Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
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(){window.requestAnimationFrame(function() {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); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }

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

On the rise

Tesla Inc. (TSLA-Q) beat Wall Street estimates for second-quarter vehicle deliveries on Thursday even as the electric-car maker main factory in Fremont was shut down due to the coronavirus-related curbs, sending its shares up 7.9 per cent.

The delivery numbers come a day after Tesla became the highest-valued automaker, surpassing the market capitalization of former front-runner Toyota Motors Corp.

Story continues below advertisement

Tesla delivered 90,650 vehicles during the quarter, above estimates of 74,130 vehicles, according to Refinitiv data. It delivered 80,050 units of its new Model Y sport utility vehicle and Model 3 for the quarter.

Earlier this week, Chief Executive Officer Elon Musk in an internal email called on employees to work hard to allow Tesla to break even in the quarter despite the coronavirus crisis.

“While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels,” the automaker said in a statement.

Brookfield Property Partners LP (BPY.UN-T) jumped almost 15 per cent in the wake of announcing its intention to commence a substantial issuer bid to purchase up to 74,166,670 units from public holders for a price of US$12.00 per unit, representing a 17.6-per-cent premium to the unit price on the Nasdaq as of market close on Wednesday.

The total value of the offer is approximately US$890-million.

Enbridge Inc. (ENB-T) rose 0.7 per cent after a Michigan circuit court judge ruled on Wednesday it can restart operations at the west leg of its Line 5 pipeline while the damaged east leg remains shut.

The ruling comes after the judge granted the Michigan attorney general’s motion for a temporary restraining order last Thursday, requiring Enbridge to halt Line 5 operations.

Story continues below advertisement

The pipeline’s east leg will remain shut until the federal regulator, the Pipeline and Hazardous Materials Safety Administration, completes its investigations about the damage or until ordered by the court.

Exxon Mobil Corp.’s (XOM-N) rose 0.9 per cent despite saying in a regulatory filing on Thursday its oil and gas producing and refining businesses will report operating losses in the second quarter, setting the stage for the company to post another quarterly loss this year.

Oil prices are down 35 per cent since January as the Covid-19 pandemic slashed demand and a global glut forced widespread production cuts. Rivals Royal Dutch Shell and BP Plc have disclosed massive spending cuts and writedowns due to the price drop.

Exxon faces a loss for the quarter of US$2.- billion, or 52 US cents per share, according to estimates from Refinitiv IBES. It marks the second this year after a US$610-million first-quarter deficit. Results are due out July 31.

Cosmetics maker Coty Inc. (COTY-N) rose 3.2 per cent after naming former top executive of L’Oreal, Sue Nabi, as chief executive officer, its third CEO in this year.

Ms. Nabi will take charge on September 1 from Peter Harf who was appointed CEO in June. Mr. Harf is also a top executive of Coty’s top shareholder JAB Holdings and will remain executive chairman of Coty.

Story continues below advertisement

Ms. Nabi founded the new-age luxury skincare line, Orveda, after serving about two decades at French cosmetics company L’Oréal , and was the world president at makeup brand Lancome.

The incoming CEO has been credited for the revival of Lancome, which resulted in double-digit growth in makeup and skincare, Coty said.

See also: Coty takes 20% stake in Kim Kardashian West’s beauty brand KKW

On the decline

American Airlines Group Inc. (AAL-Q) lost 2.5 per cent after it forecast a 25-per-cent drop in its long-haul international summer capacity in 2021 over 2019, as the carrier curtails operations to cope with a slump in travel demand because of the COVID-19 pandemic.

The company will also discontinue several international routes that were once popular leisure destinations but are now expected to see decreased demand.

“In an effort to match low demand resulting from the coronavirus outbreak, the airline will realign its network with the goal of improving long-term profitability,” the company said in a statement.

Story continues below advertisement

American said it would exit three trans-Atlantic routes from both Charlotte, North Carolina and Philadelphia as well as five underperforming routes from Los Angeles to destinations in Asia and South America.

McDonald’s Corp. (MCD-N) plans to pause the reopening of its dine-in service in the United States by 21 days as the number of coronavirus cases rise in the country, according to a letter seen by Reuters.

Its stock was 0.4 per cent lower on Thursday.

The fast-food chain, that saw a 30 per cent dip in global sales in the first two months of the current quarter, has been hurt by the shut down of its restaurants.

During the coronavirus-induced lockdowns, fast-food restaurants had to limit operations, leading to lower sales. Nearly 99 per cent of McDonald’s restaurants in the U.S. remain open for drive-through, delivery and take-out options.

New cases in the United States have been rising and several states at the center of a new surge in infections have taken steps back from efforts to ease restrictions on businesses.

Story continues below advertisement

“Our resiliency will be tested again. COVID-19 cases are on the rise – with a 65-per-cent increase in infections over the last two weeks,” Joe Erlinger, McDonald’s U.S. president and Mark Salebra, head of the National Franchisee Leadership Alliance said in the letter.

With files from 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