A roundup of some of the North American equities making moves in both directions today
On the rise
Marijuana producers enjoyed a second consecutive day of significant gains in the wake of a bullish report released Tuesday from U.S. brokerage Piper Jaffray which predicted the global cannabis market could reach US$500-billion in value. A day after jumping 13 per cent, Canopy Growth Corp. (WEED-T) was up 8.2 per cent in mid-afternoon trading, while rival Aurora Cannabis Inc. (ACB-T) sat 6.4 per cent higher.
AltaGas Ltd. (ALA-T) rose 1.8 per cent after announcing its monthly dividend of 8 cents per share.
On the decline
Pretium Resources Inc. (PVG-T) was down 5.9 per cent after reported lower-than-expected 2018 output from its Brucejack gold mine in British Columbia. The company produced 376,012 for the fiscal year, which was less than the 387,000-ounce result expecting from the Street.
Seven Generations Energy Ltd. (VII-T) fell 1.8 per cent after announcing it expects lower production volumes during the first half of 2019, stemming from its 2018 investment profile, which led to fewer new wells being brought on in late 2018. However, the Calgary-based company also said its 2019 production “will moderate corporate decline rates resulting in a reduced maintenance capital requirement in 2020.” It is forecasting of 200,000 to 205,000 barrels of oil equivalent per day of total production. It said it expects 2018 production to average 202,000 boe/d.
New Gold Inc. (NGD-T) was down 7.5 per cent after announcing the resignation of James Estey from its board of directors ."Over the past ten years, Jim has made a significant contribution to New Gold, and I would like to take this opportunity to thank him for his efforts," said chair Ian Pearce
Shares of Aritzia Inc. (ATZ-T) fell 2.5 per cent despite reporting better-than-expected third-quarter results after market close on Wednesday. The company announced net income of the quarter of $32.6-million, or 28 cents per diluted share, up from $28.1-million or 24 cents per share the year before.
Despite reporting comparable sales growth of 5.7 per cent during November and December, helped by higher customer visits and strong online sales during the holiday season, shares of Target Corp. (TGT-N) fell 4.3 per cent, due largely to a disappointing performance by rival Kohl’s Corp. (KSS-N).
Kohl’s shares were down 6.8 per cent after reporting comparable sales growth of 1.2 per cent during the final two months of 2018, from 6.9 per cent a year earlier.
Target expects same-store sales growth of about 5 per cent for the fourth quarter through January, while comparable sales had grown 3.4 per cent in the November-December period last year.
Macy’s Inc. (M-N) stock also dropped on Thursday, sitting down 18.8 per cent after cutting it same-store sales forecast for the holiday quarter. The retailer slashed its comparable sales growth forecast to 2-per-cent growth, down from a previous outlook of 2.3-per-cent to 2.5-per-cent growth.
American Airlines Group Inc. (AAL-Q) plummeted 6.2 per cent on Thursday after it cut its fourth-quarter unit revenue estimate, a closely monitored metric which compares sales to flight capacity, to an increase about 1.5 per cent in the quarter, verses a 1.5 per cent to 3.5-per-cent rise previously.
With files from Staff and Reuters