Here are five things you need to know this morning
Carney and Smith pipeline deal: Multiple reports suggest Ottawa and Alberta have agreed to the broad terms of a deal to support a new oil pipeline to Canada’s west coast. The reports say provincial and federal leaders are set to announce special exemptions and political support in Calgary on Thursday. B.C. Premier David Eby has been opposing the plan. Eby told reporters on Monday that he spoke with Prime Minister Mark Carney, who told him the details were not finalized.
Mixed results for Couche-Tard: Canadian convenience store operator Alimentation Couche-Tard posted mixed results in its latest quarter. Profit beat expectations, while revenue was slightly below estimates. Revenue was driven by same store merchandise sales growth across all of its regions. The Circle K owner says its results were also helped by acquisitions despite lower fuel prices and wholesale fuel revenue. Couche-Tard is still developing its growth strategy after its failed attempt to acquire the Japanese owner of rival convenience store chain 7-Eleven.
H&R sells US$1.5B in assets: H&R Real Estate Investment Trust is selling retail and office properties in Canada and the United States amounting to US$1.5 billion. The Canadian company says the step is a part of its portfolio simplification strategy. Earlier this month H&R ended its strategic review process without a sale. It also reported operating income that missed estimates.
Nvidia’s loss is Google’s gain?: Nvidia shares fell in the premarket after The Information reported that Meta is considering using chips designed by Google. Google launched its first-generation processors in 2018. They were initially designed for its own internal use for its cloud computing business. Since then, Google has launched more advanced versions of its chip that are designed to handle artificial intelligence workloads.
Retail check: We’re getting readings on the retail sector from several U.S. companies today ahead of the Black Friday kickoff to the holiday shopping season. Electronics retailer Best Buy raised its annual sales and profit forecast, as consumers adopt new technology and replace aging devices. Shares of Abercrombie & Fitch, Macy’s and Kohl’s traded higher in the premarket after their latest results, though shares of Dick’s Sporting Goods came under pressure. The company says it plans to close some of its Foot Locker locations now that its acquisition of the chain is complete.
