The Big Three: Capital One data breach; Beyond Meat shares tumble; Air Canada earnings soar
Six million Canadians’ personal information – including one million Social Insurance Numbers - has been exposed in a massive data breach at Capital One that also hit 100 million Americans. The perpetrator has been arrested, and Capital One says it’s “unlikely” customer information was taken with fraudulent intent. Still, it’s the latest reminder that our information is not always secure. CTV's Chief Financial Commentator Pattie Lovett-Reid will address what this means for the Canadian victims, and we’ll be mindful of reputational and financial risk for Capital One, whose stock is down five per cent in pre-market trading.
AIR CANADA PULLS 737 MAX JETS INTO 2020
Air Canada is yanking Boeing’s troubled jets from its schedule until at least Jan. 8, saying “we have no visibility on reliable timing for the return to service…as we await regulatory approvals.” The airline managed to easily exceed profit expectations in the second quarter, but is warning the Boeing groundings “will be felt more acutely in [Air Canada’s] very busy summer period.” BNN Bloomberg's Paige Ellis (yes, she’s back) will sift through the results and keep tabs on the conference call.
TOO MUCH OF A GOOD THING
Beyond Meat’s stock is sliding in pre-market trading after it disclosed plans for at least 3.25 million shares to hit the market, including 3 million being sold by insiders. That’s overshadowing the company’s brighter full-year revenue and adjusted profit forecasts.
OTHER NOTABLE STORIES
-U.S. President Donald Trump took some swipes at China via Twitter this morning, saying there’s “no signs” it’s buying American agriculture products, and warning there could be ”no deal at all” if Beijing drags out the negotiations.
-Shares of Under Armour are under pressure in pre-market trading after the footwear and apparel maker warned revenue in North American will suffer a “slight decline” this year
-Shares of Nutrien moved higher in regular trading hours; investors and analysts seem to be taking the company’s scaled-back profit forecast in stride since the “unprecedented wet conditions” (company’s words, not mine) were well-understood by the market.
-Ravi Saligram, who recently announced he’s stepping down as CEO of Ritchie Bros. Auctioneers, has been named chief executive of Rubbermaid parent company Newell Brands.
-First Quantum Minerals said in its second-quarter earnings release it settled a long-standing dispute over duties with Zambia.
-Bayer shares have been down as much as 4.6 per cent in Europe after the company warned its full-year outlook is “becoming increasingly ambitious.”
-Notable earnings: Air Canada, MEG Energy, Intact Financial, Centerra Gold, Detour Gold, Equitable Group, Genworth MI Canada, Apple, ConocoPhillips, Altria Group, Pfizer, Merck, Mondelez, Under Armour, Procter & Gamble, MasterCard, Advanced Micro Devices, Huawei
-Notable data: U.S. personal income and spending, S&P/Case-Shiller U.S. home price index
-11:45 a.m. ET: Finance Minister Bill Morneau addresses Cambridge, Ont. Chamber of Commerce (plus avail)
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.