On the rise:
Shares of Canadian Pacific Railway Ltd. (CP-T) rose more than 2 per cent in early trading after the country's second-largest railroad operator reported a 33-per-cent rise in adjusted second-quarter profit. Adjusted income rose to $602-million or $4.30 per share from $453 million or $3.16 per share a year earlier.
Goldman Sachs Group Inc. (GS-N) shares rose 2.6 per cent in early trading after the Wall Street investment bankreported a better-than-expected quarterly profit on Tuesday. Revenue fell at three of its four major businesses, with the biggest declines in trading and investment management. Institutional client revenue, which includes trading, slipped 3 per cent, while investment banking revenue was down 9 per cent. However, revenue from the bank’s investing and lending business rose 16 per cent.
Shares of Blue Apron Holdings Inc. (APRN-N) were up 56 per cent in early afternoon trading after the company said it will include Beyond Meat Inc’s (BYND-N) plant-based burgers on its menus from next month. Beyond Meat shares rose 2 per cent.
Burcon Nutrascience Corp. (BU-T) shares were up 20 per cent after Bloomberg reported the company landed its second pea processing facility, a $65-million plant near Winnipeg. The 20,000-ton processing facility is expected to open in mid-2020, which will create 80 to 85 jobs, Bloomberg reported, based on an interview with CEO Johann Tergesen. The plant will be able to swing between producing pea and canola protein, Mr. Tergesen said.
On the decline:
Shares of NFI Group Inc. (NFI-T) were down 10 per cent in early trading after the global bus manufacturer announced a revision to its fiscal 2019 guidance to 4,260 equivalent units (EUs), a decrease of 150 EUs, or 3.4 per cent, from previously reported expected deliveries. NFI said it delivered 1,029 EUs in the second quarter, a decrease of 130 EUs compared to the same period last year. The company plans to release its second-quarter results on Aug. 13.
Turquoise Hill Ltd. (TRQ-N) shares sank 38 per cent in early trading after the company reported further delays at its Oyu Tolgoi project in Mongolia. The company said first production could be delayed by 16-to-30 months compared to the original feasibility study guidance in 2016. It also said the development capital spend for the project may increase by $1.2-billion to $1.9-billion over the $5.3 billion previously disclosed.
Johnson & Johnson (JNJ-N) shares slipped 1.2 per cent in early trading after the company hiked its full-year operational sales forecast as strong demand for its cancer drugs Darzalex and Imbruvica helped it beat estimates for second-quarter profit on Tuesday. The company raised its operational sales forecast for 2019 to US$82.4-billion to US$83.2-billion, from a prior range of US$82-billion to US$82.8-billion.
Freshii Inc. (FRII-T) shares fell more than 2 per cent after the restaurant chain announced the appointment of Daniel Haroun as its new chief financial officer, effective Aug. 26. Mr. Haroun has more than a decade of senior management experience between Restaurant Brands International and, most recently, Walmart Canada, the company stated.
Shares of Domino's Pizza Inc. (DPZ-N) fell more than 4 per cent in early trading after the company reported second-quarter same-store sales at its U.S. outlets that grew slower than expected as it faced fierce competition from rival pizza chains and third-party delivery companies. Same-store sales at company-owned U.S. outlets grew 2.1%, while those at U.S. franchise stores rose 3.1% in the quarter ended June 16.
Lear Corp. (LEA-N) shares were down about 2 per cent after the company announced financial results in the first half of 2019 were “negatively impacted by continued declines in industry production volumes and other macroeconomic headwinds, including continued weakening of global currencies against the U.S. dollar.” The company revised is 2019 financial outlook. It said sales are expected to be US$20.1-billion, down 5 per cent from 2018. “Previously, we indicated that we anticipated an increase in industry production volumes in the second half of the year and an associated improvement in sales and earnings. We now believe general macroeconomic and industry factors will continue to put pressure on sales and earnings throughout the remainder of 2019,” said Ray Scott, Lear’s CEO stated in a release.
-with files from wire services