A roundup of some of the North American equities making moves in both directions today
On the rise
Shares of Canadian copper miner First Quantum Minerals Ltd. (FM-T) were up just over 9 per cent after Bloomberg reported it is drawing preliminary takeover interest from global miners after losing half its value over the past five years.
The company, which is the owner of Africa’s biggest copper mine, is working with defense advisers to examine options, the report said, citing people with knowledge of the matter, although no formal offers had been received yet.
Choice Properties Real Estate Investment Trust (CHP-UN-T) increased 0.7 per cent after announcing it has signed a deal to sell 30 properties in mostly smaller communities across Canada for $426-million.
The buyer was not immediately identified.
The portfolio includes 27 stand-alone retail properties and three distribution centres.
“We are pleased to execute on this opportunity to recycle capital,” said president and CEO Rael Diamond. “Along with the recent issuance of equity, this transaction further strengthens our balance sheet by reducing leverage and providing additional capacity to fund our significant development program.”
Beyond Meat Inc. (BYND-Q) finished 0.1 per cent higher following an announcement late Thursday that it has named former Tesla Inc executive Sanjay Shah as chief operating officer, effective Sept. 18.
Shah had earlier served as senior vice president of energy operations at Tesla since May 2018, responsible for the company’s worldwide energy business. He has also held leadership roles at Amazon.com Inc.
On Thursday, the stock increased 0.6 per cent after an equity analyst initiated coverage of its stock with an “overweight” rating, seeing it well positioned to capture “a significant share of the alternative meat market."
On the decline
Fiat Chrysler Automobiles N.V. (FCAU-N) dipped 0.8 per cent after U.S. safety regulators confirmed they are investigating complaints of steering problems in about 270,000 SUVs made by the vehicle maker
The National Highway Traffic Safety Administration says it granted a consumer’s petition asking for a probe into 2018 and 2019 Jeep Wranglers.
The agency says more than 3,500 owners have complained to the company and government about frame weld problems or steering issues including a shimmy or wobble, looseness, or locking up. No crashes or injuries have been reported.
Netflix Inc. (NFLX-Q) slipped 5.6 per cent after an analyst at Evercore ISI said recent data checks painted an uncertain picture of the streaming service provider’s international subscriber growth.
Roku Inc. (ROKU-Q) dropped 19.6 per cent after an equity analyst at Pivotal Research Group initiated coverage with a sell rating on Friday, seeing the over-the-top streaming company as “overvalued despite the recent pullback.”
“We see dramatically more competition emerging that will likely drive the cost of OTT devices to zero and put material pressure on advertising revenue,” said Jeffrey Wlodarczak.
With files from staff and wires