Trading Day for Tuesday, Feb. 10, 2026

Key Concepts

• Gordie Howe International Bridge: A new bridge connecting Windsor, Ontario, to Detroit, Michigan, facing political disputes over ownership and compensation.
• Organigram Global: Canadian cannabis company reporting lower-than-expected first-quarter revenue.
• Hasbro: Toy manufacturer experiencing significant revenue growth driven by popular games and licensing deals.
• Cuba Economic Crisis: Severe economic hardship in Cuba, exacerbated by a fuel blockade and impacting tourism.
• Ferrari: Luxury automaker reporting strong Q4 earnings and surging stock price.
• Paramount/Warner Bros. Discovery: Ongoing battle for control, with Paramount increasing its bid.
• Spotify: Streaming service reporting record user growth and exceeding guidance.
• Shopify: Benefiting from AI potential, experiencing a stock surge.
• Silvercore: Mining company impacted by the kidnapping and death of employees in Mexico.
• Biotech Stocks (Eli Lilly, Vertex, Regeneron): Focus on promising research areas and potential for growth.
• US-Canada Trade Relations: Escalating tensions and disputes over the Gordie Howe Bridge.

Market Update: Trading Day Summary

I. International Bridge Dispute & US-Canada Relations

Prime Minister Mark Carney engaged in discussions with U.S. President Donald Trump regarding the nearly completed Gordie Howe International Bridge, connecting Windsor, Ontario, and Detroit, Michigan. Trump is threatening to block the bridge’s opening unless the U.S. receives “full compensation” and 50% ownership. Carney clarified that Canada funded the bridge’s construction, with shared ownership between Michigan and Canada. Transportation Minister Steven MacKinnon emphasized the bridge’s long-term value and symbol of cooperation. Bloomberg’s Derrick De Kloet and Tyler Kendall reported that Trump’s actions are part of a broader escalation in tensions, potentially linked to upcoming USMCA renegotiations. State governors and senators are voicing opposition to Trump’s demands. The situation remains fluid, with potential for negotiation but also continued friction.

II. Corporate Earnings & Stock Performance

• Organigram Global: Shares declined by over 7% following a first-quarter revenue report that fell short of analyst expectations. However, the company reported a profit driven by valuation gains related to British American Tobacco shares.
• Hasbro: Shares rose nearly 8% after the toy manufacturer more than doubled annual revenue, fueled by popular card games and franchise tie-ins. Hasbro is also initiating a $1 billion share buyback and securing a global license for Harry Potter toys and games through a partnership with Warner Bros.
• Ferrari: The luxury carmaker’s stock surged 10% following stronger-than-expected Q4 earnings, driven by increased demand for supercars and specialty vehicles. Revenue reached €7.18 billion.
• Paramount Global: Paramount sweetened its bid for Warner Bros. Discovery, offering to cover the $2.8 billion termination fee Warner would owe Netflix if the deal is broken, and backstopping a debt refinancing.
• Spotify: Shares jumped 14% after reporting a record 759 million monthly active users (exceeding estimates of 752 million) and 9 million subscriber net additions. The company also exceeded guidance for Q1 revenue and profits.
• Shopify: Shares increased by 8% due to positive sentiment surrounding the company’s AI potential.
• Silvercore: Shares plummeted 7.5% following the kidnapping and subsequent discovery of the bodies of ten employees in Mexico. Mining operations are suspended pending investigation.

III. Market Overview

• TSX: Continued its rally, approaching another record high, up 0.6% during the broadcast. Year-to-date gains are approaching 30%.
• S&P 500: Fluctuated but remained just below the 7000 mark.
• Dow Jones: Surged, exceeding 50,000, up nearly half a point.
• Nasdaq: Experienced a more mixed performance, briefly entering positive territory but ultimately remaining relatively flat.

IV. Cuba Economic Crisis & Travel Disruptions

Cuba is facing its worst economic crisis in nearly 70 years, marked by shortages of fuel, food, and medicine. A U.S. fuel blockade is exacerbating the situation, impacting air travel. Air Canada has suspended services and is repatriating approximately 3000 passengers. WestJet and Sunwing have suspended ticket sales and are winding down winter operations. Air Transat is offering flexible changes or cancellations. CTV’s Heather Wright reported that Cuba is “on the cusp of being a failed state,” with Venezuela’s oil supply cut off and further restrictions imposed by the U.S. The government is limiting fuel sales and reducing school/business hours.

V. Biotech Sector Highlights

Jeff Meacham, Global Head of Healthcare at City, highlighted three biotech stocks:

• Eli Lilly: Strong potential with injectable drugs (Zepbound, Mounjaro) and a promising oral weight loss drug (Orforglipron). The GLP-1 mechanism shows potential in inflammation, oncology, and neurology.
• Vertex Pharmaceuticals: Dominates the cystic fibrosis market with strong IP protection extending into the late 2030s. Expanding into non-opioid pain relief, cell therapy (sickle cell anemia/beta thalassemia), and a potential drug for kidney disease (Igan).
• Regeneron Pharmaceuticals: Legacy businesses (Eylea, Dupixent, Libtayo) continue to grow. Focus on a deep pipeline in oncology and haematology, with promising data expected in the next 1-2 years. Key areas of oncology research include antibody-drug conjugates and bispecific antibodies.

VI. Columbia Sportswear & Marketing Strategy

Columbia Sportswear CEO Tim Boyle discussed the impact of tariffs on the company’s business, noting that approximately 60% of sales are in the U.S. but nearly all products are imported. The company is focusing on product innovation and increasing marketing efforts, particularly to appeal to younger consumers. The recent Super Bowl ad featuring a bear and beer was intended to differentiate Columbia from competitors and inject humor into the brand. The company is also exploring alternative materials to mitigate rising costs.

VII. Aviation Industry Impact – Cuba

Aviation specialist Stephen Trent commented on the impact of the fuel shortage in Cuba, stating that while disruptive in the short term, it’s unlikely to be a major long-term blow. Air Canada and other airlines are offering refunds and working to repatriate stranded passengers. The situation is less impactful for U.S. travelers due to existing travel restrictions.

Synthesis/Conclusion:

The trading day was marked by a mix of economic and political factors. Escalating tensions between the U.S. and Canada over the Gordie Howe Bridge, coupled with corporate earnings reports and global economic concerns, drove market fluctuations. Several companies, including Hasbro, Ferrari, Spotify, and Shopify, experienced significant stock movements based on positive news and outlooks. The ongoing economic crisis in Cuba and its impact on travel further highlighted global instability. The biotech sector continues to offer promising investment opportunities, while companies like Columbia Sportswear are adapting to challenges posed by tariffs and rising costs.