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Inside the Market Market movers: Key stocks seeing action today - and why

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

On the rise

Restaurant Brands International Inc. (QSR-T) jumped 8.8 per cent in early afternoon trading on Wednesday after naming Jose Cil, the current president of its Burger King business, as its chief executive officer, replacing Daniel Schwartz. The company also announced a raise to its quarterly dividend to 50 cents per share (from 45 cents).

First Quantum Minerals Ltd. (FM-T) sat 0.3 per cent higher. The miner said it has ended plans to layoff 2,500 workers in Zambia due to higher tax plans and will continue to dialogue with the government over the issue.

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MEG Energy Corp. (MEG-T) was up 5.9 per cent after a pair of equity analysts upgraded its stock following Tuesday’s release of its 2019 capex budget.

AGF Management Ltd. (AGF-B-T) jumped 13.8 per cent after reporting fourth-quarter EBITDA of $27.2-million, rising from $23.1-million a year ago. Adjusted earnings per share of 17 cents topped the 15-cent expectation on the Street.

International Business Machines Corp. (IBM-N) jumped 7.9 per cent after projecting 2019 profit above expectations. Excluding special items, the company earned US$4.87 per share in the fourth, above the Street’s expectation of US$4.82.

Procter & Gamble Co. (PG-N) rose 4.1 per cent after its quarterly revenue beat the expectations on the Street, due largely to strong demand for beauty and fabric care products. The company report net income rose to US$3.19-billion, or US$1.22 per share, in the second quarter ended Dec. 31 from US$2.5- billion, or 93 US cents per share, during the same period a year ago.

Better-than-expected earnings also propelled morning games for United Technologies Corp. (UTX-N), which jumped 4.8 per cent, and Comcast Corp. (CMCSA-Q), which sat up 4.7 per cent.

Detour Gold Corp. (DGC-T) gained 2.3 per cent after releasing its 2019 guidance, which is said was in line with the Detour Lake operation’s life of mine plan released in June 2018.

On the decline

Aphria Inc. (APHA-T) was down 2 per cent in the wake of Green Growth Brands Inc. officially launching its unsolicited offer for the company. The marijuana producer urged shareholders to take no immediate action, adding an independent committee of directors will review the bid.

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Shopify Inc. (SHOP-T) erased early gains and sat down 0.6 per cent after revealing it will launch a TV and film content development and production house. Shopify Studios will develop, produce and finance projects for both streaming platforms and traditional networks.

Currency Exchange International Corp. (CXI-T) fell 7.1 per cent after released weaker-than-anticipated fourth-quarter financial results after market close on Tuesday. Earnings before interest, taxes, depreciation of $1.7-million fell short of expectations on the Street and dropped from $2.6-million during the same period a year ago. Revenue rose slightly to $10.3-million (from $9.4-million), but it also missed projections.

Crescent Point Energy Corp. (CPG-T) was down 1.9 per cent after receiving approval for a normal course issuer bid to purchase, for cancellation, up to 38,424,678 common shares, or 7 per cent of its public float as at Jan. 14.

Echelon Financial Holdings Inc. (EFH-T) was down 1.6 per cent after announcing shareholder approval for its sale of Echelon Insurance, its main operating subsidiary, and its unregulated warranty business to a subsidiary of CAA Club Group for $175-million.

Tesla Inc. (TSLA-Q) dipped 4.7 per cent in the wake of a downgrade from an equity analyst at RBC Dominion Securities, who expressed concern about its production abilities.

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