A roundup of some of the North American equities making moves in both directions today
On the rise
Husky Energy Inc. (HSE-T) jumped 12 per cent in early afternoon trading on Thursday after abandoning its hostile takeover offer for MEG Energy Corp. (MEG-T). The company did not recruit sufficient shareholder support. Husky’s $3.3-billion cash-and-stock offer expired on Wednesday afternoon.
Conversely, MEG dropped 36.8 per cent.
Kinder Morgan Canada Ltd. (KML-T) rose 0.5 per cent after announcing Wednesday that profit from continuing operations more than doubled year-over-year in the fourth quarter. “KML’s strategic infrastructure operations across western Canada had a strong fourth quarter, underpinned by multi-year take-or-pay contracts with high quality customers and stable cash flows," said KML Board Chairman and CEO Steve Kean in a statement. The company also announced the suspension of dividend reinvestment plan (DRIP), pointing to the reduced need for capital.
Tesla Inc. (TSLA-Q) increased 0.5 per cent after chief executive office Elon Musk tweeted plans to end the carmaker’s customer referral plan. Mr. Musk said “it’s adding too much cost to the cars, especially Model 3.”
Ahead of the release of its quarterly results on Thursday after market close, Netflix Inc. (NFLX-Q) rose 0.4 per cent. The media company announced a price hike for U.S. subscribers on Wednesday.
On the decline
Peyto Exploration & Development Corp. (PEY-T) fell 11.2 per cent in the wake of the release of its three-year strategic plan after market close on Wednesday. The company announced a cut to its monthly dividend and a reduction to its 2019 capital expenditure budget. An equity analyst at Raymond James downgraded Peyto shares in response to the plan.
Genworth MI Canada Inc. (MIC-T) was down 1.4 per cent after an analyst at CIBC World Markets downgraded its stock, expecting a muted 2019 outlook.
Aurora Cannabis Inc. (ACB-T) lost 5.8 per cent after announcing plans for a private placement US$250-million aggregate principal amount of convertible senior notes due 2024. The Edmonton-based company plans to use the proceeds to support Canadian and international expansion initiatives and future acquisitions as well as general corporate purposes.
Invictus MD Strategies Corp. (GENE-X) was down 7.7 per cent after announcing its intention to consolidate its issued and outstanding common shares on a one-for-seven basis. It also submitted its application to list its common shares on the Nasdaq Capital Market.
Shares of Morgan Stanley (MS-N) fell 4.7 per cent after reporting lower-than-expected quarterly profit before market open.
Signet Jewelers Ltd. (SIG-N) plummeted 21.9 per cent after its holiday sales fell short of the Street’s expectations. The owner of several retail chains, including Jared and Kay Jewelers, reported a 1.3-per-cent drop in same-store sales, leading it to lower its profit and sales expectations for 2019.
With files from staff and wires
David Leeder