A roundup of some of the North American equities making moves in both directions today
On the rise
Stantec Inc. (STN-T) rose 0.3 per cent in early afternoon trading on Tuesday after being selected the lead designer for the largest construction project in Chicago Transit history. The company will provide engineering, design and build services for Phase One of the Red and Purple Modernization Program, a project for which Stantec will be the Lead Designer. The US$2.1-billion project will reconstruct, modernize and build 1.9 miles of elevated tracks, including bridges and support structures along the U.S. city’s busiest transit corridor.
Investors applauded Netflix Inc.’s (NFLX-Q) plan for its largest price increase for U.S. subscribers. The media company is set to raise the cost of its most popular monthly plan to US$13 from US$11. Its stock is up 7.1 per cent.
Tamarack Valley Energy Ltd. (TVE-T) rose 7.3 per cent after Tuesday’s announcement that record production of approximately 24,780 barrels of oil equivalent per day in the fourth quarter, meeting its guidance of 24,500-25,000 boe/d.
On the decline
Crescent Point Energy Corp. (CPG-T; CPG-N) dipped 1.8 per cent after announcing a 2019 budget and production guidance that fell short of the expectations on the Street. The company revealed a budget of $1.2-$1.3-billion and a production expectation of 170,000 to 174,000 barrels of oil equivalent per day, missing the consensus projections of $1.5-billion and 176,000 boe/d, respectively. It also slashed its quarterly dividend to a penny to 3 cents.
Maxr Technologies Ltd. (MAXR-T, MAXR-N) was down 9.8 per cent on the heels of Monday’s announcement that Howard Lance had resigned his dual role of president and chief executive of the former MacDonald, Dettwiler and Associates Ltd.
First Majestic Silver Corp. (FR-T) fell 10.5 per cent after an equity analyst at BMO Nesbitt Burns downgraded its stock. On Monday, the company reported weaker-than-anticipated fourth-quarter production results.
SmartCentres Real Estate Investment Trust (SRU-UN-T) was down 1.9 per cent. On Monday after market close, the REIT announced a $200-million bought deal offering of trust units with proceeds earmarked to partially repay amounts currently drawn on its credit facilities.
The Stars Group Inc. (TSGI-T) lost 2.1 per cent. Barclays initiated coverage of its stock with an “equal-weight” rating on Tuesday, seeing negative earnings per share momentum, and after the U.S. Department of Justice hinted at wider restrictions on all gambling on the internet.
U.S.-listed shares of Tilray Inc. (TLRY-Q) dropped 11.6 per cent after the lockup for its initial public offering expired.
The company also signed a global revenue sharing agreement with Authentic Brands Group to develop and sell co-branded consumer cannabis products. New York-based Authentic Brands owns a portfolio of entertainment and lifestyle brands, including Juicy Couture, Aeropostale and Nine West.
Wells Fargo & Co. (WFC-N) was down 1.3 per cent in the wake of announcing its quarterly revenue fell 5 per cent, with declines in revenue seen across all of its business segments.
Ford Motor Co. (F-N) lost 1.2 per cent after announcing it is joining forces with Volkswagen AG on commercial vans and pickups and are exploring shared development of electric and self-driving technology, actions meant to save the automakers billions of dollars.
With files from wires and staff
David Leeder