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Hexo loss widens in latest quarter, books impairment charges and goodwill writedowns

Hexo Corp. said Monday it had a net loss of C$298.2 million ($210.8 million) in its fiscal second quarter to Jan. 31, far wider than the loss of C$4.3 million posted in the year-earlier period. The Ottawa-based Canadian cannabis company did not offer a per-share figure. Revenue net of excise taxes came to C$17.0 million, up from $13.4 million a year ago. Revenue from sales of adult-use cannabis rose to C$16.3 million from C$12.2 million a year ago. The company said it wrote down surplus cannabis trim and milled products valued at C$3.1 million, due to an excess of supply related to its short-term demand for cannabis distillate production. It also wrote down a concentrated bulk purchase of C$11.8 million that was partly due to oversupply in the market. The bulk product was acquired through a supply agreement that is currently the subject of litigation. The company booked an impairment loss of C$138.3 million relating to its Niagara faility which is up for sale and on intangible assets acquired from Newstrike Brands. It also booked a goodwill impairment charge of C$111.9 million. The company said its manufacturing facilities remain open during the coronavirus outbreak but it has introduced working-from-home policies and cleaning measures to protect staff. Shares fell 2.8% premarket and are down 31% in the year to date.

7:56 a.m. Today
Conagra to give bonuses to full-time and part-time workers in the U.S., Mexico and Canada

Conagra Brands Inc. said Friday that it will give a $500 bonus to all U.S. employees at its production and distribution facilities, and a $250 bonus to part-time employees. Staff at facilities in Canada and Mexico will receive similar bonuses. The bonus is in recognition of the work done during the coronavirus outbreak. Workers sickened by Covid-19 would continue to receive pay, and are eligible for the bonus. Conagra's portfolio of brands includes Dunkin Hines, Healthy Choice and Birds Eye. Conagra stock is down 1.3% in Friday premarket trading, but up 2.7% for the last year. The S&P 500 index is down 6.3% over the past 12 months.

7:56 a.m. March 27, 2020
Gap and Canada Goose to make masks and gowns for hospital workers

Gap Inc. and Canada Goose Holdings Inc. have both committed to leveraging their partners in order to make scrubs and masks for hospital workers, and gowns for patients. In a tweet, Gap said it was bringing together large hospital networks in California with factories to produce gear for medical professionals on the front line of the coronavirus. And Canada Goose is using its manufacturing facilities in Toronto and Winnipeg, to start, to produce medical gear and patient gowns. Production at the Canada Goose facility will begin next week with 50 workers in each facility. The goal is to create 10,000 units initially. Gap stock is up 15% in Wednesday trading, but down more than 62% over the last year. Canada Goose shares are up 7.5% on Wednesday and down 56.5% for the past 12 months. The S&P 500 index has slumped 8.6% over the last year.

3:47 p.m. March 25, 2020
Bombardier to suspend all non-essential operations, to furlough affected employees

Bombardier Inc. said Tuesday that it will suspend all non-essential work at most of its Canada-based operations until April 26, including its aircraft and rail production activities in Quebec and Ontario. The Montreal-based planes and trains maker said employees impacted by the suspensions will be furloughed, as will some corporate office employees in less-critical support functions. Bombardier's chief executive and senior leadership team will forgo pay during the suspensions, and Chairman Pierre Beaudoin and other board members will forgo compensation for the rest of the year. The company said it is suspending its 2020 financial guidance, and said it has cut all discretionary spending and is pursuing additional measures to enhance liquidity. Bombardier's U.S.-listed shares have tumbled 66.8% over the past month, while the Dow Jones Industrial Average has dropped 33.5%.

9:19 a.m. March 24, 2020
Exclusive: Pot company Cronos receives SEC inquiry

The Securities and Exchange Commission has sent an inquiry to Cronos Group Inc., one of the largest cannabis producers in Canada, requesting the company retain records related to how it recognizes certain revenue, according to internal Cronos communications reviewed by MarketWatch.

10:21 a.m. March 22, 2020
3/30/2020 10:28am
Royal Bank of Canada
/zigman2/quotes/200638870/delayed
81.26
-1.28 -1.55%
3/30/2020 10:28am
Suncor Energy Inc.
/zigman2/quotes/204570600/delayed
16.69
+0.26 +1.58%
3/30/2020 10:28am
Barrick Gold Corp.
/zigman2/quotes/209252292/delayed
27.71
+0.82 +3.05%
3/30/2020 9:48am
Weekend Unlimited Industries Inc.
/zigman2/quotes/203481721/delayed
0.13
-0.02 -13.33%
3/30/2020 10:28am
Bank of Montreal
/zigman2/quotes/203180563/delayed
65.12
-1.54 -2.31%
3/30/2020 10:28am
Canadian Imperial Bank of Commerce
/zigman2/quotes/206423838/delayed
75.84
-1.83 -2.36%
3/30/2020 10:28am
Bombardier Inc. Cl B SV
/zigman2/quotes/208994866/delayed
0.435
-0.02 -4.40%

Sectors

Gold prices retreat as the U.S. dollar bucks up

Gold futures head lower on Monday as stocks and the U.S. dollar made some tentative steps higher against the backdrop of rapidly moving developments in the coronavirus pandemic and President Donald Trump extend guidelines on measures intended to mitigate the infection’s spread.

9:38 a.m. Today
These indicators suggest a stock-market bottom, but coronavirus fears could send the S&P 500 swooning again

The question investors must now ask themselves is whether or not the market has already hit the bottom of this bear market, or whether investors should prepare themselves for worse to come.

8:01 a.m. Today
Plunge in global crude demand sends oil prices down for a 5th straight week

Oil futures finish lower on Friday,with a huge drop in demand as result of the global COVID-19 pandemic sending prices down for a fifth week in a row.

4:06 p.m. March 27, 2020
Gold scores biggest weekly gain since 2008

Gold futures settle with a loss on Friday, but still score the biggest one-week rise since December 2008.

2:19 p.m. March 27, 2020
Dollar surge that sent shock waves through global markets gives way to retreat as funding pressures ease

A market-wrecking surge by the U.S. dollar is giving way to weakness as efforts by the Federal Reserve and global central banks to sate world-wide demand for the greenback appear to bear fruit.

12:35 p.m. March 27, 2020
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