By Ketki Saxena
Investing.com – The TSX and Wall Street indices reversed the morning's gains, as tech optimism driven by upbeat Microsoft (NASDAQ:MSFT) results was unable to counter reignited worries around the financial system, after First Republic Bank shares slid on news of massive investor withdrawals.
The commodity heavy Canadian index meanwhile was pressured by a slide in crude, as worries of a global slowdown outweighed news of a greater than expected decline in US inventories last week.
The Biggest Stories on Bay Street
Teck Resources (TSX:TECKa) has announced that it will not go ahead with seeking shareholder approval to split the business into separate metals and coal business, just days before the vote was due to take place. The cancellation of the vote suggests that Teck may not have had the two thirds majority support necessary to go ahead ith the deal. The decision provides a stronger case for Glencore’s unsolicited takeover bid. In recent days, Glencore (LON:GLEN) has been urging shareholders to hold back support for the spinoff proposed by Teck.
Trucking company TFI International Inc (TSX:TFII) reported earnings of US$111.9 million, down over 24% from US 147.7 million a year ago. Earnings per diluted share for the quarter ended were US$1.27, down from US$1.57 a year earlier. Total revenue was US$1.85 billion, down over 15% from US$2.19 billion a year earlier, largely driven by the sale of its Truckload, Temp Control and Mexican non-asset logistics business in August, and macro headwinds leading to lower demand.
Rogers Communications Inc (TSX:RCIa) eported a profit of $511 million, up 30% from $392 million in the same period last year. The profit amounted to diluted earnings per share of $1 for the period ended March 31, up from 77 cents this time last year. Revenue for the period totalled $3.8 million in the most recent quarter, up from $3.6 billion in the previous first quarter. The numbers do not reflect Rogers’s deal with Shaw, as the deal had not yet received final approval during this reporting period. Rogers attributed the growth to strong population growth in Canada that boosted its wireless division.
First Quantum Minerals (TSX:FM) Ltd. reported earnings of US$75 million in the first quarter of 2023, down more than 80% from $385 million a year earlier. Earnings per diluted share were 11 cents, down from 56 cents a year earlier. Revenue for the quarter ended March 31 were US$1.6 billion, down almost 28% from US$2.2 billion a year earlier. First Quantum attributed the decline to its now resolved dispute with the Panamanian government, which had halted production at its Cobre Panama mine.
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In Canadian Economics
At 1:30 p.m ET, the Bank of Canada will release its summary of deliberations for its previous monetary policy decision in April.