Skip to main content
The Globe and Mail
Get full access to globeandmail.com
Support quality journalism
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
The Globe and Mail
Support quality journalism
Get full access to globeandmail.com
Globe and Mail website displayed on various devices
Just$1.99
per week
for the first 24 weeks

var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){console.log("scroll");var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))}pencilInit(".js-sub-pencil",!1);

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

On the rise

AltaGas Ltd. (ALA-T) rose 0.9 per cent on Monday after a premarket announcement that it has signed a deal to sell its stake in the Central Penn Pipeline to Meade Pipeline Investment LLC, a subsidiary of NextEra Energy Partners LP for $870-million.

'We have exceeded our asset sales guidance range for this year, and we are well positioned to focus on executing against our unique value proposition," said AltaGas president and CEO Randy Crawford in a release. “In 2019, we have increased our financial flexibility and delevered our balance sheet. Operationally, our volumes at RIPET are at targeted levels, and we are focused on achieving more timely recovery of investments at our Utilities. As we enter 2020 in a stronger position, we remain firmly focused on the future and unlocking the significant organic growth potential of our Midstream and Utilities assets.”

Story continues below advertisement

Pharmaceutical maker Mallinckrodt PLC (MNK-N) rose 7.1 per cent after finalizing a settlement with Cuyahoga and Summit counties in Ohio in connection with opioid-related lawsuits.

Under the agreement, Mallinckrodt will pay US$24-million in cash and provide US$6-million in generic products, including addiction treatment products. It also will provide a US$500,000 payment in two years in recognition of the counties’ time and expenses.

Apple Inc. (AAPL-Q) shares were up 2.5 per cent after JPMorgan raised its outlook for iPhone sales.

“We are modestly raising our iPhone volume forecasts and expect investor sentiment on AAPL shares to improve materially given the firm’s ability to drive upward revision to volume expectations despite the 2019 product cycle largely considered to be a muted one,” said analyst Samik Chatterjee.

The firm now expects sales volumes of about 44 million in the final three months of the year. Sales are seen rising to 63 million in the subsequent quarter.

Mr. Chatterjee also raised his price target on the stock to US$265.

UnitedHealth Group Inc. (UNH-N) was up 1 per cent despite an equity analyst at BMO Nesbitt Burns downgraded the stock.

Story continues below advertisement

Matt Borcsch said the move to “market perform” from “outperform” was due to “our new ratings bias towards lower valuation as well as business mix that we think represents a better ‘hedge’ against political and health policy uncertainty."

Brookfield Business Partners LP (BBU-UN-T) rose 0.5 per cent after announcing it US$1.3-billion for a 45-per-cent stake in industrial services company BrandSafway from private equity firm Clayton, Dubilier & Rice (CD&R).

The deal values BrandSafway at about US$6.7-billion, including debt of about US$3.8-billion, according to Reuters calculations.

On the decline

Newmont Goldcorp Corp. (NGT-T) was 1.5 per cent lower after Mexico’s President Andres Manuel Lopez Obrador said on Monday that he has asked the parties involved in an ongoing conflict at the Penasquito gold mine in Mexico to do their part to help resolve their differences.

“We’re asking everyone to help reach an agreement,” Mr. Lopez Obrador said at his daily press conference when asked about the situation at the open-pit mine located in northern Zacatecas state.

Newmont, the world’s top gold producer, said on Sep. 18 it had offered US$25-million in community investments and land rental fees to resolve the conflict at its Penasquito mine, but activists said they were unsatisfied.

Story continues below advertisement

Husky Energy Inc. (HSE-T) was down 2.3 per cent despite announcing before the bell it has gained approval to begin the reconstruction of its Superior Refinery.

The company said demolition of damaged equipment resulting from a fire in April of 2018 is now largely complete and the rebuild will take place over the next two years with an expected return to full operations in 2021.

TSX-listed marijuana producers were down after a U.S. recommendation that consumers avoid vaping products containing the active ingredient in marijuana ahead of their legalization in Canada next month, which is seen as a potential blow to Canadian cannabis companies’ hopes that the higher-margin products will help propel them to profitability.

The U.S. Centers for Disease Control and Prevention (CDC) said on Friday that an investigation into 805 confirmed or probable cases of vaping-related respiratory illnesses suggested that products containing THC, the psychoactive element in cannabis, likely played a role.

The heightened health concerns come at a time when Canadian cannabis companies, whose share prices have tumbled over disappointing sales and supply and quality hiccups, are investing millions of dollars into marijuana derivatives, including vape products.

Canopy Growth Corp. (WEED-T) was down 3.8 per cent, while Aurora Cannabis Inc. (ACB-T) and Hexo Corp. (HEXO-T) slid 4.9 per cent and 5.8 per cent, respectively.

Story continues below advertisement

EnWave Corp. (ENW-X) dropped 4.5 per cent after it announced that its board of directors has adopted a shareholder rights plan “to ensure, to the extent possible, that all shareholders of the company are treated fairly and equally in connection with any take-over bid or other acquisition of control of the company.”

The company said the rights plan has not been adopted in response to any specific take-over bid or other proposal to acquire control of the company and that it’s “is not aware of any such pending or contemplated proposals.”

With files from Brenda Bouw, Terry Weber, staff and wires

Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies