A roundup of some of the North American equities making moves in both directions today
On the rise
Norbord Inc. (OSB-T) jumped 2.1 per cent in early afternoon trading after releasing stronger-than-anticipated fourth-quarter results before market open on Friday. The Toronto-based producer of wood-based panels reported quarterly earnings per share of 30 cents, exceeding the expectation on the Street by 3 cents. Adjusted EBITDA jumped 8 per cent year-over-year to $724-million on higher realized North American oriented strand board (OSB) prices and shipment volumes, as well as higher European panel prices.
Eldorado Gold Corp. (ELD-T) was up 3.9 per cent after a group of equity analysts upgraded its stock following the announcement late Wednesday that it was resuming mining operations at its Kisladag project in Turkey.
Brookfield Asset Management Inc. (BAM-A-T) was up 0.4 per cent amid reports it is considering making an offer for Royal KPN NV, a Dutch phone company. According to Bloomberg, Brookfield, Canada’s largest alternative asset manager, is holding exploratory talks with a pair of Dutch pension funds about partnering on a potential bid.
Brookfield Business Partners LP (BBU-UN-T) increased 3.9 per cent after it announced a deal to acquire Healthscope Ltd, the second largest private hospital operator in Australia, for approximately $4.1-billion (AUD$5.7 billion). “As a long-term operator of and investor in service businesses globally, and one of the largest builders of hospitals in Australia, we are confident in the prospects for Healthscope to strengthen, grow, and continue to provide quality healthcare services to the community under our ownership,” said Len Chersky, Managing Partner, Brookfield Business Partners, in a statement.
After exceeding the Street’s fourth-quarter profit expectations, Exxon Mobil Corp. (XOM-N) jumped 3.6 per cent. Despite a drop in net income year-over-year (to US$6-billion from US$8.38-billion) due to weaker margins in its crude, chemicals and refining operations, the U.S. energy giant logged a profit of US$1.41 per share, topping the analysts’ US$1.18 consensus projection.
Chevron Corp. (CVX-N) also rose in morning trading on the back of better-than-expected quarterly results. The company reported profit of US$1.97 per share, topping the consensus estimate of US$1.92 a share.
Tesla Inc. (TSLA-Q) sat 1.4 per cent higher after officially launching its Model 3 vehicle in China. The carmaker said i Chinese customers will be allowed to place orders for a long range, rear-wheel-drive Model 3 variant whose price will start at 433,000 yuan ($64,300.56). Previously, the starting price for a Model 3 in China was 499,000 yuan, for an all-wheel-drive long range version.
Weekend Unlimited Inc. (YOLO-CN) jumped 87 per cent after winning the lottery for the coveted POT ticker symbol.
Open Text Corp. (OTEX-T) was up 4.8 er cent after releasing better-than-anticipated quarterly results and the acquisition of Colorado legal-tech company Catalyst Repository Systems Inc. in a deal worth $75-million in cash.
On the decline
Shares of Teck Resources Ltd. (TECK-B-T) fell 2.8 per cent after the diversified miner announced Thursday evening it expects fourth-quarter profit to be fall significantly below the Street’s expectations, due largely to “disappointing” business at its Energy Business unit and Trail Operations, as well as inventory valuations. The Vancouver-based company said those factors are likely to reduce earnings by 30 cents per share and EBITDA by $195-million. Teck is scheduled to release its quarterly results on Feb. 13 before market open.
Imperial Oil Ltd. (IMO-T) dropped 4.8 per cent despite reporting a fourth-quarter profit that beat analysts’ estimates, as cheap crude prices enhanced margins at its refining division. The company said income from its refining unit jumped nearly four-fold to $1.14-billion. Overall quarterly income came in at $1.08 per share, topping the 94-cent expectation on the Street.
Celestica Inc. (CLS-T) lost 17.4 per cent after its fourth-quarter earnings fell short of expectations. On Thursday, the Toronto-based electronics manufacturing services company reported revenue for the first-quarter of US$1.73-billion, a rise of 10 per cent year-over-year but below the projection of the Street (US$1.74-billion).
Amazon.com Inc. (AMZN-Q) fell 4.1 per cent after its quarterly sales forecast fell short of the expectations on the Street. The e-commerce giant expects net sales of between US$56-billion and US$60-billion for the first quarter, missing the average estimate of US$60.77-billion.
With files from Staff and Wires