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8h ago
By Noah Zivitz
Managing Editor, BNN Bloomberg
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There’s no sign of relief for investors this morning. Aside from in China, major markets across Asia and Europe are sliding, and U.S. futures are indicating the rout will continue at the opening bells. That’s after the S&P 500 fell the most since June 11, 2020, in yesterday’s session. Here’s a basic question: did Target’s profit warning as it navigates inflationary pressure really justify losing 24.93 per cent of its value in a single session? What does that tell us about market psychology? And, most importantly, what’s an investor to do?
We’ll gather perspective from investing professionals, starting with long-time BNN Bloomberg/BNN/ROBTv guest Gavin Graham at 8 a.m. Sidebar for our market coverage: our Bloomberg News partners are highlighting a call by Goldman Sachs equity strategists who told clients “a recession is not inevitable.” Can’t wait to hear what Canada Pension Plan Investment Board CEO John Graham has to say about the macro environment when he joins Andy at 3:30 p.m. He’s joining us after CPPIB reported a 6.8 per cent return (with assets hitting $539 billion) for its fiscal year that ended in March.
GLOBALIVE TIES UP WITH TELUS IN PUSH FOR FREEDOM
What a fascinating development as we wait to see if Rogers will be allowed to close its planned $20-billion takeover of Shaw. Globalive announced today it has a conditional network and spectrum-sharing deal with Telus. It’s conditional on Globalive buying Freedom Mobile. That’s the hot potato in the takeover situation, even more so after the Competition Bureau announced it wants to block the deal because of concerns about wireless competition. Reminder that Globalive’s Founder/Chairman Anthony Lacavera also launched the wireless carrier that was once known as Wind Mobile — before it was sold to Shaw in 2016.
TECH UNDER THE MICROSCOPE
Cisco Systems shares are down more than 10 per cent in pre-market trading after the network equipment maker slashed its full-year revenue and profit forecasts as revenue flat lined at US$12.8 billion in its fiscal third quarter. CEO Chuck Robbins pinned the blame on COVID-related lockdowns in China and Russia’s invasion of Ukraine. In Canada, BlackBerry is on our radar as its shares slip on the back of forecasts showing the company expects to nearly double revenue over the next half-decade, albeit while warning of a modest adjusted loss and cash burn this fiscal year. Lightspeed Commerce, whose stock has plummeted 49 per cent so far this year, is also on our agenda after reporting a 78 per cent jump in fourth-quarter revenue, albeit while forecasting a full-year adjusted loss that would be larger than the average estimate. We’ll speak with its CEO, JP Chauvet, at 9:10 a.m.
CHINA REPORTEDLY EYEING RUSSIAN OIL
While much of the Western world is cutting off Russian oil, Bloomberg News just reported China is poised for the opposite. According to Bloomberg sources, Beijing is in talks with Moscow to ramp up imports of Russian oil to rebuild its stockpiles. The story doesn’t indicate specifics on import volumes or terms of any potential arrangement.
KENNEY RESIGNS
For now, Jason Kenney’s decision to resign as premier after narrowly surviving a leadership vote feels like a purely political story. But at some point, there will be policy implications. And that’s where we’ll focus our energy. Tara will track developments as the United Conservative Party hunts for its interim and next-full time leader ahead of a provincial election that’s expected next May.
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