The Daily Chase: TD Bank bets US$1.3B on Cowen; Air Canada grapples to meet demand
BNN Bloomberg
TD Bank is expanding again in the U.S.; this time it’s a US$1.3b all-cash takeover of Cowen — thus ending weeks of speculation after our Bloomberg News partners reported a month ago that talks were underway.
AIR CANADA IN A RACE TO MEET DEMAND
Air Canada’s second-quarter revenue almost quintupled to $3.98 billion, but that didn’t quite live up to Bay Street’s expectations as the carrier fights basic supply and demand fundamentals. In today’s release, its CEO said advance ticket sales in the second quarter were at 94 per cent of Q2 2019 levels; yet its capacity was just 73 per cent of what it offered three years earlier. Also of note: its fuel bill surged to $1.45 billion from just $239 million a year earlier. Looking ahead, Air Canada nudged up its adjusted cost per available seat mile forecast (which, it must be pointed out, doesn’t include fuel costs). Kumutha will recap the airline’s financials from a period when Canadians were dealing with chaos at airports, and we’ll get analyst reaction when Helane Becker from Cowen joins us at 10:30 a.m. ET.
MARKET WATCH
