🔶Canada’s economy stalled in May 📍Amazon beats analyst exceptions ‼️ Perm Watsa’s Fairfax takes paper loss on investments Here’s what you need to know today:
at the start of trading after the Canadian construction swung to a net loss and missed adjusted profit expectations. In a note to clients, Maxim Sytchev from National Bank of Canada Financial Markets said his “risk fears come to fruition” and highlighted that Aecon said there was a negative margin adjustment on an unidentified LRT project. Sytchev said he reckons that’s the Eglinton Crosstown project that midtown Torontonians know all too well about.
Imperial Oil said its full-year production forecast for the Kearl oil sands project has been adjusted to 245,000 barrels per day. At its investor day in March, Imperial was anticipating up to 270,000 bpd this year from Kearl; however, setbacks piled up amid extreme cold in the first quarter and turnaround in the second quarter. As for second-quarter financials: cash flows more than tripled to almost $2.7 billion.
TMX Group’s breadth of business, which extends way beyond the stock market trading and listings operations it’s best known for, really paid off in the Intel took a hatchet to its full-year revenue and profit forecasts after it fell way short of expectations in the second quarter as revenue sank 22 per cent.
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