Cannabis stocks have dominated the leaders board as the S&P/TSX Composite Index stormed out of the gate this year; this morning, they could be put to the test. Organigram and Aphria have both swung to losses in the quarters they’re reporting today, despite triple-digit revenue gains. Lots of other news to sift through from Aphria, including a $50-million impairment on the LATAM assets that were the source of short-sellers’ skepticism, two new boardroom appointees, and a multi-faceted agreement with Green Growth Brands that will see the latter’s unsolicited takeover offer expire earlier than previously scheduled.
THE CASE FOR PUSHING OUT RETIREMENT AGE
The Canadian Institute of Actuaries is calling for Canada Pension Plan/Quebec Pension Plan and Old Age Security benefits to be paid out at later ages, likewise for Registered Retirement Saving Plan income. The basis for the argument is simple: Canadians are living longer and working older.
Tiger Woods’ triumph at the Masters is a remarkable comeback story for the athlete, and vindication for the sponsors that are backing him in the wake of injuries and problems in his personal life. We’ll chase marketing industry insight on what the future holds for Tiger and the brands that are paying to be associated with him.
OTHER NOTABLE STORIES
-The province of Ontario is beginning its court challenge of the federal carbon tax today. Great opportunity to discuss federal-provincial relations, particularly with UCP Leader Jason Kenney vowing a similar fight if his party wins the Alberta election tomorrow.
-U.S. President Donald Trump directed more scorn at the U.S. Federal Reserve yesterday, claiming in a tweet the stock market would be up to 10,000 points higher if the central bank “had done its job properly”.
-Lundin Mining is buying Yamana Gold’s Chapada mine for US$800 million, according to a presentation identified by Bloomberg.
-Elon Musk was tweeting production forecasts again yesterday, saying Tesla “…will make over 500k cars in next 12 months…”. And that’s in spite of an ongoing legal battle with the Securities and Exchange Commission, which is alleging contempt of a settlement agreement.
-Notable earnings: Aphria, Organigram, Goldman Sachs, Citigroup
-Notable data: Canadian existing home sales
-10:30 a.m. ET: Bank of Canada releases business outlook survey
-2:00 p.m. ET: U.S. President Donald Trump holds roundtable in Burnsville, MN on the economy and tax reform
-Apple-Qualcomm trial begins in San Diego
Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.