A significant drop in light vehicle parts demand sent Linamar to a third quarter profit miss. The nation's second-largest auto-parts maker says the North American light vehicle market is largely to blame. All this as American negotiators are demanding a greater share of every vehicle built on the continent. We'll hear from Linamar CEO Linda Hasenfratz a little later in the morning, to discuss industry challenges and the ongoing NAFTA talks.
ENCANA’S Q3 PROFIT AND REVENUE FALL
Encana's profit and revenue fell year-over-year in the third quarter, as overall production dropped 16 per cent. The company says the bulk of the production declines were in its natural gas operations. The underlying commodity price has been volatile over the course of the last few months, in part due to unpredictable weather.
FORMER ALBERTA ENERGY MINISTER ON NOTLEY’S TOUR TO PROMOTE TRANS MOUNTAIN PIPELINE
Ted Morton, former Alberta Energy Minister says the only place Premier Notley should be heading to discuss Kinder Morgan’s Trans Mountain pipeline is Ottawa. Morton says the future of the project lies in whether the Prime Minister has the resolve to see it through since his government and the National Energy Board have already approved the project. Morton said if the pipeline project does not go forward Notley’s political career in the province is likely over. He says her criss-cross tour will only attract more opponents not supporters.
AGRIUM’S BIGGER THAN EXPECTED Q3 LOSS
Agrium posted a wider-than-expected loss in the third quarter. The company blames dry weather in Canada and Australia for the decrease in fertilizer demand. Agrium is close to completing its merger with PotashCorp – a deal that was announced more than a year ago. The companies are awaiting approval in the U.S. but have now received clearance in Canada, China, Russia, India and Brazil.
Shares of Snap are down nearly 20 per cent in pre-market trading. The company, which made its hotly anticipated debut back in March, posted revenue and user growth for the third quarter that missed analyst estimates. The California-based firm plans to redesign its user interface in a bid to reach a broader audience.
OTHER NOTABLE STORIES:
-Former all-star pitcher and Blue Jays great Roy Halladay killed in plane crash in Gulf of Mexico. He was 40
-The National Energy Board (NEB) will take until at least Dec. 4 to review Kinder Morgan’s appeal over its Trans Mountain oil pipeline expansion, the regulator said on Tuesday, rejecting the company's proposed "expedited" timeline.
-Twitter extends its new 280-character limit to all users
-Notable earnings: Encana, Kinross Gold, Manulife Financial, Sun Life Financial, CGI Group, Aimia, Element Fleet Management, New Flyer Industries, Exchange Income Corporation, Morneau Shepell
-8:15 a.m. ET: Canadian housing starts
-8:30 a.m. ET: Canadian building permits
-9:00 a.m. ET: ConocoPhillips holds analyst and investor meeting
-APEC Summit begins in Vietnam
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Today's note was written by Assignment Editor Alicia Harvey. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.