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

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

On the rise

Ivanhoe Mines Ltd. (IVN-T) rose 14.1 per cent in early afternoon trading on Wednesday after the release of an an independent pre-feasibility study (PFS) for the Tier One Kakula copper mine in the Democratic Republic of Congo. The company said the project can become the world’s second-largest copper mine. “We are about to make the ‘Great Leap Forward’ from one of the modern world’s top mine finders to one of the world’s leading producers of copper - as well as palladium, platinum, zinc, nickel, gold, silver and rhodium from the other two major mining projects that Ivanhoe is developing in Southern Africa,” said co-chairman Robert Friedland.

ATS Automation Tooling Systems Inc. (ATA-T) was up 12.5 per cent after reporting third-quarter revenues of $321.4-million that exceeded expectations on the Street ($305-million).

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Bombardier Inc. (BBD-B-T) rose 5.7 per cent after launching a new 50-seat airplane. ““The new CRJ550 model is the only solution in North America that can replace the existing fleet of ageing 50-seaters, a market of over 700 aircraft, said Fred Cromer, president of Bombardier Commericial Aircraft, in a release.

The company also announced it has sold nine CRJ900 aircraft to Chorus Aviation Inc. (CHR-T). Conversely, Chorus shares sat 1.2 per cent lower.

General Motors Co. (GM-N) sat 1.4 per cent higher after the automaker said it swung to a quarterly profit from a year-earlier loss as profitable pickup trucks and crossovers in the U.S. market, combined with cost-cutting, helped offset lower overall sales. GM reported earnings of US$1.43 a share. The Street had been projecting US$1.22.

After easing fears of a slump in users for its Snapchat app, Snap Inc. (SNAP-N) rose 23.64 per cent. For the fourth quarter, the social media company reported 186 million daily active users for its signature product, topping Wall Street’s expectation of 184.91 million.

Suncor Energy Inc. (SU-T, SU-N) erased early losses and sat up 0.5 per cent after the Calgary-based producer reported a net loss of $280-million or 18 cents per share in the fourth quarter, versus a net profit of $1.38-billion or 84 cents in the same period a year earlier. The company blamed the result on steep price discounts for western Canadian oil.

On the decline

Shares of Aphria Inc. (APHA-T) dropped 6.7 per cent after announcing it has rejected a hostile takeover bid from U.S. cannabis retailer Green Growth Brands Inc. (GGB-CN). The company said the offer “significantly undervalues Aphria relative to its current and future worth, offering Aphria shareholders a substantial discount to its current and future value as opposed to a premium observed in other transactions in the cannabis sector involving Canadian licensed producers.”

Shares of Green Growth fell 3.6 per cent.

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Sun Life Financial Inc. (SLF-T) was down 0.9 per cent after an equity analyst at Scotia Capital downgraded its stock.

Tesla Inc. (TSLA-Q) was 1.2 per cent lower after reducing the base price of its Model 3 vehicle by US$1,100. After it the second reduction this year, the electric car company now says the car starts at US$42,900.

Namaste Technologies Inc. (N-X) was down 6.7 per cent after revealing its former chief executive officer Sean Dollinger “has taken issue with the company’s actions and commenced legal proceedings against the company.” The Vancouver-based cannabis company fired Mr. Dollinger earlier this week.

Goodfood Market Corp. (FOOD-T) dipped 6.2 per cent after it announced plans to raise $25-million in a bought-deal financing. It has an agreement with a syndicate of underwriters that will purchase a total of 7,142,857 shares at a price of $3.50 each.

Walt Disney Co. (DIS-N) fell 0.8 per cent despite its quarterly results exceeded Wall Street estimates, driven by strength in its theme park business and growth at its ABC broadcast network. The entertainment giant reported adjusted earnings per share for the first quarter of 2019 of US$1.84, topping the average projection of US$1.55 on the Street.

U.S. videogame makers took a hit in early trading. Electronic Arts Inc. (EA-Q) dropped 13.4 per cent after cutting its yearly revenue outlook after the latest edition of its Battlefield series sold almost 1 million fewer units than expected. Take-Two Interactive Software Inc. (TTWO-Q) was down 13.2 per cent after weaker-than-expected results and guidance. Activision Blizzard Inc. (ATVI-Q) fell 10.1 per cent.

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Spotify Technology S.A. (SPOT-N) fell 4.5 per cent despite reporting an unexpected fourth-quarter operating profit on Wednesday. The music streaming company posted a profit of 94 million euros (US$107-million), exceeding the Street’s expectation of a loss of 16 million euros and the loss of 87 million euros during the same period a year ago.

With files from wires and staff

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