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Expected Earnings for Wednesday Air Canada (AC.T) is expected to report $0.14 for 2Q.

Altimmune (ALT) is expected to report $-0.16 for 2Q.

Arbutus Biopharma Corp (ABUS) is expected to report $-0.02 for 2Q.

Beasley Broadcast Group Inc (BBGI) is expected to report for 2Q.

BeyondSpring Inc (BYSI) is expected to report $-0.67 for 2Q.

Bio-Techne Corp (TECH) is expected to report $0.40 for 4Q.

Boyd Group Services Inc (BYD.T) is expected to report for 2Q.

Brinker International Inc (EAT) is expected to report $3.07 for 4Q.

CISO Global Inc (CISO) is expected to report for 2Q.

Creative Media & Community Trust Corp (CMCT) is expected to report for 2Q.

Enterprise Group Inc (E.T) is expected to report for 2Q.

Galectin Therapeutics Inc (GALT) is expected to report for 2Q.

Global-E Online Ltd (GLBE) is expected to report $0.21 for 2Q.

HLS Therapeutics Inc (HLS.T) is expected to report for 2Q.

Humacyte Inc (HUMA) is expected to report $-0.10 for 2Q.

Hydro One Ltd (H.T) is expected to report $0.58 for 2Q.

Idaho Strategic Resources Inc (IDR) is expected to report for 2Q.

Instil Bio Inc (TIL) is expected to report for 2Q.

Kontoor Brands Inc (KTB) is expected to report $0.99 for 2Q.

Liquidia Corp (LQDA) is expected to report $0.74 for 2Q.

LiveOne Inc (LVO) is expected to report for 1Q.

Local Bounti Corp (LOCL) is expected to report for 2Q.

Madison Square Garden Entertainment Corp (MSGE) is expected to report $-0.52 for 4Q.

Maple Leaf Foods Inc (MFI.T,MLFNF) is expected to report for 2Q.

MeiraGTx Holdings PLC (MGTX) is expected to report $-0.35 for 2Q.

Metro Inc (MRU.T,MTRAF) is expected to report $1.25 for 3Q.

National Vision Holdings Inc (EYE) is expected to report $0.14 for 2Q.

Neonode Inc (NEON) is expected to report for 2Q.

Nexxen International Ltd (NEXN) is expected to report for 2Q.

Ovid Therapeutics Inc (OVID) is expected to report $-0.13 for 2Q.

PDS Biotechnology Corp (PDSB) is expected to report for 2Q.

Performance Food Group Co (PFGC) is expected to report $1.27 for 4Q.

ProPhase Labs Inc (PRPH) is expected to report for 2Q.

Professional Diversity Network Inc (IPDN) is expected to report for 2Q.

Reed's Inc (REEDD) is expected to report for 2Q.

Savara Inc (SVRA) is expected to report $-0.14 for 2Q.

Smith-Midland Corp (SMID) is expected to report for 2Q.

Trimble Inc (TRMB) is expected to report $0.45 for 2Q.

Vislink Technologies Inc (VISL) is expected to report for 2Q.

Yarrow Bioscience Inc (YARW) is expected to report for 2Q.

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ANALYST RATINGS ACTIONS Abercrombie & Fitch Raised to Equal-Weight From Underweight by Barclays

Accendra Health Cut to Neutral From Buy by Citigroup

ACV Auctions Cut to Underweight From Equal-Weight by Barclays

agilon health Raised to Neutral From Sell by Citigroup

Allstate Cut to Sell From Neutral by Citigroup

Alpha Teknova Raised to Buy From Neutral by BTIG

AppLovin Cut to Neutral From Buy by B of A Securities

Arena Group Holdings Cut to Hold From Buy by Lake Street

Best Buy Raised to Buy From Hold by Truist Securities

Boeing Raised to Buy From Hold by Argus Research

Bowman Consulting Cut to Hold From Buy by Craig-Hallum

Centene Raised to Buy From Hold by Argus Research

Cherry Hill Mortgage Cut to Market Perform From Market Outperform by Citizens

Columbia Financial Raised to Overweight From Neutral by Piper Sandler

Compass Diversified Raised to Buy From Neutral by B. Riley Securities

Critical Metals Cut to Hold From Buy by Freedom Broker

Everpure Raised to Buy From Neutral by Citigroup

Evolent Health Raised to Buy From Neutral by Citigroup

Gap Inc Cut to Equal-Weight From Overweight by Barclays

Heron Therapeutics Cut to Neutral From Buy by HC Wainwright & Co.

Jabil Raised to Buy From Neutral by UBS

MarineMax Cut to Hold From Buy by Benchmark

MarineMax Cut to Hold From Buy by Loop Capital

MarketAxess Cut to Market Perform From Outperform by Keefe, Bruyette & Woods

N-able Cut to Sector Perform From Outperform by RBC Capital

Root Cut to Hold From Buy by Jefferies

Sionna Therapeutics Cut to Neutral From Buy by BTIG

Sionna Therapeutics Cut to Neutral From Buy by Guggenheim

Sionna Therapeutics Cut to Neutral From Outperform by Wedbush

Tenax Therapeutics Cut to In-Line From Outperform by Evercore ISI Group

Tenax Therapeutics Cut to Neutral From Buy by Chardan Capital

TIC Solutions Raised to Buy From Neutral by UBS

Under Armour Cut to Underweight From Equal-Weight by Barclays

Varex Imaging Cut to Perform From Outperform by Oppenheimer

This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

August 12, 2026 05:58 ET (09:58 GMT)