Canadian Investment Regulatory Organization Trading Halt – ASEP

The Trump administration suspended Microsoft and Adobe from the Permanent Labor Certification Program (PERM) due to alleged visa fraud. VP Vance accused Microsoft of abusing the system, citing layoffs and simultaneous visa approvals. The Labor Department also announced investigations into nine universities over J-1 visa fraud. Microsoft CEO Satya Nadella met with President Trump on the same day. The suspensions block new and pending green card applications for the affected companies.

McDonald's is facing a class action lawsuit alleging its AI-driven pricing system violates antitrust laws by coordinating menu prices across franchises. The plaintiff claims the system uses nonpublic data from 14,000 U.S. restaurants to make pricing recommendations, reducing competition. McDonald's denies these allegations, stating franchisees set prices independently. The lawsuit follows a Reuters investigation into the company's pricing practices.

The EU set an annual import cap of 350,000 Chinese hybrid vehicles, effective December 1, 2026, increasing by 6% yearly. Toyota (TM), a major hybrid vehicle manufacturer, will be impacted. TM's P/S ratio is 0.72, below its historical median, and it has a GF Score of 74/100, indicating strong valuation and growth but weak momentum.

Polestar, owned by Geely, will shift production to Europe due to US restrictions on China-linked car tech. Europe accounts for 80% of its sales. Polestar's market cap has fallen $26.4B, shares trade at $5.26. Global sales rose 1% in 2026, but Australian sales dropped 10%.

Novartis' remibrutinib (Rhapsido) received FDA approval for symptomatic dermographism, a form of chronic urticaria. In trials, 29.3% of patients saw complete response vs. 14.0% on placebo. Experts discuss biologic choices for atopic dermatitis, including dupilumab, tralokinumab, and lebrikizumab, noting differences in trial designs and patient populations.

Shell Plc received FAA approval to use drones on Gulf of Mexico platforms for post-hurricane inspections, aiming to reduce downtime and costs. The drones, part of the IRN-Maiden project, can inspect facilities sooner, potentially saving $50 million over three years. Shell is the largest producer in the Gulf and plans to expand drone use to other regions. Hurricane Isaias is currently threatening the U.S. Gulf Coast, highlighting the need for faster restart capabilities.