Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

The federal government is preparing to reject almost all of the Senate's proposed amendments to Bill C-69 that were put forward by Conservatives in the Senate. That's the controversial piece of leglislation that would overhaul the way pipelines and other major infrastructure projects are evaluated. It's been hotly-debated, triggering protests from the energy sector and vocal oppositional from a coalition of conservative premiers - and now the Liberals are getting set to have their say on almost 200 changes put forward by the upper chamber. 

MONEY MANAGER URGES SNC OVERHAUL 

An outspoken Bay Street money manager is urging SNC-Lavalin to undertake a sweeping overhaul to lift what he calls a “stupid cheap stock.” Taylor Asset Management President and CIO David Taylor told us more changes could be necessary in the executive ranks after Neil Bruce was replaced as CEO on Tuesday, and said the company’s top shareholders might need to trigger board-level changes. He mapped out an asset-sale scenario that he thinks could lift SNC’s stock to $50 per share.

HONG KONG PROTESTS

The pictures out of Hong Kong, where protesters are rallying against an extradition bill, illustrate a clear deterioration on the ground. The local police chief described it as a riot, and one of our Bloomberg partners told Tom Keene and Francine Lacqua it’s a “chaotic … out of control” situation. We’ll monitor developments.

RETAIL STOCKS IN THE SPOTLIGHT

After a brutal stretch for the brick-and-mortar retail industry, we’ve got a pair of major Canadian names reporting results today. Roots was first out of the gate, posting a larger loss than expected ($0.17/share vs $0.14 estimate). Later today, we’ll get the latest snapshot of Calvin McDonald’s work as CEO of Lululemon when it reports after the bell.

OTHER NOTABLE STORIES

-Beyond Meat got a bump in pre-market trading after Tim Hortons announced the national rollout of new breakfast sandwiches with the faux meat – which should come as no surprise seeing as how a test period was announced in May. Earlier, BYND was slipping in the pre-market after the stock lost its last Buy recommendation.

-The Caisse de dépôt et placement du Québec is paring its stake in CGI, with the company agreeing to repurchase 5.16 million shares from the pension fund at $96.93 apiece. The arrangement will leave the Caisse with a 13.9 per cent stake in CGI.

-Norbord is suspending operations at its oriented strand board mill in 100 Mile House, B.C., saying current conditions “do not support the economic operation” of the plant. 160 employees are affected in this latest forestry industry production curtailment.

-Shares of Dave & Buster’s are plummeting in pre-market trading after the restaurant/arcade chain cut its full-year profit and revenue forecasts.

-And Tesla shares are rallying in the pre-market as traders latch on to encouraging words from CEO Elon Musk at the company’s annual meeting late yesterday.

NOTABLE RELEASES/EVENTS

-Notable earnings: Lululemon, Roots, Hexo

-Notable data: Teranet/National Bank Canadian home price index, U.S. CPI

-10:00 a.m. ET: Ontario Economic Development Minister Todd Smith makes announcement at Automotive Parts Manufacturers' Association conference ​

-10:45 a.m. ET: Foreign Affairs Minister Chrystia Freeland meets with U.S. Secretary of State Mike Pompeo in Washington, D.C.

-11:00 a.m. ET: National Pharmacare advisory council presents final report and recommendations at news conference in Ottawa

-1:00 p.m. ET: Treasury Board President and Digital Government Minister Joyce Murray delivers update on next generation HR and pay system

-2:15 p.m. ET: U.S. President Donald Trump holds joint news conference with Poland President Andrzej Duda in the Rose Garden

-7:30 p.m. ET: Foreign Affairs Minister Chrystia Freeland receives award and delivers keynote at Association of Women in International Trade dinner in Washington, D.C.

-Alberta Premier Jason Kenney meets with Quebec Premier Francois Legault in Quebec City

-Economic Forum of the Americas conference begins in Montreal.

Editor's Note: Due to an earlier production error, an outdated story related to Nordbord was inadvertently posted. BNN Bloomberg regrets this error. 

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.