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Group: Canadian Blue-chip Industrial Forum
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Canada's main stock index futures were higher, tracking firmer commodity prices and a buoyant global mood
Wall Street futures rose as well-received quarterly results from technology giants Microsoft and Alphabet calmed investors ahead of a key U.S. interest rate decision later in the day
European shares were boosted by strong results from Britain's Reckitt Benckiser and Russia-exposed lender UniCredit
Japan's Nikkei ended higher, helped by gains in chip stocks and the U.S. dollar was lower, while gold prices rose ahead of the looming Fed hike
Oil was higher on a drop in U.S. inventories and cuts in Russian gas flows to Europe
STOCKS IN THE NEWS Source: Thomson Reuters Loblaw Companies Ltd. (L.TO):
The retail group reported quarterly revenue below estimates as high inflation forces consumers to rein in discretionary spending
Evidence of a pullback in consumer spending is growing, with retail bellwether Walmart Inc WMT.N expecting its annual earnings to decline as much as 13%, as surging prices of food and fuel prompt customers to cut back on discretionary purchases
Total second-quarter revenue rose to C$12.85 billion ($9.99 billion) from C$12.49 billion a year earlier and analysts on average were expecting revenue of C$12.98 billion, according to IBES data from Refinitiv
Second-quarter net earnings available to common shareholders rose to C$387 million, or C$1.16 per share, from C$375 million, or C$1.09 per share, a year earlier
Rogers Communications Inc. (RCI-B.TO):
The Canadian telecom giant beat revenue estimates for the second quarter, driven by a jump in wireless subscribers and strong demand for its internet services
The company also extended the deadline for its C$20 billion buyout of Shaw Communications to Dec. 31, with an option to delay further to end-January, as it tries to win regulatory approval for the deal
Rogers added 122,000 monthly bill paying wireless subscribers in the second quarter as its efforts to expand 5G coverage helped attract more customers
Total revenue rose to C$3.87 billion, compared with the C$3.8 billion expected by analysts, according to IBES data from Refinitiv
Shopify Inc. (SHOP.TO):
The company reported a quarterly loss as the company invests heavily to build its cloud infrastructure and delivery network to counter a slowdown in its ecommerce business
Shopify was among the big winners during the pandemic when many brick-and-mortar retailers shackled by pandemic-related lockdowns flocked to its infrastructure to set up stores online to sell their products
Since then growth has plummeted as consumers started returning to physical stores following easing of COVID restrictions and its shares have lost more than 70% of its value so far in the year
The company posted a net loss of $1.20 billion, or 95 cents per share, for the second quarter ended June 30, compared with a profit of $879.1 million, or 69 cents per share, a year earlier
The loss also included a $1 billion net unrealized loss on its equity and other investments, Shopify said, however, revenue rose 16% to $1.3 billion, in line with analysts' average estimate of $1.33 billion, according to Refinitiv IBES data
EARNINGS SPOTLIGHTS Source: Thomson Reuters Alphabet Inc. (GOOG):
Google search ads lifted parent Alphabet close to Wall Street sales expectations on Tuesday, sending shares up on relief that the world's biggest seller of online advertising may withstand a global recession better than smaller rivals
"Google is relatively well positioned to weather the rough waters that lie ahead," Insider Intelligence analyst Evelyn Mitchell said
It said that sales would have been close to $72 billion if not for currency swings. The currency impact will be even greater in the third quarter, Alphabet Chief Financial Officer Ruth Porat said
The company's second-quarter profit fell to $16 billion, or $1.21 per share, compared with the average estimate of $1.29 per share
Alphabet's profit tends to be unpredictable due to sporadic gains or losses - at least on paper - in the stakes it holds in many start-ups
Microsoft Corp. (MSFT):
The software company on Tuesday forecast revenue this fiscal year would grow by double digits, driven by demand for cloud computing services and sending its shares up
Despite the positive forecast for the fiscal year starting July 1, Microsoft results for the fourth quarter amounted to a slight miss, hurt by a stronger dollar, slowing sales of PCs and lower advertiser spending
Microsoft reported revenue of $51.87 billion in the fourth quarter, compared with $46.15 billion a year earlier, and analysts on average had expected revenue of $52.44 billion, according to Refinitiv IBES data
Net income rose to $16.74 billion, or $2.23 per share, during the quarter ended June 30, from $16.46 billion, or $2.17 per share, a year earlier
Visa Inc. (V):
The company beat estimates for quarterly profit on Tuesday as resilience in consumer spending so far and a summer travel boom across much of the United States translated into higher card spends
The world's largest payments processor raked in higher revenue as payment volumes jumped 12% during the third quarter, helped by a 40% surge in cross-border volumes
Travel-related cross-border volumes were 16% above 2019 and Visa posted an adjusted net income of $1.98 per share, handily beating the $1.75 a share expected by analysts, according to Refinitiv data
THINGS TO KNOW Source: Bloomberg Finance L.P.
Alphabet, Microsoft, and Texas Instruments posted double-digit quarterly revenue growth on Tuesday and expressed optimism about the coming months, reassuring investors who had been fretting that the tech industry was poised for a dour second half
The Federal Reserve is expected to raise its benchmark rate by 75 basis points when it concludes its two-day meeting Wednesday
Credit Suisse replaced its chief executive officer and said it would embark on a new turnaround plan just nine months after the last one, as the Swiss bank indicated it aims to slash the size of its investment bank in the face of mounting losses
First Quantum Minerals Ltd.* (FM: $19.11) Frontier Lithium Inc.* (FL: $1.97) Toromont Industries Ltd.* (TIH: $104.89) Trican Well Service Ltd.* (TCW: $3.62)