COVID's impact on 2021 growth and earnings
U.S. futures are pointing to a mixed open as investors wait on key inflation data south of the border and a vote by lawmakers to impeach U.S. President Donald Trump. The U.S. House of Representatives is expected to reconvene today and vote on a single article of impeachment charging Trump with "incitement of insurrection” as a result of his role in the storming of the Capitol last week. The move comes after Vice-President Mike Pence said he would not remove Trump from office shortly before the Democrats called on him to invoke the 25th Amendment last night.
ALIMENTATION COUCHE-TARD IN TALKS TO BUY FRANCE’S LARGEST GROCERY CHAIN
Shares of Alimentation Couche-Tard will be in the spotlight this morning after the company confirmed it is in early talks with French grocer Carrefour SA about a deal. The owner of the Circle K chain has been focused on convenience stores and gas stations, not grocery stores, and that’s something analysts have been quick to point out. Jefferies analyst James Grzinic wrote in a note: “The format and geographic overlap between the two is virtually non-existent.” Elsewhere, BMO noted that for the Canadian company to justify a deal of this size, Carrefour would need to be an “overwhelmingly compelling”strategic fit.
COURT HEARING PROVIDES DETAILS OF HUAWEI’S CFO’S LIFE ON BAIL
Huawei CFO Meng Wanzhou isn’t letting her legal troubles deter her from continuing to live in the lap of luxury. Testimony from a court bail hearing on Tuesday revealed she enjoys private shopping sprees at high-end Vancouver boutiques, lavish restaurant meals and Huawei Technologies even had a plane chartered and waiting to whisk her back to China following a court date last May, which didn’t pan out in her favour. Her lawyers are asking for her bail conditions to be eased and the hearing is expected to wrap up today. Meng was arrested by Canadian police in December 2018, at the request of U.S. authorities.
OTHER NOTABLE STORIES
- First Capital REIT has cut its monthly distributions in half
- In a move to offload most of its intellectual property, the Globe and Mail is reporting BlackBerry has sold 90 patents to Huawei
- Bitcoin is headed for its worst week since last March as the cryptocurrency resumes its decline
- The already-very-long list of companies halting political donations got a little longer when Walmart announced after the bell Tuesday it would halt PAC donations to politicians who voted against the election certification
- Zoom Video Communications is raising $1.75 billion through a stock offering, taking advantage of continued demand for the video-conferencing platform during the pandemic.
- Notable data: U.S. CPI
- Notable earnings: Shaw Communications, Aritzia, Goodfood Market, Score Media and Gaming
- 9 a.m. ET: U.S. House votes to impeach President Donald Trump.
- 1 p.m. ET: Meng Wanzhou bail hearing scheduled to finish
- 1 p.m. ET: Premier Doug Ford provide an update on the province's COVID-19 vaccination plan.
- 2 p.m. ET: U.S. Federal Reserve releases Beige Book
- 4:30 p.m. ET: Former Bank of Canada Governor Stephen Poloz discusses Canada's economic outlook at Ivey Business School virtual event