|Bid||79.62 x 0|
|Ask||80.08 x 0|
|Day's Range||79.19 - 80.17|
|52 Week Range||71.28 - 84.28|
|Beta (3Y Monthly)||0.27|
|PE Ratio (TTM)||1.88|
|Forward Dividend & Yield||0.40 (0.51%)|
|1y Target Est||N/A|
(Bloomberg) -- David Rosenberg is leaving Gluskin Sheff after more than a decade to start up his own independent consulting firm, Rosenberg Research and Associates Inc.Rosenberg frequently appears on financial media to discuss markets and the economy, offering commentary that typically comes with a bearish tinge. He’s also well known for his daily “Breakfast with Dave” morning note, which is widely read on Wall Street, Bay Street, and outside North America.“David is looking forward to focusing all of his time and efforts to providing independent, unique macro and market research, as well as actionable investment advice, to his clients,” according to the test web page of the Toronto-based firm.Rosenberg, reached by telephone, declined to comment. Calls to Gluskin Sheff and parent company Onex Corp., weren’t immediately returned.Housing CallPrior to his time at Gluskin Sheff, Rosenberg worked at Merrill Lynch, which was acquired by Bank of America during the financial crisis. Rosenberg rose to prominence by having warned of the dangers posed by a U.S. housing bubble in 2005, which proved prescient when the ensuing bust landed. However, he stayed bearish long after the Great Recession had ended, with calls for a double-dip recession that failed to materialize. He began to turn more constructive on North American economies around the middle of 2012, but his stint as an optimist proved fleeting.In October, he ascribed 80% odds to a Canadian recession within the coming year, and recently penned an op-ed in which he declared the global macroeconomic fundamentals “very poor.”Onex, Canada’s biggest private-equity firm founded by billionaire Gerry Schwartz, bought Gluskin Sheff in June for about C$445 million ($330 million) and took the company private.The chief economist and strategist will begin publication in the first quarter of next year and will write under the Gluskin Sheff banner until the transition is complete, according to his test web page. In addition to his current publications, there will be new offerings and a wider choice of services for investors.(Updates with more details on the plan in the last paragraph.)To contact the reporters on this story: Luke Kawa in New York at email@example.com;Doug Alexander in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Jacqueline Thorpe at email@example.com, ;Jeremy Herron at firstname.lastname@example.org, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WestJet Airlines Ltd. (TSX:WJA) stock has traded sideways for weeks, and if you don't know why, make sure to catch up on the latest news today.
Air Canada has filed a challenge with the federal government over Onex Corp.’s proposed takeover of WestJet Airlines Ltd., arguing that the deal could see Canada’s second largest airline fall under foreign control.
ONEX Corporation (TSX:ONEX) has already completed two major acquisitions of publicly traded Canadian companies over the past eight months. Find out why investors need to be paying careful attention to this leading private equity firm.
WestJet Airlines Ltd. shareholders have approved the $5 billion takeover bid by Onex, paving the way for the private equity firm to take the airline private.
Every portfolio needs diversity, and Horizons S&P/TSX 60 Index (TSX:HXT), Onex Corporation (TSX:ONEX), and VieMed Healthcare Inc. (TSX:VMD) have it in spades.
Toronto's stock market will nudge higher over the rest of the year, but investors will need to wait until the second half of 2020 for the index to better April's record peak as global trade tensions weigh on company earnings, a Reuters poll found. The median forecast from a survey of 26 portfolio managers and strategists polled was for the Toronto market to rise 1.3% from last week's close to 16,445 by December. "It looks like we have moved into a common seasonal soft patch that could run through to October depending on how long it takes to get U.S.-China trade talks and Brexit sorted out," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Buyout firm Onex Corp pitched its offer at a rich 67% premium to the stock's Friday closing price, which would make it the world's biggest private equity-backed airline acquisition, according to Refinitiv data. Onex saw an opportunity in Canada's aviation market duopoly to build up the Calgary-based low-cost carrier against Air Canada, even in a country where high commercial aviation fees and surcharges are regularly derided by airlines, a source familiar with Onex's thinking told Reuters. "WestJet is a rather unique opportunity in a market dominated by (Air Canada)," said a second industry source.
The surprise offer for C$31 a share, a 67% premium to their closing price on Friday, sparked a surge in WestJet shares, which closed up 60% at $29.61. If completed, it would be the biggest private equity deal ever for an airline, according to Refinitiv data. If Onex obtains shareholder and regulatory approvals, the deal would help Schwartz get his hands on an airline two decades after he missed out on buying Air Canada, WestJet's bigger rival.