
ExxonMobil to Speak at Barclays 39th Annual CEO Energy-Power Conference
To access the live webcast, visit the event page. An archived audio portion of the webcast will be available on the ExxonMobil website approximately 24 hours after the event.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society's evolving needs.
The corporation's primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity. To learn more, visit exxonmobil.com and ExxonMobil's Advancing Climate Solutions.
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Globe and Mail
15 minutes ago
- Globe and Mail
Citadel's Rubner Says Retail Momentum Is Structural, Not Cyclical
Citadel Securities strategist Scott Rubner sees retail traders pulling back from their heavy pace of stock buying in September, before resuming activity later in the year. Individual investors have been net buyers of equities in 16 of the past 18 weeks and net buyers of equity options for 16 consecutive weeks, according to Citadel data. Rubner called the trend 'structural, not cyclical,' suggesting the momentum reflects deeper consumer engagement with markets rather than a short-term fad. Historically, retail flows slow during late summer, with September marking the weakest month of participation since 2017, Citadel data shows. Rubner argued that this year will follow a similar pattern, with buying intensity easing after robust June and July inflows. Still, he expects demand to return by year-end, echoing a pattern where persistent dip-buying has repeatedly supported market recoveries. The phenomenon has drawn increasing attention from Wall Street, given retail investors' growing influence on indices like the S&P 500. Market Overview: Retail traders net buyers of stocks in 16 of past 18 weeks Options activity hit 98th percentile, 34% above 12-month average September historically marks retail's weakest participation month Key Points: Citadel's Rubner says buying surge is structural, not cyclical Retail dip-buying lifted S&P 500 from April swoon to records Top investor favorites include Tesla, Nvidia, and UnitedHealth Looking Ahead: Participation likely to wane through September before rebounding Wall Street watching retail flows for market direction signals Recent IPOs like CoreWeave, Circle, and Bullish attract retail demand Bull Case: Citadel's finding that retail flows are 'structural, not cyclical' points to a durable, secular rise in individual investor participation—meaning retail demand can act as an ongoing stabilizer, repeatedly cushioning pullbacks and contributing to upward momentum when institutional appetites fade. Persistent net buying of stocks and equity options, even through softer sentiment data and historically slower periods, suggests that today's retail investors are more engaged, informed, and liquidity-providing than previous generations, offering a counterweight to volatility during corrections. The consistent pattern of retail dip-buying—lifting markets out of recent swoons and repeatedly supporting S&P 500 recoveries—gives bulls confidence that setbacks will be met with fresh inflows as seasonal slowdowns reverse heading into year-end. Diversification of retail interest to both blue-chip favorites (Tesla, Nvidia, UnitedHealth) and newly public equities (CoreWeave, Circle, Bullish) broadens market participation and can drive deeper, more liquid trading even among newer listings and smaller caps. For portfolio construction: Proactive engagement with this influential cohort—through educational content, targeted research, or robust digital trading tools—can help asset managers, brokers, and fintechs capture expanding retail flows and adapt to evolving liquidity dynamics. Bear Case: While retail flows have supported markets recently, seasonal data show that September reliably brings a steep drop in participation—the weakest since 2017—raising the risk of shallow liquidity, sharper swings, or more pronounced drawdowns if institutional conviction falters at the same time. Extreme options activity (at the 98th percentile and 34% above trend) may point to crowded, momentum-driven trades that could unwind quickly if sentiment shifts, leaving retail traders exposed to rapid reversals and higher volatility. Structural engagement does not immunize markets from crowded positioning: if top retail favorites (like Tesla and Nvidia) face negative headlines, retail unwinds could exacerbate selling pressure, especially for recently IPOed names where liquidity is thinner. The rise in retail participation—while generally positive for democratized markets—complicates traditional liquidity and volatility models, making it harder for banks, hedge funds, and policy makers to predict correction depth, institutional buybacks, or the pace of recovery during sharp moves. Action for risk managers and trading desks: Closely monitor retail positioning through broker data, options flows, and social sentiment—apply scenario analysis to hedge liquidity gaps, and prepare playbooks for rapid unwinds if 'buy-the-dip' behavior weakens or if macro shocks emerge as retail flows ebb in the fall. Retail enthusiasm remains evident despite softer consumer sentiment data, with 71 million options contracts trading in a single day last week. Interactive Brokers data showed Tesla (TSLA), Nvidia (NVDA), and UnitedHealth (UNH) among the most purchased names, while retail traders also piled into newly public companies such as CoreWeave and Circle. Analysts note that retail positioning has become a key component of market resilience, cushioning pullbacks and complicating efforts to assess the depth of institutional influence. Even as the market braces for seasonal slowdowns, the persistence of individual investor flows highlights a structural shift in trading behavior. Rubner's thesis suggests retail demand could remain a durable pillar of equity markets, challenging traditional assumptions about volatility and liquidity. For banks, hedge funds, and policymakers alike, tracking this cohort's participation is becoming as critical as monitoring institutional flows.

Globe and Mail
37 minutes ago
- Globe and Mail
Dayforce, led by Toronto's David Ossip, confirms privatization talks with Thoma Bravo
Toronto entrepreneur David Ossip transformed one of America's oldest technology companies, Ceridian Corp., from an underperforming, debt-laden private equity-owned enterprise based in Minneapolis into a leading enterprise software vendor that was largely managed from Canada. That human resources software company, now known as Dayforce Inc. DAY-T, appears to be headed back into the private realm after confirming Wednesday it was in advanced discussions to be acquired by private equity giant Thoma Bravo for US$70 a share, valuing the company at more than US$11-billion. The offer represents a premium of 32.4 per cent based on the stock's closing price on Aug. 15, before the talks were first reported, and is the latest consolidation move in the human resources software market, after the acquisition by Paychex of rival Paycor for US$4.1-billion earlier this year, and Automatic Data Processing's 2024 acquisition of WorkForce Software for about US$1.2-billion. Dayforce stock, which had already soared earlier this week on reports of an impending deal, closed Wednesday morning at US$67.40 on the New York Stock Exchange, up 2.95 per cent. Dayforce beats revenue estimates, experts warn U.S. tariff labour impact could hit HCM industry If the Thoma-Dayforce deal happens, it would mark the latest in a sweep of takeovers by private equity firms of software firms that saw their valuations crash in late 2021 as the spectre, later realized, of rising interest rates hit the technology sector. This privatization wave is different from the buyout craze of the 2000s that consumed Ceridian and nearly culminated in a takeover of Canadian telecom giant BCE Inc. That wave was fuelled by cheap money and loose lending terms alongside the subprime mortgage bubble, which led to the credit crisis and deep recession in 2008-09. This time, private equity firms, including Thoma Bravo, have been largely focused on sturdy, growing subscription software firms that have fallen out of favour with public market investors. The new era has seen more than half of the 20 Canadian technology companies that went public on the Toronto Stock Exchange during the pandemic-fuelled initial public offering boom in 2020 and 2021 go private through buyouts or delisting. That includes Magnet Forensics, one of the standout performers of that class of TSX IPOs, which Thoma took private for $1.8-billion in 2023. Other prominent publicly traded Canadian software companies have recently looked into privatizing, including Lightspeed Commerce Inc. – which abandoned a sale process early this year – as well as Altus Group Ltd. and Dye & Durham Ltd. Mr. Ossip, a veteran, South African-born Canadian software entrepreneur, was already one of Canada's most high-profile software entrepreneurs when he launched Dayforce in the late 2000s: His previous startup, time-and-attendance management software provider Workbrain Corp., was bought by Infor Global Solutions for $227-million in 2007. Many employees went on to build their own startups. When Ceridian bought Dayforce in 2012, it looked like a familiar story: Promising Canadian startup sells out too soon to a big U.S. buyer. But it was an intentional move that 'wasn't a random series of events,' Mr. Ossip told The Globe and Mail in 2017. 'It was designed.' At the time, the buyer, a payroll processing stalwart, was a faded technology has-been that started life as an IBM unit in 1932 and was purchased by U.S. private-equity giant Thomas H. Lee Partners in 2007. Part of the deal was that Mr. Ossip would become CEO of Ceridian and lead its transformation into a 21st century subscription software powerhouse. He is also chairman of the company. Mr. Ossip, now 58, subsequently built Ceridian's effective headquarters and executive team in Toronto, where much of the development work happens, while maintaining its U.S. domicile and Minneapolis headquarters. Mr. Ossip shifted Ceridian's focus to expanding Dayforce, which offers payroll and other human-resources services, including benefits and work force and talent management administration, on a single platform. Dayforce had nearly 7,000 customers on its subscription software platform as of June 30, up 4.9 per cent year-over-year. One of its biggest is the government of Canada, which is deploying Dayforce to replace its failed Phoenix payroll system. If the original Dayforce startup had remained a stand-alone Canadian company, it would be one of this country's largest homegrown software vendors. Dayforce eventually consumed the old Ceridian, which formally changed its name early last year. After going public on the Toronto and New York stock exchanges in 2018 at US$22-a share (as Ceridian HCM Holdings Inc.), the stock soared through 2021, topping US$130 that November as the pandemic pushed consumers and companies alike to increasingly adopt online software. But like other software companies, Dayforce's stock fell after soaring inflation raised concerns that central banks would counteract with interest rate hikes. Those started in spring 2022. By that June, the company's stock had lost nearly two-thirds of its peak value, and was only trading in the low $50s range before news broke about a possible buyout last weekend. Rising rates also weighed on the enterprise software sales market. Dayforce's recurring revenue growth from its subscription software platform slowed from the 30 per cent-plus range two years ago, gaining 13.6 per cent in the second quarter to reach US$315.5-million. That outpaced total revenue growth, weighted down by Ceridian's legacy payroll management business, of 9.8 per cent. The results, reported last week, included a US$21.3-million net profit for the quarter, beating Wall Street expectations. The company raised its annual revenue forecast last week, as more enterprises increase use of AI and cloud-based platforms to run day-to-day operations. Mr. Ossip briefly shared the CEO title with Leagh Turner from early 2022 through November, 2023. Ms. Turner, who had joined as president and chief operating officer in 2018 after serving as global chief operating officer with SAP AG, left Dayforce to lead Coupa Software, a Silicon Valley spend management software vendor. With a report from Reuters.


Globe and Mail
37 minutes ago
- Globe and Mail
Canadian Analyst Coverage Update: July 29th, 2025
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(BN:CA) was rated 'Outperform' by National Bank with a target price of $113. Canadian Tire (CTC-A:CA) was rated 'Buy' by TD Securities with a target price of $201.00. Capital Power Corp. (CPX:CA) was rated 'Buy' by TD Securities with a target price of $69.00. CGI Inc. (GIB-A:CA) was rated 'Buy' by Desjardins Securities with a target price of $166.00. Choice Properties REIT (CHP-UN:CA) was rated 'Outperform' by Scotia Capital with a target price of $16.00. Colabor Group Inc. (GCL:CA) was rated 'Outperform' by Raymond James with a target price of $1.50. Colabor Group Inc. (GCL:CA) was rated 'Buy' by Desjardins Securities with a target price of $1.50. Definity Financial Corp. (DFY:CA) was rated 'Outperform' by National Bank with a target price of $92.00. Doman Building Materials Group Ltd. (DBM:CA) was rated 'Buy' by TD Securities with a target price of $10. Element Fleet Management Corp. (EFN:CA) was rated 'Outperform' by National Bank with a target price of $46.00. Equinox Gold Corp. 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(SAP:CA) was rated 'Buy' by TD Securities with a target price of $34.00. Shopify Inc. (SHOP:CA) was rated 'Buy' by TD Securities with a target price of $100.00. Sun Life Financial Inc. (SLF:CA) was rated 'Buy' by TD Securities with a target price of $80.00. Sun Life Financial Inc. (SLF:CA) was rated 'Buy' by CIBC with a target price of $79.00. Sun Life Financial Inc. (SLF:CA) was rated 'Buy' by National Bank with a target price of $82.00. TELUS Corporation (T:CA) was rated 'Buy' by TD Securities with a target price of $28.00. TELUS Corporation (T:CA) was rated 'Buy' by CIBC with a target price of $27.00. TELUS Corporation (T:CA) was rated 'Outperform' by National Bank with a target price of $27.00. Thomson Reuters Corp. (TRI:CA) was rated 'Hold' by TD Securities with a target price of $189.00. Thomson Reuters Corp. (TRI:CA) was rated 'Hold' by National Bank with a target price of $191.00. Toronto-Dominion Bank (TD:CA) was rated 'Buy' by TD Securities with a target price of $95.00. 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