Canada just announced two new pipelines — so where’s private capital? The CEO of one of Canada’s largest pipeline operators weighs in. On this special episode of In the Money with Amber Kanwar, Amber sits down with Greg Ebel, President and CEO of Enbridge (TSX: ENB, NYSE: ENB), live from the Calgary Stampede for his first interview since the pipeline announcements — including the Northern Shield West Coast pipeline and the Alberta-Ontario pipeline proposal. Greg explains why Enbridge isn’t a proponent on either project, and why he thinks the industry’s focus on pipelines has been “ass-backwards” — the real bottleneck, he argues, is production, not pipes.
Looking to invest in high-quality companies without high fees? The HAMILTON CHAMPIONS™ suite of ETFs offers exposure to diversified portfolios of equity champions across tech, financials, utilities, and dividend strategies, all with a low 0.19% management fee, designed to help you stay invested with confidence for the long term. For more information on the HAMILTON CHAMPIONS™ suite, visit: www.hamiltonetfs.com/hamilton-
Back home and back in routine. I was only gone for five days, but the kids seem to be a foot taller. Another sign they are all grown up: while I was gone the younger two asked for their baby monitors to be removed from their room. At 4 and 6 years old you could argue it was long overdue. But there is nothing like looking at their sweet innocent faces while they sleep that make me forget how they drove me up the wall during the day.
Here are five things to know today:
Hyjinx: Futures are mixed on the last trading day of the week. South Korea’s SK Hynix will start trading today in New York today after raising a whopping $26.5 billion – the most ever by a foreign company. The ADRs will be priced at $149 per share and will be a test of the memory chip rally. Meanwhile, the market seems content on ignoring the flare up between the US and Iran. Even as attacks by the US spread beyond Iran, crude is barely higher this morning hanging out at $72 per barrel.
Canada, eh: Canada added 18,200 jobs in June vs. just 10,000 expected. The unemployment rate unexpectedly moved down to 6.5% from 6.6%. On the downside, most of the gain was part-time with just 600 full-time jobs created compared to 154,000 full-time jobs created in May. This appears tied to World Cup hiring with retail and accommodation job growth surging while manufacturing and construction shed jobs. On the bright side, job growth was driven by the private sector with the public sector shedding 30,000 jobs. Youth unemployment also went down to 12.7% which was the lowest May 2024. “For the Bank of Canada…we suspect that policymakers will want to see further strengthening before seriously considering the need for higher interest rates, particularly if inflationary pressures remain less concerning than earlier in the year with oil and gasoline prices lower then their spring peaks,” wrote Andrew Grantham of CIBC. The BOC’s rate decision is next Wednesday and they are widely expected to keep rates unchanged.
Shop til ya drop: Watch Aritzia at the open after profit and sales soared past expectations and the retailer increased its forecasts. Comparable sales growth was an eye-watering +35% besting lofty expectations of +30% growth. Two-year stacked comps are an explosive +61%. The good times are expected to keep rolling with Aritzia increasing its sales and margin forecasts. Not bad in a environment of a pressured consumer and rising costs. The stock has doubled over the past year but is down 14% since the high in June when peer Groupe Dynamite plunged after warning that sales growth was decelerating. This quarter should put those fears to rest for Aritizia – I see the stock indicated up this morning. “We believe potential for further upside revisions and the investor day in October providing longer-term growth plans should support ATZ’s premium valuation,” wrote Chris Li at Desjardins.
Tech table: CAE is switching its listing from NYSE to the NASDAQ as the company has underperformed over the past year. It’s becoming very vogue to abandon the NYSE for NASDAQ in hopes of benefitting from the halo of being a tech stock. Notable companies making the switch over the past two years include: Walmart, Fiserv, Thomson Reuters, and Palantir. With the exception of Palantir – all their stocks are down since they made the switch showing that any tech-related bump eventually gives way to fundamentals. Having said that – I am intrigued by the turnaround prospects of CAE and recently bought the stock. The aviation simulation software company is back to where it was before activists came on the scene in late 2024 as its core aviation business as struggled. But new management has acknowledged the mistakes of the past and put forth a plan for revival.
Notable calls: Stifel is upgrading Shopify to outperform calling the 23% decline so far this year “an attractive entry point.” Agentic commerce is just in its infancy, argues J. Parker Lane of Stifel. “Any way you frame it, Shopify’s outsized (gross merchandise value) growth is clear evidence of consistent share-gains, which we believe will accelerate as agentic commerce proliferates,” wrote Lane, “Based on our survey work and industry conversations, we see a realistic path to 30%-plus revenue growth in 2026 and sustained mid-20s beyond.” The price target is $150US. Canaccord is downgrading Quebecor after its massive outperformance calling it a “tactical move.” It is still a good long term hold, writes Canaccord’s Aravinda Galappatthige, but wait for a “more opportune valuation.
Don’t miss our next episode!
