The Daily Chase: Rogers family feuding for control; Longest TSX winning streak in 36 years

Rogers Communications is in chaos as two sets of boards of directors claim to be overseeing Canada’s largest wireless telecom operator.

Rogers Communications is in chaos as two sets of boards of directors claim to be overseeing Canada’s largest wireless telecom operator. Edward Rogers proceeded with his meeting of directors last night, where he was named chairman less than a week after being ousted from that role by the incumbent board of directors. Next up, he says he’s going to British Columbia’s Supreme Court to confirm the validity of his newly-constituted board. Meanwhile, the other (?!) board of directors said Mr. Rogers’ group doesn’t have “any authority to purport to act” as the board. Through it all, Martha Rogers (one of Edward’s sisters) was on Twitter, lobbing zingers at her brother and lambasting Phil Lind and Alan Horn – who were both close with company founder Ted Rogers -- for aligning themselves with the company’s new board.

So much to cover. We’ll get expert insight at 8 a.m. on how the legal battle could play out. Layered on top of that, we’ll chase investor reaction as the chaos plays out amid Rogers’ attempt to close it acquisition of Shaw Communications Inc. On that note: RBC Capital Markets Analyst Drew McReynolds today downgraded Rogers and cut his price target due to the dispute about who’s in charge.

TSX ON LONGEST WINNING STREAK IN 36 YEARS

The composite index barely ended Friday in positive territory, but the gain of 3.76 points was enough for a 13th straight day of gains, matching a streak that was recorded in January of 1985. Futures are little changed this morning, though the price of West Texas Intermediate crude punched through US$85 per barrel. 

TECH EARNINGS BONANZA

The biggest names in technology are reporting this week, starting with arguably the most controversial of all today when Facebook releases its quarterly numbers after the closing bell. The numbers are landing in the aftermath of explosive revelations from a whistleblower, whose revelations are continuing to make headlines – including today, as Bloomberg News reports on a document showing the social media network’s eroding popularity with teens.