Here are five things you need to know this morning
CN Rail halts freight operations in area hit by wildfires
CN Rail has halted freight operations in areas hit by wildfires after a video was posted online showing a train surrounded by flames in Northwestern Ontario. CN says the company’s employees in the area have been evacuated and operations suspended. The company says it is in close contact with the Ministry of Natural Resources and local authorities as the situation continues to evolve.
WestJet’s cabin crew has voted yes to a strike mandate. The union representing over 4,000 flight attendants says more than 99% of its members voted in favour of a strike, and could do so as soon as August 2 if no deal is reached. The union says the strike vote became necessary due to stalled negotiations. A main focus is pay for all hours of work performed.
We’ll be watching shares of Cogeco Communications today after the Montreal-based company reported adjusted profit in its latest quarter that topped estimates. Cogeco managed to grow its bottom line despite a drop in revenue. Cogeco’s results also included the previously announced $2.2 billion writedown in the value of its American assets.
Sell rating on Lululemon
We’ll also be watching shares of Vancouver-based Lululemon after Truist Securities analyst Joseph Civello cut his recommendation on the athletic-apparel maker to sell from hold, citing “limited visibility into a potential recovery.” Civello says he believes there are “numerous issues at hand and the current leadership transition period likely stalls turnaround efforts.” He also says incoming CEO Heidi O’Neill’s tenure at Nike leads him to question if she is the “right candidate” for Lululemon.
Lilly buying psychedelic drugmaker
Eli Lilly is buying psychedelic drugmaker AtaiBeckley for as much as US$3.8 billion. The deal deepens Lilly’s longstanding presence in neuroscience drugs, an area where the company helped transform the treatment of depression with Prozac three decades ago. It also highlights the growing interest from large drugmakers in the once-fringe area of psychedelic medicine.
