Noah Zivitz

Managing Editor, BNN Bloomberg

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Alberta Premier Jason Kenney has put newly re-elected Prime Minister Justin Trudeau on notice. "This is the goose that laid the golden egg in modern Canadian economic history and this needs some tending, this relationship needs some good faith from Ottawa and if doesn't get that, I fear that the alienation is going to go in a very problematic direction," he said late yesterday, going on to warn he'll force his "fight for a fair deal onto the national agenda, come hell or high water." 

So the tone has been set for Trudeau's next term in office, and today he'll hold his first formal news conference since the election. We'll continue exploring regional fallout from the vote, including more digging by BNN Bloomberg's Tara Weber on the prospect of layoffs in the energy sector after Husky's cuts yesterday. 

PROFIT WARNINGS FROM CANADIAN BLUE CHIPS

Not the most encouraging start to earnings season in Canada as Canadian National Railway and Rogers Communications delivered profit warnings. 

In the case of Rogers, the reduced outlook comes after the telco fell way short of third-quarter earnings expectations amid flat revenue. CEO Joe Natale is touting demand for "very popular" unlimited data plans, while acknowledging there will be a financial "impact" from the uptake. 

And CN Rail scaled back its earnings growth forecast amid "a softening economy" that's driving down demand for its services. It wasn't a universally dour message from CN, however. Check out the 18 per cent revenue surge from petroleum and chemical shipments in the third quarter, helping to propel the company ahead of estimates. We'll speak with CN CEO JJ Ruest today in Bloomberg Markets. 

WEWORK BAILOUT 

As expected, SoftBank Group is taking control of WeWork. The nearly US$9.5-billion package will result in SoftBank holding an 80% stake in the embattled workspace company. ​"It is not unusual for the world's leading technology disruptors to experience growth challenges as the one WeWork just faced," said Masayoshi Son in what can only be deemed an understatement after WeWork was plagued by controversy. As part of the rescue package, Marcelo Claure (a trusted hand at SoftBank) becomes WeWork's executive chairman and We founder Adam Neumann becomes a "board observer." 

OTHER NOTABLE STORIES

-Profit warnings know no borders today. Caterpillar took down its full-year outlook, with CEO Jim Umpleby pointing to global economic uncertainty. 

-Former eBay leader John Donahoe has been selected as Nike's next CEO. He'll succeed Mark Parker in January. 

-The Toronto Raptors started their quest for a repeat as NBA champions last night (with a win) after receiving their rings for last season's triumph. In the words of star Kyle Lowry, "Honestly, we wanted to spend as much money as we possibly could." Read all about it here.

NOTABLE RELEASES/EVENTS

-Notable earnings: Rogers Communications, CP Rail, Agnico Eagle Mines, Lundin Mining, Boeing, Caterpillar, Microsoft, Tesla, Ford Motor Co., Norfolk Southern, eBay

-Notable data: Canadian wholesale trade

-10:00 a.m. ET: U.S. House Financial Services Committee holds hearing "An Examination of Facebook and its Impact on the Financial Services and Housing Sectors"

-1:00 p.m. ET: Prime Minister Justin Trudeau holds news conference in Ottawa 

-3:40 p.m. ET: U.S. President Donald Trump delivers remarks at annual shale conference in Pittsburgh 

-Two-day Capitalize for Kids conference begins in Toronto

-BlackBerry hosts annual security conference in New York

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.