The Daily Chase: Canada's economy stalled in May; Amazon beats the odds
BNN Bloomberg
Canada’s economy has dodged the contraction that economists feared.
BIG TECH SHINES
Just a few days after its primary brick-and-mortar rival was forced to slash its profit forecast for the second time in a few months, Amazon.com Inc. is still reveling in a sales boom. It beat expectations in the second quarter and said it expects sales to rise as much as 17 per cent in the third quarter. While most of the haul is coming from e-commerce, we’re being reminded that AWS is the major growth driver (and profitable). And Apple bucked macroeconomic worries by posting record fiscal third-quarter revenue as iPhone sales climbed to US$40.7 billion. Encouragingly, CEO Tim Cook said supply constraints weren’t as bad as the company had feared. Thanks to those two heavyweights, it’s no surprise to see U.S. futures pointing to a higher open. We’ll point out here the Nasdaq Composite Index and Nasdaq 100 have rallied 14 per cent off their mid-June lows through the close of trading yesterday.
EVEN PREM WATSA’S PORTFOLIO GOT WALLOPED
