Canopy Growth is reportedly closing in on an agreement to acquire Acreage Holdings, in what would mark a major breakthrough into the U.S. for Canopy -- once it becomes legal to do so. We’ll evaluate the rationale for the potential deal.
TSX RECORD WATCH
Canadian stocks made another push toward uncharted territory yesterday, closing 24 points shy of a new record, with oil heavyweights Canadian Natural Resources, Suncor and Cenovus among the top contributors. Impossible to untangle how much of that was driven by Jason Kenney’s election. We’ll look forward to what Big Oil execs have to say about the new premier when earnings season ramps up next week.
ROGERS MISSES
Rogers Communications suffered an outright decline in profit and revenue in the first quarter, missing estimates along the way. The flagship wireless business added 23,000 postpaid wireless subscribers in the period. Revenue in the media division fell 12 per cent, with the company pinning the blame on a tough year-ago comparison due to a distribution from Major League Baseball.
MUELLER REPORT
U.S. Attorney General William Barr and Deputy Attorney General Rod Rosenstein will address reporters this morning ahead of the release of a redacted version of Special Counsel Robert Mueller’s report on Russian meddling in the last U.S. election. The report is expected to be delivered to lawmakers between 11-12 p.m. ET. We will track developments, consider the implications for U.S. President Donald Trump in the next election, and evaluate takeaways for Canada as this country braces for interference in this year’s federal election.
OTHER NOTABLE STORIES
-We’re still waiting for the CRTC to deliver its decision on the future of TVA Sports after holding a hearing on Quebecor’s recent decision to pull the station’s signal from Bell subscribers. The regulator says a ruling will happen “as quickly as possible”.
-Kinder Morgan Canada is getting closer to making a decision on its future. The company says it will complete its post-Trans Mountain review and announce the outcome “in the coming weeks.”
-TransAlta said in a release last night Mangrove Partners has dropped its application for the Alberta Securities Commission to intervene in the battle over Brookfield’s proposed investment in the company.
-More from the activist files: Guyana Goldfields says the company’s founder has now nominated a seventh dissident nominee for election to the board of directors.
-Pinterest has priced its shares at US$19 each, above the target range of US$15-17.
NOTABLE RELEASES/EVENTS
-Notable earnings: Rogers Communications, Schlumberger, Philip Morris International, American Express
-Notable data: Canadian retail sales, StatsCan EI report, U.S. retail sales
-9:30 a.m. ET: Barr, Rosenstein news conference
-10:00 a.m. ET: Parliamentary Budget Officer releases report “Revisiting the Middle Class Tax Cut”
-10:30 a.m. ET: U.S. President Donald Trump delivers remarks at White House re. Wounded Warrior Project Solider Ride
-1:00 p.m. ET: Ontario Energy Minister Greg Rickford and Economic Development Minister Todd Smith hold avail in Oakville before meeting with auto sector stakeholders regarding industrial electricity prices
-1:00 p.m. ET: NDP Leader Jagmeet Singh makes announcement in Victoria re. greenhouse gas emissions and job creation (plus avail)
-3:25 p.m. ET: Foreign Affairs Minister Chrystia Freeland scrums in Sault Ste. Marie, Ont., after visit to Algoma Steel
-4:00 p.m, ET: Natural Resources Minister Amarjeet Sohi, B.C. Premier John Horgan, BC Hydro COO Chris O’Riley attend infrastructure event in Vancouver
-StatsCan releases study "Economic well-being across generations: Are Millennials better or worse off?"
-Ontario’s constitutional challenge of the federal carbon tax continues in Toronto (runs to Thursday)
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.
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