A roundup of some of the North American equities making moves in both directions today
On the rise
Shares of Crius Energy Trust (KWH-UN-T) jumped 36.5 per cent in early afternoon trading on Thursday after announcing it has entered into a definitive agreement to be acquired by Vistra Energy Corp. (VST-N) for cash consideration of $7.57 per trust unit. Following the closing of the deal, Vistra said it will be the leading residential electricity provider in the United States with operations in 19 states and the District of Columbia.
Héroux-Devtek Inc. (HRX-T) sat 10 per cent higher after reporting third-quarter consolidated sales of $144.5-million, topping the consensus expectation on the Street of $129.9-million and an increase from $97-million last year. “We are very pleased with our third quarter financial and operational performance. The results from Beaver and CESA exceeded our expectations and all our major business units performed well, contributing 8-per-cent organic revenue growth. Operating income also improved significantly due to this higher throughput, which led to better absorption of manufacturing costs,” said president and chief executive officer Gilles Labbé in a release.
Gluskin Sheff Associates Inc. (GS-T) rose 7.5 per cent after Wednesday’s release of better-than-anticipated quarterly results, which led an analyst at Desjardins Securities to raise his rating for the stock.
Saputo Inc. (SAP-T) was up 2 per cent after reporting quarterly results that fell in line with expectations. The company also announced the appointment of Martin Gagnon as chief acquisition and strategic development officer.
First Quantum Minerals Ltd. (FM-T) was up 0.8 per cent after announcing that it has signed a new $2.7-billion term loan and revolving credit facility underwritten by three banks. It replaces the existing $1.5-billion revolving credit facility.
BB&T Corp. (BBT-N) rose 2;3 per cent after announcing its intention to buy SunTrust Banks Inc. (STI-N) for US$28.24-billion in an all-stock transaction. The deal creates the sixth-largest U.S. bank based on assets and deposits. The companies called it a merger of equals, valued at US$66-billion.
SunTrust shares jumped 8.2 per cent.
Shares of Canopy Growth Corp. (WEED-T) were up 0.1 per cent. Before market open, the company announced it was increasing its total investment in Canopy Rivers Inc. (RIV-X) by $30-million (CDN). Canopy Rivers fell 1.7 per cent on the news.
On the decline
BCE Inc. (BCE-T) was down 0.9 per cent despite reporting quarterly results that fell in line with expectations on the Street. The company announced a 5-per-cent increase in its annual dividend to $3.17 per common share.
Mullen Group Ltd. (MTL-T) fell 7 per cent a day after releasing weaker-than-expected fourth-quarter results. The Alberta-based supplier of trucking and logistics services reported a loss of 77 per share, versus the Street’s projection of a 17-cent profit. “"I am pleased to report that our fourth quarter results from an operating perspective were up year over year despite some significant challenges associated with the market meltdown in late 2018. We definitely saw the freight demand slow in the quarter as business adjusted to credit tightening. The major impact, however, was felt by our Oilfield Services segment, particularly those Business Units tied to drilling activity,” said chairman and chief executive officer Murray Mullen in a statement.
Nutrien Ltd. (NTR-T) fell 0.5 per cent after its 2019 profit forecast, released Wednesday, fell short of the Street’s expectations. The fertilizer maker expects a profit of $2.80 to 3.20 per share, versus the analysts’ estimate of $3.41. The company cited continued pressure on crop prices from record 2018 yields and the fallout from the ongoing U.S.-China trade dispute.
Andrew Peller Ltd. (ADW-A-T) plummeted 7.9 per cent following the release of weaker-than-anticipated third-quarter 2019 financial results. On Wednesday, the winemaker reported quarterly sales of $103.2-million, falling short of the $107.5-million consensus expectation on the Street.
Jamieson Wellness Inc. (JWEL-T) sat 8.8 per cent lower after an equity analyst at Canaccord Genuity downgraded its stock ahead of the release of its fourth-quarter 2018 financial results later this month.
Twitter Inc. (TWTR-N) dropped 9.8 per cent after the company’s first-quarter revenue projection below Wall Street estimates and in the wake of a drop in users for the fourth quarter. Following a 24-per-cent jump in fourth-quarter revenue, which exceeded estimates, the social media company said it’s expected total revenue of between US$715-million and US$775-million for the first quarter. The Street was expecting US$765-million.
David Leeder