Cannabis stocks are on top of mind for the rest of the holiday-shortened week and the next
Toronto Dominion’s Bid For Cowen
With Canadian markets on holiday Monday, investors might have expected a quiet day on the news front, but a report late Monday that Toronto Dominion Bank (TSE:TD) is near to terms with US investment bank Cowen Inc. (NASDAQ:COWN) to buy it for more than $1 billion shattered the calm.
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The Wall Street Journal, citing people familiar with the talks, was the first to report the story. According to its sources, TD could announce a deal at about $39 a share as soon as Tuesday.
Cowen shares closed up about 1.2% during the regular trading session. In after-hours trade following the news, the shares rose nine percent to $38.70 as investors pushed the price closer to the paper’s reported buyout offer.
Toronto Dominion shares did not trade Monday in Canada’s markets due to the holiday, but in after-hours trading, shares crept about 1% higher to $65.18.
Cannabis stocks are on top of mind for the rest of the holiday-shortened week and the next. Most of the sector’s publicly traded firms will report earnings in the next two weeks.
The largest companies by revenue expected to report include Trulieve (TSE:TRUL), Curaleaf (TSE:CURA), Green Thumb Industries (TSE:GTII), Cresco Labs (TSE:CL), and Verano Holdings (TSE:VRNO). Each of these companies cleared a minimum of $200 million in revenue in Q1, according to website NewCannabisVentures.com.
This week’s not all about pot, though.
Air Canada (TSE:AC) is scheduled to report earnings on Tuesday, while miners hope to shine in Wednesday trading after several post financial data for the second quarter, including Denison Mines, Iamgold and Polymet Mining, to name a few.
Top names like Restaurant Brands International, which owns Tim Horton’s and Burger King among other eateries, reports earnings on Thursday. And Friday, investors hope profits from cannabis firm Canopy Growth send them into the weekend with a smile.
Ottawa’s set to release some economic data this week too. On Tuesday, the government reports manufacturing data from the Purchasing Manager’s Indes (PMI) and building reports on Thursday.
Article by Greg Morcroft, Fintel
