A humorous look at the companies that caught our eye, for better or worse, this week
Canopy Growth (DOG)
Is this, like, really happening? Or am I just dreaming it? Canopy Growth investors can only wish the past few weeks were a figment of their drug-addled imaginations, but the ugly drop in the cannabis producer’s share price is definitely real. Already down sharply after investors greeted legalization by selling cannabis stocks, Canopy took another tumble when the company reported a wider second-quarter loss as revenue rose less than expected. Downer, man.
WEED - TSX, $46.32, down 10.04%
Apple (DOG)
Yikes. This is one bruised Apple. Hammered by analysts’ expectations that iPhone unit sales will fall in the current fiscal year, shares of the tech giant officially entered a bear market this week, having tumbled 20 per cent from their record high in early October. With the company increasingly relying on price increases to drive revenue higher, Apple customers have apparently decided they don’t actually need a new $1,500 iPhone when their three-month-old $1,300 iPhone still works fine.
AAPL - Nasdaq, US$193.53, down 5.35%
Canada Goose (STAR)
Business quiz! Shares of Canada Goose surged after the company: a) agreed to be acquired by Nike and adopt the slogan Just Goose It; b) achieved better-than-expected sales from its “Parkas ‘n Pâté de Foie Gras” promotion; c) reported second-quarter results well above expectations and raised its full-year guidance for both revenue and adjusted earnings, helped by strong sales in China. Answer: c.
GOOS - TSX, $92.18, up 16.45%
Premium Brands Holdings (DOG)
Food distributor Premium Brands used to make investors salivate with its surging profits and share price. Now, it’s giving them a bad case of acid reflux: Citing production issues at one of its suppliers, the delayed launch of new sandwich and deli meat offerings and the impact of promotional pricing, the company posted third-quarter revenue and earnings below expectations and cut its 2018 forecast. With the stock down more than 40 per cent from its 2018 high, investors suddenly aren’t hungry.
PBH -TSX, $70.64, down 19.33%
Cineplex (DOG)
Why spend money on a horror movie when you can get the same blood-curdling thrills just by watching Cineplex’s stock price? Even as box-office revenue rose, shares of the movie-theatre chain plunged after it posted a 41-per-cent drop in earnings for the third quarter, hurt by a sharp decline in advertising revenue from the auto industry and the new Ontario government. Cineplex’s chief executive called the quarter an “anomaly," but after six consecutive quarters of revenue misses, investors can’t stop screaming.
CGX - TSX, $28.14, down 18.88%
John Heinzl