Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

TD Bank closed out Big Six reporting season with a record $3.2 billion in provisions for credit losses, putting an exclamation mark on the primary theme from this week’s results from the country’s largest lenders. CIBC also reported a spike in provisions, contributing to a 71 per cent plunge in profit. We’ll sift through all the details today. Among them: even as TD’s profit was cut in half, there was some relative stability in its wholesale operations, where revenue soared 42 per cent. And a reminder that we’ll speak with RBC CEO Dave McKay tomorrow.

MENG FALLOUT

What next after the B.C. Supreme Court associate chief justice’s judgment yesterday that the extradition process for Huawei CFO Meng Wanzhou must continue? We’ll continue seeking answers to that question today, keeping in mind a spokesperson for China’s embassy said it viewed Canada as an “accomplice” to the United States’ perceived desire to “bring down” Huawei and warned against going “further down the wrong path.” We’ll get on-the-ground insight on how this is playing out in Beijing, when we speak with our Bloomberg Television partner Selina Wang shortly after 8 a.m. ET.

LONG-TERM CARE INVESTING RISK 

Our BNNBloomberg.ca poll yesterday asked if the Canadian Armed Forces’ report on conditions in five Ontario long-term care homes changed our audience’s view on investing in the sector. Seventy per cent said yes. This afternoon, we’ll hear from Middlefield Capital CEO Dean Orrico, whose shop ranks among the top shareholders in Sienna Senior Living (which owns one of the facilities documented in the CAF report), according to Bloomberg data. Don’t miss that conversation at 2:30 p.m. ET.

TRUMP VS. TWITTER

The Wall Street Journal is reporting U.S. President Donald Trump is expected to sign off as early as today on an executive order that would expose social media platforms to greater regulatory scrutiny. This comes a day after Trump’s repeatedly lashed out at the sector following Twitter’s fact-checking of his tweets. Late last night, Twitter CEO Jack Dorsey chimed in with a series of tweets, including stating his company isn’t seeking to position itself as an “arbiter of truth”, while warning the president’s at-issue tweets could have misled the public.

OTHER NOTABLE STORIES

-Irving Oil is buying North Atlantic Refining Corp., which owns a refinery in Come By Chance, NL with daily capacity to process 135,000 barrels.

-Boeing shares rallied in after-hours trading yesterday after the embattled plane maker announced it has restarted production of its still-grounded 737 Max jets.

-Air Canada has priced the share and debt-based financing that was announced earlier this week. Notably, the offering of 30.8 million shares will go to market at $16.25 apiece. AC shares closed yesterday at $16.44.

-Restaurant Brands International could be a stock to watch today. In a securities filing, it provided some news on same-store sales across its banners. Popeyes trending up in the low forties as of the third week of May. Burger King trending down in mid-single digits. Tim Hortons trending down in mid-twenties in Canada. All metrics would represent improvements compared to sales in late March.

-Canopy Rivers is cutting an unspecified number of jobs as it aims for a “material reduction” in operating cash outflows, the company said in a release this morning.

-Goodfood, the meal-kit delivery service, announced today it signed a lease for another fulfillment centre in the Greater Toronto Area. The facility is expected to be in service by the end of next summer and be home to 2,000 jobs, according to a release. 

NOTABLE RELEASES/EVENTS

-Notable data: Canadian current account balance, U.S. GDP (Q1, second reading), U.S. durable goods orders, U.S. initial jobless claims,

-Notable earnings: CIBC (6am; 8am conference call), Toronto-Dominion Bank (630a; 1:30p conference call), Aritzia, Costco Wholesale, Dollar Tree, Dollar General, Marvell Technology, Dell Technologies, Nordstrom

-8:00 a.m. ET: United Nations high-level meeting on COVID-19 development emergency (https://www.un.org/en/coronavirus/financing-development)

-9:00 a.m. ET: Financial Accountability Office of Ontario releases analysis of province’s 2020-21 spending plan

-1:00 p.m. ET: Prime Minister Justin Trudeau holds news conference at conclusion of UN meeting alongside UN secretary-general and Jamaica prime minister.

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