Here are five things you need to know this morning:

Chamandy and Browning West win Gildan fight: The battle for control of Gildan Activewear appears to be over, as CEO Vince Tyra and the company’s entire board has resigned ahead of a scheduled vote next week on who will control the company. The dramatic development is a major win for activist investor Browning West, which owns five per cent of the company and went on the offensive when long-time CEO Glenn Chamandy was unceremoniously turfed late last year. Browning West wanted Chamandy to return, and the whole saga was set to come to a head next week at the company’s AGM with a shareholder vote. But preliminary results of that voting made it clear which way things were going, and the board and the new CEO conceded defeat. Browning West has taken temporary control of the board, named Michael Kneeland as chair and reinstated Chamandy as CEO. We will have extensive coverage throughout the day on the developing story.

SEC ruling a major step toward Ethereum ETFs: The cryptocurrency industry is one step closer to a major landmark ruling after the U.S. Securities & Exchange Commission paved the way for the eventual launch of ETFs tied to the spot price of Ethereum. The regulator has greenlit the 19b-4 form of one issuer seeking to launch such a product. It would still have to approve the so-called S-1 form before they could begin trading, but it’s a major step toward full approval, and the price of Ethereum is responding accordingly.

London Drugs hackers make good on threat to release stolen data: Retailer London Drugs says cybercriminals who stole files from its corporate head office last month have released some of the data after it refused to pay a ransom. The company said in a statement to the Canadian Press that the files may contain "some employee information," calling it a "deeply distressing" situation. The company made the statement after B.C.-based threat analyst Brett Callow, with anti-virus software company Emisoft, said hacker group LockBit had released 300 gigabytes worth of data on the dark web on Thursday. The retailer is offering its staff two years of credit monitoring service free of charge.

Retail sales unexpectedly jumped in April: Canadian consumers opened their wallets a lot more than they were expected to last month, as Statistics Canada says preliminary retail sales numbers for April show a 0.7 per cent jump. The increase comes after a 0.2 per cent drop in March and well surpassed the 0.1 per cent decline that economists were expecting. The numbers are preliminary however, with 51 per cent of surveyed retailers having already responded and a fuller picture for April numbers won’t be available until the next release. But even if the numbers hold as the rest of the data comes in, April’s retail sales will still be lower than they were in December, so the overall trend seems to be headed downward.

Nvidia cut to hold from buy at German bank: Given the stock’s breathtaking run, its noteworthy when an analyst has anything but pie-eyed optimism for Nvidia’s share price outlook, so it stood out this morning when analyst Ingo Wermann at DZ Bank AG downgraded his recommendation on the company from a buy to a hold. That’s still well off a “sell,” and to be clear, Wermann is not expecting the company’s stock price to change direction in any material way. His target price of US$1,025 a share is only a hair below the $1,037 the shares are changing hands at on Friday morning. But given the consensus expectations for the AI chipmaker’s revenues moving forward, it stands out for going against the grain. According to Bloomberg, Nvidia has 62 buy recommendations, seven holds and no sells.