A roundup of some of the North American equities making moves in both directions today
On the rise:
CannTrust Holding Inc. (TRST-T; CTST-N) shares were up 14 per cent late Monday morning, after losing about half of their value last week. CannTrust announced on Thursday that it was halting all sales after Health Canada issued it a non-compliance order for growing cannabis in unlicensed rooms at its Pelham, Ont. Greenhouse between October 2018 and March. CannTrust also said Thursday that it has established a special committee composed of "independent members of [the] board of directors. The purpose of the special committee is to investigate this matter in its entirety.”
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Gilead Sciences Inc. (GILD-Q) stock was up 1.6 per cent to $67.34 after the company announced it will invest $5.1-billion to raise its stake in Galapagos NV and partner with the Belgian-Dutch biotech firm to develop and commercialize its treatments for a 10-year period.
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Aurora Cannabis Inc. (ACB-N; ACB-T) shares are up 2.6 per cent after the company announced that it has received Health Canada licenses for outdoor cultivation at two Canadian sites in Quebec and B.C. Aurora stated that it “purposefully chose the outdoor sites because they represent two different growing environments. The company will conduct research on cultivation techniques to further excel at growing cannabis in varying climate conditions and will examine approaches to environmentally sustainable cannabis agriculture.”
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Shares in Ur-Energy Inc. (URE-T) rose 8 per cent to 85 cents after it issued a statement saying U.S. President Donald Trump "takes no action at this time" to adjust uranium imports. The company said it "has learned" that President Trump issued a memorandum Friday in response to the uranium Section 232 investigation completed by the Department of Commerce. The company said the President established the United States Nuclear Fuel Working Group "specifically to develop recommendations for reviving and expanding domestic uranium production."
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Shares of Organigram Holdings Inc. (OGI-Q; OGI-X) the parent company of cannabis producer Organigram Inc., were up 6 per cent after the company reported third-quarter revenue of $24.8-million, up from $3.4-million a year ago. Its net loss from continuing operations of $10.2-million or 7 cents per share compared to income of $2.8-milion or 3 cents a year earlier.
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People Corp. (PEO-X) shares rose 6 per cent after its latest earnings beat expectations. The Winnipeg-based company reported revenue of $42-million in the third quarter ended May 31, which was in line with expectations and up from $33.3-million a year ago. The company reported a net loss of $644,000 or a penny per share versus a profit of $1.5-million or 3 cents a year earlier. Adjusted earnings came in at 4 cents, which was in line with expectations and down from 5 cents a year earlier.
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MTY Food Group Inc. (MTY-T) shares were also up 6 per cent on Monday. On July 12, the company reported that its second-quarter revenue increased 21.6 per cent to $130.6-million year-over-year, “mainly due to the increase in sales to retail channels and the acquisition of Casa Grecque.” The results were ahead of revenue expectations of $124.6-million. Net income attributable to shareholders increased to $19.3-million or 76 cents per share compared to $16.2-million or 64 cents per share for the same period last year. The expectation was for earnings of 94 cents per share in the latest quarter.
On the decline:
Cameco Corp. (CCO-T; CCJ-N) shares were down more than 6 per cent on Monday after it received lower-than-expected damages in a ruling related to a dispute with Tokyo Electric Power Company Holding Inc. (TEPCO). An international tribunal “rejected Tepco’s assertion that it had the right to terminate its uranium supply agreement alleging force majeure, and awarded damages to Cameco Inc. of US$40.3-million,” the company stated. Damages were based on the Tribunal’s interpretation of losses under this supply agreement. TD Securities analysts Greg Barnes said the victory rings “a bit hollow, given that management had been hoping for an award in the order of US$700-million.”
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Shares U.S. banking giant Citigroup Inc. (C-N) were down 1.3 per cent to around US$70.75 in early trading after it reported second-quarter results. The company posted a 7-per-cent increase in quarterly profit. Net income rose to US$4.80-billion, or US$1.95 per share, in the second quarter, from US$4.50-billion, or US$1.63 per share, a year earlier. The quarter included a one-time gain of 12 US cents per share related to Citi’s investment in electronic trading company Tradeweb.
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The Boeing Co. (BA-N) shares were down 1.5 per cent to US$359.77 after The Wall Street Journal reported that its 737 MAX planes are unlikely to be ready to carry passengers again until 2020 "because of the time it will take to fix flight-control software and complete other steps, an increasing number of government and industry officials say, even as the company strives to get its jet back into service this year."
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Stella-Jones Inc. (SJ-T) shares were down 5.6 per cent to $44.26 after the company stated on Monday that Brian McManus will step down as president and chief executive effective Oct. 11. Eric Vachon, senior vice-president and CFO, will serve as interim CEO after his departure.
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Symantec Corp. (SYMC-Q) shares were down about 13 per cent to US$22.29 down after CNBC reported the cybersecurity company was no longer in talks to be taken over by chipmaker Broadcom Inc. (AVGO-Q). “The people familiar with the matter added that Symantec would not accept less than $28 a share,” stated CNBC, citing sources. Broadcom shares were up 2.4 per cent to US$292.11 in early trading. Symantec stock had surged earlier this month after Bloomberg reported Broadcom was in advanced talk to acquire the company “seeking to expand into the more profitable software business.” Bloomberg reports today that the two sides couldn’t agree on the price.
This file will be updated throughout the trading day