A roundup of some of the North American equities making moves in both directions today
On the rise
Corus Entertainment Inc. (CJR.B-T) was up 6.3 per cent on Friday after reporting earnings rose in its first quarter of fiscal 2020 on slightly increased television advertising revenue and double-digit revenue growth in its content business, while subscriber and radio revenue fell.
The Toronto-based company says it had a net income of $78.1 million, or 37 cents per share, for the quarter ending Nov. 30, up from $60.4 million or 28 cents per share last year.
Adjusted net income came in at $80 million, or 38 cents per share, up from $70.1 million, or 33 cents per share a year earlier.
The Calgary-based company intends to purchase for cancellation up to 5.2 million common , which is approximately 9.9 per cent of its public float.
It also announced its preliminary 2020 capital expenditure budget of approximately $8-million. The 2020 capital expenditure budget is expected to be comprised of approximately $7-million of maintenance capital and $1-million of expansion capital.
Cott Corp. (BCB-T) was up 1.7 per cent announced after markets closed on Thursday that it has acquired Hungarian company Clearwater Kereskedelmi és Szolgáltató Korlátolt Felelősségű Társaság, through its Eden Springs subsidiary. The price wasn’t disclosed in the release.
"Through the acquisition of ClearWater, Eden Springs will enter the Hungarian market and add approximately 14,000 machines on location," the company stated. "The transaction also includes intellectual property for a carbonation technology patent that will provide customers with carbonated water through water filtration dispensers and bottled water coolers. Eden Springs plans to introduce ClearWater's carbonation technology to other markets."
The announcement comes a day after Cott announced that it’s evaluating strategic alternatives for its coffee, tea and extract solutions segment “to enhance shareholder value.”
Eli Lilly and Co. (LLY-N) was 1.5 per cent higher after it said on Friday it would buy skin disease specialist Dermira Inc. (DERM-Q) for about US$1.1-billion in cash, bolstering its arsenal with an experimental therapy for skin disease atopic dermatitis.
Lilly will pay US$18.75 per Dermira share, or a 2.2-per-cent premium to Dermira’s last closing price. It said the price represented a premium of about 86 per cent to Dermira’s 60-day volume-weighted average trading price including Friday’s closing price.
Dermira shares, which have doubled in the last one month, were trading up 4.5 per cent.
In November, an investigative story about Michael Bloomberg published in American outlet Business Insider uncovered allegations of sexual harassment against Mr. Eccleston while he was an executive at Bloomberg in the 1990s.
TMX has since launched an “expedited but thorough investigation,” according to the company, and on Friday the board said that the probe “found no evidence that Mr. Eccleston engaged in sexual harassment or sexual misconduct while employed at TMX.”
- Tim Kiladze
On the decline
Shares of Restaurant Brands International Inc. (QSR-T) slid 0.6 per cent after it announced Tim Hortons has hired a senior marketing executive from one of its biggest rivals at a time when competition in the coffee sector has presented challenges for the brand.
On Friday morning, the coffee-and-doughnut chain’s parent company announced that Hope Bagozzi has left as director of marketing for McDonald’s Restaurants of Canada Ltd. to become Tim Hortons’ new chief marketing officer. Ms. Bagozzi, who joined McDonald’s in 2004, will be responsible for product development, customer analytics, marketing and advertising.
- Susan Krashinsky Robertson
With files from Brenda Bouw and wires