A roundup of some of the North American equities making moves in both directions today
On the rise
Hudbay Minerals Inc. (HBM-T; HBM-N) rose 2.4 per cent in early afternoon trading on Wednesday after Waterton Global Resource Management, Inc., which owns approximately 11.9 per cent of the Toronto-based miner, issued a letter Wednesday announcing its majority slate of eight “highly-qualified and experienced independent director candidates” for election to the Hudbay board.
First Quantum Minerals Ltd. (FM-T) was up 11.4 per cent in response to its preliminary 2018 production and sales results. It now sees 2018 copper output of 605,853 tons, up 6 per cent from a year earlier, and copper sales of 596,513 tons, versus 580,130 tons in the previous year.
Goldman Sachs Group Inc. (GS-N) increased 8 per cent after topping analyst expectations with its fourth-quarter results. The bank reported a profit of US$6.04 per share, topping the US$4.45 estimate on the Street.
Bank of America Corp. (BAC-N), the second-largest U.S. bank, was up 7.3 per cent after its quarterly profit exceeded estimates.
Shares of Yelp Inc. (YELP-N) rose 2.2 per cent after SQN Investors LP, which owns a more than 4-per-cent stake and is one of the top five investors, said its shares could surge anywhere between $55 and $65, about 50-80 per cent higher than its current price, if it implements the hedge fund’s recommendations to check its “underperformance.”
After United Continental Holdings Inc. (UAL-Q) beat analyst expectations for both profit and revenue, its stock jumped 6.2 per cent.
On the decline
NFI Group Inc. (NFI-T) fell 13.8 per cent after revealing its fourth-quarter earnings are expected to be impacted by “several factors” such as ongoing start-up expenses of its new Shepherdsville, Ky., parts fabrication facility and lower-than-anticipated vehicle deliveries. It also cited “margin pressure in the private motor coach segment as a result of sales mix, higher trade-in subsidies and fair market value adjustments on pre-owned coaches in MCI’s inventory.”
B2Gold Corp. (BTO-T) fell 0.5 per cent despite reporting record annual gold production of 953,504 ounces in 2018, a jump of 51 per cent year-over-year, and revenues of $1.2-billion, which was a 92-per-cent increase.
Iamgold Corp. (IMG-T) fell 11.4 per cent in reaction to the release of its production and cost guidance for 2018 as well as its 2019 guidance.
Nordstrom Inc. (JWN-N) dipped 6.6 per cent after the U.S. department store operator announced Tuesday evening that it expects its full-year profit to fall to the lower end of its prior forecast due to disappointing holiday sales. The announcement prompted several equity analysts to downgrade their rating for its stock.
Snap Inc. (SNAP-N) dropped 12.4 per cent after the unexpected resignation of chief financial officer Tim Stone on Tuesday.
With files from wire and staff
David Leeder