Canada’s already tense relationship with China is facing another setback after Beijing slammed the brakes on meat imports as a result of recent forged documentation. China’s embassy said in a statement it’s hoping Canadian authorities “attach great importance” to the situation. We’ll chase industry reaction and look forward to speaking with Trade Minister Jim Carr later today. Worth pointing out that as this country’s ties with China deteriorate, Treasury Secretary Steven Mnuchin today stoked optimism about a U.S.-China trade deal.
IN CONVERSATION WITH JOHN CHEN
BlackBerry shares are inching higher in pre-market trading amid some fresh evidence that John Chen’s turnaround plan is paying off. The company reported a surprise (albeit small) adjusted first-quarter profit as revenue climbed 23 per cent. BNN Bloomberg's Amber Kanwar is in Waterloo for an interview with Chen later today.
OPPOSITION TO HBC PRIVATIZATION BID
A source familiar with the matter has confirmed to BNN Bloomberg that activist investor Land & Buildings picked up some of the HBC shares recently sold by Ontario Teachers’ Pension Plan. The precise number of shares and total size of L&B’s stake isn’t being disclosed; but the source says L&B and Newton Glassman’s Catalyst Capital bought “more than most” of the shares formerly held by OTPP. L&B’s share purchase was previously reported by The Globe and Mail.
SHOPIFY HITS A WALL
Amber flagged the recent parade of analysts downgrading Shopify yesterday on The Open, and it looks as though the call by Wedbush was the final straw for some investors, who sent SHOP.TO down almost nine per cent on Tuesday. We’re looking forward to an upcoming conversation with the analyst who authored that Wedbush report.
OTHER NOTABLE STORIES
- The Globe and Mail is reporting Pieridae Energy, which was halted earlier yesterday, could be nearing a deal to source more supply for its Goldboro LNG project in Nova Scotia.
- Corus Entertainment swung to a profit in its fiscal third quarter, and free cash flow improved; CEO Doug Murphy says his company also hit its leverage target one quarter earlier than anticipated.
- Micron Technology is rallying in pre-market trading after the chipmaker beat estimates in its latest quarter and said it has started sending certain products to Huawei again.
- Our Bloomberg partners have a fantastic piece about an international crackdown on insider trading. Check it out here.
NOTABLE RELEASES/EVENTS
- Notable earnings: BlackBerry, Corus Entertainment, AGF Management
- Notable data: U.S. durable goods orders
- 11 a.m. ET: Uber and UFCW union hold news conference in Toronto
- 12 p.m. ET: University of Calgary School of Public Policy releases report on fiscal stabilization program
- 12 p.m. ET: Mayor John Tory addresses Toronto Board of Trade's annual lunch
- 1 p.m. ET: U.S. President Donald Trump departs White House en route to Osaka for G20
- 9 p.m. ET: First round of Democratic primary debates in Miami
- Justice Minister and Attorney General David Lametti meets with U.S. Attorney General William Barr in Washington
- End of Air Canada’s exclusive negotiating period with Transat
- Amended cannabis regulations to be published in Canada Gazette
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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