BEFORE THE BELL: Loblaws earnings expected to boost TSX; US Feds could be eyeing June for interest rate hike
Traders are expecting a good day for Bay Street as more big business earnings reports come in. Canadian grocery giant Loblaws is the latest to report a better than expected quarter coming with earnings per share at 94 cents, a few cents above analyst forecast.
However, Cineplex revenue dropped by $4 million as it sold just over 17 million tickets, down from over $19 million during the same quarter last year. Cineplex is blaming a drop in revenue on a weak film slate in the last quarter.
The biggest winner is Apple, which exceeded analyst expectations with a $13 billion profit in its second quarter. Analysts had speculated the consumer market for the iPhone was starting to dwindle, however Apple sold over 52 million devices, mostly iPhone 10 models in the latest quarter.
Facebook’s dating service announcement has boosted the company’s shares again. But, Match.com stock plummeted 22 per cent following the announcement.
Investors are now nervously looking to an upcoming announcement from the US Federal Reserve. Experts say US policymakers likely won’t announce a rate hike today, but could flag June for a possible increase in interest rates.
Oil is slowly gaining again to 67.40 a barrel.
The Loonie is steady at 77.91 cents US.