The numbers first: TRI hit a 52-week high of $218.42 USD on July 14, 2025, and crashed to a 52-week low of $85.02 on February 5, 2026 Million Dollar Journey — a drop of roughly 61% peak to trough. That is not a dip. That is a collapse.

Three distinct causes drove this:

1. Valuation was stretched to begin with TRI spent 2024–early 2025 being priced as an AI winner — the market rewarded it for CoCounsel and its legal AI push. That premium was built on expectations of massive AI monetization. When reality set in that growth was solid but not spectacular, the premium evaporated fast.

2. Earnings were fine — but “fine” wasn’t enough Q4 2025 results and 2026 guidance were broadly in line with consensus. It didn’t matter — shares still fell 6% after the earnings release on February 5. CNBC Revenue grew 3% for the full year. Earnings actually fell 32% year-over-year. The Globe and Mail The market had priced in an AI growth company; it got a steady information services business.

3. Anthropic’s legal AI tool triggered a panic sell-off — in a single day This is the biggest single event. When Anthropic released productivity tools for lawyers in late February, data providers and legal software companies took massive hits globally, as investors grew more skeptical of software providers facing AI disruption. Two ETFs tracking software and financial data stocks lost a combined US$300.6 billion in market value. Yahoo Finance TRI experienced its largest ever single-day intraday drop, falling as much as 17%. Simply Wall St

The core fear investors had: “These applications that are simply a wrapper around what already exists in an LLM, I do not understand what the enduring moat is” Yahoo Finance — meaning if Anthropic can do legal research directly, why does anyone need Westlaw?

The specific concern is that Claude’s legal plugin threatens TRI’s new client growth by potentially shifting budgets and workflow ownership away from TRI’s core research products. StockAnalysis

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Is the Fear Actually Justified?

Partially — but the market likely overreacted. Morningstar analysts argue TRI’s business is not likely to be eliminated by AI, noting the plugin “has nothing to do with legal research, which is the core value proposition and wide-moat foundation” of TRI’s legal business. Yahoo Finance

What TRI actually has that pure AI can’t easily replicate: decades of proprietary legal databases, trusted case law, regulatory filings, and professional relationships. Those are not easily reproduced by a chatbot. But the market is pricing in the risk that clients may not see it that way.

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Forecast: Next 3 Months (Mar – May 2026)

The partial recovery has already started. On February 24, TRI shares rose 11.66% in a single day, driven by the Anthropic-Thomson Reuters partnership announcement and Q4 EPS of $1.07 beating expectations. INDmoney That rebound was the market repricing the Anthropic relationship from “threat” to “partner.”

What analysts are saying now:

• 11 analysts have an average “Buy” rating with a 12-month price target of $164.55 The Globe and Mail — roughly 48% above where it sits today (~$111 USD)
• 2026 guidance calls for organic revenue growth of 7.5–8%, EBITDA margin expansion of 100 basis points, and free cash flow of ~$2.1B CNBC
• TRI announced a $600M share buyback program, signaling management’s confidence that the stock is undervalued The Motley Fool Canada

Realistic 3-month outlook:

The stock will likely recover toward the $120–$135 USD range, but not back to $218. Here’s why the recovery will be slow:

• The AI disruption debate is not resolved — every new AI legal tool announcement will re-ignite selling pressure
• The valuation multiple won’t re-rate meaningfully until the AI debate resolves — structural uncertainty over terminal growth limits upside StockAnalysis
• The $600M buyback provides a floor — management buying their own stock puts a bottom under the price

Bottom line: TRI got obliterated by a combination of stretched valuation, modest earnings, and a panic sell-off triggered by an AI tool that is arguably not even a direct competitor to their core product. The business itself is intact and profitable. The next 3 months should see a partial recovery — but don’t expect the 2025 highs anytime soon. The AI disruption narrative will hang over this stock until TRI proves CoCounsel is genuinely growing revenue, not just user numbers.

What happened the last 3 months:

AI got too hyped, then people got nervous. Stocks in Canadian tech companies like Shopify and Kinaxis had been riding high because everyone expected AI to make them more profitable. Then reality hit — investors started asking “wait, is AI actually hurting these companies by replacing what they sell?” That fear caused a massive sell-off. The Canadian tech index dropped 20%+ while the broader market was actually up 6%. That gap tells you the fear was specifically about tech, not the economy overall.

What’s coming next 3 months:

Probably a slow, uneven recovery — not a rocket ship bounce. Here’s why:

• Companies like Celestica (makes hardware for AI data centers) have real orders and real revenue — those will likely recover
• Shopify and Kinaxis are solid businesses but their stocks are still expensive, so they need to prove AI is making them more money before investors pile back in
• The biggest wildcard is whether big US tech companies (Google, Microsoft, Amazon) keep spending billions on AI infrastructure. If they pump the brakes, Canadian suppliers feel it immediately

The simple takeaway: Canadian tech got punished because of fear, not because the businesses collapsed. The fear is partially justified — some companies will lose to AI. But the ones with clear AI revenue will bounce back. The rest? It depends on their next earnings reports.

Laurentian Bank of Canada reported a net loss of $20.5 million in its first quarter as it was hit by costs related to its shift to become a specialty commercial bank and exit its retail and small and medium business banking business.

The Montreal-based bank announced a plan in December that will see its commercial operations go to Fairstone Bank of Canada in a $1.9-billion deal while National Bank will acquire the retail and small business segment for roughly book value.

Under the terms, the more than 175-year-old Laurentian Bank name will live on as part of Fairstone with the head office of the commercial segment to remain in Montreal.

Laurentian said Friday its loss amounted to 58 cents per diluted share for the quarter ended Jan. 31 compared with a profit of $38.6 million or 76 cents per share a year earlier.

Revenue totalled $251.6 million, up from $249.6 million in the same quarter last year.

On an adjusted basis, Laurentian says it earned 65 cents per diluted share in its latest quarter, down from an adjusted profit of 78 cents per diluted share a year earlier.

This report by The Canadian Press was first published Feb. 27, 2026.

Statistics Canada says the economy capped off a volatile year with a contraction in the final quarter of 2025.

The agency said Friday that real gross domestic product declined 0.6 per cent on an annualized basis in the fourth quarter, falling short of expectations from the Bank of Canada and most economists for flat growth. Real GDP per capita was unchanged in the fourth quarter.

Statscan said the main reason for the contraction was businesses drawing down their inventories – in other words, selling off goods or materials that weren’t reproduced in the quarter.

Are further BoC rate cuts on the horizon? Here’s what markets and economists think after today’s weak GDP reading

BMO chief economist Doug Porter said in a note to clients Friday that, outside the inventory decline, the details for the fourth quarter GDP figures were better than the headline suggested.

A rise in household spending and increased government capital spending – particularly on weapons systems – also gave the economy a lift in the fourth quarter. Business investment, meanwhile, declined thanks to weakness in residential activity.

The economy swung back and forth between gains and losses every quarter last year as sharp changes in exports tied to U.S. tariffs drove volatility in GDP data.

The economy also shrank in the second quarter as tariffs took full effect in the economy, but Statscan also revised that decline to 0.9 per cent from previous estimates of a steeper 1.8 per cent contraction.

The agency said real GDP rose 1.7 per cent in 2025 overall, cooling from 2-per-cent growth in each of the previous two years and marking the slowest pace of annual growth since 2016 outside the COVID-19 pandemic.

“Lower exports, particularly to the United States, were the main contributor to the slower rise in GDP in 2025,” Statscan said in its report.

The agency said exports rose in consecutive quarters to close 2025 but shipments to the United States did not fully recover after the sharp second quarter drop.

Statscan said real GDP was up 0.2 per cent in December as the manufacturing sector rebounded to partially offset two straight months of declines. Wholesale trade also grew for the first time in three months while the mining, quarrying and oil and gas extraction sectors saw activity drop.

The agency’s advance estimates suggest real GDP was flat in January. Initial readings suggest the momentum in manufacturing was short-lived and the industry contracted to start the year.

Michael Davenport, senior Canada economist at Oxford Economics, said in a note that Friday’s data release showed economy started 2026 on “shaky footing.” He is expecting the economy will skirt a recession with modest growth in the first quarter.

“Still, soft economic momentum will persist in the near term, due to US tariffs, elevated trade policy uncertainty, and a shrinking population. This will keep recession risks elevated,” Davenport said.

The Bank of Canada said in updated forecasts last month that it expects growth to rebound to 1.8 per cent annualized in the first quarter of the year. The central bank held its policy rate steady at 2.25 per cent at its January.

Porter said those projections “could be a stretch” given the weight of ongoing U.S. tariff uncertainty on the economy.

“Until that uncertainty clears, the economy will likely continue to struggle,” he said.

Porter said mild growth expectations for 2026 keep alive the possibility of additional interest rate cuts from the Bank of Canada, “but we’re not quite there yet.”

About TRC
TRC stands for adaptability. With direction setting perspectives and partnerships, our ~8,000 tested practitioners in advisory, consulting, construction, engineering and management services deliver unique resolutions that answer any built or natural imperative. By creating new pathways for the world to thrive, we help our clients adapt to change and achieve long-lasting results while solving the challenges of making the Earth a better place to live — community by community and project by project. TRC is ranked #17 on ENR’s list of the Top 500 Design Firms, #5 for Power and #3 for Transmission & Distribution. Learn more at TRCcompanies.com

About WSP
WSP is one of the world’s leading professional services firms, uniting its engineering, advisory and science-based expertise to shape communities to advance humanity. From local beginnings to a globe-spanning presence today, WSP operates in over 50 countries and employs approximately 83,000 professionals, known as Visioneers. Together they pioneer solutions and deliver innovative projects in the transportation, infrastructure, environment, building, energy, water, and mining and metals sectors. WSP is publicly listed on the Toronto Stock Exchange (TSX:WSP).

MONTREAL, Feb. 24, 2026 (GLOBE NEWSWIRE) — WSP Global Inc. (TSX: WSP) (“WSP” or the “Corporation”), one of the world’s leading professional services firms, proudly completes its previously announced acquisition of TRC Companies (“TRC”), a premier U.S. Power & Energy brand delivering end-to-end solutions that support the full infrastructure lifecycle (the “Acquisition”). With more than 55 years of history, TRC and its team of approximately 8,000 professionals have established the company as a leader and trusted strategic advisor in the engineering and consulting industry.

Fully aligned with WSP’s 2025-2027 Global Strategic Action Plan, the Acquisition supercharges the Corporation’s Power & Energy offering and enhances its capabilities across high-growth areas, including water, infrastructure, environment, and digital solutions. With TRC, WSP creates the #1 Power & Energy platform in the U.S.¹ and becomes the country’s largest engineering and design firm by revenue².

“Today, we officially welcome TRC to WSP. This Acquisition strengthens our leading position in the U.S. and broadens our capabilities across the Power & Energy value chain at a time of accelerating demand for reliable and resilient energy systems. By combining advisory, engineering, and program management expertise, we are creating a more integrated platform to support complex infrastructure programs from planning through execution. TRC brings deep sector knowledge and strong client relationships that enhance the reach and impact of our diversified platform. Together, we are better positioned to pursue opportunities in high-growth areas and deliver more comprehensive solutions to our clients. I look forward to working with our new colleagues as we integrate the two businesses with care and execute with discipline,” commented Alexandre L’Heureux, President and Chief Executive Officer of WSP.

Also commenting on the Acquisition, Christopher P. Vincze, Chairman and Chief Executive Officer of TRC, said: “This milestone marks an exciting new chapter for TRC as we join WSP. Since the 1960s, our teams have delivered trusted expertise, underscored by continued innovation and an advanced use of digital, to help clients navigate critical challenges with confidence. Joining WSP allows us to build on this legacy at greater scale—increasing opportunities for our people, expanding the capabilities we can offer our clients, and accelerating our ability to shape more resilient infrastructure. We are proud of the work that brought us here, energized by what we can achieve together, and committed to ensuring a smooth and thoughtful integration for our employees and clients.”

Loblaw Cos. Ltd. reported its fourth-quarter profit and revenue rose compared with a year earlier.

The parent company of Loblaws and Shoppers Drug Mart says it earned a profit available to common shareholders of $656 million or 55 cents per diluted share for the 13-week period ended Jan. 3.

The profit was up from $462 million or 38 cents per diluted share for its fourth quarter of 2024 which included 12 weeks.

Revenue for the quarter totalled $16.38 billion, up from $14.73 billion, helped by the extra week. On a 12-week comparable basis, Loblaw said revenue rose 3.5 per cent.

Food retail same-store sales increased by 1.5 per cent, while drug retail same-store sales rose 3.9 per cent, with pharmacy and health-care services same-store sales growth of 5.6 per cent and 2.2 per cent in front store same-store sales growth.

On an adjusted basis, Loblaw says it earned 67 cents per diluted share in its latest quarter, up from 55 cents per diluted share a year earlier.

This report by The Canadian Press was first published Feb. 25, 202

National Bank of Canada reported a first-quarter profit of $1.25 billion, up from $997 million a year earlier, helped by its acquisition of Canadian Western Bank.

The bank says the profit amounted to $3.08 per diluted share for the quarter ended Jan. 31, up from $2.78 in the first quarter of 2025.

Revenue totalled $3.89 billion, up from $3.18 billion a year earlier.

National Bank’s provision for credit losses amounted to $244 million for the quarter, down from $254 million a year earlier.

On an adjusted basis, National Bank says it earned $3.25 per diluted share in its latest quarter, up from an adjusted profit of $2.93 a year earlier.

Analysts on average had expected an adjusted profit of $2.99 per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Feb. 25, 2026.

BMO Financial Group reported a first-quarter profit of $2.49 billion, up from $2.14 billion a year earlier.

The bank says its profit amounted to $3.39 per diluted share for the quarter ended Jan. 31, up from $2.83 per diluted share in the same quarter last year.

Revenue for the quarter totalled $9.82 billion, up from $9.27 billion a year earlier.

The bank’s provisions for credit losses for the quarter amounted to $746 million, down from $1.01 billion.

On an adjusted basis, BMO says it earned $3.48 per diluted share in its latest quarter, up from an adjusted profit of $3.04 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $3.20 per share in the quarter, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Feb. 25, 2026.

The Bank of Nova Scotia reported $2.30 billion in first-quarter net income, up from $993 million a year earlier.

The bank says the profit amounted to $1.73 per diluted share for the quarter ended Jan. 31, up from 66 cents per diluted share in the same period a year earlier.

Revenue totalled $9.65 billion, up from $9.37 billion.

Scotiabank says its provision for credit losses was $1.18 billion for the quarter, up from $1.16 billion a year earlier.

On an adjusted basis, Scotiabank says it earned $2.05 per diluted share in its latest quarter, up from $1.76 a year earlier.

The average analyst estimate had been for an adjusted profit of $1.95 per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Feb. 24, 2026.