By Ketki Saxena
Investing.com – The TSX traded in the red today, reversing the morning’s gains as falling crude prices weighed on the commodity heavy index. After three days of gains, a surprise build in US crude inventories, worries of a hawkish Federal Reserve weighed on oil prices, and easing of supply concerns in the aftermath of the earthquake in Turkey.
Wall Street benchmark also traded in the red, reversing the mornings gains after disappointing results from Mattel (NASDAQ:MAT), announcements of layoffs from Yahoo, and worries of a hawkish Fed that weighed on sentiment.
The Biggest Stories on Bay Street
Canopy Growth Corp (TSX:WEED). has announced that it will begin to lay off about 800 employees - or 35% of its workforce - over the coming months as it continues to seek profitability by cost-cutting measures. Canopy will also close production at some facilities, and exit production. The company will now seek third parties for certain product lines including vapes, beverages, and edibles, while it will continue to focus on higher margin categories like flower. Canopy also plans to reorganize some of its departments.
Bombardier (TSX:BBDb) reported a fourth-quarter profit of US$241 million, up from US$238 million in the same quarter last year. Ihe profit amounted to US$2.40 per diluted share compared to US$2.34 this time a year earlier. Revenue for the quarter totalled US$2.7 billion, up from US$1.8 billion a year earlier.The company also announced its forward outlook for 2023, with Revenue expected to surpass US$7.6 billion for the year compared with US$6.9 billion for the full year 2022.
Brookfield Corp (TSX:BN), formerly named Brookfield Asset Management - reported a fourth-quarter loss of $316 million, equating to a loss of 23 cents per share. Revenue was reported at $24.21 billion in the period. For the full year 2022, Brookfield reported profit of $2.06 billion for the year, or $1.19 per share. Revenue was reported as $92.77 billion for the year. Brookfield also announced that it will accelerate share buybacks should the stock continue to trade at a high discount to the firm’s estimation of value.
Canadian Stocks Moving Markets Today
Top Losers:
- Colliers International Group Inc Bats (TSX:CIGI)
- Cameco Corp (TSX:CCO)
- Lithium Americas Corp (TSX:LAC)
Top Gainers:
In Canadian Economics
No Major Canadian Economic Data expected today