Dentalcorp Holdings (STAR)
DNTL - TSX
Tired of paying $300 every time you go to the dentist? Don’t get mad, get even: Ask for an extra pack of floss on your way out. Here’s another way to defray high dental costs: Invest in Dentalcorp Holdings. Shares of the company – which acquires independent practices in Canada’s fragmented $18-billion dental market – jumped after several brokerage firms initiated coverage with buy ratings on the stock. In a complete coincidence, the same firms were part of the syndicate that helped Dentalcorp raise $950-million in an initial public offering and private placement in May. Might want to ask for an extra toothbrush, too.
Canadian dollar (DOG)
D6N21 - CME
Good news: The Canada-U.S. land border could open as early as this summer. Bad news: If you’re planning to travel or shop in the U.S., it’ll cost you more. Since peaking at about 83.3 US cents early in June, the loonie has sunk nearly three full cents against the U.S. greenback. Much of that drop came after the U.S. Federal Reserve said this week it could begin raising interest rates as early as 2023, having said in March that rates would likely not rise until at least 2024. Look on the bright side: You’ll be helping the U.S. government pay off its US$28.4-trillion debt.
Blue Apron Holdings (DOG)
APRN - NYSE
Business quiz! Shares of Blue Apron Holdings fell after the meal-kit delivery company: a) announced a new line of high-protein, low-fat meals made exclusively with “delicious green grasshoppers and crunchy crickets”; b) was targeted by a short seller who alleged that Blue Apron has been “repackaging fast food from McDonald’s and 7-Eleven and reselling it at exorbitant prices”; c) sold 4.7 million shares at US$4.25 each – about 23 per cent below the stock’s market price before the offering was announced. Answer: c.
Alfi (STAR)
ALF - Nasdaq
Ever been taking an Uber or Lyft and thought to yourself: “I wish I could be subjected to a bunch of ads right now”? Well, wait no longer: Shares of Alfi soared after the company said it plans to distribute 10,000 digital advertising tablets – capable of targeting passengers based on age, gender and “brand behaviour” – to Uber and Lyft drivers across the United States, starting in Miami. “This is only the beginning. We are going to light up every major city in the U.S.A.,” said Florentino Diaz, Alfi’s project manager. Really? You’d think investors would be a little more skeptical of a company whose first-quarter revenue was US$17,450.
Kindred Biosciences (STAR)
KIN - Nasdaq
The pharmaceutical industry is going to the dogs – literally. Shares of Kindred Biosciences shot up after the company, which is developing drugs to treat inflammatory bowel disease, eczema and parvovirus in canines, agreed to be acquired by Elanco Animal Health for about US$440-million or US$9.25 a share – a 46-per-cent premium to Kindred’s stock price before the deal was announced. Shareholders are buying extra bacon snacks for their pooches.
A humorous look at the companies that caught our eye, for better or worse, this week
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John Heinzl