BMO Equity Research IN Tune

Business & Industrial Services analyst Jeff Silber and Industrial Products analyst Devin Dodge discuss the impact from COVID-19 on the waste services sector. Though not immune to the current market challenges, solid waste businesses are well positioned to navigate the slowdown and have better visibility into near-term earnings and cash flow than nearly all other industrial companies. Specialized waste companies should also fare reasonably well, but are less insulated to evolving economic conditions than their peers in solid waste.To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week's special podcast is the sixth in a series highlighting insights on coronavirus (COVID-19 virus) with Dr. John Whyte, MD and Chief Medical Officer of WebMD. This is an excerpt from an institutional conference call originally hosted on April 20, 2020, at 12:00 p.m. ET, moderated by BMO Capital Markets Chief Investment Strategist Brian Belski, along with BMO experts Michael Gregory, CFA, Deputy Chief Economist, and Steven Bell, Portfolio Manager & Chief Economist, Multi Asset Solutions; as well as Dr. John Whyte, MD and Chief Medical Officer of WebMD.To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week's special podcast is the fifth in a series highlighting insights on coronavirus (COVID-19 virus) with Dr. John Whyte, MD and Chief Medical Officer of WebMD. This is an excerpt from an institutional conference call originally hosted on April 14, 2020, at 10:00 a.m. ET, moderated by BMO Capital Markets Chief Investment Strategist Brian Belski, along with BMO experts Michael Gregory, CFA, Deputy Chief Economist, and Jon Hill, CFA, Vice President, U.S. Rates Strategy; as well as Dr. John Whyte, MD and Chief Medical Officer of WebMD.To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Financial Services analysts Tom MacKinnon and Sohrab Movahedi compare the financial positioning of banks and lifecos amid the current coronavirus pandemic to the recent global financial crisis. While their downside scenario analyses suggest earnings will be down materially in 2020, they believe the balance sheet strength/quality and business diversification of the banks and lifecos should help them weather the pandemic storm. Tom and Sohrab also discuss some of the potential credit implications arising from the current economic situation and touch on earnings implications.

This week's special podcast is the fourth in a series highlighting insights on coronavirus (COVID-19 virus) with Dr. John Whyte, MD and Chief Medical Officer of WebMD. This is an excerpt from an institutional conference call originally hosted on April 6, 2020, at 12:00 p.m. ET, moderated by BMO Capital Markets Chief Investment Strategist Brian Belski, along with BMO experts George Farmer, Ph.D., Biotechnology Analyst, and Michael Gregory, CFA, Deputy Chief Economist; as well as Dr. John Whyte, MD and Chief Medical Officer of WebMD.To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

As the number of confirmed coronavirus cases and deaths due to COVID-19 jumps across North America, there is reason to believe the rate of increase in fatalities is slowing, Dr. John Whyte, Chief Medical Officer for WebMD, told a BMO Capital Markets conference call this week.This week's special podcast is the third in a series highlighting insights on coronavirus (COVID-19 virus) with Dr. John Whyte, MD and Chief Medical Officer of WebMD. This is an excerpt from an institutional conference call originally hosted on March 30, 2020, at 2:00 p.m. ET, moderated by BMO Capital Markets Chief Investment Strategist Brian Belski, along with BMO experts Michael Gregory, CFA, Deputy Chief Economist, BMO Capital Markets; Greg Anderson, Global Head of FX Strategy, BMO Capital Markets; and Lesley Marks, CFA, Chief Investment Strategist, BMO Private Wealth Canada; as well as Dr. John Whyte, MD and Chief Medical Officer of WebMD.To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

Brian G. Belski, Chief Investment Strategist.There is no denying that a cyclical bear market has begun. Only two primary questions remain: duration and depth of the pain. At this point, another 10-20% downside is not out of the question, especially considering the growing number of disparaging forecasts and the crisis in confidence of governments. As such, we caution investors against seeking support levels, fiscal or monetary policies let alone symbolic events or gestures (e.g., corporate buyouts) to foretell or solidify a traditional bottom or capitulation. Given the irrational and fear-laden nature of the current stock market, historical precedence and traditional bottoming signals carry little to no weight in our view. Instead, markets and society likely need to see less negative (second derivative) headlines and actualities surrounding coronavirus (COVID-19 virus) to become reality before a bottoming process is likely to ensue.BMO clients can view recent Strategy reports by visiting: https://researchglobal0.bmocapitalmarkets.com/strategy/reports/To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week's special podcast is the second in a series highlighting insights on coronavirus (COVID-19 virus) with Dr. John Whyte, MD and Chief Medical Officer of WebMD. This is an excerpt from an institutional conference call originally hosted on March 23, 2020 at 12:00 p.m. ET, moderated by BMO Chief Investment Strategist Brian Belski, along with BMO experts Margaret Kerins, CFA, Head of FICC Macro Strategy; and Michael Gregory, CFA, Deputy Chief Economist; as well as Dr. John Whyte, MD and Chief Medical Officer of WebMD.To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/    

This week’s special podcast highlights insights on coronavirus (COVID-19 virus) shared by Dr. John Whyte, MD and Chief Medical Officer of WebMD. This is an excerpt from an institutional conference call originally hosted on March 16, 2020 at 2:00 p.m. ET, moderated by BMO Chief Investment Strategist Brian Belski, along with BMO experts Doug Porter, Chief Economist BMO Financial Group; Michael Stritch, CFA, Chief Investment Officer BMO Wealth Management – US; and Ian Lyngen, CFA, Head of U.S. Rates Strategy BMO Capital Markets; as well as Dr. John Whyte, MD and Chief Medical Officer of WebMD.To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/    

Brian G. Belski, Chief Investment Strategist.There is no denying that headlines, fear and rhetoric surrounding the coronavirus (COVID-19 virus) have become the primary driver of investment performance the past several weeks. While the duration and volume of COVID-19 virus-related news is yet to be determined, we continue to counsel investors to control what they can control. Investors should be mindful that perspective matters, to remain poised and patient in their decision making, and to trust their investment process.BMO clients can view recent Strategy reports by visiting: https://researchglobal0.bmocapitalmarkets.com/strategy/reports/To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/