Investing.com — Canada’s main stock index, the S&P/TSX Composite tracked Wall Street’s main indices higher on Friday.
Sentiment was firmly risk-on as the S&P 500 traded at a new high above the 5,000 mark, and as revised US data showed that CPI rose less than had been initially estimated in December - 0.2% instead of 0.3%
Toronto Stock Market News
JPMorgan (NYSE:JPM) cut its target price on BCE (TSX:BCE) to $54 from $58.
BTIG cut its target price on Lightspeed Commerce (TSX:LSPD) Inc to $21 from $24
Moffett Nathanson maintained its buy rating on Shopify (TSX:SHOP) and reiterated their price target of $82.
Magna International (TSX:MG) fell to the bottom of the TSX after its forecast for 2024 profit came in below estimates. Magna, which keeps its books in US dollars, reported a profit of US$271 million or 94 cents US per diluted share, up from US$95 million or 33 cents US per diluted share a year earlier. Revenue for the quarter totalled US$10.45 billion, up from US$9.57 billion this time last year.
Enbridge (TSX:ENB) reported a fourth quarter profit of $1.7 billion , or $0.81 per share, from a loss of $1.07 billion, or $0.53 per share a year earlier. Enbridge also reaffirmed its 2024 guidance for adjusted EBITDA of $16.6 billion -$17.2 billion, compared to consensus expectations for $17.26 billion. .
Canopy Growth Corp (TSX:WEED). reported a net loss of $216.8 million in its third quarter compared with a loss of $264.4 million a year earlier. The loss amounted to $2.62 per diluted share compared with a loss of $5.34 per diluted share a year earlier. Net revenue totalled $78.5 million, down from $84.9 million a year earlier.
Telus (TSX:T) reported a fourth quarter profit of $288 million, up from $248 million a year earlier. Profit amounted to 20 cents per share, up from 17 cents per share this time last year. Operating revenue and other income totalled $5.20 billion, up from $5.06 billion a year earlier.
Fortis (TSX:FTS) Inc. reported a fourth quarter profit of $381 million, up from $370 million a year earlier. Profit amounted to 78 cents per diluted share compared with a profit of 77 cents per diluted share this time last year. Revenue totalled $2.89 billion, down from $3.17 billion in the same quarter a year earlier.
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In Canadian Economics
Canada’s employment data came in hotter than expected, with 37,000 new jobs added in January, and the unemployment rate ticking lower to 5.7%.
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All currencies Canadian Dollar unless noted otherwise.