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

On the rise

Shares of Rogers Communications Inc. (RCI.B-T) and Brookfield Asset Management Inc. (BAM.A-T) after the Globe and Mail reported they want to demolish the Rogers Centre and construct a new stadium as part of a downtown Toronto redevelopment.

According to the report, Rogers and Brookfield are working with city, provincial and federal government officials on a plan that would effectively cut the Rogers Centre in half. The partners would build a new, baseball-focused stadium on the foundations of the southern end of the current facility and adjacent parking lots. The northern portion of the 12.7-acre site would be turned into residential towers, office buildings, stores and public space.

TRP Energy Corp. (TRP-T) was up as it filed for a stock shelf of up to $1-billion, according to a filing with the U.S. Securities and Exchange Commission.

Labrador Iron Ore Royalty Corp. (LIF-T) surged after announcing late Thursday it will receive an $88.3-million dividend from Iron Ore Company of Canada.

Tesla Inc. (TSLA-Q) was up despite the U.S. National Highway Traffic Safety Administration (NHTSA) on Friday saying it had opened an investigation into around 115,0000 vehicles over a front suspension safety issue.

The auto safety regulator said it was opening a preliminary evaluation into 2015-2017 Model S and 2016-2017 Model X vehicles after receiving 43 complaints alleging failure of the left or right front suspension fore links.

Tesla in February 2017 issued a service bulletin describing a manufacturing condition that may result in front suspension fore link failures, NHTSA said.

Tesla did not immediately respond to a request for comment.

The 2017 service bulletin said some vehicles have “front fore links that may not meet Tesla strength specifications. In the event of link failure, the driver can still maintain control of the vehicle but the tire may contact the wheel arch liner.”

NHTSA said 32 complaints involve failures that occurred during low-speed parking maneuvers, while 11 occurred while driving. Another eight complaints may also involve the same issue, NHTSA added.

The agency said “the complaints appear to indicate an increasing trend, with... three of the incidents at highway speeds reported within the last three months.”

See also: Tesla’s upcoming S&P 500 debut fuels ‘crazy’ trading volume

AstraZeneca PLC (AZN-Q) finished flat after Britain gave its COVID-19 vaccine a vote of confidence on Friday when it asked its regulator to assess the shot for a rollout after experts raised questions about trial data and the company said it may run another study to gauge efficacy.

The UK government has secured 100 million doses of the vaccine, developed by AstraZeneca and Oxford University, the most it has ordered of any shot to fight a pandemic that has killed more than 1.4 milion people globally.

The British drugmaker expects 4 million doses to be available in the country by the end of next month, and Health Secretary Matt Hancock aims for a rollout to begin before Christmas.

“We have formally asked the regulator to assess the Oxford/AstraZeneca vaccine, to understand the data and determine whether it meets rigorous safety standards,” Hancock said.

See also: Have markets priced in all the good vaccine news? Not when it comes to these stocks

On the decline

Walt Disney Co. (DIS-N) edged lower after saying on Wednesday it would lay off about 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September, as the company struggles with limited customers due to the coronavirus pandemic.

The layoffs will be in the first half of fiscal 2021, the company said in a filing with the Securities and Exchange Commission.

A spokesman for Disney confirmed that the latest figures include the 28,000 layoffs announced earlier.

Earlier this month, Disney said it was furloughing additional workers from its theme park in Southern California due to uncertainty over when the state would allow parks to reopen.

Disney’s theme parks in Florida and those outside the United States reopened earlier this year without seeing new major coronavirus outbreaks but with strict social distancing, testing and mask use.

TMAC Resources Inc. (TMR-T) was down after China’s Shandong Gold Mining Co said on Friday it had been notified by the authorities in Canada that they would extend a security review into the company’s bid to acquire an Arctic gold mine by at least 45 days.

Deals by state-run Chinese miners have faced heightened scrutiny from Canada to Australia this year amid economic dislocation caused by the coronavirus pandemic.

Canada’s federal cabinet ordered the review of Shandong Gold’s proposed $230-million takeover of TMAC Resources, which operates the Hope Bay mine in the northern and strategically important territory of Nunavut, in mid-October.

In an announcement at the time, TMAC did not put a time frame on the review, which is being made under the Investment Canada Act, but said it expected the transaction to close by the end of the first quarter of 2021, if not by the already extended targeted completion date of Feb. 8.

TMAC on Friday confirmed the extension of the review, but neither Shandong Gold nor TMAC provided a reason for the move.

U.S. listed shares of online entertainment services company iQIYI Inc. (IQ-Q) fell after Reuters reported Alibaba Group Holding Ltd and Tencent Holdings Ltd had put on hold talks with Baidu Inc to acquire a controlling stake in the video streaming service.

The discussions stalled with little hope of recommencing soon as they balk at a valuation of around US$20-billion demanded by Baidu and as both companies, which have their own video streaming services, face heightened scrutiny by China’s antitrust regulators, two people said.

Another Chinese tech giant, TikTok owner ByteDance has also internally looked at the possibility of acquiring a controlling stake in iQIYI, three sources said.

Considered China’s equivalent to Netflix Inc, Nasdaq-listed iQIYI has a market capitalization of US$16.4-billion, which values Baidu’s 56.2-per-cent stake at about US$9.2-billion.

Tencent, whose interest in iQIYI was first reported by Reuters in June, believes the company is worth about half of what Baidu wants, said two of the people.

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 01/03/24 4:00pm EST.

SymbolName% changeLast
Walt Disney Company
Iqiyi Inc ADR
Tesla Inc
TC Energy Corp
Rogers Communications Inc Cl B NV
Astrazeneca Plc ADR
Labrador Iron Ore Royalty Corp

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