Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

What’s next for CannTrust Holdings after the beleaguered cannabis producer lost almost a quarter of its value yesterday as the unlicensed production fiasco became even more bewildering? BNN Bloomberg obtained documents indicating CEO Peter Aceto directed staff to “continue as planned” with unlicensed activity in November and The Globe and Mail had its report on an internal email that amounted to a big phew after an inspection by Health Canada around the same time. We’ll get perspective on crisis management in The Real Economy and will watch for developments as investors await the outcome of a review by CannTrust’s special committee.

IN CONVERSATION WITH DAVE MCKAY

BNN Bloomnberg's Greg Bonnell sits down with Royal Bank of Canada’s CEO today to discuss Canadian competitiveness, the state of the economy, and his institution’s strategy for navigating it all. Watch for that interview in The Real Economy.

RESOURCES EARNINGS BONANZA

Some of the biggest names in the energy and mining sectors have reported quarterly results in the last 12 hours or so. We’ll hunt for compelling stories, like Suncor’s record second-quarter production even in the midst of mandatory production curtailments in Alberta. Cenovus swung to a profit (albeit not to the degree analysts hoped) and CEO Alex Pourbaix is touting his company’s progress at driving down debt (we have an interview with him later today). Crescent Point Energy is also trumpeting debt reduction while outpacing most profit estimates. Cameco nudged up its full-year revenue forecast while its CEO took a shot at peers “who lack conviction [and] experience” and says there’s still “a long way to go” before resuming operations at McArthur Lake/Key Lake. And Newmont Goldcorp has missed profit estimates in its first round of earnings since the merger; all-in sustaining costs rose to US$1,016/ounce.

ECB HINTS AT FUTURE RATE CUTS

There were some suggestions the European Central Bank could go ahead with a cut today after some recent dreadful manufacturing data. That failed to materialize, as the ECB stayed on hold, but kicked the door open to easing down the line. “The Governing Council expects the key ECB interest rates to remain at their present or lower levels at least through the first half of 2020, and in any case for as long as necessary,” the bank said in its decision.

CLASSIC STEVE BALLMER

Not easy for Raptors fans to see Kawhi Leonard on stage as a Clipper yesterday in Los Angeles. But the team's owner Steve Ballmer sure brought the entertainment value. It was vintage. And we have some highlights this morning.

OTHER NOTABLE STORIES

-There’s another crossover partnership in the pot industry today: Imperial Brands Plc is taking a 19.9 per e stake in Auxly Cannabis. We’ll speak with its president on Commodities.

-Tons of U.S. stocks to watch on the back of earnings. Among them: Tesla is down more than 10 per cent pre-market after softening its language about future profitability and the surprise news that co-founder J.B. Straubel is shifting out of his executive role to become an advisor. Ford is also slumping thanks to a disappointing full-year profit forecast. Facebook is rallying as second-quarter growth overshadowed a laundry list of regulatory warnings in its earnings release.

-Uber Technologies is losing two members of its board of directors. In separate releases yesterday, the company announced Arianna Huffington and Matt Cohler have resigned.

NOTABLE RELEASES/EVENTS

-Notable earnings: Newmont Goldcorp, Teck Resources, Cenovus, Husky Energy, Crescent Point Energy, Precision Drilling, Cameco, Aecon Group, Yamana Gold, Amazon.com, Alphabet, Intel, Starbucks, Southwest Airlines, 3M, Mattel

-Notable data: U.S. durable goods orders

-9:30 a.m. ET: Agriculture Minister Marie-Claude Bibeau makes funding announcement in Guelph, Ont. for pork sector development

-10:00 a.m. ET: Shandong Gold holds investment conference at Royal York hotel in Toronto

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.