Canadian Stock Ideas

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Rickards - >>> North American Trade Wars


By James Rickards

February 13, 2025


https://dailyreckoning.com/north-american-trade-wars/


North American Trade Wars

It’s game on for the trade wars.

After months of threatening tariffs on U.S. trading partners during his 2024 presidential campaign, Trump has now taken definitive action on that front. Let’s review.

The Beginning

On Saturday, February 1, Trump announced that the U.S. was imposing 25% tariffs on all goods imported to the U.S. from Mexico and Canada (with the exception of Canadian energy, which was tariffed at 10%) and additional 10% tariffs on all goods imported from China.

These new Chinese tariffs were on top of tariffs Trump imposed on China in 2018, many of which were left in place during the Biden administration. All of these new tariffs were to take effect on Monday, February 3rd.

Boom!

Or was it?

The Mexican Concession

On February 3rd, within hours of the scheduled deadline for the new tariffs, Trump reached an accommodation with Mexico. President Claudia Sheinbaum agreed to surge 10,000 Mexican troops to the U.S./Mexican border both to prevent illegal immigration into the U.S. and to curtail the flow of fentanyl across the border. (Trump had already surged 5,000 U.S. troops to the border for the same purpose. Reportedly illegal border crossings have already declined 96% compared to the Biden administration).

In return, Trump agreed to postpone application of the Mexican tariffs for 30 days while the two sides discussed other actions and accommodations. The new deadline for tariffs is March 3, 2025.

Canada Follows Suit

Trump also spoke with Canadian Prime Minister Justin Trudeau on February 3rd. Trudeau did not initially make any concessions but late in the day on February 3rd he made the same offer as Mexico – 10,000 troops on the border and additional efforts to stop the flow of illegals and fentanyl. Trump accepted the offer and extended imposition of tariffs on Canada by 30 days.

But Trump Raises the Stakes

These delays did not mark the end of the tariff confrontation.

Beijing announced they were imposing retaliation tariffs on U.S. goods, including a 15% border tax on imports of U.S. coal and liquefied natural gas products. There is also a 10% tariff on American crude oil, agricultural machinery and large-engine cars.

Trump answered by imposing a 25% tariff on all steel and aluminum imports into the United States. This will have a major impact on Canadian steel imports as shown in the chart below.

Trade Wars Gone Global

In addition to the Mexican, Canadian and Chinese tariffs, Trump announced that EU tariffs are coming soon. Trump tentatively indicated that the EU tariffs would be 10% across the board. Trump seemed more relaxed about UK tariffs but given UK Prime Minister Keir Starmer’s tilt toward the EU lately, it may be the case that the UK is lumped in with the EU when it comes to tariffs on European trading partners.

Of course, all of these tariffs would come on top of the severe financial sanctions on Russia that have been in place since 2022 as a result of the War in Ukraine. Once retaliation is added to the original tariffs, it’s clear that a full-scale global trade war is now underway.

Let’s look closely at the trade situation with regard to Mexico and Canada.

U.S. Border Tariffs

Canada ($421 billion) and Mexico ($475 billion) account for almost 30% of all goods imported by the United States. Canada and Mexico along with China are the three largest trading partners of the U.S. Obviously, Canada and Mexico are our closest neighbors, and each shares a long border with the U.S. The new trade wars will have many facets but solving problems with regard to Canada and Mexico will be a big part of the global puzzle and establish benchmarks by which other countries will be judged by the U.S.

The extent of Canadian and Mexican trade with the United States is difficult to overstate. Twenty-three of the fifty states rank Canada as their number one trading partner measured by imports. That includes the entire northern tier of U.S. states from Washington to Maine (with the exceptions of Idaho and Michigan) and most of the Midwest.

Ten of the fifty states rank Mexico as their number one trading partner measured by imports. That includes the entire southern tier of U.S. states (with the exceptions of California and Florida) plus the states of Missouri, Kentucky and Michigan. From automobiles to avocados, Canadian and Mexican imports are everywhere.

Trump cited three reasons for imposing tariffs on Mexico and Canada: illegal immigration, fentanyl and unfair trade practices. The issues of illegal immigration and fentanyl are closely linked because they both involve securing the border. Mexico’s and Canada’s deployment of 10,000 troops to their borders with the U.S. goes a long way toward addressing Trump’s concerns so that was the basis for the one-month delay on imposing tariffs.

A bigger issue lurking behind the U.S.-Mexico negotiations is the extent to which Chinese companies have taken over Mexican companies or built their own factories in Mexico to do an end-run around direct tariffs on China. The Chinese are putting automobile assembly plants in Mexico and exporting the cars to the U.S. free of tariffs under the U.S.-Mexico-Canada Trade Agreement (USMCA, the successor treaty to NAFTA). It may be the case that U.S. auto companies (Ford, GM) will be able to continue bringing in cars to the U.S. without duties while the Chinese-owned companies in Mexico get whacked.

That leaves open the issue of European car makers with plants in Mexico. I spoke to a well-informed source at Audi recently. They’re frantic. They just built a multi-billion-dollar plant in Mexico to do final assembly on the Q5 SUV (their most popular model). They expect that new Mexican tariffs will price it out of the market (compared to Toyotas and Nissans that are built in the USA).

Volkswagen, which owns Audi, may be in financial distress as a result of Audi’s mistake. It was clearly a major blunder on Volkswagen’s part not to locate their Audi factory in Tennessee or South Carolina as other foreign car manufacturers have. Trump and Mexico may be able to reduce tariffs on European firms in Mexico from 25% to 10% to align with tariffs that will be imposed on the EU anyway.

Subject to smoothing out exemptions or special treatment for Chinese and EU factories in Mexico, the Mexican-U.S. trade disputes seem to on their way to resolution. Problems may arise down the road with respect to Mexican cartel attacks on U.S. Immigration and Customs Enforcement personnel (ICE) but that falls more into the category of national security and military affairs than trade policy.

Canada Is a Problem

Even with the one-month delay in imposing tariffs on Canada, the substantive policy issues remain. Trudeau is not in a strong position to negotiate anything because he has already agreed to step down as party leader and prime minister. The fight to replace him as party leader is being led by former Deputy Prime Minister Chrystia Freeland, a trade-hawk and neo-fascist sympathizer.

National elections in Canada are scheduled for October 20, 2025, but could be held sooner. The national election could come down to Chrystia Freeland as the Liberal Party Leader and Pierre Poilievre as Conservative Party Leader. Poilievre is far more reasonable on trade issues than Freeland.

The Freeland Plan to fight Trump includes dollar-for-dollar tariff retaliation, an international anti-Trump trade coalition including Mexico, Denmark, Panama and the EU, a ban on purchases of U.S. goods by all Canadian federal government agencies, a ban on American companies bidding on Canadian government contracts, a ban on American firms participating in projects funded by Canada, and support for Canada’s cultural sector against “Donald Trump’s billionaire buddies.”

The even more radical Ottawa Premier Doug Ford has proposed halting Canadian energy exports to the U.S. and “ripping up” Ottawa’s contract with Elon Musk’s Starlink company.

Canadian exports to the U.S. are dominated by energy products (about $165 billion) followed by automobiles and parts (about $83 billion), and consumer goods (about $70 billion). Electronics, food, fish and aircraft make up a relatively small part of the total.

Hopefully, cooler heads will prevail. Freeland’s plan is radical, but her chances of victory are slim. Poilievre is a clear favorite to form the new government and lead as prime minister. The lower initial tariff on Canadian energy (10% versus 25% or other imports) is a good sign.

It may be the case that agreement to increase border surveillance on the Canadian side, cut down on fentanyl and to buy more U.S. goods (especially wine, dairy and beef) may be enough to get Trump to back down on Canadian tariffs. As with Mexico, higher tariffs might remain on Canadian companies being used by China to end-run U.S. tariffs. It will be impossible to maintain tariffs on the U.S.-Canada automotive trade. Cars and trucks are too big to tariff when it comes to Canada.

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Less than 2 weeks in office, and dimwit Don is already burning bridges with key allies, and promising tariffs on Europe. Next these former allies will be joining BRICS.


>>> ‘Complete Betrayal’: Canada Reels as Trump Tariff Rattles Major Trading Relationship


Bloomberg

by Thomas Seal, Laura Dhillon Kane, Brian Platt and Randy Thanthong-Knight

February 1, 2025


https://finance.yahoo.com/news/complete-betrayal-canada-reels-trump-013500759.html


(Bloomberg) -- Canada braced for economic turmoil and announced retaliatory trade measures after President Donald Trump signed an executive order imposing 25% tariffs on almost everything the US imports from the country, and 10% on energy.

Prime Minister Justin Trudeau said Canada will respond by placing 25% counter-tariffs on C$155 billion ($107 billion) worth of American-made products. That will include tariffs on C$30 billion worth as of Tuesday, with the rest coming later in February, to allow Canadian companies to adjust their supply chains and find alternatives.

American beer, wine, food and appliances will be among the many items subject to Canadian tariffs, and the country is also considering measures related to critical minerals, Trudeau said. He encouraged Canadians to buy locally made products and skip US vacations.

Before announcing those measures, Trudeau invoked the shared history of the two neighboring countries, including their longstanding security and military alliances.

“From the beaches of Normandy to the mountains of the Korean Peninsula, from the fields of Flanders to the streets of Kandahar, we have fought and died alongside you during your darkest hours,” Trudeau said, addressing Americans directly on Saturday night.

“Yes, we’ve had our differences in the past, but we’ve always found a way to get past them. As I’ve said before, if President Trump wants to usher in a new golden age for the United States, the better path is to partner with Canada, not to punish us.”

Trump’s executive orders invoked emergency powers to justify tariffs starting at 12:01 a.m. Washington time on Tuesday, blaming Canada and Mexico for insufficient action to curb the production and trafficking of fentanyl, the powerful synthetic opioid that has led to hundreds of thousands of deaths in North America.

Trump’s emergency declaration means he won’t wait for formal procedures outlined in the US-Mexico-Canada Agreement, which the president signed in 2020 and hailed as a “colossal victory” in an update to the North American trade deal that was crafted in the early 1990s.

Trump’s order included a clause setting out even higher duties if Canada retaliates, which its leaders have pledged to do in a way that aims to insulate Canadians and pressure Americans.

“Trump’s tariffs will devastate our economy,” said Doug Ford, leader of Ontario, Canada’s most populous province and the home to an automotive industry that’s tightly integrated with the US and Mexico.

Other Canadian officials announced their own measures. David Eby, the premier of British Columbia, directed the provincially owned liquor distributor to remove some alcohol brands made in Republican-led states from the shelves of retail stores — and to cease further purchases. The province will adopt a Canada-first policy for all government procurement, he said.

“President Trump’s 25% tariffs are a complete betrayal of the historic bond between our countries and a declaration of economic war against a trusted ally,” Eby said.

Rapid Impact

Business groups expressed outrage and dismay to Trump’s order. The Canadian Chamber of Commerce said it was a “profoundly disturbing” decision and will “drastically increase the cost of everything for everyone.”

Linda Hasenfratz, executive chair of auto parts manufacturer Linamar, said in an interview before the announcement: “It will lead to markets collapsing, sales dropping, layoffs, all the things that President Trump doesn’t want.” Linamar operates in all three USMCA countries.

“The impact is going to be rapid, in terms of our customers on the auto side. I just don’t think they can sustain production, which in turn has a pretty immediate impact on our production levels.” The US is by far Canada’s most import market for exports.

The US had a trade deficit in goods of about $55 billion in the first 11 months of last year. The US exported $320 billion worth of products to Canada and imported $375 billion. Crude oil is the biggest reason for the gap — excluding energy, the US had a trade surplus with Canada.

Pierre Poilievre, leader of the Conservative Party, which is ahead in public opinion polls, called for a “Canada First” dollar-for-dollar retaliation against the US, echoing Trump’s “America First” slogan.

Poilievre said income from Canadian tariffs should be earmarked for supporting workers and businesses, alongside tax cuts, expanding energy and trade infrastructure, and investing in its military and borders.

A softwood lumber trade group in British Columbia decried what it called “a punitive, unjustified protectionist measure” and said Trump’s tariffs will increase building costs at a time when affordability is already a concern for Americans. The new tariffs add to existing duties already imposed by the US.

Danielle Smith, premier of Canada’s oil heartland of Alberta, took partial credit for the lower 10% tariff on energy and reiterated her opposition to restricting or taxing Canadian energy exports in retaliation.

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>>> Thomson Reuters Corporation (TRI) engages in the provision of business information services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates in five segments: Legal Professionals, Corporates, Tax & Accounting Professionals, Reuters News, and Global Print.

The Legal Professionals segment offers research and workflow products focusing on legal research and integrated legal workflow solutions that combine content, tools, and analytics to law firms and governments.

The Corporates segment provides a suite of content-driven technologies, including generative AI, integrated workflow solutions to small businesses to multinational organizations.

The Tax & Accounting Professionals segment offers research and workflow products focusing on tax offerings and automating tax workflows to tax, accounting, and audit professionals in accounting firms.

The Reuters News segment provides business, financial, and international news to media organizations, professional, and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products, and to financial market professionals.

The Global Print segment offers legal and tax information primarily in print format.

The company was formerly known as The Thomson Corporation and changed its name to Thomson Reuters Corporation in April 2008. The company was founded in 1851 and is based in Toronto, Canada. Thomson Reuters Corporation operates as a subsidiary of The Woodbridge Company Limited.

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https://finance.yahoo.com/quote/TRI/profile/

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>>> Descartes acquires inventory, order management platform Sellercloud for $110M


Freight Waves

by Todd Maiden

October 14, 2024


https://finance.yahoo.com/news/descartes-acquires-inventory-order-management-144705589.html


Descartes announced its fifth acquisition of the year on Monday.

Descartes announced the acquisition of inventory and order management platform Sellercloud for an upfront $110 million. The transaction includes up to an additional $20 million in consideration based on combined revenue targets.

New Jersey-based Sellercloud provides omnichannel e-commerce services to more than 1,000 merchants, distributors, wholesalers and manufacturers. The company’s platform is designed to help users manage product across multiple sales channels, including the fulfillment process. It executes more than 150 million orders valued at over $15 billion annually.

“Sellercloud expands our product suite with advanced inventory and order management capabilities that our customers have been asking for,” said Mikel Richardson, general manager of e-commerce at Descartes, in a Monday news release. “When combined with Descartes’ existing ecommerce shipping, fulfillment and warehouse management solutions, we believe the result is a truly differentiated offering to manage the full lifecycle of domestic and cross-border ecommerce shipments.”

Canada-based Descartes (NASDAQ: DSGX) funded the transaction with cash on hand. The company closed its fiscal quarter ended July 31 with $252.7 million in cash.

This is Descartes’ fifth acquisition of the year.

It acquired carrier-identity technology provider MyCarrierPortal for $24 million upfront last month and shipment management services provider BoxTop Technologies for $13 million in June. It paid a total of $150 million for trade compliance provider OCR Services in March and customs and regulatory compliance company Aerospace Software Developments in April.

“We continue to listen to our customers for key areas of investment in our Global Logistics Network,” said Descartes CEO Ed Ryan. Ryan said the deal “directly complements our ecommerce investments in XPS, ShipRush, pixi, and Peoplevox.”

The potential $20 million performance-based earnout would be paid out over the company’s next two fiscal years.

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>>> The Descartes Systems Group Inc. (DSGX) provides cloud-based logistics and supply chain management solutions worldwide. Its Logistics Technology platform offers a range of modular, interoperable web and wireless logistics management solutions. The company provides a suite of solutions that include routing, mobile, and telematics; transportation management; ecommerce, shipping, and fulfillment; customs and regulatory compliance; global trade intelligence; broker and forwarder enterprise systems; and B2B messaging and connectivity services. It also offers its customers to use its modular, software-as-a-service, and data solutions to route, schedule, track, and measure delivery resources; plan, allocate, and execute shipments; rate, audit, and pay transportation invoices; access and analyze global trade data; research and perform trade tariff and duty calculations; file customs and security documents for imports and exports; and various other logistics processes. In addition, the company provides consulting, implementation, and training services, as well as maintenance and support services. It serves transportation providers, such as air, ocean, and truck modes; logistics service providers, including third-party logistics providers, freight forwarders, and customs brokers; and distribution-intensive companies, such as manufacturers, retailers, distributors, and mobile business service providers through subscription, transactional or perpetual license basis. The Descartes Systems Group Inc. was incorporated in 1981 and is headquartered in Waterloo, Canada.

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https://finance.yahoo.com/quote/DSGX/profile/


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>>> Sun Life Financial Inc. (SLF), a financial services company, provides savings, retirement, and pension products worldwide. The company operates in five segments: Asset Management, Canada, U.S., Asia, and Corporate.

https://finance.yahoo.com/quote/SLF/profile/

It offers various insurance products, such as term and permanent life; personal health, which includes prescription drugs, dental, and vision care; critical illness; long-term care; and disability, as well as reinsurance.

The company also provides advice for financial planning and retirement planning services; investments products, such as mutual funds, segregated funds, and annuities; and asset and investment management products consisting of pooled funds, institutional portfolios, and pension funds.

In addition, it offers real estate services; manages equity capital in various private and listed funds, as well as mezzanine debt, middle market direct lending, high-yield bonds, and syndicated loans; and operates as an investment grade fixed income investor, real estate investment management advisor, infrastructure investment manager, and alternative credit investment manager.

The company was formerly known as Sun Life Financial Services of Canada Inc. and changed its name to Sun Life Financial Inc. in July 2003. Sun Life Financial Inc. was founded in 1871 and is headquartered in Toronto, Canada.

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>>> Thomson Reuters Corporation (TRI) engages in the provision of business information services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates in five segments: Legal Professionals, Corporates, Tax & Accounting Professionals, Reuters News, and Global Print.

The Legal Professionals segment offers research and workflow products focusing on legal research and integrated legal workflow solutions that combine content, tools, and analytics to law firms and governments.

The Corporates segment provides a suite of content-driven technologies, including generative AI, integrated workflow solutions to small businesses to multinational organizations.

The Tax & Accounting Professionals segment offers research and workflow products focusing on tax offerings and automating tax workflows to tax, accounting, and audit professionals in accounting firms.

The Reuters News segment provides business, financial, and international news to media organizations, professional, and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products, and to financial market professionals.

The Global Print segment offers legal and tax information primarily in print format.

The company was formerly known as The Thomson Corporation and changed its name to Thomson Reuters Corporation in April 2008. The company was founded in 1851 and is based in Toronto, Canada. Thomson Reuters Corporation operates as a subsidiary of The Woodbridge Company Limited.

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https://finance.yahoo.com/quote/TRI/profile/


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>>> Canadian National Railway Company (CNI), together with its subsidiaries, engages in the rail, intermodal, trucking, and marine transportation and logistics business in Canada and the United States. The company provides rail services, which include equipment, custom brokerage services, transloading and distribution, business development and real estate, and private car storage services; and intermodal services, such as temperature controlled cargo, port partnerships, and logistics parks. It offers trucking services, such as door-to-door services, import and export dray, interline services, and specialized services, comprising flatbed trucks, on-deck mobile transport trays, expedited cargo, and permit/overweight services; and supply chain services. It serves automotive, coal, fertilizers, temperature controlled cargo, forest products, dimensional, grain, metal and minerals, petroleum and chemicals, consumer goods, and third party logistics applications. The company operates a rail network of approximately 20,000 route-miles of track and shipping spanning. Canadian National Railway Company was incorporated in 1919 and is headquartered in Montreal, Canada.

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>>> Waste Connections, Inc. (WCN) provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals. The company also owns and operates transfer stations that receive compact and/or load waste to be transported to landfills or treatment facilities through truck, rail, or barge; and intermodal services for the rail haul movement of cargo and solid waste containers in the Pacific Northwest through a network of intermodal facilities. In addition, it provides E&P waste treatment, recovery, and disposal services for waste resulting from oil and natural gas exploration and production activity, such as drilling fluids, drill cuttings, completion fluids, and flowback water; production wastes and produced water during a well's operating life; contaminated soils that require treatment during site reclamation; and substances, which require clean-up after a spill, reserve pit clean-up, or pipeline rupture. Further, the company offers leasing services to its customers. Waste Connections, Inc. was founded in 1997 and is based in Woodbridge, Canada.

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>>> Thomson Reuters to buy digital content management company Imagen


Reuters

June 28, 2023


https://www.msn.com/en-us/money/other/thomson-reuters-to-buy-digital-content-management-company-imagen/ar-AA1daiXy?OCID=ansmsnnews11


(Reuters) - Thomson Reuters will buy Imagen, a digital content asset management company, for an undisclosed price, to expand its agency business to new customers, the news and information company said on Wednesday.

Britain-based Imagen, which owns the Screenocean video distribution platform, operates digital content libraries for sports, media and business companies including Premier League soccer and Major League Baseball.

Imagen will become a part of the Reuters News division.

The acquisition is part of a plan to serve more clients as they expand their streaming video businesses. "Our belief is that our agency business needs to evolve to be a tech-enabled content delivery (business)," Reuters President Paul Bascobert said in an interview.

"With the addition of Imagen, clients will have the ability to seamlessly add media asset management services to store, manipulate, permission, distribute and monetize all their visual content," Bascobert added in a prepared statement.

Reuters currently serves agency clients through Reuters Connect, which is a business-to-business content marketplace that licenses Reuters text, images and videos as well as news and content from more than 70 other providers that include the BBC, USA Today and China's CCTV.

The deal is the second announced this week. On Monday, Thomson Reuters said it agreed to buy Casetext, a California-based AI company that helps legal professionals conduct research, analysis and prepare documents using generative AI, for $650 million.

Thomson Reuters has said it has earmarked $10 billion for acquisitions and about $100 million per year in investments in AI capabilities.

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>>> Li-Cycle Opens Lithium-ion Battery Recycling Facility in Alabama


BusinessWire

October 13, 2022


https://finance.yahoo.com/news/li-cycle-opens-lithium-ion-100000160.html


Li-Cycle’s fourth Spoke recycling facility in North America has capacity to process up to 10,000 tonnes of manufacturing scrap and end-of-life batteries per year

The Spoke can recycle the equivalent of batteries required for approximately 20,000 EVs per year and has the ability to directly process full EV battery packs


TORONTO, October 13, 2022--(BUSINESS WIRE)--Li-Cycle Corp. (NYSE: LICY) ("Li-Cycle" or the "Company"), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, is pleased to announce that its Alabama Spoke located in Tuscaloosa, Alabama has started commercial operations.

The Alabama Spoke utilizes Li-Cycle’s patented and environmentally friendly technology to recycle and directly process full EV battery packs without any dismantling through a submerged shredding process that produces no wastewater. Additionally, Li-Cycle’s full pack processing capability improves efficiency and is fit to process the growing variety of EV battery architectures, including cell-to-pack formats that have limited options for dismantling, which further differentiates the Company’s value proposition.

The Alabama Spoke is strategically located to support the recycling needs of the Company’s growing battery supply customer base in the southeastern U.S. region. The development of the EV supply chain in the region continues to accelerate as battery and automotive manufacturers establish operations. This growth is expected to continue to produce a significant amount of battery production scrap and end-of life batteries that will require recycling.

"Li-Cycle's new battery recycling facility in Tuscaloosa adds a dynamic new dimension to Alabama's evolving auto industry," Alabama Governor Kay Ivey said. "This facility will play an important role in the lifecycle of batteries powering electric vehicles by contributing an innovative sustainability solution."

"We are excited to announce that our Alabama Spoke has commenced operations," said Ajay Kochhar, co-founder and CEO of Li-Cycle. "This facility enhances our ability to support the recycling needs of our diverse and growing customer base in North America to ensure lithium-ion battery material is recycled in an environmentally friendly and safe manner. Li-Cycle is creating an essential domestic supply of recycled material to support EV production and assist automakers in meeting their domestic production content requirements."

Li-Cycle’s Alabama Spoke is more than 100,000 square feet in size, with an additional approximately 120,000 square feet in warehousing capacity. The facility is of the same design as the Company’s Spoke in Arizona, which opened earlier this year and is currently operating near target throughput. The Alabama Spoke has created approximately 45 new jobs and will leverage the key process improvements and optimization projects implemented in Arizona to benefit operations. The Alabama Spoke has a total input processing capacity of 10,000 tonnes of lithium-ion battery materials per year, and has the flexibility to expand processing capacity in the future.

Across its four operating Spokes in North America, Li-Cycle now has a total input processing capacity of 30,000 tonnes per year, or the equivalent of batteries from approximately 60,000 EVs. The four operating Spokes, which are located in Kingston, Ontario; Rochester, New York; Gilbert, Arizona; and Tuscaloosa, Alabama, ensure the Company has an established footprint in key strategic regions to maintain its first-mover advantage in the industry.

By the end of 2023, the Company expects to have a total of 65,000 tonnes per year of lithium-ion battery material processing capacity across its Spoke network in North America and Europe.

The primary output product of Li-Cycle’s Spokes is black mass, consisting of highly valuable critical metals, including lithium, cobalt and nickel, which the Company will convert into battery-grade materials at its first commercial North American Hub facility. The Hub facility is under construction in Rochester, NY and Li-Cycle expects that it will be capable of processing 35,000 tonnes of black mass annually, with battery materials equivalent to approximately 225,000 EVs. Li-Cycle is targeting to commence commissioning the Rochester Hub in calendar 2023. The Rochester Hub is expected to be the first commercial hydrometallurgical battery resource recovery facility and the first source of recycled battery-grade lithium carbonate production in North America. The Rochester Hub is expected to position the Company as a leading domestic supplier of battery-grade materials.

About Li-Cycle Holdings Corp.

Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries, and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

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>>> Brookfield Asset Management (BAM) is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. It manages a range of public and private investment products and services for institutional and retail clients. It typically makes investments in sizeable, premier assets across geographies and asset classes. It invests both its own capital as well as capital from other investors. Within private equity and venture capital, it focuses on acquisition, early ventures, control buyouts and financially distressed, buyouts and corporate carve-outs, recapitalizations, convertible, senior and mezzanine financings, operational and capital structure restructuring, strategic re-direction, turnaround, and under-performing midmarket companies. It invests in both public debt and equity markets. It invests in private equity sectors with focus on Business Services include infrastructure, healthcare, road fuel distribution and marketing, construction and real estate; Industrials include manufacturers of automotive batteries, graphite electrodes, returnable plastic packaging, and sanitation management and development; and Residential/ infrastructure services. It targets companies which likely possess underlying real assets, primarily in sectors such as industrial products, building materials, metals, mining, homebuilding, oil and gas, paper and packaging, manufacturing and forest product sectors. It invests globally with focus on North America including Brazil, the United States, Canada; Europe; and Australia; and Asia-Pacific. The firm considers equity investments in the range of $2 million to $500 million. It has a four-year investment period and a 10-year term with two one-year extensions. The firm prefers to take minority stake and majority stake. Brookfield Asset Management Inc. was founded in 1997 and based in Toronto, Canada with additional offices across Northern America; South America; Europe; Middle East and Asia.

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>>> Shopify Stock Is a Trading at a Deal of the Century


Investor Place

by Chris Lau

May 28, 2022


https://finance.yahoo.com/news/shopify-stock-trading-deal-century-105254003.html


Shopify (SHOP) stock got caught up in the collapse of e-commerce stocks.

Markets conveniently forgot the immense value in Shopify’s platform.

Investors do not appreciate the value of the Deliverr acquisition.


Despite the yearlong slump in Shopify (NYSE:SHOP), skeptical investors are not willing to bet against the software e-commerce firm. Short sellers know that SHOP stock could stage a considerable rally at any time. Under current bear market conditions, fearful investors based their valuation concerns to justify avoiding Shopify shares.

The lower prices get, the more investors might miss a potential opportunity. Markets are fickle. Its bearish sentiment is leading to the stock’s decline. Long-term investors may patiently wait for valuations to fall far enough. Eventually, Shopify is the first e-commerce stock to rise from the rubble.

Markets Dump E-commerce Stocks

In the weeks following its quarterly earnings report, Amazon (NASDAQ:AMZN) failed to catch buyers on the dip. Singapore-based Sea Limited (NYSE:SE) also traded at yearly lows. South Korean internet retailer giant Coupang (NYSE:CPNG) is also in a downtrend, despite posting reasonably good quarterly results.

Markets are incorrectly classifying Shopify among e-commerce firms. The aforementioned companies face increasingly weak demand as disposable income falls. Inflation rates risk rising to the double-digit percentage in the months ahead.

Shopify is not afraid to invest in growth. It recently announced an e-commerce fulfillment technology acquisition.

Deliverr Acquisition

In the first-quarter financial report, Shopify announced plans to buy Deliverr, a fulfillment technology provider. It needs to fortify its fulfillment and delivery operations now. Its clients need a back-end solution that competes with Amazon’s one-day delivery offering.

Shopify reported a point of sales growing by around 80% year-over-year (YoY). To support its insatiable growth rates, Deliverr will accelerate its shipping capabilities. For years, Shopify needed to strengthen its end-to-end logistics network. The acquisition will get it there faster.

The company increases its appeal to merchants with Deliverr. They will have a better experience through superior software. Shopify will scale the solution, giving merchants more control of its logistics network.

SHOP Stock Has Manageable Risks

Technology investors worry about the operational risks related to big acquisitions. Shopify has a mission in helping local businesses thrive. To retain its local merchant base, it needs a strong back-end network.

Shopify spent heavily to acquire talented engineers. Its development team will ensure that it scales its operations to meet the unlimited demand for e-commerce solutions ahead.

Shopify’s stock performance in 2021 will pale in comparison to this year and beyond. Last year, it is among many technology firms that benefited from frothy markets. The Federal Reserve fueled the technology bubble. The government overheated the economy by issuing stimulus checks.

The high-interest rate will continue to undermine Shopify’s premium valuation. The upcoming recession may weaken transaction volumes within a year. This is a necessary headwind to slow the economy and weaken inflation.

Is SHOP Stock a Buy or Sell?

Shopify is a speculative buy. The price-to-earnings is still very high. If the stock drops more, investors will still pay a premium. Fortunately, no other competitor may offer as good an online merchant platform compared to that of Shopify.

Analysts are not giving up on Shopify’s prospects either. The average price target is around $612, according to Tipranks.

According to Stock Rover’s quantitative research report, Shopify’s stock offers investors good quality and a discount.

Shopify has varying scores depending on quality, value, and growth. It scores highest on quality.

SHOP stock has rarely offered investors an entry price at this level of value.

Growth investors should consider starting a small position on Shopify. Increase the position over the next several months. Avoid panic selling when shares drop. Instead, set a regular schedule for building a core position.

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[BottomBounce]

Sundial Growers SNDL -- Grossly oversold

[BottomBounce]

NAK Northern Dynasty Minerals The Pebble Mine contains billions of pounds of rare earth elements. It is rich in two important rare minerals—palladium and rhenium, containing enough rhenium to supply the entire world’s needs for nearly half a century. Rhenium is used in the construction of military jet engines and as a catalyst in high-octane fuel combustion. https://www.instituteforenergyresearch.org/renewable/pebble-mine-could-reduce-dependence-on-china-for-critical-metals/

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Shopify - >>> Not just any other e-commerce stock


Motley Fool

Neha Chamaria

Oct 10, 2021


https://www.fool.com/investing/2021/10/10/3-explosive-growth-stocks-for-the-next-10-years-an/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


Shopify's (NYSE:SHOP) platform gives pretty much anyone a chance to start an online business and run it, with end-to-end management right from inventory to payments to sales channels. Shopify wants to make it easy to build and manage an online store. As simple as it sounds, it's a really powerful concept that strives to empower people, entrepreneurs, and small businesses in particular, which is where the company's growth potential lies, especially in a world that's increasingly going digital in the wake of the COVID-19 pandemic.

Shopify's revenue crossed the $1 bil mark for the first time in a quarter, and its gross merchandise volumes hit an astounding $42.2 billion. Importantly, the company also turned a net profit of $879.1 million in Q2. Shopify's popularity in the U.S. is already growing rapidly, and it's only a matter of time before the company establishes itself as a major e-commerce player in international markets. Shopify Markets, a hub that allows merchants to sell globally, is just one of the many moves Shopify is making to grow internationally.

The best part is that Shopify is already profitable and has a solid balance sheet, with low debt and high cash, which is unheard of in growth companies especially in an industry like e-commerce. It's also a founder-led company, and that improves the chances of Shopify succeeding in the long run manifold. Eventually, Shopify's success will be every shareholder's success.

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>>> OpenText partners with Google Cloud to Extend Availability of Solution Extensions for SAP® Applications to the Asia Pacific Japan region


Yahoo Finance

June 29, 2021


https://finance.yahoo.com/news/opentext-partners-google-cloud-extend-130000871.html


Customers can now take advantage of OpenText solutions for SAP applications using Google Cloud regional data centers in Singapore, India, and Japan


WATERLOO, ON, June 29, 2021 /CNW/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX), today announced expanded local support for OpenText™ solution extensions for SAP applications in the Asia Pacific Japan (APJ) region on Google Cloud. Leveraging public cloud infrastructure to extend the OpenText private cloud, OpenText now offers customers increased choice and flexibility for in-region deployment of information management solutions for the SAP ecosystem.

"OpenText and SAP have a deep and lasting partnership, centered on delivering information management technologies in the cloud to create more intelligent, connected and secure businesses," said Muhi Majzoub, EVP and Chief Product Officer at OpenText. "With regional data center support from our strategic partner Google Cloud, OpenText now offers these solutions for SAP applications across Asia. Together, we are supporting our customers' regional compliance needs and data sovereignty requirements under a unified service level commitment from OpenText."

OpenText offers the digital content platform to manage and deliver unstructured content to SAP applications in context and on any device. The streamlined experience provides better efficiencies and reduced risk by facilitating that all information will be in a single interface that can be accessed by the user in a timely manner. The suite supports SAP S/4HANA®, as well as SAP®, SuccessFactors®, and SAP Customer Experience solutions. The expanded availability of these solutions as a managed service responds to accelerating demand in APJ for cloud-delivered information management.

OpenText solution extensions for SAP applications available in APJ include:

OpenText™ Extended ECM for SAP Solutions Cloud Edition streamlines information-driven business processes, delivering content in context of SAP applications.

OpenText™ Extended ECM for SAP SuccessFactors helps redefine employee engagement while effectively managing the new digital workforce.

OpenText™ Core Archive for SAP Solutions, available July 2021, delivers cloud-based archiving for both SAP and non-SAP content, helping manage and control data volume growth, reduce costs and expand as information governance needs evolve.

OpenText™ Extended ECM for Engineering helps organizations efficiently control engineering information, work processes and risk across the lifecycle of projects and operations to accelerate revenue.

"The integrated OpenText Suite for SAP solutions helped us extract even more value from our SAP implementation," said Sharn Gamman, Commercial operations process and training manager at Foodstuffs North Island (FSNI). "When we started, there was an expectation that we would have cost savings from efficiency gains and shift staff to more value-added tasks. This is definitely the case. With less manual processing, we have been able to reinvest and focus on working more closely with our vendors."

OpenText is the largest of a select group of SAP partners delivering SAP Solutions Extensions. The company delivers highly integrated solutions that provide an information advantage to businesses using SAP technology. OpenText and SAP have been partners for more than 25 years, developing solutions for more than 5,000 customers in nearly every vertical and line-of-business. For more information on the OpenText and SAP Partnership, visit: https://www.opentext.com/products-and-solutions/partners-and-alliances/strategic-partners/sap.

About OpenText

OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com

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[BottomBounce]

Canada Cannabis $SNDL

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>>> Goeasy Ltd. (EHMEF) provides loans and other financial services to consumers in Canada. It also leases household products to consumers. The company operates through two segments, Easyfinancial and Easyhome. The Easyfinancial segment provides unsecured and real estate secured installment loans, and secured saving loans; loan protection plans; and an optional home and auto benefits products, which offers road side assistance and a suite of other support services, as well as credit monitoring services. The Easyhome segment leases furniture, appliances, electronics, and computers. As of December 31, 2020, it operated 266 easyfinancial locations that include 14 kiosks, as well as 161 easyhome stores that include 35 franchises. The company was formerly known as easyhome Ltd. and changed its name to goeasy Ltd. in September 2015. goeasy Ltd. was incorporated in 1990 and is headquartered in Mississauga, Canada. <<<

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Goeasy LTD - >>> 5 Top Canadian Stocks to Buy Right Now With $500

These Canadian stocks could consistently deliver stellar returns and outperform the Index by a significant margin in the long run.


Motley Fool

by Sneha Nahata

June 7, 2021


https://www.fool.ca/2021/06/07/5-top-canadian-stocks-to-buy-right-now-with-500/


I have said it before that investing in stocks is easy. However, investing in the right stock that could outpace the TSX Index is hard. So, with that in the background, I have shortlisted five Canadian stocks that could consistently deliver stellar returns and outperform the Index by a significant margin in the long run.

Let’s delve deeper into the five stocks that could perform exceptionally well in 2021 and beyond.

goeasy

goeasy (TSX:GSY) is among the top-performing stocks listed on the TSX that created a significant amount of wealth for its investors. Its stock has risen about 746% in five years and by 160% in one year. Furthermore, goeasy has consistently boosted its investors’ returns through higher dividend payments. On average, the subprime lender has increased its dividend by 34% annually in the last seven years and offers a decent yield at current levels.

I believe the steady improvement in the economy, its growing loan portfolio, product and channel expansion, and a large lending market provides a solid foundation for stellar growth in its top line. Meanwhile, increased penetration of secured loans, robust payments volumes, and expense management are likely to drive solid double-digit growth in its earnings that could drive its dividend and support the uptrend in its stock.

Air Canada

Air Canada (TSX:AC) stock is up about 18.5% this year, and the uptrend could sustain in the coming quarters, reflecting a recovery in air travel demand and return to normal. Despite the near-term challenges, its operating capacity and net cash burn rate could show sequential improvement on the back of the ongoing vaccination.

I expect Air Canada stock to get a significant boost from the easing of travel restrictions and reopening of the international borders. Further, its focus on revenue diversification, momentum in the air cargo business, and lower cost base augur well for future growth. Air Canada stock trades a considerable discount from its pre-pandemic levels and is an attractive recovery play.

Dye & Durham

Dye & Durham (TSX:DND) is performing exceptionally well and has consistently delivered solid revenues and adjusted EBITDA in the past several quarters, reflecting solid demand for its products and services and accretive acquisitions.

Its large blue-chip customer base, long-term contracts, and high client-retention rate are likely to support its financials in the coming quarters. Meanwhile, a strong balance sheet, robust M&A pipeline, and geographic expansion suggest that Dye & Durham’s pace of growth is likely to accelerate further, which could drive its stock very high.

Suncor Energy

A stellar recovery in oil prices, improving demand, and rising economic activities suggest Suncor Energy (TSX:SU)(NYSE:SU) could handily outpace the Index in 2021 and beyond. It has gained over 46% this year, and I see further upside in its stock.

I believe increased volumes and higher average prices are likely to significantly boost Suncor’s financials and, in turn, its stock. Further, its integrated assets, favourable mix, and lower cost base are likely to support its profitability. Suncor is also focusing on lowering debt and is buying back stock. Also, it could pay regular quarterly dividends and enhance its shareholders’ value.

Lightspeed

I expect Lightspeed POS (TSX:LSPD)(NYSE:LSPD) stock to grow enormously over the next decade, reflecting stellar demand for its omnichannel payment platform, positive secular industry trends, and new product launches. Further, growth in its customer base, adoption of its multiple modules, expansion in the high-growth markets augurs well for future growth.

Lightspeed stock is also likely to get a solid boost from its capital allocation strategy. Its recent acquisitions are likely to bolster its growth rate and drive its stock higher. I believe the momentum in its base business, ability to grow inorganically, and increasing average revenue per user provides a long runway for growth.

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Lightspeed - >>> 5 Top Canadian Stocks to Buy Right Now With $500


Motley Fool

6-7-21


https://www.fool.ca/2021/06/07/5-top-canadian-stocks-to-buy-right-now-with-500/


I expect Lightspeed POS (TSX:LSPD)(NYSE:LSPD) stock to grow enormously over the next decade, reflecting stellar demand for its omnichannel payment platform, positive secular industry trends, and new product launches. Further, growth in its customer base, adoption of its multiple modules, expansion in the high-growth markets augurs well for future growth.

Lightspeed stock is also likely to get a solid boost from its capital allocation strategy. Its recent acquisitions are likely to bolster its growth rate and drive its stock higher. I believe the momentum in its base business, ability to grow inorganically, and increasing average revenue per user provides a long runway for growth.

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>>> Lightspeed POS Inc. (LSPD) provides commerce enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators in Canada, the United States, Germany, Australia, and internationally. Its SaaS platform enables customers to engage with consumers, manage operations, accept payments, etc. The company's cloud platforms are designed interrelated elements, such as omni-channel consumer experience, a comprehensive back-office operations management suite to improve customers' efficiency and insight, and the facilitation of payments. Its platform functionalities include full omni-channel capabilities, order-ahead and curbside pickup, point of sale, product and menu management, employee and inventory management, analytics and reporting, multi-location connectivity, loyalty, customer management, and tailored financial solutions. The company also offers Lightspeed Loyalty; Lightspeed Analytics; Lightspeed Payments, a payment processing solution; and Lightspeed Capital, a merchant cash advance program. In addition, it sells a suite of hardware products to complement its software solutions for the retail and hospitality segments, such as customer facing displays, stands, barcode scanners, receipt printers, cash drawers, payment terminals, and an assortment of other accessories, as well as provides installation and implementation services. The company was formerly known as LightSpeed Retail Inc. and changed its name to Lightspeed POS Inc. in October 2014. Lightspeed POS Inc. was incorporated in 2005 and is headquartered in Montréal, Canada.

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>>> OpenText Announces IRS Matter Settlement


Yahoo Finance

December 22, 2020


https://finance.yahoo.com/news/opentext-announces-irs-matter-settlement-133000162.html


WATERLOO, ON, Dec. 22, 2020 /PRNewswire/ -- Open Text Corporation (NASDAQ: OTEX), (TSX: OTEX), "The Information Company," today announced that on December 21, 2020, the Company entered into a closing agreement with the U.S. Internal Revenue Service (IRS) resolving all of the previously disclosed proposed adjustments to its taxable income for Fiscal 2010 and Fiscal 2012 (the "IRS Settlement").

In connection with the IRS Settlement, against the IRS' total disputed claim value of approximately $830 million, estimated as of December 31, 2020 and inclusive of proposed accrued interest at applicable statutory rates, OpenText will make aggregate payments of approximately $290 million to the IRS in U.S. federal taxes and interest. The IRS Settlement also eliminates approximately $90 million in future withholding taxes that OpenText had expected to pay over the next 10 years.

The Company expects the IRS Settlement to result in an approximately $290 million charge to GAAP-based net income (loss) for the second quarter of Fiscal 2021 ending December 31, 2020, and the Company expects to make payments to the IRS of approximately $290 million in the third quarter of Fiscal 2021, ending March 31, 2021. In connection with the IRS Settlement, the Company also expects to make certain associated State tax and interest payments of approximately $10 million to $15 million throughout calendar 2021.

OpenText believes the IRS Settlement to be in the best interest of all stakeholders, as it closes all past, present and future items related to this matter. The IRS Settlement provides finality to this longstanding matter.

About OpenText

OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, on-premises or in the cloud. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.

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[IoT II]

INOTF$$

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>>> Shopify Is Going All-In on Remote Work


"I don't think there's a going back to the office the way we had."


Motley Fool

by Evan Niu, CFA

May 22, 2020


https://www.fool.com/investing/2020/05/22/shopify-is-going-all-in-on-remote-work.aspx


Work may never be the same for many people across industries, even after the COVID-19 pandemic abates. Some experts believe that the coronavirus outbreak will cement remote work as a viable model for many companies that can feasibly pull it off. Tech companies tend to be better positioned for those arrangements, as software engineers can ostensibly code from anywhere.

Twitter and Square -- both led by CEO Jack Dorsey -- have recently announced permanent policies allowing employees to work from home, for example. Shopify (NYSE:SHOP) is the latest to go all-in on remote work.

There's no going back

Shopify CEO Tobi Lutke announced the change on social media, proclaiming that the e-commerce tech company is now "digital by default." Previously, most Shopify employees would come into an office while others would work remotely. Lutke expects that dichotomy to flip in the near future, where centralized offices will merely serve as a way to help new hires transition to remote working environments.

Tobi Lutke ????????
?
@tobi
· May 21, 2020
As of today, Shopify is a digital by default company. We will keep our offices closed until 2021 so that we can rework them for this new reality. And after that, most will permanently work remotely. Office centricity is over.

Lutke notes that many Shopify merchants work from home already, so having Shopify employees work in a similar way can actually help workers better understand customers' perspectives and have "more empathy." Pivoting to new ideas is a key skill in the world of tech. The Shopify chief executive shows that sometimes pivots can apply to corporate culture and not just product strategy, particularly under extraordinary circumstances.

A lot of logistical details remain unclear, but Lutke is confident that Shopify can navigate the changes. Embracing remote work will also inevitably expand the global talent pool Shopify can tap now that hiring isn't constrained by physical proximity to an office.

Shifting to remote work can have important implications on a company's cost structure, as physical offices are expensive to lease and maintain. Shopify plans to redesign its offices for a digital experience, and Lutke expects just 20% to 25% of employees to work in a traditional office environment.

"I don't think there's a going back to the office the way we had," Lutke told Bloomberg. "I think we will go back to something different, potentially better in some ways and potentially in some instances also worse than it might have been."

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Shopify - >>> Here's How Much Investing $1,000 In The 2015 Shopify IPO Would Be Worth Today


Benzinga

Wayne Duggan

May 21, 2020


https://finance.yahoo.com/news/heres-much-investing-1-000-213019334.html


Investors who owned stocks in the past five years generally experienced some big gains. In fact, the SPDR S&P 500 (NYSE: SPY) total return over that stretch is 53.8%. On this day five years ago, Shopify Inc (NYSE: SHOP) held its IPO, and IPO investors have made a killing ever since.

Shopify’s Big Debut

E-commerce solutions giant Shopify was founded in 2004 and made the move to go public 11 years later. It priced its IPO at $17 per share on May 21, 2015. Shopify had initially targeted the $12 to $14 range, but robust demand pushed the price up to $17 and allowed Shopify to raise $131 million by selling 7.7 million shares. At the time of its IPO, the company was valued at $1.27 billion.

After selling IPO shares at $17, Shopify shares hit the ground running, soaring up to $42.13 during the frenzy surrounding its IPO. However, the stock soon ran out of steam due in part to concerns over the stock’s IPO lockup expiration.

Shopify shares dropped to their all-time low of $18.48 in early 2016 before beginning a multi-year ramp on the strength of impressive growth and bullish headlines.

Amazon Effect

One of the biggest headlines came in January 2017 when Shopify announced a new integration with Amazon.com, Inc. (NASDAQ: AMZN) that would allow merchants to sell on Amazon’s platform via their Shopify stores. Shopify shares initially jumped nearly 10% following the news.

Shopify stock hit $100 in 2017, $200 in early 2019, $500 in early 2020 and was one of the few stocks that hasn’t been derailed by the COVID-19 outbreak. In fact, Shopify hit its all-time high of $778 on Thursday, the five-year anniversary of its IPO.

2020 And Beyond

Five years later, Shopify IPO investors that have held onto their stakes undoubtedly see the stock as one of the best investments of their lives.

In fact, $1,000 worth of Shopify IPO stock in 2015 would only be worth about $45,764 today.

Looking ahead, analysts expect Shopify to finally cool down a bit in 2020. The average price target among the 27 analysts covering the stock is $725 suggesting 6.4% downside from current levels.

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>>> Barrick Gold Corporation (GOLD) engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Côte d'Ivoire, the Democratic Republic of Congo, Dominican Republic, Mali, Papua New Guinea, Tanzania, and the United States. The company also has ownership interests in producing copper mines located in Chile, Saudi Arabia, and Zambia; and various other projects located throughout the Americas and Africa. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.

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>>> Open Text Corporation (OTEX) provides a suite of software products and services. The company offers content services; business network, a cloud-based platform that facilitates collaboration and exchange of information inside and outside of organizations; artificial intelligence and analytics solutions; and OpenText EIM platform that provides multi-level, multi-role, and multi context security information platforms. OpenText also provides digital process automation, which enables organizations to transform into digital data-driven businesses through automation; Customer Experience Management, a set of processes used to track customer interactions throughout the customer journey; Magellan, an artificial intelligence (AI) and analytics platform that combines open source machine learning with advanced analysis and is able to merge, manage, and analyze both structured and unstructured, textual content; and Discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk. In addition, the company offers customer support programs that include access to software upgrades, a knowledge base, discussions, product information, and an online mechanism to post and review trouble tickets. Further, it provides professional services, such as consulting and learning services relating to the implementation, training, and integration of its licensed product offerings into the customers' systems, as well as cloud services. The company serves organizations, enterprise companies, mid-market companies, and public sector agencies worldwide. It has strategic partnerships with SAP SE, Microsoft Corporation, Oracle Corporation, Salesforce.com Corporation, Accenture plc, Deloitte Consulting LLP, Tata Consultancy Services, ATOS, and Ernst & Young. The company was founded in 1991 and is headquartered in Waterloo, Canada.

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>>> Canadian National Railway Company (CNI), together with its subsidiaries, engages in the rail and related transportation business. The company's portfolio of goods comprises petroleum and chemicals, fertilizers, coal, metals and minerals, forest products, grain, intermodal, and automotive products serving exporters, importers, retailers, farmers, and manufacturers. It operates a network of approximately 20,000 route miles of track in Canada and mid-America ranging from the Atlantic and Pacific oceans to the Gulf of Mexico. The company also provides trucking services, such as door-to-door, import and export dray, interline, and other specialized services; and supply chain services, which include transloading and distribution, customs brokerage, freight forwarding, marine shipping, and private car storage services, as well as operates logistics parks. It serves the cities and ports of Vancouver, Prince Rupert, Montreal, Halifax, New Orleans, and Mobile (Alabama), as well as the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth/Superior, and Jackson with connections to various points in North America. Canadian National Railway Company was founded in 1919 and is headquartered in Montreal, Canada.

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>>> Shopify Inc. (SHOP), a commerce company, provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was founded in 2004 and is headquartered in Ottawa, Canada.

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