The Close for Thursday, Feb. 12, 2026

Key Concepts

• Market volatility driven by AI uncertainty and geopolitical factors (US-Canada trade).
• Strong earnings reports from Sun Life, Restaurant Brands International, Bombardier, Airbnb, Applied Materials, Brookfield, and Primaris.
• Strategic shifts in corporate strategies: Tesla’s dealership reliance, Couche-Tard’s focus on organic growth, and Primaris’ land monetization.
• The evolving landscape of retail, including the challenges and opportunities in shopping centres and convenience stores.
• The increasing commercialization and politicization of the Super Bowl Halftime Show.

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Market Overview & Corporate Performance (Part 1 & 2 Combined)

North American markets experienced a downturn with the TSX Composite down 2.4% (to 32,553), S&P 500 down 1.6% (108 points), Dow Jones down over 1% (500+ points), and NASDAQ down almost 2% (460 points). This volatility is fueled by uncertainty, particularly surrounding the impact of AI on various sectors, shifting the narrative from universally improving margins to potential increased competition and erosion of pricing power.

Several companies reported strong Q4 results. Sun Life shares rose over 6% following a 13% year-over-year increase in underlying net income and a 17% increase in earnings per share, driven by the performance of their US medical stop-loss business, which benefited from a “hardening” of the market and stabilization of claims after COVID-19 related delays. Restaurant Brands International (RBI) exceeded expectations with higher sales across Tim Hortons and Burger King, a 16% increase in international sales year-over-year, and a raised dividend. Bombardier also reported above-expectation Q4 results, boosted by a $1 billion deal for over 40 aircraft over the next decade, forecasting over $10 billion in revenue and delivery of over 100 planes. Airbnb reported a 12% year-over-year revenue increase to $2.78 billion, with gross booking value increasing 16% to $20.4 billion. Applied Materials’ adjusted earnings per share matched the previous year at $2.38, exceeding estimates, while revenue was $7 billion, down 2.2% year-over-year but above estimates. Brookfield reported a fourth-quarter earnings beat and a 17% dividend hike, possessing $188 billion in deployable capital. Primaris reported $188 million in rental revenue, 6.8% same-property NOI growth, and 9% FFO per unit growth.

Trade & Automotive Industry

The US House of Representatives passed legislation to rescind tariffs imposed by former President Trump on Canadian imports, though a presidential veto is anticipated. This move, while largely symbolic, could influence the Supreme Court’s upcoming decision on the legality of those tariffs. The US currently holds a $900 million automotive trade surplus with Canada, despite Canada purchasing 40% of its own vehicles domestically compared to only 9% from the US. Advocates argue Canada is “shooting themselves in the foot” by not defending its industry effectively and request the elimination of Canada’s luxury tax on cars. The importance of dealership infrastructure was emphasized, with car companies globally recognizing its cost-efficiency and risk mitigation, even with Tesla’s direct-to-consumer model now utilizing dealerships for repairs.

Retail & Real Estate

Primaris’ success is attributed to strong tenant demand, increasing rents, and improved recoveries. They acquired four shopping centres for $1.6 billion in 2025 and currently have 87% occupancy (93% for small shop space). The departure of Hudson’s Bay Company (HBC) impacted occupancy, but overall cash flow remained positive due to lower HBC rent. Primaris plans to strategically monetize approximately 400 of its 1400 acres of excess land in 2026. The company proactively addressed the struggles of Toys R Us in Canada, reducing exposure and securing replacement tenants.

Convenience Store Sector – Couche-Tard

Couche-Tard revised its five-year plan, adjusting its initial $10 billion EBITDA target for 2028 due to economic headwinds. The company now projects EPS growth above 10% through fiscal 2030, driven by nicotine products (specifically pouches) and merchandise sales growth of 2-3% over the next four years. They plan to add 750 new stores (a 5% network expansion) over the next five years, as these stores generate three times more EBITDA than average stores, supported by three new distribution centres. Their loyalty program has 12 million active members. Couche-Tard is prioritizing organic growth over mergers and acquisitions due to increased valuation expectations, despite a healthy deal pipeline.

The Super Bowl Halftime Show

The Super Bowl Halftime Show has evolved from pop acts and marching bands to a heavily monetized, politicized, and globalized event. The 2019 partnership between the NFL and Roc Nation (Jay-Z’s company) and the subsequent sponsorship by Apple Music (reportedly paying $50 million) transformed the show. Artist selection is largely driven by Jay-Z’s direct outreach, with the 2023 performance by Bad Bunny being the third most-watched of all time.

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Conclusion

The segments highlighted a complex economic landscape characterized by market volatility, shifting corporate strategies, and evolving consumer trends. While earnings reports from several companies were positive, underlying concerns about the impact of AI, geopolitical risks, and economic headwinds remain. Strategic shifts towards organic growth (Couche-Tard) and asset monetization (Primaris) suggest companies are adapting to a changing environment. The increasing commercialization of cultural events like the Super Bowl Halftime Show further underscores the intersection of business and entertainment in the modern economy.