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

On the rise

Shares of Bausch Health Companies Inc. (BHC-T, BHC-N), formerly Valeant Pharmaceuticals International Inc., were up 4.2 per cent in early afternoon trading on Monday after it announced it expects 2019 revenue to exceed the previous year’s result. The company released its financial outlook ahead of a presentation from chief executive officer Joseph C. Papa at the annual J.P. Morgan Healthcare Conference in San Francisco later in the day.

Investors applauded the announcement of Green Thumb Industries Inc.’s (GTII-CN) US$80-million acquisition of Advanced Grow Labs LLC, pushing its shares higher by 10.1 per cent. AGL is one of only four companies in Connecticut licensed to grow and process cannabis. “We are full steam ahead executing on GTI’s expansion plans as we look to create shareholder value. This transaction is an example of that given the attractive multiples,” said GTI chief executive officer Ben Kovler.

General Electric Co. (GE-N) jumped 4.3 per cent amid reports that New York-based private equity firm Apollo Global Managements is pondering an offer to acquire its aircraft leasing operations, which are estimated to be worth as much as US$40-billion.

On the heels of 12-per-cent jump on Friday, Mattel Inc. (MAT-Q) continued its ascent, climbing 8.9 per cent after announcing a licensing agreement with BTS, a popular South Korean boy band. Under the deal, Mattel will create dolls, collectible figures and games.

Shares of Tesla Inc. (TSLA-Q) were up over 4 per cent after the company broke ground on its Shanghai Gigafactory on Monday, its first factory outside in the United States. CEO Elon Musk said Monday on Twitter that the company will start production in China of its Model 3 and a planned crossover by the end of the year.

On the decline

Shares of Maxar Technology Inc. (MAXR-T, MAXR-N) dropped over 16 per cent after announcing its WorldView-4 satellite experienced a failure in its control moment gyros, preventing the satellite from collecting imagery due to the loss of an axis of stability. The company said efforts to restore functionality have been unsuccessful and it believes the device will not be recoverable.

Quarterhill Inc. (QTRH-T, QTRH-Q) was down 4.1 per cent after announcing U.S. court upheld an August decision in favour of its Wi-LAN Inc. subsidiary against Apple Inc. In a premarket release, the company said: “In a trial verdict rendered on August 1, 2018 in the United States District Court for the Southern District of California a jury awarded WiLAN $145.1 million in damages against Apple Inc. for infringement of WiLAN’s U.S. Patent Nos. 8,457,145 and 8,537,757. In a January 4, 2019 ruling, Judge Dana Sabraw upheld the jury verdict that Apple infringed the two WiLAN patents. The court did not lower the damages award but did grant WiLAN the option to accept either reduced damages in the amount of $10.0 million or a new trial limited to determining the amount of damages only. This ruling confirms infringement and the only issue between the parties remains damages.”

New York Stock Exchange owner Intercontinental Exchange Inc. (ICE-N) fell 2 per cent after Morgan Stanley, Fidelity Investments, Citadel Securities LLC and several other financial companies announced a deal to jointly launch a new low-cost bourse that will compete with the NYSE and Nasdaq.

Cascades Inc. (CAS-T) dropped 3.3 per cent after TD Securities analyst Sean Steuart downgraded its stock on Monday to a “hold” rating from a “buy.”

With files from Reuters

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/05/24 3:59pm EDT.

SymbolName% changeLast
Quarterhill Inc
Cascades Inc
Intercontinental Exchange
Mattel Inc
Peyto Exploration and Dvlpmnt Corp
Bausch Health Companies Inc
Green Thumb Industries Inc
GE Aerospace
Tesla Inc

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