Good morning!
Flooding in Ontario, New Brunswick and Quebec
has forced thousands to evacuate and threatened property as water reaches waist-high levels in some areas. Toyota plans to build two more Lexus plants in Ontario. And Restaurant Brands International Inc. said first-quarter declined as comparable sales at Tim Hortons locations fell.
Here’s what’s breaking this morning
- Environment Minister Catherine McKenna appears before the House of Commons environment committee to discuss the 2019-2020 main estimates
- Toyota Motor Manufacturing Canada president Fred Volf will make a production announcement at the company’s North Plant in Cambridge Ont.
- University of Calgary Prof. Jack Mintz releases a report on the dangers of Western separation
- Notable Earnings: Canadian National Railway, Restaurant Brands International Inc., First Quantum Minerals Ltd., Capital Power, CannaRoyalty, Spotify, Alphabet Inc., Boeing Inc. AGM
Forget FAANG, AMA is the place to be. Amazon Inc., Microsoft Inc. and Apple Inc. are jostling once again to reach the coveted trillion-dollar valuation as the Big Tech rally parties on. A trillion dollars may be nothing but a number, but each of the companies are eager to pass the elusive threshold. Apple hit the landmark last year before retreating, while Microsoft also touched it briefly last week, before pulling back.
Among the three behemoths, Amazon appears to have the most runway room to go, with RBC Capital Markets expecting the Jeff Bezos-led e-retailer to hit US$2,300 (from US$1,929 currently), as it ramps up in its key segments of retail, cloud, advertising and business supplies. Microsoft has a target price US$143.10 (from US$129.7 currently), according to consensus of 31 analysts. Only Apple, which is expected to reveals its results on Tuesday, seems to be running out of steam with an average target price of US$201.69, below its current price of US$204.90. Alphabet Inc., which reports earnings today, has amassed $886 billion in valuation.
The federal Liberal government’s popularity sank to a new low this month, according to a new poll, but the Conservatives can’t be smug as there are still six months before voters cast their vote. Identify three key issues the government and the opposition should focus on to win the election.
Have a great weekend and send your ideas, comments and news to Yadullah Hussain at pheaven@postmedia.com — @Yad_FPEnergy
— With files from The Canadian Press, Thomson Reuters and Bloomberg
