Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

CannTrust has fired CEO Peter Aceto and ousted Chair and Co-Founder Eric Paul. There was really nowhere to hide after signs this week that the two most senior officials were made aware of unlicensed activity; and, in the case of Aceto, told staff to “continue as planned,” according to documents obtained by BNN Bloomberg’s David George-Cosh. Shares are up more than 10 per cent in pre-market trading, but there's still plenty of uncertainty about the company’s future as a special committee continues its work and as CannTrust and its investors await Health Canada’s next move.

IN CONVERSATION WITH BRUCE LINTON

Not bad timing to have the former Canopy Growth chairman, co-CEO (and founder) join us. Speaks for itself. Don’t miss our extended half-hour conversation with Linton at 10:00 a.m. ET.

TECK OIL SANDS PROJECT CLEARS HURDLE

The joint review panel that was appointed to consider Teck Resources’ application for its Frontier Oil Sands Mine Project has deemed it to be in the public interest, while noting the impact on the environment and Indigenous communities “weighed heavily” in the assessment. We’ll address what comes next for a project that Teck says will generate $70 billion in government revenue and create up to 7,000 jobs.

BIG TECH EARNINGS

Speeding up delivery for Amazon Prime customers doesn’t come cheap. Amazon.com’s second-quarter global shipping costs surged 36 per cent, limiting profit growth in the period and taking some of the shine off a 20 per cent jump in revenue. Shares are drifting lower in pre-market trading. Meanwhile, Alphabet is in rally mode after unveiling a US$25-billion buyback while Q2 revenue outpaced estimates as the company’s core Google business demonstrated impressive growth (which brings us back to the regulatory scrutiny that’s been in the headlines for the better part of two weeks). Shares of Intel are also moving higher after it confirmed the modem chip sale to Apple and raised its full-year revenue outlook. And Twitter got a pre-market jolt after exceeding second-quarter revenue and user estimates. Lots of commentary from CEO Jack Dorsey in the earnings release about cleaning up his company’s platform.

OTHER NOTABLE STORIES

-The Canadian dollar fell as low as 75.84 cents US this morning as it enters into a sixth-straight losing session and runs further away from that 80-cent call that was recently making the rounds.

-Aecon Group posted a 15-per cent rise in second-quarter revenue yesterday, while its backlog inched up to $6.8 billion. Worth noting the company’s share price is less than a dollar away from CCCI’s ill-fated $20.37/share takeover offer.  

-Despite dismal industry conditions that have prompted numerous curtailments, Canfor managed to surpass analyst estimates late yesterday with a $0.10/share second-quarter loss.

NOTABLE RELEASES/EVENTS

-Notable earnings: WestJet, George Weston, Twitter, McDonald's

-Notable data: U.S. GDP

-9:30 a.m. ET: Border Security Minister Bill Blair announces support for steel industry in Sault Ste. Marie, Ont.

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.