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A roundup of some of the North American equities making moves in both directions today

On the rise

Shares of RH (RH-N), once known as Restoration Hardware Holdings, Inc., were up 7.6 per cent after Warren Buffett’s Berkshire Hathaway Inc on Thursday said it has begun investing in the furniture chain.

Berkshire owned about 1.21 million RH shares worth US$206.3-million as of Sept. 30, according to a regulatory filing detailing Berkshire’s U.S.-listed stocks as of that date.

Shares of companies often rise after Berkshire announces new or increased stakes, reflecting investors’ regard for Buffett and the Omaha, Nebraska-based conglomerate he has run since 1965.

Detour Gold Corp. (DGC-T) jumped 10.9 per cent after reporting better-than-anticipated quarterly results after the bell on Thursday.

Canaccord Genuity analyst Carey MacRury said: “Overall, we view Q3/19 as another step in the right direction. Although production of 138,000 ounces was lower than our 148,000-ounce estimate largely due to lower grade (0.83 grams per ton vs. CG estimate of 0.9 g/t), cash costs of $730/oz were 9 per cent better than our $799/oz estimate, leading to an EPS and EBITDA beat. Production, cash cost and capex guidance were also all updated favourably and net cash increased by more than expected.”

Crescent Point Energy Corp. (CPG-T) rose 1 per cent after saying it is selling Saskatchewan midstream assets for $500 million as part of a divestiture strategy adopted following a management shakeup last year.

The Calgary company says it has struck a deal to sell nine natural gas processing facilities and two gas sales pipelines with total throughput capacity of more than 90 million cubic feet per day to privately held Steel Reef Infrastructure Corp.

Shares of retailer JC Penney Company Inc. (JCP-N) shot up 6.4 per cent after the company reported a narrower quarterly loss and raised its adjusted earnings forecast for the rest of the year.

JC Penney’s net loss fell to US$93-million, or 29 US cents per share, in the third quarter ended Nov. 2, from US$151-million, or 48 US cents per share, a year earlier. The company also said it now expects adjusted earnings before interest, tax, depreciation and amortization for the rest of the year to exceed US$475-million, compared with its prior outlook of US$440-million to US$475-million.

Apple Inc. (AAPL-Q) increased 1.1 per cent after analysts from JP Morgan said on Friday that the launch of Apple TV+, coupled with its foray into digital services, could help the company increase its income from advertising by more than five fold to US$11-billion annually within the next six years.

Raising his share price target for the iPhone maker, analyst Samik Chatterjee argued the company could leverage the millions of users who search its App Store and Safari browser daily to generate the stellar growth seen by Facebook and Google in recent years.

He said the company had the potential to raise revenue by a third every year, from an estimated US$2-billion currently to US$11-billion in 2025. Apple does not currently give detailed figures on advertising revenue.

On the decline

Shares of Aurora Cannabis Inc. (ACB-T) dropped 18 per cent after the Edmonton-based producer reported a 24-per-cent fall in revenue after the bell on Thursday.

Aurora also announced that it is deferring “for the foreseeable future” the completion of a 1.6-million-square-foot growing facility in Medicine Hat and is halting construction work on a greenhouse in Denmark. The company said it expects to save $190-million over the next year by reducing capital expenditures.

See also: Worries mount for pot sector after Canopy, Aurora suffer massive losses

Organigram’s dramatic revenue miss sends shockwaves through cannabis sector

Canopy Growth Corp. (WEED-T) was down 3.2 per cent a day after declining over 14 per cent on weaker-than-anticipated results and a grim outlook for the sector.

On Friday, an equity analyst at Canaccord Genuity downgraded its stock.

Elsewhere, Cronos Group Inc. (CRON-T) and Hexo Corp. (HEXO-T) were down 7.4 per cent and 5.6 per cent, respectively.

Nvidia Corp. (NVDA-Q) was down 2.6 per cent after joining rival Intel Corp to predict strong demand for chips used in data centers after its third-quarter revenue and profit beat market expectations.

Total revenue fell 5 per cent to US$3.01-billion, but was above expectation of US$2.91-billion. Excluding items, it earned US$1.78 per share, above estimates of US$1.57.

The company expects fourth-quarter revenue of US$2.95-billion, plus or minus 2 per cent, while analysts on average were expecting US$3.06-billion, according to IBES data from Refinitiv.

See also: Stock price target on ‘smartest company in the world’ jacked higher by $45

China’s JD.com Inc. (JD-Q) erased early gains and dipped 0.1 per cent after it beat analysts’ estimates for quarterly revenue on Friday, boosted by stronger sales in its core e-commerce business.

The company attributed the strong results to growth in lower-tier cities, a key area of expansion for China’s e-commerce giants as they tap out their existing base of users in China’s wealthier regions.

The company’s total net revenue rose 28.7 per cent to 134.8 billion yuan (US$19.27-billion) in the third quarter ended Sept. 30. Analysts had expected revenue of 128.6 billion yuan, according to IBES data from Refinitiv.

With files from staff and wires

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 27/03/24 4:00pm EDT.

SymbolName% changeLast
WEED-T
Canopy Growth Corp
+32.55%12.95
ACB-T
Aurora Cannabis Inc
+12.98%6.44
NVDA-Q
Nvidia Corp
-2.5%902.5
RH-N
Rh Common Stock
+3.74%296.99
RH-N
Rh Common Stock
+3.74%296.99
JD-Q
Jd.com Inc ADR
+3.3%27.23
AAPL-Q
Apple Inc
+2.12%173.31
CRON-T
Cronos Group Inc
+1.1%3.66
CPG-T
Crescent Point Energy Corp
+1.3%10.95

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