The Daily Chase: Founding Shareholders Vote at Shopify Today; Canadians are stressed about finances

It’s decision day for Shopify shareholders. Investors will vote at the company’s annual general meeting on a proposal that, if passed by a majority, will grant founder and CEO Tobi Lutke “founder” status, meaning he will receive the right to vote as long as it is in e-commerce. software company. The California Public Employees’ Retirement System has already said it will vote against the plan and it faces opposition from two shareholder advisory organizations, Institutional Shareholder Services Inc. and Glass Lewis & Co. The shares of the company based in Ottawa fell about 74%. This year.

MARKET WATCH

US futures are pointing to a down day when trading resumes in North America this morning after major indices posted gains at Monday’s close. Investors are waiting for the next set of inflation data from the United States which is due Friday morning, when we also get an update on the labor market here in Canada. West Texas Intermediate oil futures are trading lower, but Goldman Sachs expects crude prices to rise over the next year – up to $135 a barrel, or $10 off more than expected due to a global shortage as Russian production declines and demand from China rebounds.

MONEY RANKS AS TOP SOURCE OF STRESS AMONG CANADIANS: POLL

The 2022 FP Canada Financial Stress Index found that four in ten Canadians said money was their biggest stressor, outranking other causes such as personal health, work or relationships. With the cost of living soaring, inflation jumped 6.8% in April year-on-year and stands at its highest level in 31 years, and is expected to climb higher, many expect worry about their long-term financial security. The survey also found that rising food costs have the biggest impact on people’s financial stress levels, with 68% of respondents saying they feel the pinch when it comes to their grocery bill.

OTHER NOTABLE STORIES

  • Bitcoin trades lower, below $30,000 as bullish momentum wanes
  • Jane Street Capital, a US trading firm, followed the lead of hedge fund Elliot Management and took legal action against the London Metal Exchange over its nickel fiasco last March.
  • Kohl’s shares rose significantly pre-market after the company said it was in exclusive talks to be purchased by Franchise Group in a deal valuing around US$8 billion.
  • Target shares are under pressure before the opening bell after the retailer cut its profit outlook for the second time in three weeks
  • Peleton announced after hours on Monday that he had appointed Liz Coddington, Amazon’s cloud chief, as its new chief financial officer, she starts next week.

NEWS RELEASES / NOTABLE EVENTS

  • Notable data: Canadian trade balance, US trade balance
  • 8:30 a.m.: CAE Investor Day
  • 1000: Shopify annual meeting
  • The three-day Global Energy Show begins in Calgary
  • World Bank releases report on global economic outlook