Stock Market: Musk to Focus on Tesla; Rogers Sees Sports Upside

Rogers hopes MLSE deal and NHL rights extension will boost share value

Rogers Communications’ leadership says the company plans to surface more value from its expanding sports portfolio after it extended national NHL broadcast rights and moved to increase its stake in Maple Leaf Sports & Entertainment (MLSE). CEO Tony Staffieri described the collection of sports assets as “unrivalled in Canada” and among the “best in the world,” but acknowledged the market hasn’t yet reflected that value in Rogers’ share price.

The company is focused on completing a $4.7-billion transaction with BCE Inc. to acquire a 37.5% stake in the sports and entertainment conglomerate. If approved, Rogers would own roughly 75% of MLSE, which controls teams including the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors and others. Executive chair Edward Rogers said the move preserves iconic Canadian teams under Canadian ownership.

Rogers CFO Glenn Brandt estimated that, together with the Toronto Blue Jays and associated stadium assets, Rogers’ sports holdings could be worth around $15 billion. The company is already in discussions with institutional investors about potential minority investments, though Brandt said it’s too early to predict timing or structure.

Rogers also secured a new 12-year, $11-billion agreement for national NHL rights in Canada beginning in the 2026–27 season, which the company says represents the most valuable media rights in the country. Staffieri called the first 12-year NHL deal profitable and pledged to build on that success over the new contract term.

The company reported modest year-over-year operational improvements. Wireless service revenue climbed about 2% driven by subscriber growth, while equipment sales fell due to lower device purchases. Media revenue rose 24%, supported by higher sports-related income, advertising and subscription revenue; cable revenue declined slightly. Rogers added 34,000 net mobile subscribers in the quarter and recorded retail internet net additions of 23,000. On an adjusted basis the company reported earnings of $0.99 per diluted share, unchanged from the prior year.

At the annual meeting, one shareholder asked about the Blue Jays’ 14-year, US$500-million contract for Vladimir Guerrero Jr.; company leadership said the proposed deal was reviewed by senior management and approved by the board. Rogers’ shares traded near $35 on the day of the earnings release.

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Teck CEO expects stronger copper and zinc demand despite global uncertainty

Teck Resources CEO Jonathan Price warned of potential global economic slowdown risks linked to trade tensions and shifting tariffs but said those conditions could boost demand for essential industrial metals like copper and zinc. He highlighted the metals’ importance to electrification infrastructure, industrial resilience, and defence-related projects, suggesting medium-term demand could strengthen as governments prioritize capital-intensive initiatives.

Teck sells copper and zinc concentrate to customers in Asia and Europe, giving it regional diversification that helps mitigate tariff exposure. The company closed the sale of its steelmaking coal business last year and now focuses on base metals. Teck reported first-quarter profit from continuing operations of $370 million and adjusted earnings of $0.60 per diluted share.

The company experienced operational disruptions at the Quebrada Blanca (QB) copper project in northern Chile, including an 18-day maintenance shutdown and a national power outage. Those issues are expected to push 2025 copper production toward the lower end of Teck’s guidance range (230,000–270,000 tonnes) and lift unit costs toward the upper end of its forecast ($1.80–$2.15 per pound).

Teck’s realized prices for the quarter were approximately USD$4.27 per pound for copper (up from USD$3.86 a year earlier) and USD$1.28 per pound for zinc (up from USD$1.12).

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National Bank of Canada to acquire PGM Global Holdings

National Bank of Canada has agreed to acquire PGM Global Holdings Inc., the parent of Montreal-based PGM Global Inc., which provides institutional trading and execution services. The bank said deal terms are not expected to have a material impact on its financial position.

PGM Global’s capabilities are intended to complement National Bank Independent Network’s custody, trade execution and brokerage services for independent wealth managers. PGM’s dual registration with the Canadian Investment Regulatory Organization and the U.S. Financial Industry Regulatory Authority should enhance cross-border service offerings. National Bank expects the transaction to close in late spring, subject to regulatory approvals and closing conditions.

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Musk to shift focus back to Tesla after steep profit decline

After Tesla reported a sharp decline in quarterly profit, CEO Elon Musk said he will devote more time to leading the company and less to external government initiatives. Tesla’s first-quarter profit fell about 71% year over year, and revenue declined 9%, reflecting lower vehicle deliveries and tougher competitive and regulatory conditions.

Musk told analysts he will reduce his involvement in Washington and reallocate time to the company, a move investors saw as a positive signal. Tesla said it still plans to introduce a lower-cost version of its Model Y and reiterated its goal of piloting a paid robotaxi service in Austin, although those timelines remain ambitious and have drawn skepticism from some industry analysts.

Regulatory scrutiny over Tesla’s driver-assistance systems continues. The company’s Autopilot and Full Self-Driving features are under review by U.S. safety regulators, who are examining how the systems notify drivers and their role in accidents. Meanwhile, Tesla faces intensifying competition from legacy automakers and fast-growing rivals, particularly in China, where companies such as BYD are advancing battery technology.

Despite the revenue decline, Tesla reported $595 million in regulatory credit sales and generated $2.2 billion in operating cash flow for the quarter, which helped offset some of the weakness in vehicle margins. Gross margins fell modestly, indicating pressure on profitability amid pricing and cost challenges.

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