Canadian Tire (DOG)
CTC.A - TSX
Business quiz! Shares of Canadian Tire fell after: a) Gary the Canadian Tire guy was arrested in a sting by the Ontario Provincial Police, who allege the TV spokesperson led an internal theft ring that shipped thousands of Mastercraft snowblowers overseas; b) the retailer disclosed that more than one-third of its stores across Canada were flooded, destroyed by fire or damaged by tornadoes during the second quarter; c) consolidated comparable sales across Canadian Tire’s chains and normalized earnings per share were both essentially flat, as inflation, high interest rates and a slowing economy took a toll on consumers, prompting the company to pull its financial forecast that had called for steady growth through 2025. Answer: c
Beyond Meat (DOG)
BYND - Nasdaq
Beyond Meat’s second-quarter results were, well, beyond bad. Shares of the company that makes plant-based burgers and sausages tumbled after revenue slumped by 30.5 per cent to US$102.1-million, hurt by weak demand and increased discounting. The money-losing company also cut its full-year revenue forecast and said it no longer expects to turn cash flow positive in the second half, citing the impact of inflation, high interest rates, economic worries and soft demand. Anyone up for seconds of Beyond Meat shares? Didn’t think so.
Nuvei (DOG)
NVEI - TSX
If you watch Formula One racing, you may have noticed the Nuvei logo on driver Lewis Hamilton’s helmet. Unfortunately, the high-profile sponsorship doesn’t seem to be helping Nuvei’s sagging stock price. Shares of the Montreal-based digital payments processor skidded off the track and hit the wall after the company posted second-quarter earnings below expectations and slashed its revenue outlook for the second half of the year. With the stock hitting a record low – down more than 85 per cent from its 2021 high – the red flag is out for Nuvei investors.
Pet Valu Holdings (DOG)
PET - TSX
Like a new puppy, Pet Valu’s stock had plenty of energy in the months following its 2021 IPO. Lately, however, it’s been spending most of its time playing dead. Already down sharply this year as U.S. online pet products retailer Chewy prepares to enter Canada, Pet Valu’s shares sank to within a whisker of a record low after same-store sales growth decelerated to 6 per cent in the second quarter, down from 21.2 per cent in the same period a year earlier. With analysts expecting Pet Valu’s earnings to fall in the third quarter as the company cranks up promotional activity, it could be a while before this pooch learns any new tricks.
Capri Holdings (STAR)
CPRI - NYSE
Are you a slave to designer brands? Do you wear a pair of gaudy Versace sunglasses while grocery shopping, with a Michael Kors handbag slung over your shoulder and a bichon frisé peaking out, revealing an adorable Coach dog collar? Well, now you can invest in all of these luxury brands and more with a single stock purchase. Shares of Capri Holdings, which owns Versace, Jimmy Choo and Michael Kors, soared after the company agreed to be acquired for US$8.5-billion by rival Tapestry, whose brands include Coach, Kate Spade and Stuart Weitzman. Capri investors are already on their way to the mall to spend their winnings.