A roundup of some of the North American equities making moves in both directions today
On the rise
Shares of WestJet Airlines Ltd. (WJA-T) rose 3.6 per cent in early afternoon trading on Tuesday after reporting a better-than-expected fourth-quarter profit, driven by an increase in passenger traffic. Before market open, the airline said revenue per passenger mile rose 4.5 per cent year-over-year. However, the company’s net profit fell to $29.2-million, or 26 cents per share, from $47.8-million, or 41 cents per share, a year ago. Analysts on the Street had projected a 13-cent profit. “In 2018 we executed several significant milestones on our path to becoming a high-value global network airline,” said president and chief executive officer Ed Sims in a press release. "As we enter 2019, we continue to build momentum and are well-positioned to deliver on our strategic initiatives and expand margins.
Absolute Software Corp. (ABT-T) was up 5.1 per cent in the wake of the release of in-line quarterly results. Several equity analysts raised their target price for its stock on Tuesday.
After reporting holiday quarter revenue that exceeded expectations, shares of Ralph Lauren Corp. (RL-N) rose 8.7 per cent. The luxury fashion company’ reported third-quarter 2019 revenue of US$1.73-billion, up from US$1.64-billion during the same period a year ago and ahead of the analysts’ average estimate of US$1.66-billion. “Solid execution on our key initiatives, especially during the important holiday period, delivered better-than-expected results for the third quarter as we drove higher average unit retail and continued to improve quality of sales overall,” said president and chief executive officer Patrice Louvet in a statement.
Estée Lauder Cos Inc. (EL-N) jumped 12 per cent after better-than-expected quarterly rules, driven largely by stronger demand for its luxury skin care brands, and an increase to its annual profit and sales projections. The company now expects adjusted profit for fiscal 2019 of US$4.92 to US$5 per share, rising from previous guidance of US$4.73 and US$4.82. It expects adjusted sales to grow between 8 per cent and 9 per cent, up from 7-8 per cent. “Despite a volatile and challenging backdrop, we are optimistic about our Company’s long-term outlook,” said president and chief executive officer Fabrizio Freda.
Goodfood Market Corp. (FOOD-T) sat 3.6 per cent higher after an equity analyst at Acumen Capital initiated coverage of its stock with a “buy” rating.
Namaste Technologies Inc. (N-X) was up 0.1 per cent a day after announcing firing its chief executive for alleged wrongdoing related to recent deal-making. Shares of the Vancouver-headquartered cannabis company dropped 14.5 per cent on Monday.
On the decline
A day after jumping 11.9 per cent, Cronos Group Inc. (CRON-T) fell 7 per cent on Tuesday. Shares of Aphria Inc. (APHA-T), Aurora Cannabis Inc. (ACB-T) and Canopy Growth Corp. (WEED-T) were down 6.7 per cent, 4.1 per cent and 3.2 per cent, respectively.
Canopy Rivers Inc. (RIV-X) dipped 7.3 per cent after announcing a $55-million bought-deal financing and $30-million investment from Canopy Growth Corp. (WEED-T), its largest shareholder, for total proceeds of $85-million.
Though it reported better-than-anticipated quarterly revenue and earnings after market close on Monday, shares of Alphabet Inc. (GOOGL-Q) were down 0.9 per cent amid concerns over higher spending. The tech giant revealed US$31.07-billion in total fourth-quarter costs and expenses, up 26 per cent year-over-year, while capital expenditures rose 64 per cent to US$7.08-billion.
Ahead of the release of its first-quarter financial results after market close on Tuesday, Walt Disney Co. (DIS-N) was down 0.1 per cent. The Street is projecting earnings per share and revenue of US$1.54 and US$15.05-billion, down from last year’s results of US$1.89 and US$15.35, which were driven by a strong slate of holiday movie releases and the impact of U.S. tax reforms.
With files from Staff and Wires