Wait for a pullback to get into pricier value names: Crossmark's Victoria Fernandez
Investors are looking past the political turmoil in Washington following a historic vote to impeach U.S. President Donald Trump for a second time. Instead, the focus is more on hearing details from President-elect Joe Biden’s plans to revive the economy. Reports suggest Biden’s new plan may include US$2 trillion in extra spending.
APHRIA TOPS Q2 REVENUE ESTIMATES
Aphria topped revenue expectations in its fiscal second quarter, led by strength in its European pharmaceutical division and core Canadian cannabis operations. The Leamington, Ont.-based pot producer posted $160.5 million in revenue for the quarter, a 33-per-cent increase from a year ago. However, costs did rise in the quarter, in part due to the company’s $300 million acquisition of U.S. craft brewer Sweetwater Brewing Co.
POLOZ NOT CONCERNED ABOUT SOARING DEBT LEVELS
Canada’s former top central banker isn’t worried about the increasing levels of debt as a result of the pandemic, so long as the economy is growing. Stephen Poloz delivered those comments at an event hosted by the University of Western Ontario’s Ivey Business School on Wednesday. At the event he also said that with historically low borrowing rates, public debt as a percentage of gross domestic product will shrink over time, provided the economy grows at a pace greater than interest rates. He proposed moving forward with a national universal daycare program and cutting barriers to interprovincial trade as two ways to help the boost the economy.
OTHER NOTABLE STORIES
- China’s exports for December rose 18.1 per cent from a year earlier
- Bombardier, CAF has been awarded a contract to renew Paris commuter trains
- According to a recent TD survey, one in three Canadians surveyed say the pandemic has impacted their savings and retirement plans, with one quarter of those affected needing to cut back on contributions or stop them altogether.
- Shares of Affirm Holdings soared in its market debut Wednesday and closed at almost double its initial offering price
- Notable data: U.S. initial jobless claims
- Notable earnings: Cogeco, Aphria
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.