The Daily Chase: TSX closing out brutal week; Musk's Twitter deal in question

Global markets and U.S. futures are suggesting this brutal week could end on a high note. For the S&P/TSX Composite Index, the weekend can’t come soon enough after sliding into correction territory this week.

Another twist this morning in Elon Musk’s attempt to buy the social media platform. Musk announced (in a tweet, naturally) that the deal is “temporarily on hold” pending a review of fake accounts. Twitter shares sank upward of 20 per cent in pre-market trading immediately after his tweet at 5:44 a.m., and there was a relief rally in Tesla shares (presumably at the prospect its CEO won’t have to sell more shares and can keep his focus on the automaker). We’ll chase reaction and insight on what could happen next in this saga. Reminder that there’s a US$1-billion break fee potentially at stake if the deal falls through. Though Musk followed up today’s original tweet with another saying he’s still committed to the deal.MOVIES AND HOTEL LINENS: PROXIES FOR THE REOPENING TRADE

The loosening of COVID restrictions has been good business for Cineplex. The theatre operator posted a 452 per cent surge in first-quarter revenue this morning and it swung to a profit on an EBITDA basis (though its “EBITDAaL” (??) was still in the red). CEO Ellis Jacob joins us shortly after 1pm.

K-Bro Linen is another case study in navigating the reopening. The Edmonton-based purveyor of linen and laundry services reported a 299 per cent revenue surge in its hospitality business. But there are some blemishes; like a narrowing profit amid rising costs and staffing problems.OTHER NOTABLE STORIES