A roundup of some of the North American equities making moves in both directions today
On the rise
At its annual hardware event in California on Tuesday, Apple also unveiled a new video-streaming service that aims to go head-to-head with Netflix as the smartphone giant shifts its focus to subscription services in hopes of boosting flagging iPhone sales.
Shares of Hudson’s Bay Co. (HBC-T) rose 2.5 per cent after Catalyst Capital Group Inc. revealed in a regulatory filing on Tuesday it has amassed a 16-per-cent stake as the Toronto-based private-equity firm seeks to stymie a privatization bid from the retailer’s executive chairman.
Catalyst said it controls 29.4 million HBC shares following a tender offer for $10.11 a share it completed last month. The firm, led by financier Newton Glassman, spent $187-million on the stock, which added to a position it had previously purchased.
SNC-Lavalin Inc. (SNC-T) sat 4.5 per cent higher after Canadian investment firm Jarislowsky Fraser increased its participation in the firm to more than 10 per cent as part of a broader asset growth strategy in Canadian equities.
Jarislowsky would be the third-largest shareholder in SNC, according to Refinitiv data and a recent SNC filing, in a move other investors see as a boost for the embattled firm.
SNC shares have tumbled 60 per cent year-to-date as the Montreal-based firm carries out a restructuring plan to improve earnings, reduce risk and contain costs. In July, SNC withdrew its forecast for 2019, citing significantly lower results as it considers options for its resources unit and exits fixed-price contracts.
Coro Mining Corp. (COP-T) jumped 11.1 per cent after it said it will acquire the remaining 49-per-cent interest in the Marimaca 1-23 claim it does not currently own from local family owners for US$12-million.
The deal includes US$6-million paid on signing of the definitive purchase agreement and two payments of US$3-million due in 12 and 24 months, respectively. The sellers will receive a 1.5 per cent net smelter return (NSR) royalty over the Marimaca 1-23 claim.
Cenovus Energy Inc. (CVE-T) rose 0.6 per cent after filing for a mixed shelf of up to $5-billion.
On the decline
Before the bell on Wednesday, the company said its second-quarter loss amounted to 23 cents per share for the 13-week period ended Aug. 3 compared with a loss of nearly $4.1 million or 10 cents per share a year earlier.
On an adjusted basis, Roots says it lost 15 cents per share compared with an adjusted loss of six cents per share in the same quarter last year.
Under the agreement, Tilray may sell Class 2 common stock through Cowen as sales agent.
Last week, Cowen analysts slashed their target for Tilray shares US$60 from US$150, citing “challenging” conditions and “early growing pains” in cannabis industry.
General Motors Co. (GM-N) fell 0.3 per cent after recalling 3.46 million U.S. pickup trucks and SUVs to address a vacuum pump issue that could make braking more difficult and increase the risk of a crash.
The recall, which covers vehicles built since 2014 including some Cadillac Escalade, Chevrolet Silverado, GMC Sierra, Chevrolet Suburban and GMC Yukon vehicles, is because the amount of vacuum created by the vacuum pump may decrease over time, GM told the National Highway Traffic Safety Administration (NHTSA) in documents posted Wednesday.
Canopy Rivers Inc. (RIV-T) was down 4.3 per cent after it announced before the bell the formation of its strategic advisory board, which includes group of business leaders that will provide guidance to the company’s executive team.
Inaugural members include: John Ruffolo, the co-founder and vice chair of the Council of Canadian Innovators and founder of OMERS Ventures and Platform Investments; Meg Lovell, co-head of M&A and as corporate and commercial counsel at Imperial Brands PLC; Philip Donne; a board advisor for several companies including Greenhouse Juice, Longo’s, Nature’s Path Foods, and Valens and the former president of Campbell Canada.
With files from staff and wires