A roundup of some of the North American equities making moves in both directions today
On the rise
Marijuana producers jumped in mid-afternoon trading on Monday, leading the health care sector up 7.2 per cent. Aphria Inc. (APHA-T) sat 13.3 per cent higher, while Aurora Cannabis Inc. (ACB-T), Cronos Group Inc. (CRON-T) and Canopy Growth Corp. (WEED-T) were up 11.1 per cent, 18.1 per cent and 5.1 per cent, respectively.
Edmonton-based Radient Technologies Inc. (RTI-X) jumped 37 per cent after announcing it has received its Standard Processing License from Health Canada to process, sell, and distribute cannabis materials to other federal cannabis license holders. “This is a huge milestone for Radient Technologies and one that we are thrilled to have reached after a year of momentous growth,” said chief executive officer Denis Taschuk.
Shares of Blackline Safety Corp. (BLN-X) were up 3.6 per cent in the wake of the release of its fourth-quarter results on Monday before market open. The Calgary-based connected safety monitoring technology company reported revenue of $5.5-million, a 30-per-cent increase year-over-year.
Maxwell Technologies Inc. (MXWL-Q), a San Diego-based developer of battery technology, rose 48.9 per cent after announcing it has agreed to be bought by electric-car maker Tesla Inc. (TSLA-Q) for US$218-million. The offer values each Maxwell share at US$4.75, representing a 55-per-cent premium to the stock’s closing price on Friday.
At the same time, Tesla sat flat in reaction to the news.
In the wake of the news it has agreed to be bought by an investor group led by Hellman & Friedman in a US$11-billion deal, Florida-based Ultimate Software Group Inc. (ULTI-Q) was up 19.5 per cent. The investor group also includes Blackstone Group LP, GIC Pte Ltd, Canada Pension Plan Investment Board (CPPIB) and JMI Equity. “The transaction provides our stockholders with a substantial premium. Our decision was also made with the best interests of our 5,144 employees and our more than 5,600 customers at heart. This change will bring meaningful benefits to our employees and customers—both in the long and short terms,” said chief executive officer Scott Scherr
Ahead of the release of its quarterly results after market close, Alphabet Inc. (GOOGL-Q, GOOG-Q) sat 1.2 per cent higher. The Street is projecting earnings per share of US$10.90, rising from a loss of US$4.35 a year ago that was impacted by U.S. tax code changes.
Papa John’s International Inc. (PZZA-Q) rose 9.8 per cent with hedge fund Starboard Value LP taking a US$200-million stake in the pizza chain. The company rejected a similar offer from the company’s founder, John Schnatter.
On the decline
OceanaGold Corp. (OGC-T) lost 5.4 per cent following guidance that included lower year-over-year production from its New Zealand operations
Namaste Technologies Inc. (N-X) dropped 11.6 per cent after firing chief executive Sean Dollinger for cause. The Toronto-based cannabis tech firm also announced it has launched a strategic review process to “consider all value-maximizing alternatives.”
Pembina Pipeline Corp. (PPL-T) fell 0.5 per cent after announcing it plans to go ahead with its joint venture with Kuwait’s Petrochemical Industries Co. to build an integrated propane dehydrogenation plant and polypropylene upgrading facility in Alberta. The project is expected to cost $4.5-billion. Pembina’s net investment expected to be $2.5-billion, representing a 50-per-cent interest in Canada Kuwait Petrochemical Corp. (CKPC).
Shares of IGM Financial Inc. (IGM-T) were down 2.1 per cent after an equity analysts at Desjardins Securities downgraded its stock based on valuation concerns.
Similarly, Leagold Mining Corp. (LMC-T) dipped 3.3 per cent after receiving a CIBC World Markets downgrade.
With files from Staff and Wires