Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Steve Eisman has called out the chief executives of Canadian banks as “extremely ill-prepared” for what he sees as a simple normalization of credit, which he argues will lead to higher loan loss provisions that, in his mind, will “crush earnings.” He mapped out his short argument right here on BNN Bloomberg yesterday afternoon, rattled off his list of targets (RBC, CIBC, Laurentian, Genworth MI Canada and Home Capital); and, when pressed by Catherine Murray, said share prices could fall 20 per cent+. We’ll dissect his thesis and can’t wait for reaction in an upcoming interview with CIBC CEO Victor Dodig.

TRANSALTA VERSUS ACTIVISTS

TransAlta's chairman is blasting the latest tactic by activists waging a proxy fight with the Calgary-based power company. "Inappropriate, unwarranted and without merit" is how Gordon Giffin framed Mangrove Partners' bid to have securities regulators order a standalone vote on the $750-million investment by Brookfield. Mangrove and its partners are also seeking to have the April 26 TransAlta shareholder meeting delayed until at least June 1.  We’re working on interviews with principals.

BELL VERSUS QUEBECOR

Just in time for the NHL playoffs, Quebecor is preparing to shut off its TVA Sports channel for Bell TV subscribers amid a dispute over carriage fees. A spokesperson for Bell (disclaimer: BNN Bloomberg is part of Bell Media) told us the company is “taking all actions necessary. ”Meanwhile, in a press release last night, Quebecor said it is “sounding the alarm in order [to] safeguard the diversity of television offerings and protect viewers.”

BANK TITANS ON CAPITOL HILL

It’s been a while since we’ve had one of these sessions. The CEOs of the largest American banks, including JPMorgan’s Jamie Dimon and Goldman’s David Solomon, will be in the hot seat for a committee hearing on “Holding Megabanks Accountable” that will give lawmakers a chance to score points with constituents ahead of next year’s election. We’ll keep tabs on developments.  

OTHER NOTABLE STORIES

-Montreal-based Garda World disclosed today it’s “in the preliminary stages of considering an approach” to buy London-based G4S

-Aurora Cannabis announced this morning its Aurora Sun facility (already under construction in Medicine Hat, Alberta) is being expanded to 1.62 million square feet from 1.2 million square feet "to support rapidly growing global demand for high-quality medical cannabis".

-Bloomberg is reporting Uber could submit its filing as early as Thursday for an IPO that, sources say, aims to raise US$10 billion.  

-U.S. President Donald Trump is scheduled to unveil executive orders on energy infrastructure this afternoon. Bloomberg is reporting one order will limit the State Department’s role in a bid to avoid another marathon review like the one that TransCanada’s Keystone XL faced.

-Couple of notable pre-market movers: Levi Strauss & Co. shares are rallying after impressing with seven per cent quarterly revenue growth in its first batch of results since going public. And JetBlue is up ~three per cent after CNBC reported the airline might be poised to unveil trans-Atlantic service.

-We’ll keep an eye on Cogeco Communications after it reported double-digit gains in adjusted EBITDA and revenue late yesterday.

NOTABLE RELEASES/EVENTS

-Notable earnings: Delta Air Lines

-Notable data: U.S. CPI

-7:45 a.m. ET: European Central Bank releases interest rate decision

-8:30 a.m. ET: International Monetary Fund releases Global Financial Stability report

-9:00 a.m. ET: U.S. House Financial Services Committee hearing on "Holding Megabanks Accountable"

-10:00 a.m. ET: Senate Committee on Energy, the Environment and Natural Resources public hearing on Bill C-69 in Fort McMurray

-1:30 p.m. ET: International Trade Diversification Minister Jim Carr delivers keynote (on “opportunities arising from investments in international education”) and holds avail in Edmonton

-2:00 p.m. ET: U.S. Federal Reserve releases minutes from last meeting

-4:40 p.m. ET: U.S. President Donald Trump delivers remarks and signs executive order on energy and infrastructure in Crosby, Texas

-EU summit in Brussels

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.