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

On the rise

TC Energy Corp. (TRP-T) rose 0.7 per cent in the wake of Thursday’s announcement that Alberta Investment Management Corp. (AIMCo) and New York-based KKR & Co. will acquire a majority stake in its Coastal GasLink natural-gas pipeline.

Alberta’s public pension manager and one of the largest U.S. buyout companies will have a 65-per-cent stake in the pipeline, which is expected to cost $6.6-billion. Terms were not disclosed. Coastal GasLink is being constructed to ship northeastern British Columbia gas to the LNG Canada liquefied-natural-gas project being built at Kitimat, B.C.

- Jeffrey Jones

Michaels Cos Inc. (MIK-Q) jumped almost 33 per cent on Friday after it named longtime Walmart Inc senior executive Ashley Buchanan as chief executive officer and president on Friday.

Buchanan is the chief merchant officer of the U.S. e-commerce operation at the retail giant and will replace Mark Cosby in April 2020, after joining Michaels’ board on Jan. 6.

The move comes just two months after Cosby became CEO. The company said he would remain as a board member.

The Irving, Texas-based company said Chief Financial Officer Denise Paulonis would step down on Jan. 31. It did not name a replacement.

Telus Corp. (T-T) was up 0.2 per cent after it announced before the bell that it has received approval from the Toronto Stock Exchange (TSX) for a new normal course issuer bid to purchase and cancel up to $250-million in shares over the 12 months commencing on January 2, 2020.

The new NCIB will permit the purchase of up to 8 million shares (1.32 per cent of its outstanding shares as at Dec. 18).

On the decline

A day after falling 21.7 per cent in New York, Hexo Corp. (HEXO-T) continued to slide, sitting down 18.3 per cent in Toronto after announcing a US$25-million registered direct offering.

The marijuana producer plans to sell 14.97 million shares at US$1.67 per share to institutional investors.

The offer price represents a discount of 15 per cent to Hexo’s Tuesday close

The company will also issue investors purchase warrants to buy 7.5 million shares. The warrants will have a five-year term and an exercise price of $2.45 per share.

MedMen Enterprises Inc. (MMEN-CN) was down 10.1 per cent after announcing before the bell non-core asset sales and an equity placement are expected to generate aggregate gross cash proceeds of approximately US$74-million.

Tesla Inc. (TSLA-Q) slipped 0.3 per cent despite a company representative telling Reuters it will begin delivering Model 3 vehicles built at its Shanghai factory on Monday.

Construction of its first plant outside the United States began in January and production started in October. It aims to produce 250,000 vehicles a year after production of the Model Y is added in the initial phase.

The first 15 customers to get the cars on Dec 30 are Tesla employees, the company representative added.

The delivery date of Dec. 30 means that the plant will start delivering cars to customers just 357 days after the factory’s construction started, which will mark a new record for global automakers in China.

See also: Tesla stock hits Elon Musk’s magic number

With files from staff 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 30/05/24 0:50pm EDT.

SymbolName% changeLast
TSLA-Q
Tesla Inc
+0.3%176.71
T-T
Telus Corp
+0.87%22.15
TRP-T
TC Energy Corp
+0.54%51.84

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