Here are five things you need to know this morning
Apotex has launched its IPO. The Canadian drugmaker plans to issue as many as 50 million shares at a price range of $20 to $24 apiece. The company is seeking to raise up to $1.2 billion dollars, in what would be one of Canada’s largest stock market debuts in recent years. The IPO comes nearly a decade after the murder of Apotex founder Barry Sherman and his wife, Honey, in December 2017. No one has been charged with the crime.
Nvidia is taking direct aim at Intel and AMD, launching a new AI-focused chip for windows PCs this fall, partnering with Dell and Lenovo as it pushes deeper into the personal computer market. Nvidia’s plan is to release more than 30 laptop and 10 desktops with its partners.
Cogeco is taking a charge of $1.7 billion related to its U.S. telecom business. The company owns Breezeline -- an internet, cellular and tv operator -- in multiple American states as well as Welo -- an internet provider. It says the non-cash impairment reflects the competitive environment it operates in the U.S.. Cogeco also says this will not affect its cash flow or day-to-day operations.
Berkshire Hathaway is buying homebuilder Taylor Morrison in a US$6.8 billion deal. The acquisition marks one of the first major strategic deals under its new CEO, Canadian Greg Abel. Analysts say Berkshire is betting the housing cycle will turn and that there’s pent-up demand. The market currently faces elevated mortgage rates and affordability pressures.
Gen Z driving box-office boom
There seems to be a rather sudden revolution taking place in the movie business. This weekend’s top film was ‘Backrooms’ – a psychological horror movie from indie studio A24. It opened with an estimated US$81.5 million at the U.S. box office. The film began as a series of eerie photos posted on the message board 4chan in 2019 by a high school student – who went on to direct ‘Backrooms.’ This weekend’s No. 2 movie with US$26.4 million was “Obsession,” a horror film written, directed and edited by 26-year-old Curry Barker, a film-school dropout who found his first big audience on TikTok and YouTube. The films are the latest example of how a new pipeline funneling stories and talent from online communities to the big screen is drawing Gen Z audiences into cinemas and shaking Hollywood’s conception of what it takes to make a hit.
