Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Pot sector earnings season started with a thud late yesterday when Organigram posted preliminary fourth-quarter revenue that fell well short of expectations and telegraphed an adjusted loss for the period. Notably, the New Brunswick-based producer said it expects to book $3.7 million in provisions tied to product returns and “pricing adjustments.” Its stock has been down more than 20 per cent in pre-market trading. And it was a similar narrative this morning when Cronos Group also disappointed on revenue and posted a larger adjusted loss than analysts anticipated, though its shares are treading water.

CHERRY OUSTED

We’re following the money on Rogers’ decision to drop Don Cherry. Most notably, how sponsor Labatt Breweries may have factored into the equation. “The comments made Saturday on Coach’s Corner were clearly inappropriate and divisive,” said a spokesperson for the brewer whose Budweiser branding is attached to the segment. “As a sponsor for the broadcast, we immediately expressed our concerns and respect [Rogers’] decision…” Paige Ellis is looking into what other Hockey Night in Canada sponsors are saying.

DISNEY ENTERS STREAMING FRAY

Today’s the day The Walt Disney Co. takes the fight to Netflix with the launch of its streaming service. As Jon Erlichman reports on BNNBloomberg.ca, after a slew of major acquisitions, “in many ways, [Disney CEO Bob] Iger has been preparing for the launch for more than a decade.” Read all about it here. 

TRUMP ADDRESSES BUSINESS ELITE

U.S. President Donald Trump will deliver a lunch-hour speech to the Economic Club of New York today. “Nobody really knows [what to expect]. This is Donald Trump. Anything could happen,” is how Bloomberg economics expert Mike McKee teed up the speech on The Street this morning. Separately, Bloomberg News is reporting the Trump administration may delay a decision on European auto tariffs.

KEY TRUDEAU MEETINGS

Prime Minister Justin Trudeau will attempt to set the tone for his minority government today with a pair of key meetings in Ottawa. First, he sits down with Conservative Party of Canada Leader Andrew Scheer at 9:30. Then, western alienation is on the agenda when he meets with Saskatchewan Premier Scott Moe, who’s in the nation’s capital to discuss pipelines, the carbon tax and equalization. We’ll monitor developments.

OTHER NOTABLE STORIES

-Ensign Energy Services is slashing its quarterly dividend in half, to six cents per share, and scrapping its dividend reinvestment plan while citing the need to “pursue alternative uses of available cash” amid current industry conditions.

NOTABLE RELEASES/EVENTS

-Notable earnings: Martinrea, NFI Group, Ensign Energy Services, Tilray, Cronos Group, Acreage Holdings, CBS, SmileDirectClub

-9:00 a.m. ET: Imperial Oil holds Investor Day meeting in Toronto

-9:30 a.m. ET: Prime Minister Justin Trudeau meets with Andrew Scheer in Ottawa

-10:45 a.m. ET: Trudeau meets with Saskatchewan Premier Scott Moe in Ottawa  

-12:00 p.m. ET: U.S. President Donald Trump delivers speech to Economic Club of New York

-12:00 p.m. ET: Alberta Finance Minister Travis Toews addresses Empire Club in Toronto

-12:00 p.m. ET: U.S. Federal Aviation Administration Administrator Steve Dickson addresses Aero Club of Washington

-3:00 p.m. ET: Gerry Schwartz and Heather Reisman launch construction of University of Toronto Innovation Centre

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.