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Inside the Market Market movers: Stocks that saw action on Thursday - and why

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

On the rise:

Manulife Financial Corp. (MFC-T) shares closed up 1.8 per cent Thursday after the insurance provider surpassed estimates for second-quarter profit, helped by growth in its domestic and U.S. business. Manulife said core earnings rose to $1.45-billion or 72 cents per share in the second quarter ended June 30, from $1.43-billion or 70 cents per share a year earlier. Analysts on average had expected a profit of 71 cents per share, according to IBES data from Refinitiv.

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Inter Pipeline Ltd. (IPL-T) shares closed up 9 per cent on Thursday after The Globe and Mail reported the company had received a takeover bid from an unnamed suitor that could be worth $12.4-billion. Inter Pipeline, which is developing a $3.5-billion petrochemical plant near Edmonton, jumped $2.07 to $23.81 on the Toronto Stock Exchange, following The Globe’s report, published early Thursday. It closed up $1.90 to $23.65.

TMX Group Inc. (X-T) shares hit a record high on Thursday after the company beat analysts’ estimates for its second quarter. TMX Group shares reached an intraday high of $114.46 before closing up 12 per cent to $113.64. Late Wednesday, the parent of the Toronto Stock Exchange reported record quarterly revenue of $210.3-million, up from $209.5-million a year earlier. Earnings per share came in at a record $1.45 compared to $1.34 a year ago, the company stated. Analysts were expecting revenue of $201.1-million and earnings of $1.33.

Exchange Income Corp. (EIF-T) shares climbed 5 per cent after the company reported second-quarter revenue of $325.9-million up from $313.4-million for the same period a year earlier and below expectations of $330.7-million. Net earnings came in at $21.9-million or 68 cents per share versus $19.5-million or 62 cents a year earlier. Adjusted EPS was 83 cents per share, up from 80 cents a year ago. Analysts were expecting adjusted EPS of 79 cents in the latest quarter.

ECN Capital Corp. (ECN-T) shares surged 8 per cent after the company reported net income of US$9.9-million in the second quarter versus US$2.6 million for the same period last year. Adjusted net income applicable to common shareholders of US$16.6-million or 7 cents US per share compared to US$5.6-million or 2 cents US per share for the same period last year. ECN Capital Corp. CEO Steven Hudson said adjusted EPS of 7 cents was "at the high end of our guidance range."

Viacom Inc. (VIA-Q) shares jumped 4 per cent after the owner of MTV, Comedy Central and Nickelodeon, beat estimates for quarterly revenue, helped by a rare growth in domestic advertising revenue. Net income attributable to Viacom rose to US$544-million, or US$1.35 per share, in the third quarter ended June 30, from US$522-million, or US$1.29 per share, a year earlier. Total revenue rose to US$3.36-billion from US$3.24-billion, beating the average estimate of US$3.33-billion, according to IBES data from Refinitiv.

On the decline:

Canadian Tire Corp. (CTC.A-T) shares dropped more than 6 per cent after the retailer missed earnings expectations. The Toronto-based company, which operates multiple retail banners including Canadian Tire, SportChek, Mark’s and Helly Hansen, reported a 5.9-per cent rise in quarterly revenue on Thursday, buoyed by strong sales of its private-label brands and as promotional campaigns attracted more shoppers. Revenue rose to $3.69-billion from $3.48-billion from a year earlier. Net income rose to $203.8-million, or $2.87 per share, in the second quarter ended June 30 from $174.4-million, or $2.38 per share, a year earlier. Excluding items, it earned $2.97 per share, missing the average analyst estimate of $3.01, according to Refinitiv IBES. Canadian Tire also announced it will be diversifying its store offerings with the purchase of 65 Party City stores across Canada for $174.4-million cash.

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CI Financial Corp. (CI-T) shares sank 9 per cent on Thursday after the company reported assets under management were $131.1-billion for the second quarter ended June 30, down 6 per cent from the same quarter last year. CI reported adjusted earnings per share of 58 cents down from 61 cents for the second quarter of 2018. Adjusted earnings exclude a restructuring provision of $26.6-million ($35-million before taxes) in the second quarter of 2019, the company stated. With the provision, reported earnings per share in the second quarter were 47 cents. Analysts were expecting earnings of 59 cents. “The restructuring provision is part of CI’s ongoing strategy of controlling expenses, particularly in the mature areas of CI’s business, while reinvesting in growing lines of business,” it stated.

Cronos Group Inc. (CRON-T) shares fell 4 per cent in early trading after the cannabis company reported a wider quarterly core loss, as it struggled with rising costs. Adjusted core loss widened to $17.8-million for the second quarter ended June 30 from $2.4-million a year earlier. Revenue rose three fold to $10.24-million, benefiting from the legalization of cannabis for recreational use in Canada late last year.

Kraft Heinz Co. (KHC-Q) shares fell more than 13 per cent, to a record low, on Thursday after the packaged food maker said it was pulling its existing full-year forecast and wrote down the value of several business units by over US$1-billion. Kraft Heinz had previously expected 2019 adjusted earnings before interest, tax, depreciation and amortization between $6.3 billion and $6.5 billion and positive organic sales growth. In results delayed by an internal investigation into procurement practices, the Chicago-based company also said net income halved in the first six months of the year. The company took a charge of about $744 million on its U.S. refrigerated, Latin American exports and Brazil units among others, blaming lower five-year operating forecasts. It also booked an impairment charge of about $474 million in the second quarter to write down the value of six brands, including Velveeta and Cool Whip. The impairment charges are preliminary and subject to finalization of control procedures, Kraft Heinz said.

-with files from wire services

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