Eaton (STAR)
ETN - NYSE
So nice to see Eaton’s back on its feet. I have such fond memories of strolling downtown as a child to see the Christmas windows, especially the one with the train set and the … wait, it’s Eaton, not Eaton’s? Never mind. Shares of Eaton – a global manufacturer of components for the automotive, aerospace, power and other industries – jumped after the company posted second-quarter earnings above expectations and boosted its full-year outlook. With the stock up about 38 per cent in 2023, shareholders will have plenty of money to spend on Christmas gifts this year. Just not at Eaton’s.
Amazon.com (STAR)
AMZN - Nasdaq
At some point in the future, people will never have to leave their homes. They will get all their groceries and other essentials delivered. They will watch movies on huge, theatre-like screens mounted to their walls. They will work from home and stay in touch with co-workers, friends and family using video calls. And they will get rich investing in companies that enable these advancements such as Amazon.com, the e-commerce and cloud-computing giant whose second-quarter sales leaped 11 per cent year-over-year to US$134.4-billion, topping expectations. Science fiction? Time will tell.
Zebra Technologies (DOG)
ZBRA - Nasdaq
If you watch nature shows, you know that zebras run away from lions. This week, investors were running away from Zebra. Shares of Zebra Technologies – which makes tracking products such as bar codes, radio frequency identification tags, mobile scanners and printers – plunged after the company posted a 17.3-per-cent drop in revenue for the second quarter, hit by weaker demand in the retail and logistics sectors. Sadly, with the stock tumbling about 20 per cent in the first 15 minutes of trading after the results were released, some investors couldn’t run fast enough to avoid getting eaten.
Freshworks (STAR)
FRSH - Nasdaq
Business quiz! Freshworks is a) a chain of U.S. grocery stores whose slogan is “If it’s not Fresh, it must be stale.”; b) a company that manufactures those tree-shaped air fresheners that hang from rearview mirrors; c) an enterprise software company whose products are used in a variety of applications, including customer service, marketing and IT management, and which reported adjusted earnings and revenue above expectations, propelling its stock to double-digit gains. Answer: c.
Slate Office Real Estate Investment Trust (DOG)
SOT.UN - TSX
The Office was a funny show. What’s happening with real offices isn’t quite so hilarious. Just ask unitholders of Slate Office REIT. After slashing its distribution by 70 per cent in April amid sharply higher interest rates and sluggish office demand, the real estate investment trust rattled investors again this week when it posted second-quarter results below expectations. With occupancy slipping to less than 80 per cent and available liquidity from cash and undrawn credit facilities “tight” at just $36.1-million, according to RBC, Slate’s unit price keeps slip slidin’ away.