) were flat after it said on Wednesday it would increase direct flights between Canada and China, which remain below pre-COVID levels even though the carrier has added capacity to other Asia Pacific routes.
Canada agreed to stabilise ties with China in July, committing to “pragmatic” engagement with the world’s second-largest economy, even as trade remained a point of bilateral friction. Precision Drilling says its revenue was $477-million, up from $447-million in the prior year’s quarter, as drilling activity increased in Canada and internationally and more than offset lower activity in the U.S.
In a research note, Raymond James analyst Michael Barth said: “3Q24 is yet another quarter with strong FCF generation, disciplined capital allocation, and a constructive outlook for aggregate activity and day rates. This should be received positively.:) said late Tuesday its AI investments were “paying off” as it reported a 35-per-cent surge in its cloud business and U.S. election-related spending lifted YouTube ad sales in the third quarter.
In the third quarter, Alphabet’s capex rose 62 per cent to US$13-billion. The fourth quarter is expected to be similar, she said. Alphabet also beat profit expectations with earnings of US$2.12 per share, compared with an average market estimate of US$1.85, according to LSEG. The company’s content licensing deals with Alphabet’s Google and Microsoft-backed OpenAI for training their AI models have also been boosting its revenue, analysts have said.
Revenue rose 68 per cent to US$348.4-million in the quarter, beating analysts’ estimate of US$312.8-million. Visa Chief Financial Officer Chris Suh on a call with analysts said consumer spending across all segments has remained relatively stable, compared with the third quarter. It expects adjusted profit per share growth to be at the high end of low double digits, compared with expectations of 11.7-per-cent growth.Visa’s shares have gained 8.3 per cent in 2024, trailing the 22-per-cent jump in the benchmark S&P 500 index.) was lower after announcing Saudi Arabia’s Public Investment Fund will be an anchor investor in its new US$2-billion Middle East-focused private fund.
The Calgary-based company reported adjusted EBITDA of $151-million, missing the consensus forecast by 5 per cent as Marketing of $14-million was 25 per cent short of projections and also lower than its own guidance . That gap was due to weaker contributions from both Refined Products and Crude Marketing.
“It is probably unpalatable for an ‘AI name’ to even guide inline, let alone below,” Bernstein analyst Stacy Rasgon said. Construction equipment makers had got a boost from a surge in post-pandemic demand for equipment, helped in part by U.S. President Joe Biden’s 2021 infrastructure law, a US$1-trillion enactment aimed at upgrading roads, bridges and other transport infrastructure.Caterpillar said it now expects annual revenue to be slightly lower than its prior forecast.
Caterpillar’s adjusted operating profit margin came in at 20 per cent for the quarter, compared with 20.8 per cent a year earlier. The company delayed plans to advertise weight-loss drug Zepbound and held back on international launches to focus on increasing inventory levels in the U.S., CEO David Ricks told CNBC.
Lilly has invested billions of dollars to expand production of Mounjaro and Zepbound, both known chemically as tirzepatide, including about US$7-billion in its Indiana site and facilities in Ireland. The drug is sold under the brand name Mounjaro for both diabetes and weight-loss outside of the U.S.
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