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Is uranium going to go no-offer?

On Tuesday the U.S. Senate made a significant move by voting unanimously in favor of the Prohibiting Russian Uranium Imports Act. The bill, which aims to restrict the import of uranium from Russia, will now be forwarded to the White House for President Joe Biden’s signature. The President has already signaled his approval of the legislation.

The passing of this act has drawn attention from various quarters, including financial markets and industry analysts. Cantor Fitzgerald, a financial services firm, recently issued a Uranium Macro Update, highlighting the potential implications of this legislative development.

You can read more on the matter here.

What’s going on?

• Loblaw Hikes Dividend 15% On First Day Of Consumer Boycott, George Weston To Gain $43 Million Just From Increase (theDeepDive)

• Toronto New Listings Up as Home Sales Dip in March 2024 (theDeepDive)

• Trump hush-money trial judge signals he may fine him again over gag order (Reuters)

• UNC Frat Boys Get Close to $350,000 from GoFundMe Campaign for Protecting US Flag from Protestors (theDeepDive)

• UAE Raises Oil Capacity Number a Month Before OPEC Meets (Bloomberg)

• Calgary City Council Approves Motion to Lobby For Non-Citizen Voting Rights (theDeepDive)

• Peloton CEO Barry McCarthy to Step Down Amid Fresh Layoffs (WSJ)

• Is The Reclassification Finally Here For Cannabis? Senate To Reintroduce Bill Ending Prohibition (theDeepDive)

• Judge rejects injunction request to force McGill protesters to leave (Globe)

• Blackstone Taps Vast Source of Cash in $1 Trillion Credit Push (Bloomberg)

• No Dice: Post-Budget Poll Shows Conservative Support Rising and Liberal Support Falling (theDeepDive)

• Russia shipping fuel to North Korea above UN cap - White House (Reuters)

What’s the latest?

• Massive Trade Deficit: Canada's goods trade deficit widened to $2.28 billion in March, marking the largest deficit since June 2023 and deviating significantly from the anticipated $1.21 billion surplus. Statistics Canada reported a downturn in exports by 5.3%, with notable declines across metals, minerals, energy, and motor vehicles. Importantly, gold exports decreased by 32.5% following a record high in February.

• Cuts Coming?: The Bank of Canada, under Governor Tiff Macklem, is signaling a potential shift toward cutting interest rates, as inflation begins to stabilize. During a finance committee meeting, Macklem highlighted positive movements in underlying inflation metrics and improvements in economic conditions like wage stabilization and a cooling labor market.

• Peloton Cuts: Peloton Interactive announced the resignation of CEO Barry McCarthy, who will be replaced temporarily by co-CEOs Karen Boone and Chris Bruzzo. The company is also reducing its workforce by approximately 15%, which translates to around 400 jobs. This move is part of a broader restructuring strategy aimed at cutting annual expenses by over $200 million to align costs with business size and achieve positive cash flow.

• Air Canada Loss: Air Canada reported a loss of $81 million in the first quarter, with a notable downturn in the "revenge travel" trend and increased labor costs, which rose by 21% year-over-year. Total operating revenue grew to $5.23 billion, up 7% year-over-year. However, the airline still anticipates remaining below its 2019 capacity levels until 2025.

• Bell Profits Fall: BCE Inc. reported a decrease in first-quarter profit to $402 million, or 44 cents per share, compared with $725 million, or 79 cents per share, a year earlier, largely due to higher severance, acquisition costs, and other expenses related to job cuts. Operating revenue slightly decreased from $6.05 billion in the first quarter of 2023 to $6.01 billion this year.

Cannabis reclassification by the DEA shakes markets

The stock market and stuff

• Tesla Lays Off Entire Supercharger Team in Midnight Purge (theDeepDive)

• Shell smashes forecasts with $7.7 billion quarterly profit (Reuters)

• Subway Announces Completion of Sale to Roark Capital (theDeepDive)

• Carvana shares spike 30% as used car retailer posts record first quarter (CNBC)

• Apollo Global Caught Betting On Death Through Shell Companies (theDeepDive)

In the juniors

• SNDL To Gain Exposure To US-Based Cannabis Assets Found Across Five States (theDeepDive)

• Treasury Metals To Acquire Frank Giustra’s Blackwolf Copper and Gold (theDeepDive)

• HighGold Mining To Be Acquired For $0.55/Share By Contango ORE (theDeepDive)

FULL DISCLOSURE: Anfield Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Anfield Energy. The author has been compensated to cover Anfield Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.