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Noah Zivitz

Managing Editor, BNN Bloomberg

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It’s election day in the United States. All 435 seats in the House of Representatives are up for grabs, as well as 35 Senate seats and 36 governorships. Today we’ll turn to our CTV News colleagues and Bloomberg partners to size up key races, and we’ll get market insight on what various scenarios (Republicans maintaining Congressional control, Democrats flipping the House, or Democrats flipping both chambers) could mean for stocks. If you missed it, former Ambassador Bruce Heyman told us yesterday if Republicans hang on to the House and Senate we’ll likely see a “more extreme version” of Donald Trump in the remaining years of his term.

 

U.S. midterms a vote 'on character': Former ambassador to Canada

Bruce Heyman, former U.S. Ambassador to Canada talks about the importance of the U.S. midterms not only as a vote on the economy, but also on cultural values. He also talks about the impact if the Democrats win the House or the Senate and what it means for Canada.

NUTRIEN PULLS PLUG ON PLANT, TAKES US$1.8B CHARGE

Nutrien announced late yesterday it is permanently shutting down the potash plant in New Brunswick that was put into care and maintenance mode by Potash Corporation of Saskatchewan in 2016, resulted in a non-cash US$1.8-billion charge for Nutrien in the third quarter. While the strategic move extinguishes hope for the hundreds of employees who were thrown out of work in 2016, the fertilizer producer is giving investors something to cheer by raising its full-year profit forecast and boosting its dividend.  

HQ2 SWEEPSTAKES LATEST

Amid all the reports about front-runners for the headquarters (and the possibility that HQ2 will actually be HQ2 and HQ3, if the WSJ is right), it’s quotes like this one from New York Governor Andrew Cuomo that tell us all we need to know: “I’ll change my name to Amazon Cuomo if that’s what it takes,” he’s quoted as telling reporters yesterday. Today’s a good day to step back and consider how Toronto has handle its bid.

LOWE’S STIRS UP POLITICAL TENSION IN QUEBEC

While the federal government said in a short statement late yesterday it will “monitor this situation closely to ensure” Lowe’s is upholding the commitments it made to win Ottawa’s blessing for the Rona takeover in 2016, the retailer’s plan to shutter 27 Canadian stores is whipping up political discord in Quebec. Premier Francois Legault (who in 2016 blasted the deal), is quoted as telling reporters yesterday “we can’t re-do history”, while adding he’ll make sure the province “loses as few [corporate headquarters] as possible in the future.” Meantime, a couple of opposition parties are calling for a review of the Caisse de dépôt’s mandate.

OTHER NOTABLE STORIES

-Maxar Technologies, whose stock has come under incredible pressure lately, announced a three-year contract extension with the U.S. National Reconnaissance Office this morning valued at US$300 million/year.

-Great Canadian Gaming’s third-quarter revenue more than doubled to $343 million, thanks in part to the package of assets it acquired from Ontario’s previous Liberal government for what turned out to be a controversial price.

-While still just a fraction of its overall top line, Franco-Nevada late yesterday raised its full-year forecast for oil and gas revenue.

NOTABLE RELEASES/EVENTS

-Notable earnings: NFI Group, Spin Master, Thomson Reuters, Stars Group, Intact Financial, Iamgold, Archer-Daniels Midland, Bausch Health

-Notable data: Canadian building permits

-8:15 a.m. ET: CMHC releases annual Housing Market Outlook

-11:00 a.m. ET: Foreign Affairs Minister Chrystia Freeland holds media avail in Montreal after Canada-EU Joint Ministerial Committee meeting

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