Canadian Tire (DOG)
CTC - A - TSX
Business quiz! Which of the following factors did Canadian Tire NOT say contributed to its soft first-quarter results, which included a 4.8-per-cent decline in same-store sales at its namesake chain? a) “unseasonably mild winter weather”; b) “a slow start to spring in several regions of Canada”; c) a “fire at our A.J. Billes distribution centre”; d) “unruly gangs waving Canadian flags and obstructing store entrances, while chanting ‘Lower prices for the nation! We won’t stand for Justin-flation!’ ” Answer: d.
Beyond Meat (DOG)
BYND - Nasdaq
Barbecue season is here, which means it’s the perfect time to invite the gang over for some plant-based meat substitutes. The folks at Beyond Meat could use the support. Shares of the faux meat maker tumbled to a new low after the company reported a 15.7-per-cent drop in first-quarter revenue – its fifth consecutive year-over-year decline – and said it plans to sell up to US$200-million of stock to replenish its shrinking cash reserves. With Beyond Meat’s shares down more than 95 per cent from its highs after the company’s initial public offering in 2019, fake burgers and sausages have evidently become a tough sell for consumers – and an even tougher sell for investors.
CI Financial (STAR)
CIX - TSX
After the lousy returns they’ve endured, shareholders of CI Financial were due for some good news. Unfortunately, it didn’t last very long. Shares of the company jumped after it agreed to sell a 20-per-cent stake in its U.S. wealth management business to an investor group – including the Abu Dhabi Investment Authority, Bain Capital and the State of Wisconsin – for about $1.34-billion. CI said it plans to use the proceeds to reduce its debt load, which has been weighing on the share price. But just as quickly as the stock rose, it gave back most of its gains the next day, leaving the shares at the same levels they traded at in 2003. Hopefully, the next 20 years will be better.
Airbnb (DOG)
ABNB (Nasdaq)
All that money people saved when they couldn’t travel or dine out during the pandemic? It’s running out fast, apparently. Shares of Airbnb dropped after the world’s biggest vacation rental platform said it expects fewer bookings and lower daily rental rates in the second quarter, as the travel boom fades amid higher interest rates and a softening economy. With Airbnb’s average daily rate in the first quarter coming in flat year-over-year at US$168, after rising 5 per cent a year earlier, the trend is not your friend if you’re looking to rent out your backyard shed for some extra coin.
Absolute Software (STAR)
ABST - TSX
Not fun: Discovering that all of your company’s sensitive data – including a file with contact information for your mistress and drug dealer – were stolen by ransomware attackers. Fun: Owning shares of a cybersecurity company. With demand for security services booming as hackers prey upon businesses large and small, shares of Absolute Software soared after the Vancouver-based company agreed to be acquired by Crosspoint Capital Partners for US$657-million. Judging by the stock’s 34-per-cent surge, shareholders of Absolute Software were absolutely thrilled.
John Heinzl