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The Daily Chase: Shopify shares tumble; Markets react to Fed rate hike
BNN Bloomberg
Shares of Shopify are down significantly in premarket trading. That’s after the company missed analyst expectations in the first-quarter.
Shares of Shopify are down significantly in premarket trading. That’s after the company missed analyst expectations in the first-quarter. The ecommerce giant also announced it is buying logistics firm Deliverr in a cash and stock deal valued at US$2.1 billion.
BCE'S Q1 PROFIT TOPS EXPECTATIONS
BCE’s adjusted earnings per share jumped 14.1 per cent in the first quarter, coming in above the average analysts estimates and surpassing pre-pandemic business levels for the first time. Sales for the quarter were in line with expectations coming in at $5.85 billion. The telecom giant also added thirty-four thousand wireless postpaid subscribers in the quarter, also topping expectations. BCE is the owner of BNN Bloomberg through its Bell Media division.
OIL MOVES HIGHER AFTER OPEC+ HIKE
Oil prices rose after OPEC+ ratified a limited production increase following the European Union’s proposed ban on Russian imports. The group will nominally increase production by 432,000 barrels a day in June but the group only managed an increase of 100,000 barrels a day in May, indicating the difficulty in lifting output. West Texas Intermediate passed US$109 a barrel after closing 5.3 per cent higher on Wednesday.
U.S. FUTURES LOWER POST FED-POWERED RALLY