Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Shopify is setting itself up to better compete with Amazon. The Ottawa-based tech juggernaut is buying Massachusetts-based 6 River Systems, which essentially smartens up warehouse fulfillment with its software and robots, for US$450 million in cash and stock. Notably, two of 6 River’s co-founders cut their teeth at Kiva Systems, which was acquired by Amazon in 2012. One of those founders, Jerome Dubois, says hooking up with Shopify will “change the game of fulfillment.”

SUNCOR’S $1.4B PLAN TO CLEAN UP FOOTPRINT

We often hear Canada’s energy sector doesn’t get enough credit for the work that’s been done to innovate and gradually clean up its environmental footprint. Last night, the sector’s big name unveiled a plan to improve sustainability and satisfy shareholders. Suncor Energy will spend $1.4 billion to replace coke-fired boilers with cogeneration units at its Base Plant near Fort McMurray and says the investment will reduce emissions (and costs), play into its free funds flow target, and feed 800 megawatts of power into Alberta’s electricity grid.  We’re expecting to speak with CEO Mark Little this afternoon.

APPLE PRODUCT LAUNCH

Apple has another unveiling event today at the Steve Jobs Theatre in Cupertino, Calif. As Jon Erlichman recently reported for BNNBloomberg.ca, "there's limited need to raise the bar or shock the crowd" as Apple increasingly looks to its services business as a growth engine. Meanwhile, our Bloomberg partners are reporting new cameras will be the highlight of today's event as Apple rolls out upgrades to some of its XS devices and a new version of its lower-cost XR phone.

OTHER NOTABLE STORIES

-Northland Power shares drifted lower in early trading after the company announced yesterday afternoon it’s paying $1.05 billion for 99.2 per cent of a Colombian regulated utility company. It’s also announcing plans to raise $315 million in a share sale to help finance the deal.  

-Obsidian Energy this morning announced it is launching a formal review of strategic alternatives. Its shares have plunged 62 per cent this year.

-Fortis today set a five-year $18.3-billion spending plan through 2024 ($1B more than its previous half-decade plan). The utility company is also raising its quarterly dividend 6.1 per cent to 47.75 cents/share. CEO Barry Perry joins us at 8:40 a.m. ET. We’ll plan to get his perspective on the industry’s ability to handle catastrophic events like Dorian.

-More curtailments in B.C.’s forestry industry, with West Fraser Timber announcing late yesterday it will cut lumber production in the province up to 25 per cent by changing schedules at five sawmills.  

-Encana announced a slew of management promotions this morning, including two-decade veteran Michael McAllister as president and taking responsibility for the company’s operations.  

-Wendy’s is diving into the fast-food industry’s high-stakes breakfast battle, announcing it will expand its morning menu (with offerings like a Honey Butter Chicken Biscuit) across all of the United States. But that comes at a cost, and so Wendy’s has cut its profit forecast. The company’s stock is down ~nine per cent in pre-market trading.   

-Another day, another sign WeWork’s initial public offering could be on shaky ground. Our Bloomberg partners are reporting the company is in talks with SoftBank, its top shareholder, about possibly shelving the IPO.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian building permits, Canadian housing starts

-8:00 a.m. ET: Bank of England Governor Mark Carney addresses Council on Foreign Relations in New York

-1:00 p.m. ET: Apple holds product launch event in Cupertino, California

-2:15 p.m. ET: Alberta Premier Jason Kenney delivers speech at Oil Sands Conference and Trade Show in Fort McMurray

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.