Here are five things you need to know this morning:
Shopify beats: Shares in Shopify are sure to be a big mover at least in volume terms on the TSX today as the e-commerce company posted quarterly results before the bell. The shares were up 14 per cent premarket after reporting that revenue increased 26 per cent, better than expected. The company gave a strong outlook for the rest of the year and analysts singled out that its free cash flow markets look especially positive.
Dynamite prices IPO valuing retailer at $2.3B: Montreal-based retail conglomerate Groupe Dynamite has provided some more details about its IPO plans. Filings yesterday show the company plans to sell more than 14 million shares on the TSX in a range of up to $23. That would raise more than $300 million, which, considering the chain is only selling 13 per cent of the company, means it is valuing itself at up to $2.3 billion. Andrew Lutfy is CEO and founder of the company that operates about 300 stores across Canada and the U.S. under the names Dynamite and Garage, and filings show that the firm is planning to list a dual class share that would keep 98.5 per cent of the voting control of the company in Lutfy’s hands.
Bitcoin taking aim at $90,000: If you bought into the height of the crypto frenzy in 2021, congratulations, your diamond hands are finally being rewarded. Bitcoin is taking aim at US$90,000 and dragging other crypto assets to the moon along with it. The price of the world’s biggest cryptocurrency has gained more than 32 per cent since the election of Donald Trump a week ago, mostly on the assumption that his administration will be far more crypto friendly than previous ones. That’s good news for small HODLers, but it’s also good for some major Wall Street firms including MicroStrategy – ostensibly a software company but increasingly a pure play bet on crypto. The company, under the guidance of its red laser-eyed chairman Michael Saylor, has been gobbling up any bitcoin they can get their hands on for years now. Filings show MicroStrategy has bought another 27,000 bitcoins since Halloween, spending a cool $2 billion of shareholder money to make that happen.
Home Depot upgrades forecast partly on hurricane spending: Shares in home improvement retailer Home Depot will be one to watch today as the company did better than expected last quarter partly due to adverse weather and hurricane related rebuilding. The company said same store sales declined by 1.3 per cent which was less than analysts were forecasting. Revenue and profit also both beat slightly. The company said sales of barbecues were particularly strong, as was demand for paint. The chain also said it saw a pickup in demand for seasonal items and supplies for certain outdoor projects, some of which was related to hurricanes that struck the U.S. in recent months.
Wall Street bonuses set to rise for first time since 2021: Speaking of raising money, pay packets for investment bankers, traders and other miscellaneous finance jobs on Wall Street are poised to go up this year after two years of declines. That’s according to a new report from compensation consultant Johnson Associates, who say that just about every type of banker, from sellers of debt to fixed income and equity traders, can expect bonuses to come in between five and 35 per cent higher than 2023’s level, when official data shows the average compensation on Wall Street declined by more than five per cent to just over US$470,000. “Most people will not be euphoric but moderately happy,” managing director Alan Johnson told Bloomberg. “And firms are optimistic about 2025.”