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TSX Retreats from 8 Month High; Metro Profits Soar; Magna Intl. Cuts Guidance

Stock Markets Jan 24, 2023 13:13
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© Reuters.

By Ketki Saxena 

Investing.com — The TSX hit a seven month high earlier today, its highest level since last June, tracking Wall Street higher as earnings season, before paring gains to trade in the red at midday. Investor sentiment in Toronto and on Wall Street was pressured by warnings from benchmark tech companies of a tough year ahead, including from 3M (NYSE:MMM), Verizon (NYSE:VZ), and GE. 

All eyes will now be on Microsoft (NASDAQ:MSFT) earnings, expected after the bell today.

The Canadian index was also pressured by a slide in crude, as worries of a global slowdown remain at the forefront, and on an expected build in U.S. oil inventories. 

The Biggest Stories on Bay Street

Metro (TSX:MRU) Inc. reported a net income of $231.1 million in its first quarter of the year, up 11.3% from $207.7 million in the same quarter a year ago. The profit amounted to 97 cents per diluted share, up from 85 cents per diluted share a year earlier. Grocery store sales were up 7.5% cent and sales at pharmacies 7.7% higher than last year. Metro also raise its quarterly dividend to 30.25 cents per share, up from 27.5 cents per share. 

In its appeal filings against the Rogers-Shaw takeover, the Competition Bureau alleges the Tribunal made four legal errors, largely focused on the prospect of Shaw's Freedom Mobile being taken over by Videotron. Rogers meanwhile argued against the claims of legal error, saying that the tribunal's decision is "quintessentially fact-based and manifestly serves the public interest."

Auto parts manufacturer Magna International Inc. says its margins for 2022 are expected to be lower than previously forecast. Based on the preliminary results, Magna says total sales for 2022 were about US$37.8 billion.The company had expected sales in the range of US$37.4 billion to US$38.4 billion. Magna will report its full financial results for its fourth quarter and full year 2022 on Feb. 10.

Canadian Stocks Moving Markets Today 

Top Gainers: 

  • Equinox Gold 
  • Silvercrest Metals 
  • West Fraser Timber 

Top Losers: 

  • Magna International 
  • ECN Capital 
  • Vermilion Energy 

In Canadian Economics 

No major Canadian Economic data expected 

TSX Retreats from 8 Month High; Metro Profits Soar; Magna Intl. Cuts Guidance
 

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