Here are five things you need to know this morning
Carney: U.S. will not dictate trade talk terms: Prime Minister Mark Carney says the U.S. does not dictate the terms of trade talks with Canada. Responding to questions about ongoing Canada-United States-Mexico Agreement negotiations with the Americans, Carney told reporters the Canadian delegation is aware of what the U.S. “would call trade irritants,” and that “we have some on our side as well.” There were reports yesterday the Trump administration is demanding concessions from Canada before it will begin serious negotiations on a new trade agreement.
Tesla spending plan rattles investors: Shares of Tesla traded lower in the premarket despite the company posting a profit beat. The muted reaction comes as Tesla says capital spending will top US$25 billion this year, well above expectations. The company is ramping up investment in AI, humanoid robotics and the Cybercab platform. Elon Musk says the heavier spending is meant to set the stage for much larger vehicle production down the road.
Nike exec named new Lululemon CEO: Shares of Lululemon traded down in the premarket after the company announced former Nike executive Heidi O’Neill will take over as CEO. O’Neill spent more than 20 years at Nike and is set to step into the role in September. She takes over at a tough time with weak sales, rising competition and a recent sizing controversy. Lululemon shares are down more than 35 percent over the past year.
Teck profit more than doubles: Teck Resources posted first‑quarter profit that more than doubled from a year ago. The miner also reported revenue that beat expectations, coming in at nearly four billion dollars. The company says the strong quarter was driven by higher copper sales and solid operations. However, Teck is warning of higher fuel costs for its flagship Chilean copper mines. The results come as the company continues work on its previously announced deal with Anglo American. Shareholders have approved the transaction, with regulatory approvals still pending.
Mullen revenue beats: Mullen Group posted mixed results in the first quarter. The Alberta-based trucker slightly beat expectations on revenue, while profit came in line with estimates
. Despite this the company’s CEO says the year is off to a good start, with acquisitions continuing to drive growth. Murray Mullen says general market conditions are showing signs of improvement, adding that March was one of the strongest months they have seen in some time.
