A roundup of some of the North American equities making moves in both directions today
On the rise
Late Monday, the Vancouver-based cannabis producer said its earnings per share for the quarter rose to 20 US cents, versus a 5 US cent loss during the same period a year ago.
The company’s net income before tax improved to positive US$9.9-million from US$2.3-million and included the contribution of positive net income from its Pure Sunfarms Corp. joint venture of US$14-million.
The Supreme Cannabis Company, Inc. (FIRE-T) jumped 16.1 per cent after it announced that it anticipates revenue from the fourth quarter will be approximately $19-million net of excise tax, which would be an increase from $3.6-million a year ago. Analysts were expecting revenue of $12.8-million. The company will report its results on Sept. 17.
“No agreement or arrangement for any transaction has been reached with any such third parties. A transaction may or may not be agreed as a result of any such inquiries or discussions. Pattern Energy has a track record of regularly assessing various types of transactions that may be in the best interests of Pattern Energy and its shareholders, including joint venture arrangements, asset M&A, debt and equity capital transactions, and project debt refinancings,” the company said.
According to a Bloomberg report, Pattern Energy is working with a financial adviser after drawing interest from suitors, including Brookfield Asset Management Inc., which has explored merging the company with TerraForm Power Inc.
Exxon Mobil Corp. (XOM-N) gained 1.2 per cent lower after a Reuters report that it is considering an exit from the British North Sea after more than 50 years in the oil and gas basin as it focuses on U.S. shale production and new projects.
According to the report, Exxon, the world’s largest publicly traded energy company, has held talks with a number of North Sea operators in recent weeks to gauge interest in some or all of its assets, which could fetch up to US$2-billion.
On the decline
Shares of Genworth MI Canada Inc. (MIC-T) were down 1.7 per cent on Tuesday after Brookfield Business Partners LP (BBU.UN-T) announced a $2.4-billion deal to acquire a 57-per-cent stake from the mortgage insurer’s American parent company, Genworth Financial Inc.
Shares of Brookfield Business Partners, a publicly-traded subsidiary of Brookfield Asset Management, were 2.7 per cent higher.
A day after Canfor Corp. (CFP-T) jumped almost 74 per cent after a company controlled by B.C. billionaire Jim Pattison announced plans to take forestry firm private with a $981.7-million cash offer that comes during an industry slump, its shares were down 0.1 per cent on Tuesday.
Other lumber stocks were mixed. Interfor Corp. (IFP-T) and West Fraser Timber Co. Ltd. (WFT-T) were up 3.2 per cent and 1.7 per cent, respectively, while Western Forest Products Inc. (WEF-T) stock lost 0.8 per cent.
Lightspeed Pos Inc. (LSPD-T) slid 9.8 per cent after announcing late Monday it has filed a preliminary prospectus supplement in connection with a marketed public offering of its subordinate voting shares.
A total of 6,571,693 subordinate voting shares will be offered for sale under the offering, which will be conducted through a syndicate of underwriters led by BMO Capital Markets, J.P. Morgan Securities Canada Inc. and National Bank Financial Inc.
Revenue came in at $332.5-million down from $353.9-million a year ago and is below expectations of $366.2-million.
With files from Brenda Bouw, staff and wires