Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Canadian Imperial Bank of Commerce set the bar for the Big Six this morning with a big profit beat. Adjusted first-quarter earnings per share clocked in at $3.18, easily topping the average estimate of $2.83. Core Canadian banking did the heavy lifting, while CIBC also benefitting from a big growth south of the border thanks to the PrivateBancorp takeover. To boot, CIBC is sweetening its quarterly dividend. We’ll have in-depth analysis throughout the day as we get set for CIBC’s peers to report.

LOBLAW HEADWINDS 

As if the bread scandal wasn't enough, Loblaw Companies Chairman and CEO Galen G. Weston is warning his company is "faces exceptional external headwinds in 2018." For the fourth quarter of 2017, Loblaw's revenue dipped to $11 billion, while adjusted profit rose 12 per cent to $48 million. Of course, almost all attention today will be on any signs of fallout from the food giant's admission on bread price fixing. On that front, it's taking a $107-million charge tied to its $25 voucher cards. And food retail same-store sales rose 0.5 per cent.

BARRICK AIMS TO BOLSTER INVESTOR CONFIDENCE

The last year hasn't been kind to Barrick Gold. Its share price has plunged almost 40 per cent, underperforming peers like Goldcorp and Newmont Mining, which is also making a push to take the crown as the world’s largest gold producer. But we know part of the new Barrick story is quality over quantity, and today the company will be selling that story at an investor day meeting in Toronto. We'll gather insight on what Barrick needs to do to appease shareholders.

OTHER NOTABLE STORIES:

-Magna International is raising its quarterly dividend 20 per cent after reporting record fourth-quarter sales and profit. If you missed it, good time to check out what CEO Don Walker told us recently about his frustration with the company’s valuation

-A new Angus Reid Institute survey shows Canadians are evenly split - 50-50 - in their support for B.C. and Alberta in the interprovincial feud over Kinder Morgan's Trans Mountain expansion project.

-The Alberta government is taking its fight over Kinder Morgan straight to the B.C. public, taking out a full-page ad in local newspapers that slams John Horgan’s administration for “trying to break the rules of Confederation.” Alberta is illustrating its message by showing its western neighbour hived off from the rest of the country. 

-And a notable overseas mover: Angry Birds-maker Rovio is tanking in Helsinki (40 per cent+ at last look) after a disappointing fourth-quarter performance.

NOTABLE RELEASES/EVENTS

-Notable earnings: CIBC, Cineplex, Freshii, Gildan Activewear, Loblaw, Magna International, SNC-Lavalin, Newmont Mining, Alamos Gold, Pembina Pipeline, Stantec

-Notable data: Canadian retail sales

-9:17 a.m. ET: SpaceX PAZ launch

-2:00 p.m. ET: Barrick Gold holds investor day meeting

-2:15 p.m. ET: Dallas Federal Reserve President Robert Kaplan delivers speech in Vancouver

-Prime Minister Justin Trudeau's state visit to India continues 

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.