The Daily Chase: Judge to rule on Rogers feud Friday; Best October ever for Calgary home sales
BNN Bloomberg
Investors in Rogers Communications won’t have to wait much longer to find out who’s actually calling the shots. B.C. Supreme Court Justice Shelley Fitzpatrick said late yesterday that she will deliver her decision on Friday at 5 p.m. ET.
Investors in Rogers Communications won’t have to wait much longer to find out who’s actually calling the shots. B.C. Supreme Court Justice Shelley Fitzpatrick said late yesterday that she will deliver her decision on Friday at 5 p.m. ET. The timing is no coincidence; Paul Bagnell – our eyes and ears in Vancouver – said Justice Fitzpatrick noted the timing puts her decision after markets close. Arguments between lawyers for Edward Rogers and Rogers Communications wrapped yesterday; with the matter boiling down to a simple question: was Mr. Rogers legally allowed to replace five of the company’s directors with the stroke of a pen? We’ll turn to Paul this morning for detailed recaps on the hearing and we’ll gather perspective from investment professionals about what Class B shareholders should be thinking right now.
HOUSING DATA DELUGE
The major markets are releasing their monthly figures this week; Calgary set the bar yesterday, with the city’s real estate board saying last month’s sales were an all-time high for October. Vancouver’s numbers will land this morning, and we should get Toronto data tomorrow. Will be interesting to see if there’s evidence of a surge in activity in the final days of the month after the Bank of Canada moved up its timeline for raising rates. BNN Bloomberg regular John Pasalis has provided an early look at Toronto’s housing activity; according to his team, the average house price in October surged almost 28 per cent year-over-year to nearly $1.5 million. In his words, the average price for a low-rise home “is going vertical again.”
BRIGHTER DAYS FOR THE AVIATION INDUSTRY
A couple snapshots today. Air Canada nearly broke even on an adjusted EBITDA basis in its latest quarter and outpaced its own expectations by posting actual cash flow of $153 million in the period amid a “significant” jump in passenger traffic and as its cargo division established itself as a billion-dollar business. But don’t call it a full recovery yet: the airline is forecasting capacity in the current quarter will be about half of the pre-pandemic level from the fourth quarter of 2019. And Bombardier will add some polish to its turnaround today, with an event in Mississauga, Ont. to update progress on a 770,000-square foot manufacturing facility. Bombardier Chief Executive Éric Martel joins us this afternoon at 2:10 p.m.
AWAITING THE FED
