A roundup of some of the North American equities making moves in both directions today
On the rise
Edmonton-based Alcanna Inc. (CLIQ-T) jumped on the premarket announcement of its intention to repurchase up to $30-million in its common shares through existing cash on hand and available credit facilities.
“After giving effect to the Offer, Alcanna will continue to have sufficient financial resources and working capital to conduct its ongoing business and operations and the Offer is not expected to preclude Alcanna from pursuing its foreseeable business opportunities or the future growth of Alcanna’s business,” it said.
Bausch Health Companies Inc. (BHC-T) was up in the wake of revealing a plan to reduce debt by $100-million through the redemption of outstanding senior secured notes, using cash generated from operations.
The Laval, Que.-based pharmaceutical company will redeem $100-million of its outstanding 7.00-per-cent Senior Secured Notes due 2024.
North American Construction Group Ltd. (NOA-T) was higher in the wake of the last Tuesday announcement of its intent to commence a normal course issuer bid to repurchase and cancel up to 2 million shares, or 9.7 per cent of the public float.
Carnival Corp. (CCL-N) said on Wednesday booking volumes for future cruises had increased in its first quarter, as pent-up demand for global travel offers some hope for a turnaround in the sector decimated by the COVID-19 pandemic.
Its shares rose as investors looked past the company reporting a quarterly loss of nearly US$2-billion.
The rapid global roll-out of COVID-19 vaccines could jumpstart the cruise industry when a U.S. ban on voyages is lifted, analysts have said, but a full recovery is not expected for at least a few years.
Carnival said bookings during the first quarter ended Feb. 28 were about 90 per cent higher than volumes during the fourth quarter of 2020.
On the decline
BlackBerry Ltd. (BB-T) slid in late trading on Wednesday after announcing Volvo Group has selected its QNX software for its heavy vehicles’ dynamic software platform.
“We are delighted to extend our partnership with the Volvo Group and help bring to market their world-class fleet of commercial vehicles,” said Senior Vice President and Co-Head of BlackBerry Technology Solutions John Wall. “OEMs are constantly looking to deploy the right software foundation for the safe and secure architecture of the whole truck, and with BlackBerry QNX we are able to deliver the components and functionality needed to make this possible.”
Goodfood Market Corp. (FOOD-T) also reversed course and finished lower with the release of better-than-anticipated second-quarter results before the bell.
The Montreal-based meal kit company reported revenue of $100.7-million, up 71 per cent year-over-year (from $58.8-million) and the first time it has surpassed the $100-million mark. The Street was projecting $94.2-million
Adjusted EBITDA of $0.5-million also topped the consensus estimate ($0.2-million).
In a research note, Acumen Capital analyst Jim Byrne said: “With recent lockdowns resuming in Quebec and Ontario, we believe the momentum could continue to drive revenue growth significantly higher over the next few quarters.”
Guelph, Ont.-based Canadian Solar Inc. (CSIQ-Q) fell after announcing it has commenced construction on four solar projects in Japan.
The portfolio includes its flagship mega-project, the 100 MWp Azuma Kofuji project located in the Fukushima Prefecture.
“These projects continue to expand Canadian Solar’s strong track record in Japan,” said CEO Shawn Qu in a release. “We now have over 450 MWp of utility-scale projects that are operational or under construction, and two partnership platforms in Canadian Solar Infrastructure Fund and Japan Green Infrastructure Fund. We are also one of the strongest solar module brands in Japan driven by our differentiated technology and large manufacturing scale. Put together, we have further solidified Canadian Solar as the most integrated solar player in the Japanese market. We thank our financing partners who continue to support Canadian Solar with low-cost capital, which allow us to develop and expand our high-quality project portfolio in Japan.”
Beyond Meat, Inc. (BYND-Q) turned lower after announcing the opening of its new manufacturing facility in the Jiaxing Economic & Technological Development Zone (JXEDZ) near Shanghai.
“As Beyond Meat’s first end-to-end manufacturing facility outside the U.S., the cutting-edge plant in Jiaxing is expected to significantly increase the speed and scale in which the company can produce and distribute its products within the region while also improving Beyond Meat’s cost structure and sustainability of operations,” the Los Angeles-based plant-based food producer said.
Algonquin Power & Utilities Corp. (AQN-T) was down after subsidiary Algonquin Power Co. announced late Tuesday a green bond offering of $400-million in 2.85-per-cent senior unsecured debentures with a maturity date of July 15, 2031.
The proceeds will be used to finance and/or refinance investments in renewable power generation and clean energy technologies.
With files from staff and wires