Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

CENOVUS CUTS

More job cuts are on the way at Cenovus as new CEO Alex Pourbaix takes aim at costs. The company said today it plans to reduce its workforce by an additional 15 per cent after several waves of cuts in the wake of the crash in oil prices. Cenovus also announced some senior management changes and set its 2018 capital investment budget at $1.5-$1.7 billion. 

TSX CLOSES AT NEW RECORD

The TSX Composite Index closed at an all-time high of 16,136.59 yesterday. By now, we know about the motley assortment of members that led the way since the last peak on Nov. 7 (Valeant, NexGen, Home Capital, etc.). But what about the stocks left behind? Digging beyond energy cellar dwellers, we stumble upon story stocks like Lundin Mining (-25.7 per cent), Linamar (-13.2 per cent), and Hudson’s Bay Co. (-11.2 per cent). We’ll size up the outlook for some of those names.

WHAT’S KEEPING POLOZ UP AT NIGHT

We’ll find out today. The Bank of Canada governor delivers a speech entitled “Three Things Keeping Me Awake at Night” this afternoon in Toronto. Soggy inflation? Hot housing? The perennial export conundrum? Bitcoin? The loonie? Automation? We’ll find out at 12:25 when Stephen Poloz’s remarks are released by the central bank.

DISNEY REACHES DEAL WITH 21ST CENTURY FOX 

The speculation is over. Walt Disney Company has struck a blockbuster agreement to buy almost all of Twenty-First Century Fox for $52.4 billion. The takeover brings together some of the biggest brands in the entertainment industry, and puts Netflix on notice that Disney is ready for battle in the streaming wars.

YELLEN’S PARTING SHOT

In her last news conference as chair of the U.S. Federal Reserve, Janet Yellen set her sights on bitcoin. “It is not a stable store of value … it is a highly speculative asset,” she told reporters yesterday afternoon. When pressed on macro risk, she delivered this: “Undoubtedly, there are individuals who could lose a lot of money if bitcoin were to fall in price, but I really don’t see that as creating a full-blown financial stability risk.’ The cryptocurrency’s choppy trading trend continues, swinging between an eight-per-cent loss and a two-per-cent gain since yesterday afternoon.

OTHER NOTABLE STORIES:

- We’ll keep an eye on the ever-widening Canadian oil discount, which was close to $27 this morning. If you missed it, go back and review Andrew McCreath’s assessment of the drivers.

- Mullen Group is jacking up its annual dividend 67 per cent to 60 cents per share from 36 cents.

NOTABLE RELEASES/EVENTS

- Notable earnings: Costco, Oracle, Transcontinental

- Notable data: Statistics Canada national balance sheet and financial flow accounts, Canadian new housing price index, CREA monthly home sales report, U.S. retail sales, China industrial production and retail sales

- Russian President Vladimir Putin holds year-end news conference

- 7 a.m. ET: Bank of England rate decision

- 7:45 a.m. ET: European Central Bank rate decision (news conference at 8:30 a.m. ET)

- 12:40 p.m. ET: Bank of Canada Governor Stephen Poloz delivers speech in Toronto (remarks on BoC website at 12:25 p.m. ET), plus news conference (1:40 p.m. ET)

- 3 p.m. ET: Bombardier holds investor meeting in New York 

- 4 p.m. ET: Justin Trudeau participates in live Facebook discussion

- U.S. Federal Communications Commission expected to vote on repealing net neutrality (to be considered at meeting starting at 10:30 a.m. ET)

Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN'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.bnn.ca/subscribe.