The Daily Chase: 13 companies on the TSX report results today
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Here are five things you need to know for Aug. 8, 2023.
Make it a double: Tilray shares are surging on a different kind of buzz. The cannabis company is buying eight beer and beverage brands from Anheuser-Busch, including Shock Top and Brenckenridge Brands. This will make Tilray the fifth largest craft beer brewer in the U.S. The stock has been on a tear recently, up more than 30 per cent in less than two weeks.
Make it a double-double: We will be watching shares of Restaurant Brands International this morning. The owner of Tim Hortons, Burger King and Popeyes reported sales and profit that were better than expected. Comparable sales at Timmies grew more than 11 per cent, nearly double what was expected. While Burger King and Popeyes also exceeded expectations. Canada drove the strength for Tim Hortons while the U.S. drove the strength for Burger King. The stock is flat in the pre-market as it sits near all-time highs. The CEO will be on Bloomberg Markets at 1 p.m. EDT. Shares of Beyond Meat meanwhile are plunging in the pre-market. The not-meat meat-maker saw sales plunge more than 30 per cent, cut its sales forecast for the year and said it won’t achieve its cash-flow positive goal this year.
Undeliverable: Shares of UPS are lower and are dragging down peer Fedex this morning. The package delivery company is cutting its sales and margin forecast as it warns of a slowdown in demand coupled with rising costs from recent labour deals. Part of the new labour deal includes adding air conditioning to UPS delivery vehicles. As a bellwether of global trade, UPS is also painting a picture of a global slowdown. Package volume in both the U.S. and international markets fell.