Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Pressure is building - even emanating from the country's highest office - for a resolution to the postal worker walkouts that are threatening to disrupt the crucial holiday delivery season. "We urge both sides in this labour dispute to resolve their differences quickly and reach a deal," Prime Minister Justin Trudeau tweeted on Saturday. Canada Post turned around today with another time-sensitive proposal, this time calling for a cooling-off period to the end of January. Meanwhile, the Canadian Union of Postal Workers said late yesterday it's getting "radio silence" on its latest counter-offer and call for a mediator. The big questions at this point are whether the feds will step in with back to work legislation and how devastating this impasse could be for Canadian retailers.

BOMBARDIER BOUNCES AFTER LOSING 1/5 OF ITS VALUE

Bombardier’s class B shares opened 14 per cent higher today after plunging more than 20 per cent on Friday as investors assessed the implications of a review by the Quebec securities regulator into the company’s Automatic Securities Disposition Plan and various corporate announcements. Today, an analyst at Citi reiterated his overweight recommendation on the stock. We’ll watch for more developments and hunt for investors who are braving the storm of negative headlines and picking up Bombardier shares as the stock sits at its lowest level since Sept. 2016.

COUNTDOWN TO FALL UPDATE

Two more sleeps until Finance Minister Bill Morneau delivers his fall economic statement against the backdrop of battered heavy Canadian oil prices and rampant calls for measures to bolster Canadian competitiveness. We’ll continue gathering insight on what corporate Canada, investors and Canadians in general want from the finance minister.

TRINIDAD TAKEOVER BATTLE

Ensign Energy Services is turning up the pressure on Trinidad Drilling's board of directors, saying in a release late Friday that it's moving up the deadline on its hostile offer to Nov. 27, instead of the previously announced Dec. 14 cutoff. Recall that Trinidad turned to Precision Drilling as a white knight on Oct. 5, embracing its all-stock offer. Problem is, the gravitational pull of weak oil prices has pulled down Precision Drilling's stock 25 per cent since then. Trindad said in a release this morning it’s standing by Precision. 

GHOSN SCANDAL

One of the auto industry’s biggest names is at the heart of a major scandal this morning. Nissan says an internal investigation indicates its chairman, Carlos Ghosn, has allegedly committed several “significant acts of misconduct”, including under-reporting his compensation. As a result, Nissan’s CEO is recommending Ghosn’s dismissal from the board of directors. And, moments ago, Japan’s public broadcaster reported Ghosn has been arrested. Shares of Nissan alliance partner Renault have been down as much as 12 per cent in Paris.

OTHER NOTABLE STORIES

-MedMen announced late Friday (really, the announcement went out 13 minutes before midnight) that it was amending the terms of its previously announced bought deal financing. Long story short, the share sale is now poised to raise up to $86.3 million instead of the original ceiling of $138 million. In a statement to BNN Bloomberg, MedMen’s CEO said it “did not sit right” with the company to leave its investors under water in light of recent market activity.

-The Wall Street Journal is reporting Apple has cut production orders for its latest slate of iPhones. Worth keeping in mind the company’s recent decision to stop disclosing quarterly unit sales.

-The Canada-Newfoundland and Labrador Offshore Petroleum Board says rigs off the province's coast have suspended operations in the wake of a winter storm and a spill on Friday at Husky Energy's White Rose field. Details here.

NOTABLE RELEASES/EVENTS

-Notable earnings: L Brands 

-7:00 a.m. ET: Nissan holds news conference in Tokyo re. Ghosn scandal

-10:00 a.m. ET: Bank of Canada Governor Stephen Poloz holds photo op in Winnipeg for issuance of new $10 bank note.

-11:30 a.m. ET: Ontario Premier Doug Ford and Quebec Premier Francois Legault hold photo op at Queen's Park in Toronto

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.