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A roundup of some of the North American equities making moves in both directions today

On the rise

A remake of its Barbie doll helped propel Mattel Inc. (MAT-Q) to a surprise fourth-quarter profit, sending its shares up 23 per cent in early afternoon trading on Friday. Gross sales for Barbie jumped 12 per cent for the quarter, easily beating analyst estimates. Mattel reported net income of US$14.9-million, or 4 US cents per share, for the quarter ended Dec. 31. Analysts had expected a loss of 16 US cents. “Our key financial metrics, including gross margin, operating income, and earnings per share, are all moving in the right direction and our cost savings initiative is ahead of plan entering 2019,” said chief financial officer Joseph Euteneuer.

Shares of Semafo Inc. (SMF-T) rose 5.7 per cent in reaction to the release of its fourth-quarter results and 2019 outlook for its Boungou and Mana mines in Burkina Faso..The miner is projecting consolidated production of between 390,000 and 430,000 ounces of gold, representing a 68-per-cent increase over 2018 production.

Valener Inc. (VNR-T) jumped 2.4 per cent after it reported first-quarter adjusted net income of $24.6-million or 63 cents per share compared to $20-million or 51 cents in the first quarter of fiscal 2018. Analysts were expecting earnings of 50 cents in the latest quarter.

On the decline

Shares of Enbridge Inc. (ENB-T) were down 2.9 per cent a day officials announced after a portion of its Platte pipeline was shut for investigation of a leak in the St. Louis, Mo., area. The company’s stock received a downgrade on Friday from an equity analyst at UBS.

U.S. trade bellwethers Caterpillar Inc. (CAT-N) and Boeing Co. (BA-N) dipped 0.7 per cent and 0.8 per cent, respectively, as a perceived lack of progress in trade talks between the United States and China weighed on global equities. “With many of the corporate earnings out of the way, equities appeared ready for a correction after their recent highs,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management, told Reuters.

“Equities will face further hurdles next week, as (U.S. Treasury Secretary Steven) Mnuchin and (Trade Representative Robert) Lighthizer will be visiting China. Brexit talks are also in focus.”

Interfor Corp. (IFP-T) was down 4.9 per cent in the wake of reporting a net loss of $13.2-million or 19 cents per share in the fourth quarter, compared to a profit of $36.2-million or 52 cents per share a year ago. Its adjusted net loss in the quarter was $19.8-million or 29 cents per share, compared to an adjusted profit of $45.1-million or 64 cents a year earlier. Total sales came in at $468.5-million down from $532.8-million a year earlier. Analysts were expecting sales of $466.50 and an adjusted loss of 20 cents.

SNC-Lavalin Group Inc. (SNC-T) fell 1.1 per cent after chief executive Neil Bruce told the Globe and Mail he’s worried about the company’s immediate future because of the legal uncertainty hanging over the business, but he’s not concerned about a takeover bid.

CAE Inc. (CAE-T) was down 1.1 per cent following the release of its third-quarter financial results before market open. The Montreal-based flight simulator manufacturer reported a drop in revenue and diluted earnings per share year-over-year to $816.3-million and 29 cents, respectively, from $828.2-million and 53 cents. “Operating income was lower year over year in the third quarter, which is consistent with our expectation that a disproportionate share of our annual growth outlook will be driven by record simulator deliveries in the last quarter of the fiscal year,” said president and chief executive officer Marc Parent in a statement.

Bank of Nova Scotia (BNS-T) dipped 0.7 per cent with the announcement it plans to sell its operations in El Salvador to Imperia Intercontinental Inc. The bank said the transaction will result in an after-tax loss of approximately $170-million and will be recorded in the second quarter. “The decision is driven by the bank’s strategy to focus on key markets which can generate greater scale for Scotiabank,” said the company in a release.

CI Financial Corp. (CIX-T) was down 6 per cent despite meeting earnings estimates in the fourth quarter. Net outflows of $2.7-billion exceeded the expectation on the Street. For the quarter, the Toronto-based asset manager reported earnings per share of 57 cents, in-line with analysts’ expectations. “Despite a very challenging environment for asset managers in 2018, we were able to report record earnings per share and record free cash flow by focusing on the controllable parts of our business, including managing expenses, while continuing to invest in the business and executing our longer-term corporate strategy,” said chief executive officer Peter Anderson.

Algonquin Power & Utilities Corp. (AQN-T), Capital Power Corp. (CPX-T) and TransAlta Renewables Inc. (RNW-T) fell 1.4 per cent, 0.3 per cent and 0.9 per cent, respectively, after being downgraded by an equity analyst at Canaccord Genuity.

Qorvo Inc. (QRVO-Q), a North Carolina-based semiconductor company which supplies to Apple Inc. (AAPL-Q), fell 4.1 per cent after its guidance fell below Wall Street estimates on weakness in smartphone markets. “Qorvo’s March quarterly guidance reflects weakness in the broader smartphone market, partially offset by content gains with the leading Korea-based smartphone manufacturer and double-digit, year-over-year growth in IDP,” said chief financial officer Mr. Mark Murphy.

With files from Brenda Bouw and wires

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 17/05/24 4:00pm EDT.

SymbolName% changeLast
Capital Power Corp
Qorvo Inc
Bank of Nova Scotia
Bank of Nova Scotia
Algonquin Power & Util
Algonquin Power and Utilities Corp
Cae Inc
CI Financial Corp
Mattel Inc
Caterpillar Inc
Boeing Company
Enbridge Inc

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