The Daily Chase: Teck shareholders to vote on spinoff; Rogers tops Q1 expectations
BNN Bloomberg
We're into crunch time when it comes to Teck Resources' plan to spin out its steelmaking coal business into a new publicly-traded entity.
FROM TECK TO….TECH
Tech earnings south of the border kicked off in earnest after the closing bells yesterday, and early signs seem positive. Both Microsoft and Google parent company Alphabet topped expectations in the latest quarter, assuaging some concerns of a pronounced slowdown taking a toll on the tech titans. To run through things briefly – at Alphabet, the bread-and-butter search business managed to weather the economic storm as ad revenue proved resilient, and the company's cloud division posted a profit for the first time. As for Microsoft (and more on it in a bit), that cloud story was a common theme, as revenue from Azure and its other cloud services rose 27 per cent in the quarter (while that's a slowdown from the prior quarter, it did still exceed estimates.) All that is helping boost futures on the tech-heavy Nasdaq, which are up the better part of one per cent.
ROGERS TOPS Q1 ESTIMATES AS SUBS SURGE
