Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

It's a big day in the crypto world as shares of Coinbase Global Inc. will hit the Nasdaq amid expectation that its valuation could exceed US$100 billion. The top U.S. cryptocurrency exchange has been whetting prospective investors' appetite, with preliminary results earlier this month pointing to as much as US$800 million in profit on US$1.8 billion in revenue during the first three months of this year amid impressive user growth. It’s all a sign of booming interest in crypto, and today we’re seeing Bitcoin march further into record territory at close to US$65,000. We’ll explore the significance of today’s listing and how the hype might resonate with existing crypto investors, as well as curious onlookers. And we’ll be catching up with one of the world’s most prominent Bitcoin bulls, Ark Invest Founder Cathie Wood, shortly after 10 a.m.

IN CONVERSATION WITH VICTOR DODIG

Jon Erlichman has an interview with Canadian Imperial Bank of Commerce’s chief executive officer this morning on The Open. Hot topics like housing, the future of the Canada Emergency Business Account, the federal budget, and the outlook for Canada’s economy are all on the agenda. If you miss it at 8:30 a.m. ET, check it out later in the day at BNNBloomberg.ca.

U.S. BANK EARNINGS SEASON UNDERWAY

“They crushed it.” That’s how our Bloomberg Television partner Lisa Abramowicz described the (mostly) stunning growth figures that JPMorgan Chase & Co. delivered this morning -- like a 37 per cent surge in markets revenue, core banking deposits up 32 per cent, and home lending revenue up 26 per cent, while profit got a lift from the release of $5.2 billion that had been set aside for bad loans. On top of that, there’s some classic bullishness from CEO Jamie Dimon: “we believe that the economy has the potential to have extremely robust, multi-year growth,” he said. Despite all that, JPM shares slipped in pre-market trading. Maybe it’s the paltry 1 per cent growth in loans on the balance sheet that’s to blame. And Goldman Sachs just landed: total revenue more than doubled amid what look to be blowout numbers in investment banking and trading. Its shares are inching higher.

OTHER NOTABLE STORIES

• West Texas Intermediate crude oil prices are rising this morning after the International Energy Agency again raised its oil demand forecast amid excitement about growth prospects in China and the United States. Separately, U.S. crude inventories fell by 3.6 million barrels last week, according to the American Petroleum Institute.
• Gaming juggernaut Enthusiast Gaming Holdings has taken another step toward making its Nasdaq debut with the filing of its 40-F registration statement in the U.S. We’ll speak with CEO Adrian Montgomery about his company’s outlook this morning on The Open.
• WestJet is extending the suspension of service to sun destinations in Mexico and the Caribbean until June 4, from the previous target of April 30. In a statement, CEO Ed Sims advocated for a “policy transition” as vaccination rates accelerate.
• Cogeco Communications reported second-quarter results late yesterday that narrowly exceeded revenue and profit estimates, while free cash flow rose more than 14 per cent. Paul Bagnell will keep tabs on the conference call for any commentary on hot industry issues like Rogers’ proposed takeover of Shaw.
• Canaccord Genuity said in a release today it was rebuffed by RF Capital Group earlier this month when it discretely proposed a “material” increase to $2.30 per share takeover approach.
• SNC-Lavalin this morning said one of its joint-ventures has been awarded a contract by the U.S. Air Force that could be worth as much as US$2 billion.
• AutoCanada is a standout mover on the Toronto Stock Exchange today after the car dealership owner said it’s on track to report 36 per cent revenue growth in its fiscal first quarter. It also said it’s “actively” sizing up potential acquisitions.