A roundup of some of the North American equities making moves in both directions today
On the rise
A day after reporting better-than-expected fourth-quarter financial results, shares of Canadian Pacific Railway Ltd. (CP-T, CP-N) rose 3.3 per cent in early afternoon trading on Thursday. Several equity analysts raised their target prices for CP shares in reaction to the news.
U.S. railroad operator Union Pacific Corp. (UNP-N) also rose on Thursday, sitting up 3.2 per cent after reporting a higher-than-expected quarterly profit.
Endeavour Mining Corp. (EDV-T) was up 3.5 per cent after reporting fourth-quarter production jumped 25 per cent from the previous quarter. “2019 is expected to be another strong year as we look forward to the first gold pour at the Ity CIL plant in early Q2, where construction continues to progress ahead of schedule and on budget. Meanwhile, we will maintain an aggressive exploration program to build on the significant success achieved thus far,” the company said in a release.
Restaurant Brands International Inc. (QSR-T) rose 1 per cent a day after naming its new chief executive officer and revealing plans to open its first Tim Hortons location in China.
Southwest Airlines Co. (LUV-N), American Airlines Group Inc. (AAL-Q) and JetBlue Airways Corp. (JBLU-Q) rose 4.6 per cent, 5.5 per cent and 4.8 per cent, respectively, on Thursday after the U.S. airlines topped analyst expectations with their fourth-quarter financial results.
Ford Motor Co. (F-N) increased 2.2 per cent despite posting a lower operating fourth-quarter profit after the close on Wednesday. Losses in every global region except North America weighed on results.
On the decline
Rogers Communications Inc. (RCI-B-T) fell 3.4 per cent despite announcing its first dividend increase since 2016 following the release of better-than-anticipated fourth-quarter results. The company’s quarterly dividend will rise to 50 cents per share from 48 cents. For the quarter, Rogers earned 97 cents per share, flat year-over-year. Revenue rose to $3.94-billion from $3.73-billion.
Bombardier Inc. (BBD-B-T) was down 1 per cent following a report that New York City Transit will stop taking new train car deliveries from the company until it fixes existing cars. NYC Transit president Andy Byford told a Metropolitan Transportation Authority (MTA) committee meeting that Bombardier is not making a “case” to win future rail contracts from a longstanding New York rail customer.
The Montreal-based company also announced a definitive agreement to acquire the Global 7500 wing program from Triumph Group Inc. (TGI-N). “This acquisition is a perfect strategic fit for Bombardier Aerostructures,” said Danny Di Perna, president of Bombardier Aerostructures and Engineering Services in a release. “It will allow us to bring our extensive technical expertise to one of the industry’s biggest growth programs, while solidifying our position as a leading wing provider."
Great-West Lifeco (GWO-T) lost 4.6 per cent after announcing its Colorado-based subsidiary, Great-West Life & Annuity Insurance Company (GWL&A), has reached an agreement to sell its individual life insurance and annuity business to Protective Life Insurance Company for US$1.2-billion.
Canada Goose Holdings Inc. (GOOS-T, GOOS-N) dropped 9.9 per cent in the wake of an equity analyst at Wells Fargo downgrading its stock, expressing concern about its current valuation.
Apple Inc. (AAPL-Q) fell 0.5 per cent after cutting more than 200 employees from Project Titan, its autonomous vehicle group.
Sares of Tesla Inc. (TSLA-Q) continued to fall, sitting down 0.8 per cent a day after announcing it is reducing production hours for higher-priced Model S and Model X cars. The automaker’s stock dropped 3.8 per cent on Wednesday in reaction to the news.
Verizon Communications Inc. (VZ-N) lost 0.9 per cent after revealing it is cutting about 7 per cent, or about 800 jobs, at its media unit on Wednesday.
David Leeder