By Ketki Saxena
Investing.com -- The TSX traded flat following the announcement of a 25 bps interest rate hike from the US Federal Reserve, reversing moderate earlier gains in a day of choppy trading, and amidst a busy day of Bay Street Earnings.
The Biggest Stories on Bay Street
Rogers Communications Inc (TSX:RCIa) reported its second-quarter profits at $109 million - a 73% decrease from last year's same-period profit of $409 million. Profits came in at 20 cents per share in diluted earnings for the period ending June 30th; down from 76 cents per share in the previous second quarter. Rogers' adjusted net income saw an increase by 17%, up to $544 million from $463 million in the prior-year period. Revenue grew 30% to $5 billion, compared with $3.9 billion in the second quarter last year.
Grocery chain Loblaw Companies Limited (TSX:L) reported an increase of over 31 percent to $508 million - equivalent to $1.58 per diluted share. Adjusted net earnings amounted to $626 million or $1.94 per diluted share. Overall revenue also saw an upswing of 6.9 percent, reaching a total of $13.7 billion.
Tilray (TSX:TLRY) reported a narrowing net loss of approximately 74% year-over-year to $120 million, while its adjusted EBITDA for the period grew by around 93% YoY to $22 million. Revenue rose by 20% to $184.19 million, surpassing analyst projections of $154 million.
Canadian National Railway Co (TSX:CNR) reported a second-quarter 2023 adjusted net income of $1.17 billion, or $1.76 per adjusted diluted earnings per share. This compared with $1.33 billion, or $1.93 per adjusted diluted earnings per share, this time last year. Revenue was $4.06 billion in the second quarter of 2023, 7% lower year over year
Crescent Point Energy (TSX:CPG) recorded a net income of $212.3 million Canadian dollars or $0.39 a share, down from $331.5 million, or $0.58, a year earlier. Oil and gas revenues were 26% lower at C$949.6 million for the three months. The company also announced a special cash dividend of C$0.035 a share, and a quarterly dividend of C$0.10 a share.
For a full list of released and upcoming earnings, view our Earnings Calendar.
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In Canadian Economics
The Bank of Canada released its Summary of Deliberations, which showed Senior Bank of Canada officials agreed that a 25 bps rate increase was necessary in July, as risks of entrenched inflation remained skewed to the upside.