BEFORE THE BELL: WestJet profit slips in second quarter due to high crude prices; limelight on Apple to boost tech sector
The TSX could be weighted this morning by WestJet.
The Canadian company reported a near $21 million net loss in its second quarter report, with a steady rise in the cost of fuel being noted as a primary factor by analysts. Air Canada reported similar issues with oil prices, despite seeing growth in its second quarter last week. The company signaled it could be passing the cost onto passengers in the near future.
Meanwhile, traders will be looking to Apple for it’s quarterly report as the tech sector has taken a bit dip following disappointing reports from Facebook and Netflix. Analysts say investors may be starting to lose faith in the big tech companies.
Crude is slipping back from a Monday rally, with the US oil price down to 69.77 a barrel.
The Loonie is falling to 76.69 cents US.