Algonquin Power & Utilities Corp. (DOG)
AQN - TSX
Fool me once, shame on you. Fool me twice, your name must be Algonquin Power & Utilities Corp. The shares slumped to their lowest point of the year on Friday after the company announced the long-expected sale of its renewable power assets (excluding hydro) to LS Power for up to US$2.5-billion as Algonquin transitions to a pure-play utilities business. But what got investors upset was that Algonquin also slashed its dividend by 40 per cent – the company’s second cut in less than two years and a bigger reduction than some analysts had expected. Don’t count your dividends before they land in your account, kids!
Viasat Inc. (STAR)
VSAT - Nasdaq
“I don’t want to go to Europe, Mom! I won’t be able to stream TikTok on the airplane!”
“They have satellite internet now, dear.”
“Cool! I’ll start packing.”
Thanks to surging demand for its satellite services used by airlines, military customers and businesses operating in remote locations, California-based Viasat Inc. posted revenue of US$1.1-billion in its fiscal first quarter ended June 30, up 44 per cent from a year earlier including the acquisition of British satellite company Inmarsat. With Viasat also hiking its full-year guidance, the stock has gone into orbit.
Restaurant Brands International Inc. (DOG)
QSR - TSX
Great. Now I’ll have to wait even longer for my morning double-double, maple bacon breakfast sandwich, side of potato wedges and 10-pack of assorted Timbits. Led by a 4.6-per-cent increase in same-store sales at Tim Hortons, parent Restaurant Brands International Inc. reported second-quarter results that initially sent the stock higher. But even as business grew at Tims, sluggish same-store sales at Burger King and Popeyes caused investors to lose their appetites for the shares. Well, at least I won’t have to stand around forever to get my four-piece chicken combo with a side of cajun poutine, buttermilk biscuit and large Diet Coke.
Airbnb Inc. (DOG)
ABNB - Nasdaq
Bad: Discovering that the next-door neighbours are turning their house into a full-time Airbnb. Worse: Investing in Airbnb Inc.’s stock. Shares of the short-term rental platform sank after it posted second-quarter earnings below expectations and warned of slowing growth. Even as total bookings rose 9 per cent to 125.1 million in the second quarter, the company said U.S. demand is softening and it is “seeing shorter booking lead times globally,” suggesting that economic uncertainty is prompting people to delay travel until the last minute. With the stock down about 25 per cent since July 1, investors are cancelling their vacation plans.
Lyft Inc. (DOG)
LYFT - Nasdaq
Investors in Lyft Inc. must be feeling a little, well, miffed. Even as the ride-hailing service posted solid second-quarter results, including a 41-per-cent surge in revenue and the company’s first-ever quarterly profit, the stock suffered its worst setback in more than a year. Seems the market was disappointed by Lyft’s guidance for third-quarter gross bookings and EBITDA (earnings before interest, taxes, depreciation and amortization), both of which came in below expectations. That’s probably why investors cut Lyft’s stock adrift.