BNN - Friday, May 24, 2024 - 09:00 a.m. (ET) - Segment #7

in canada. >> We're going to continue to track the housing story, but we also want to get you up to speed on what's happening in the markets today. And after a couple of troublesome sessions in toronto, the tsx is up triple digits. 100 almost 30 points at this hour, but half a percent higher on the session overall. In last update, we were mentioning that some of the way to your subgroups were seeing reasonable performance within financials, energy materials. And we'll show you those subgroups. They are all higher. So usually the math suggests affair. Moving to the upside. The broader story is moving to the upside as well. One of the stocks we highlighted earlier in the program, paul bagnell joined us to highlight lightspeed, which got analyst love, if you which is helping to share some to about 4% recently. Had to announce tax overhead comeback to the a on a full-time basis and he's committed to some shareholder-friendly moves. T was a stock we talked about yesterday after the came out with their quarterly results, but also investors were navigating comments around. The anti-money laundering issues surrounding company shares are bouncing back today. They're about to have percent higher on the oil front, we mention that there was a little bit of buying after the sell-off over the last few sessions with 77 50 right now. So about 8 tenths of a percent. Gold also higher at last check. Still case right now, although very muted advance about a dollar, an ounce remember gold lawson. Momentum this week as the interest rate expectations in the U.S. keep getting pushed out. And that's been working against bullying. And then on the currency front, we're assessing the latest retail sales data in canada in the same week that we've got some inflation related, that everybody wants to know what's going to happen with interest rates. Starting it off to the close to that next bank of canada decision in early june. And we were a little bit stronger against the greenback at this hour at 73 15 U.S. when we come back, we'll amazon top walmart in sales welts getting pretty close. According to the analysts, expectations will explore that theme in today's edition of the list. Closed captioning of this bnn Bloomberg program is brought to you by Avenue Living Asset Management. Investing in the Everyday. Hi, I'm Taylor Thoen. Next time on btv Business Television. We are in a very unique position. We are the fifth largest open pit project in North America. There are not very many projects that have 7,000,000oz in a tier one safe jurisdiction. The future and the potential for this project to move forward are getting better. With all the work that we're doing to continue to de-risk it. Watch us online or here on bnn Bloomberg. Harvest Equal Weight Global Utilities Enhanced Income etf. The world's top utility companies in one etf, global Utilities and steady monthly income. Harvest ETFs, income happens here. What will you dowhen the power goes out?Power outagescan be unpredictable and inconvenient, but with a GeneracHome Standby generator, your life goeson uninterrupted because you'll have power when you need it the most. The number one thingto prepare for is extended power outages. Don't make itso hard on yourself. Have a Generac HomeStandby generator and if youcall now, you willreceive a free five yearwarranty. Call or go online now to request yourfree quote. Power your lifewith Generac. -Last quarter Capital Direct investors saw a return of over eight percent. -Find out why so many people have been trusting Capital Direct for over sixteen years. -Speak to your financial advisor today and ask for a copy of our offering memorandum. CapitalDirect.ca ( ) ( ) The infiniti qx60 exemplifies modern luxury. With powerful suv performance, three rows of comfort, and a sleek-yet-daring design. ( ) Lease a 2024 qx60 from 0.99% apr for up to 24 months. Visit INFINITI.ca. ( ) you're watching the open on bnn bloomberg. Coming up, we'll get some insight and analysis on the road ahead for canada's economy from canadian business legend frank stronach. He'll share his perspectives on the current investment climate. Let's get to some of the other stories that we're tracking at this hour in our bnn bloomberg newsroom. Shares of gildan

activewear are up by about 3% at this hour after we learned the company's board of directors and ceo had abruptly was signed. That move ending a 5 month battle with an activist shareholder over the future of montreal based clothing maker investment for browning west will take control the board and reinstate former ceo clench mandy. Spending by canadian consumers rebounded last month. Early numbers from stats canada indicating retail sales were up 7 tenths of a percent in april. That would be the fastest pace since last september. If the numbers hold, it will. Reversal of a negative trend. Retail sales fell for the 3rd straight month in march and are still below the level seen in december. And another troubling sign for the electric vehicle industry. Lucid group planning to cut about 400 jobs in the months ahead. The out to about 6% of the automaker's workforce loose. It expects to take a charge of up to 25 million dollars from the restructuring plan. The cats come several weeks after the company revealed a wider than expected loss to start this year. So far on this friday morning. We have seen a positive sentiment playing out new york stocks extending some gains after some consumer sentiment data. The tsx story today a healthy 6 tenths of a percent advance with the currently. Nearly all the subgroups in positive territory outside the communication services. 10 of subgroups are green. That includes the energy subgroup, which is the best performing subgroup this morning as oil prices are trending higher, they're up about $0.65. Gold was also higher modestly by about 2 bucks. An ounce. Right now, the loonie has been stronger against the greenback, currently trading at 73 14 U.S. and the cryptocurrency market where there's been a lot of buzz around etfs this week with fury of that, the possible launch of the etf suit. Bitcoin itself is a little bit higher. It's up 3 tenths of a percent. Let's get to some individual stock movers that we're tracking today. Bloomberg's geoff morgan joining us with more. Jeff, we were talking earlier in the program about into it. The turbotax maker shares under some pressure this morning. Give us the rundown. There. It's been a rough morning for into the company announced that it had lost about a million users and it's free software division. >> It's lost more users and it's kind of more discount offering. So not these aren't the uses that are paying nothing to use the software, but are paying very little is a company that's been trying to shift its offering a little bit more up market to company or to people that have a little bit more complicated tax needs and you know, it's the worst performer in the s&p 500 today, partly because there are some questions around how quickly that strategy is actually working. When you lose a million free it's certainly raising some questions. This stock is a is as I said, one of the worst the worst performer in the s&p 500 today and bmo capital markets came out this morning and it sees the exodus in users in that kind of lower lower price range category continuing so lot of questions for for this company right now. And it's, shift upmarket. >> Meanwhile, the maker of brand, but hoka deckers outdoor. Seems to have a shared update the street really likes. >> Yes, this at the opposite end of the spectrum. This is the top performing stock in the s&p 500 today. And as he said, this is largely driven by brand and hookah which I suppose are just flying off the shelves. Not a you know, I I personally haven't bought any, others aren't. So this put up some very strong numbers today, 4th quarter results beat. It was so strong, it actually sent its peers up. Lululemon, nike under armour shares all up this morning and we're counting 5 price target upgrades on the stock today. So 5 different analysts have hiked the price target based on the strength of those 4th quarter largely as we said, driven by those a hug and hokum brands. Well, one of my daughters got some recently. The hope is feather light. And I think that we saw with nike's latest results that there's some challenger brands that are keeping back company, no pun intended on its toes. Okay, another name you're watching with the retail twist is ross stores. Tell us more about that one. >> That's right. So ross stores is a discount retailer in the united states.

>> Many stores throughout the country. This is the second top performing stock in the s&p 500 today. Shares really, really reacting this morning. And this also sent one of its peers, tj maxx up earlier this morning as well. Ups forecast boost for the year. I mean, analysts, investors always love to see this when you're expecting to make more money over the course of the year. Raising your forecast, raising your expectations. And you know, as we said, just more generally, there is this kind of boosting consumer sentiment in the U.S. this morning. And we've got these 2 ross stores and decker's, which are in the consumer discretionary space that are maybe getting a little bit of a double kind of both from these micro company, specific factors. And from that overall macro lift that we are seeing in the usa. >> Jeff, thanks very much for the breakdown. Bloomberg's geoff morgan with some of the stock movers. This morning. I want to shift from stocks, but stay in business because whether you're a public or private company, cyber threats are very a worry for in all countries, including here in canada, london drugs has been in the headlines for weeks now. And it now says cyber criminals who stole electronic files from its corporate head office last month have released some of the data after the company refused to pay the ransom. Want to get some more perspective on this developing story from kraig krause from ctv news, vancouver. Craig. Obviously, we're reminded of how challenging it can be to operate your business and threat of cyber criminals. And in this case. Now the challenges being able to pay the ransom has resulted the release of some information. What more can you tell us what we know right now? >> This is becoming all too common here in the province of -b.c.. Not only was it london drugs of the last several weeks for the first nation. Health authorities also dealing on a similar cyber security issue over in west vancouver and really across the west coast here in b.c., but also the government had issues in late april well worth work. Government employees were told to change their passwords due to red. So getting into this londondrugs situaton, though, it is evolving over the last 24 hours, the cyber criminals earlier this week gave a 40 lead. Our timeline for london drugs to pay the 25 million dollar ransom or they would release personal and sensitive data onto the dark web. And that 48 hours now passed. And it appears according experts, that they have released some sensitive data on to the dark biden speaking to analysts over the last several days. And they've been keeping me updated on what they are viewing. It appears that they have released about 300 gigabits of data on 2 the dark web. What that information includes is unclear at this point. I haven't seen personally yet. The analysts I have been speaking to who have screening and scanning the dark web for the cyber criminals that they say are based in russia. They are saying that this could potentially be sensitive information from london drugs that they stole at the end of april that shut down nearly 80 stores across western canada. So the stores are based in pain in manitoba and saskatchewan, alberta. And here in the province of b.c., in shut down for nearly a week as the company trying to get to the bottom of tact. But as of right now, it looks like that 48 hours has passed and they have followed through with their threat and released this data, jon. And for those who trying to figure out the choices that a company has to make like, hey, go pay a ransom. What we know about the challenges the company had in paying the ransom in the first place. >> Well, and that's the thing is that the cyber criminals came out saying that london drugs offered 8 million dollars again, that's been refuted by the company has based actually here in the lower mainland of B.C. said they did not pay. They refused to pena and willy to pay this ransom to these criminals. And again. And the alternative was the sensitive data being released onto the dark web. The company is offering though 2 years of protective services in credit monitoring for its employees, along with other processes to help their employees potentially navigate through this process. Now moving forward and again, I forgot to mention off the top of this could be employee data. What that includes is unclear, but at this time, the company has said in recent days that it doesn't appear to be involving clients and patients at this time. But as this information has now been leaked onto the dark web, it's unclear what was stolen at the end of april or appreciate the update, craig. Thanks very much. Kraig krause of ctv news in vancouver with the latest on london. Drugs will come back. Talk about the outlook for investing in canada. >> With business legend frank stronach. Stay with us. We'll be right back. (Mid-tempo music)

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