Good morning!Huge deal breaking in the energy sector this morning. Chevron is buying its rival Anadarko for US$33 billion to boost its bet on shale oil and LNG. That’s the biggest takeover in the industry since Shell’s US$61 billion bid for BG Group in 2015. JPMorgan and Wells Fargo both beat expectations as Wall Street earnings kick off. Ontario braces for a downturn with new tax breaks for business … and Disney announces a streaming service that’s cheaper than Netflix.
For your weekend read, investment adviser Peter Hodson brings you the top five return-killing mistakes Canadians make on their portfolios“Absolutely horrible” was how one analyst described sales and revenues of cannabis companies since marijuana was legalized in October. Just $307 million of legal weed was sold in the last three months of 2018 versus $1.17 billion in sales from the black market. That’s way below forecasts which predicted recreational sales alone could hit $4.34 billion in 2019.