By Angela Harmantas
Apple misses estimates, quantitative easing in Canada and more job losses – here are three things we’re watching today:
Apple released their highly anticipated third quarter 2015 earnings on Tuesday afternoon (conveniently timed after the closing bell). Why was it so anticipated? If you remember, the Apple Watch was released in April and this is the first look we have of sales figures for the new device. Except, wait, Apple grouped the Watch sales into the “Other” category with iPods and Beats headphones, which leaves me wondering (and I’m sure many others) if the sales figures wouldn’t hold up on their own. The report itself: looks like analysts overestimated key indicators like iPhone shipments and revenue – a potentially troubling sign for the tech giant. The company forecast revenue of $49-billion (U.S.) to $51-billion in its fiscal fourth quarter, which ends in September, short of the average estimate for $51.1-billion, according to data compiled by Bloomberg.
Quantitative easing may soon come to Canada. There has been some talk this past week about the possibility of the Bank of Canada engaging in quantitative easing following another interest rate cut that leaves little wiggle room for regulators should the economy worsen. Most of us are expecting yet another interest rate cut – from 0.50% to 0.25%, which the country hasn’t seen since 2008. It’s a recession, folks.
In more great news, both CP Rail and Blackberry announced on Tuesday that they would be eliminating hundreds of jobs. (CP put their figure close to 300; Blackberry hasn’t specified an amount.) Both companies have already made significant cuts to their workforce in the past year, so let’s hope that this is the end of it as these companies try to deliver on their turnaround plans.
