Verizon is higher after earnings beat and it added more subscribed than expected. The stock has been bouncing around a 10-year low and has zero analyst buy ratings. 3M is in the middle of one of the biggest pollution cases in history with liabilities that could wipe out the company in addition to over 200,000 lawsuits over faulty earplugs. Its legal threat is potentially existential. 3M delivered higher profit than expected as it has been focusing on cost cuts amid a slump in sales. Both companies have struggled this year as they deal with potentially massive legal liabilities. The Dow’s problem children: Shares of 3M and Verizon are higher in the pre-market after earnings beat expectations. The rosy forecast assumes no strike action (there are labour talks later this year) and the company took a US$792 million charge related to its Chevy bolt recall. However, the stock is wobbling in the pre-market. Sales of SUVs and trucks helped drive a hat trick quarter: sales and earnings beat expectations and GM raised its profit forecast. Gas guzzlers deliver for GM: Even as General Motors (GM) spends billions on its electric vehicles, it was the gas guzzlers that delivered in the quarter. “We continue to believe that investors remain complacent,” Yaghi said in a note to clients, about the regulator risk to Canadian incumbent telcos. In other words, the CRTC could force the incumbents to take a short-term financial hits in order to allow new entrants to survive. Scotia’s Maher Yaghi goes one step further in his caution noting that as part of the decision the CRTC says when making considerations about deciding what rate new entrants will pay to established networks the regulator said reasonable rates may not provide an immediate term return on investment or possibly require an otherwise profitable enterprise to incur a modest or temporary loss. While the CRTC did not disclose the rate, most analysts today are viewing this as positive for Quebecor and negative for incumbents like Rogers, BCE (which owns BNN Bloomberg through its Bell Media division) and Telus because it could put further pressure on prices. The CRTC sided with Quebecor’s proposed rate structure. Rogers and Quebecor/Freedom have been before the CRTC trying to agree on rates Quebecor will pay to Rogers for using its network to provide cell coverage outside of Quebecor’s home network. Telecom watch: We are going to be watching Canadian telcos at the open after a major decision by the Canadian Radio-television and Telecommunications Commission (CRTC) last night. Today 34 companies on the S&P 500 are reporting. RBC’s head of rates strategy says this could be a non-event for markets. central bank is expected to increase interest rates again, but maybe for the last time. Tomorrow the focus will be on how Alphabet and Microsoft trade (they report today after the close) and of course the U.S. The Dow rose for an 11th day in a row – the longest streak since February 2017. Market mood: Today is a middle-child kind of day for markets with attention split between what happened yesterday and what is going to happen tomorrow. Here are five things you need to know this morning. All I know is that billionaires will have reached peak usefulness when they are embroiled in a courtroom battle over a letter in the alphabet. Now the prospect of lawsuits remains unknown, but the companies could take action if they believe Musk’s X infringes on their X. That might be the sound lawyers at Microsoft and Meta made because they actually have the intellectual property rights to the letter in question. He went so far as to tear down the letters at Twitter's headquarters only to be thwarted by officials who said the company did not secure a permit to do so - leaving only the last two letters “er”. Who owns X? Elon Musk has made waves yet again changing Twitter’s name to X.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |