A roundup of some of the North American equities making moves in both directions today
On the rise
Canopy Growth Corp. (WEED-T, CGC-N) was up 9 per cent after an analyst Michael Lavery of Piper Jaffray hiked his target price for its stock by 50 per cent (to US$60 from US$40), pointing to a US$15-to-US$50-billion opportunity in the global cannabis market, which he sees growing to US$250-US$500-billion.
Shares of Canfor Corp. (CFP-T) jumped 4.9 per cent on Friday as material stocks led gains on the TSX. Interfor Corp. (IFP-T) and West Fraser Timber Co. (WFT-T) rose 3.6 per cent and 3.7 per cent, respectively.
Gold producers increased as spot gold rose about 1 per cent to US$1,293.24 per ounce on Friday on concerns about a prolonged U.S. government shutdown at a time when global growth is already slowing. Kinross Gold Corp. (K-T) sat up 2.9 per cent, while Barrick Gold Corp. (ABX-T) was 2.2 per cent higher.
Teck Resources Ltd. (TECK-B-T) was up 3.8 per cent as zinc prices hit their highest point in nearly three months on worries that weak refined output in China could send the global market into deficit.
Aptose Biosciences Inc. (APS-T) sat 3 per cent higher after an equity analyst at Oppenheimer initiated coverage of the stock with an “outperform” rating, citing the potential of its CG-806 clinical-stage cancer drug.
Khiron Life Sciences Corp. (KHRN-X), a Toronto-based cannabis company concentrated on the Latin American market, rose 4.5 per cent after announcing a deal to acquire 100 per cent of NettaGrowth International Inc., an arm’s length party, which will own, at the time of completion of the transaction, all the outstanding shares of Dormul S.A. (doing business as Cannapur).
Starbucks Corp. (SBUX-Q) jumped 3.2 per cent after reporting better-than-expected quarterly results on Thursday after market close, pointing to the popularity of its holiday drink offerings. The coffee company reported adjusted profit of 68 U.S. cents, exceeding the consensus estimate on the Street by 3 US cents. U.S. comparable same-store sales jumped 4 per cent year-over-year.
Alibaba Group Holding Ltd. (BABA-N) rose 1.2 per cent after its executive vice-chairman Joe Tsai said the Chinese e-commerce giant will continue to invest aggressively despite an uncertain business environment.
On the decline
Colgate-Palmolive Co. (CL-N) fell 1 per cent after announcing it expects a decline in 2019 earnings due to increases in advertising costs and the impact of higher commodity prices.
Despite exceeding expectations with its fourth-quarter earnings, Intel Corp. (INTC-Q) dipped 5.1 per cent on lower-than-anticipated guidance for the current quarter. The chipmaker pointed to a slowdown in China and sluggish demand for its data centre and modem chips.
David Leeder