• Trump threatens 35% tariff

• Cineplex box office recovery

• EQB taps former CFO for the head job

• Canopy’s books are cooked

• ATS management steps in

• Electrovaya jumps 22%

Trump threatens 35% tax on Canadian goods

Carney got his letter from Trump, in which the president is calling for 35% tariffs on Canadian goods by August 1st. The new tax wouldn’t impact the auto, steel & aluminum, and coming copper tariffs - which have rocked trade activity recently.

My gut tells me this is just theatrics ahead of the self-imposed July 21st deadline, but let’s see. Markets breaking new highs has probably given Trump a bit more mental rope to play with.

Cineplex box office recovery continues

Cineplex (CGX) was up 2% on the back of its June box office revenue of $52M, the third straight month above $50M. The print brings the first half total to $260M, above 2024 but still well below 2019 levels.

Management highlighted continued momentum in July, driven by a strong lineup of new releases. They’ll need to deliver to keep investors interested as valuation expands.

EQB taps former CFO for the head job

Just a few months after taking the CFO job at OpenText (OTEX), Chadwick Westlake has returned to take the reins at EQB Inc. (EQB) after spending five years in the CFO seat previously.

He’ll have the tall task of leading through a challenging macro backdrop - one that’s driven a slowdown in on-balance sheet loan growth, higher impaired loans…

… and a weaker forward outlook.

His ability to do so will be reflected in EQB’s valuation relative to peers, which has started to open up again after two years of tight trading.

Canopy Growth (WEED) axed their CFO Judy Hong this week without cause… there’s a “cooking the books” joke in there somewhere.

It’s been a tough go for the company, which was the poster child of the cannabis pump and dump that turned most investors away from the sector permanently.

Looks like they’re burying that PR as quickly as possible, with a release yesterday highlighting WEED’s new “Deep Space Infused Pre-Rolls” (what a name).

Flagging the ATS Corp. (ATS) buying here, which follows the announced departure of current CEO Andrew Hider. There’s buying across the C-suite including a big one from Andrew, which could calm the market at the open tomorrow.

• Blackstone in talks to buy H&R

• NFI receives order for 124 buses

• Algoma Steel announces first production from its new furnace

• TMX releases June financing stats

• Transat closes debt restructuring

• Endeavour issues $60M of equity

• MAG shareholders accept Pan American bid

Electrovaya (ELVA) was up 7%, extending its run to 22% over the last three days on the back of a couple big announcements: a UL certification on its next generation battery and a supply agreement with Janus Electric to power class 8 trucks.

The big rigs have been particularly resistant to electrification… would be huge for the company if they can crack that market.

YESTERDAY’S EARNINGS

Delta’s quarter got the U.S. airlines jumping and Air Canada (AC) to a smaller degree (up 4%) - on a better pricing outlook for U.S. routes driven by capacity reductions.

TODAY’S EARNINGS

YESTERDAY’S ECONOMIC RELEASES

TODAY’S ECONOMIC RELEASES

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