Columnist image
Noah Zivitz

Managing Editor, BNN Bloomberg


Rogers Communications is in chaos as two sets of boards of directors claim to be overseeing Canada’s largest wireless telecom operator. Edward Rogers proceeded with his meeting of directors last night, where he was named chairman less than a week after being ousted from that role by the incumbent board of directors. Next up, he says he’s going to British Columbia’s Supreme Court to confirm the validity of his newly-constituted board. Meanwhile, the other (?!) board of directors said Mr. Rogers’ group doesn’t have “any authority to purport to act” as the board. Through it all, Martha Rogers (one of Edward’s sisters) was on Twitter, lobbing zingers at her brother and lambasting Phil Lind and Alan Horn – who were both close with company founder Ted Rogers -- for aligning themselves with the company’s new board.

So much to cover. We’ll get expert insight at 8 a.m. on how the legal battle could play out. Layered on top of that, we’ll chase investor reaction as the chaos plays out amid Rogers’ attempt to close it acquisition of Shaw Communications Inc. On that note: RBC Capital Markets Analyst Drew McReynolds today downgraded Rogers and cut his price target due to the dispute about who’s in charge.


The composite index barely ended Friday in positive territory, but the gain of 3.76 points was enough for a 13th straight day of gains, matching a streak that was recorded in January of 1985. Futures are little changed this morning, though the price of West Texas Intermediate crude punched through US$85 per barrel. 


The biggest names in technology are reporting this week, starting with arguably the most controversial of all today when Facebook releases its quarterly numbers after the closing bell. The numbers are landing in the aftermath of explosive revelations from a whistleblower, whose revelations are continuing to make headlines – including today, as Bloomberg News reports on a document showing the social media network’s eroding popularity with teens.


  • More than a year after initiating a strategic review, Cominar Real Estate Investment Trust has found a buyer. Group of buyers actually. The REIT is being acquired by a consortium led by Canderel Real Estate Property Group in $2.2-billion deal ($5.7 billion when debt is included) worth $11.75 per unit. The buyout group has agreed to flip some of Cominar's retail and office assets to Group Mach for $1.5 billion; while Blackstone has agreed to buy the REIT's industrial properties.
  • For a second consecutive quarter, Tim Hortons is the star performer at Restaurant Brands International, as same-store sales climbed 8.9 per cent in the third quarter, eclipsing Burger King and Popeyes Louisian Kitchen.
  • HSBC Bank Canada has laid the groundwork for earnings season by reporting a 19 per cent year-over-year jump in third-quarter operating profit amid double-digit growth in wealth, personal and commercial banking.
  • The Canadian Coast Guard said last night on Twitter that it had managed to stabilize the fire that broke out on the Zim Kingston off B.C.’s coast after the cargo ship earlier lost dozens of containers. Should point out Zim Integrated Shipping Services is publicly traded; its shares are down a couple percentage points in pre-market trading.
  • Paypal released a 27-word statement today to say it’s not pursuing a purchase of Pinterest “at this time.” Shares in the two companies are moving as one would expect.
  • Hertz Global Holdings confirmed Bloomberg News’s reporting this morning, saying it’s placing an initial order for 100,000 Tesla vehicles. Tesla shares have been up almost five per cent in pre-market trading.
  • Shares of Montreal-based Lion Electric were up six per cent in early trading after the company announced it has received a conditional purchase order for 1,000 school buses from Student Transportation. The order hinges on Student Transportation getting some financial support from Infrastructure Canada’s Zero-Emission Transit Fund.  


  • Notable data: Canadian monthly estimate of business openings and closures, wholesale trade early indicator (September)
  • Notable earnings: Restaurant Brands International, PrairieSky Royalty, Facebook, Kimberly-Clark
  • 9:00: Environment and Climate Change Minister Jonathan Wilkinson holds media avail regarding launch of $100-billion climate finance delivery plan
  • 13:45: U.S. President Joe Biden delivers remarks in Kearny, NJ on infrastructure deal
  • Judicial pre-trial hearing re. CannTrust trial