There's some danger in the U.S. stock market: Brian Battle
The S&P/TSX Composite Index will have the spotlight all to itself today after posting a third-straight day of gains yesterday – almost entirely thanks to Shopify. The tech darling contributed 82.6 of the 107 total points added to the index Thursday after an analyst at Baird raised his price target to US$1,100/share. Even after more than doubling this year, analysts still love Shopify, with 11 Buy recommendations among those tracked by Bloomberg. U.S. markets are closed today in observance of tomorrow’s Independence Day holiday.
We’ve got Saskatchewan Premier Scott Moe lined up at 11:15 a.m. ET to discuss the province’s new $4-billion irrigation project that’s being billed as a significant long-term jolt for the province’s economy. And this afternoon we’ll check in with Ontario Economic Development, Job Creation and Trade Minister Vic Fedeli for the latest on reopening the economy and perspective on what NAFTA 2.0 means for his province.
WELCOME BACK, AMBER
We’re looking forward to having Amber Kanwar back in the mix today. She’ll be covering for Amanda from 1-3 p.m. ET.
MORE POT SECTOR CUTS
Organigram Holdings is slashing its workforce by 25 per cent, leaving 220 employees out of work. The New Brunswick-based cannabis producer says only a "small number" of cuts will hit employees who weren't already on temporary layoff. Organigram also warned it's expecting to report a sequential drop in fiscal third-quarter revenue as well as writedowns on inventory and its Moncton facility.
STATE OF THE THEATRE INDUSTRY
While Cineplex is the dominant force in Canada, it’s not alone. Today, Cinémas Guzzo will reopen its theatres with social distancing measures in place. We’ll speak with the company’s CEO at 1:20 p.m. ET.
OTHER NOTABLE STORIES
- Vancouver's housing market keeps warming up. New data from the Real Estate Board of Greater Vancouver show sales jumped 17.6 per cent year-over-year in June, and soared 64.5 per cent sequentially. The benchmark price last month was US$1.03 million, marking a slight dip from May.
- FedEx has formally asked the Washington Redskins NFL franchise to change its name. The shipping company owns the naming rights to the team’s stadium, and its founder holds a 10 per cent stake in the franchise.
- Elon Musk had some fun at his critics’ expense on Twitter yesterday afternoon, including some direct swipes at the U.S. Securities and Exchange Commission, after Tesla’s stock popped on the back of impressive second-quarter deliveries. The vehicle maker’s shares have nearly tripled in value this year.
- 10:45 a.m. ET: Prime Minister Justin Trudeau visits food bank in Gatineau, QC; holds media avail
- 12 p.m. ET: Alberta Premier Jason Kenney holds event to mark the start of Keystone XL construction in Alberta
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