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Trudeau Says Canada Election Gives Mandate for 'Progressive Plan'

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4:58 a.m. Sept. 15, 2021 - By Ciara Linnane
Kansas City Southern terminates merger deal with Canadian National Railway and strikes new deal with Canadian PacificKansas City Southern said Wednesday it is terminating its merger agreement with Canadian National Railway Co. and entering a merger agreement with Canadian Pacific Railway Ltd. , after determining that it's $31 billion bid was the best of the two competing offers. Under the terms of the new agreement, KCS shareholders will receive $90 in cash and 2.884 shares of CP common stock for each share owned. Holders of the company's preferred stock will receive $37.50 in cash for each share owned. KCS will pay Canadian National a breakup fee of $700 million, and an extra $700 million to cover a sum paid by Canadian National to reimburse KCS a termination fee paid to CP in May. "Both of these payments will be reimbursed to KCS by CP," the company said in a statement. The company will schedule a special shareholder meeting to fove on the new deal in due course, said the statement. KCS shares were up 0.5% premarket and have gained 37% in the year to date, while the S&P 500 has gained 18%.
2:27 a.m. Sept. 14, 2021 - By Tomi Kilgore
Knowlton Development sets IPO terms, to raise up to $857 millionKnowlton Development Corp. Inc. has set terms for its initial public offering, in which the Canada-based beauty, personal care and home care company could be valued at up to $3.22 billion. The company is looking to raise up to about $857.1 million, as it is offering 57.14 million shares in the IPO, which is expected to price between $13 and $15 a share. The company expects to have about 214.66 million shares outstanding after the IPO. The stock is expected to list on the NYSE under the ticker symbol "KDC." Goldman Sachs, J.P. Morgan, UBS Investment Bank and BMO Capital Markets are the lead underwriters. Knowlton Development recorded a net loss of $12.7 million on revenue of $603.4 million for the three months ended July 31, after a loss of $600,000 on revenue of $482.4 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has gained 5.2% year to date while the S&P 500 has advanced 19.0%.
3:31 a.m. Sept. 3, 2021 - By Steve Gelsi
Jefferies upgrades Aurora Cannabis to hold as share prices 'better reflect reality'Jefferies on Friday upgraded shares of Aurora Cannabis Inc. to hold from underperform after the stock has fallen 10.5% so far this year. The U.S.-listed shares rose 0.9% in premarket trading. Analyst Owen Bennett said recent trading levels of the stock "better reflect reality" of operational weakness and the value of the company's prospects to expand into the U.S. market from the Canadian market. "The main bull argument for much of the Canadian names in recent times has been U.S. optionality [and] ACB is no different," Bennett said. He cut his price target for Aurora Cannabis by 9% to $8.56. The stock's weakness this year comes as the Cannabis ETF has rallied 17.9% and the S&P 500 has gained 20.8%.
7:10 a.m. Aug. 31, 2021 - By Steve Gelsi
Valens buys craft grower Stash CannabisThe Valens Company Inc. shares fell 0.7% on Tuesday after the cannabis company said it agreed to acquire all of the outstanding shares of premium marijuana brand Citizen Stash Cannabis Corp. in a deal that values the target company at about $43 million on an enterprise value basis. Shares of Citizen Stash rose 11.8%. Under terms of the deal, Citizen Stash shareholders will receive 0.1620 of a Valens common share for each Citizen Stash common share. Valens said the transaction will add to earnings in 2021 and 2022 before synergies, along with an expansion into premium flower and pre-rolled cigarettes, which account for more than 70% of retail sales. Valens Company CEO Tyler Robson said the acquisition will help the company "significantly expand its presence in the recreational market."
2:52 a.m. Aug. 25, 2021 - By Tomi Kilgore
Organigram launches new 'SHRED'ems' lineup of cannabis-infused gummiesOrganigram Holdings Inc. announced Wednesday the launch of its "SHRED'ems" lineup of "high-quality and bold" cannabis-infused gummies. The parent of Canada-based cannabis producer Organigram Inc., said "SHRED'ems" adds to its value-priced "SHRED" portfolio. The company said the vegan-friendly "SHRED'ems" will be available in three flavors, Wild Berry Blaze (Hybrid), Sour Cherry Punch (Indica) and Sour Megamelon (Sativa). The company said gummies currently represent 74% of the edibles category. "The launch of SHRED'ems is a significant milestone for Organigram," said Chief Revenue Officer Tim Emberg. "As a company, we remain dedicated to developing industry-leading products that meet consumer needs, and the launch of SHRED'ems is the first of many new innovations we anticipate coming from our strategic acquisition of EIC." Organigram's stock, which shed 4.9% in premarket trading, has run up 99.3% year to date through Monday, while the Cannabis ETF has gained 17.8% and the S&P 500 has advanced 19.4%.
9:32 a.m. Aug. 23, 2021 - By Tonya Garcia
Pumpkin spice lattes heading back to the Starbucks menu on TuesdayFall is coming at Starbucks Corp. whether customers are ready or not. The pumpkin spice latte will be back on the menu in the U.S. and Canada starting Tuesday, along with the Pumpkin Cream Cold Brew. This is the 18th year that Starbucks has featured the PSL on its menu, with 500 million sold in the U.S. since 2003. And this is the 3rd year for the Pumpkin Cream Cold Brew, with more than 90 million sold. According to Starbucks, the Pumpkin Cream Cold Brew outsold the PSL last year. A pumpkin scone, pumpkin loaf and pumpkin cream cheese muffin are also heading to the food menu. For those who want to brew their own, Starbucks Reserve Vietnam Da Lat and Starbucks Reserve Costa Rica Naranjo are also coming. Coffee prices due to an unusual frost in Brazil, putting a further premium on a good cup of coffee. Starbucks shares are up 7.8% for the year to date while the S&P 500 index has gained 19.5% for the period.
5:20 a.m. Aug. 20, 2021 - By Tomi Kilgore
Hexo stock tumbles after $140 million share offering pricingThe U.S.-listed shares of Hexo Corp. tumbled 18.4% in premarket trading Friday, after the Canada-based cannabis company announced the pricing of its previously announced public share offering, in which the company raised $140 million. The company said it sold 47.46 million units in the offering, consisting of one share of common stock and one half of one common share purchase warrant, at $2.95 per unit. Each warrant will be exercisable to buy one common share at an exercise price of $3.45 for a period of five years. The stock's Thursday's closing price was $3.20. Plans for the offering were announced after Thursday's closing bell. A.G.P./Alliance Global Partners and Cantor Fitzgerald Canada were the lead underwriters of the offering. Hexo plans to use the proceeds from the offering to help pay for the Redecan acquisition. Hexo's stock has plunged 44.9% over the past three months through Thursday, while the Cannabis ETF has dropped 13.6% and the S&P 500 has gained 5.9%.
5:54 a.m. Aug. 18, 2021 - By Tonya Garcia
Whirlpool Canada launches first laundry detergent brand, SwashWhirlpool Canada, an affiliate of Whirlpool Corp. , said Wednesday that it has launched its first laundry detergent brand, Swash. The brand is focused on using less detergent, with a bottle-and-cap design to measure detergent more precisely and a concentrated formula. This is a new product category for Whirlpool, with the item available at retailers across Canada and online. Whirlpool stock has gained 23.3% for the year to date while the S&P 500 index is up 18.2% for the period.
8:45 a.m. Aug. 16, 2021 - By Jaimy Lee
Moderna to supply Canada with up to 35 million doses of its COVID-19 vaccine every year through 2024Shares of Moderna Inc. were down 6.6% in trading on Monday after the company announced an updated supply deal for its COVID-19 vaccine with Canada. As part of the new terms, Moderna will supply up to 105 million doses and possibly its booster shot through 2024. This includes up to 35 million doses for each year. Moderna's stock has gained 247.4% so far this year, while the broader S&P 500 is up 18.9%.
6:15 a.m. Aug. 11, 2021 - By Tonya Garcia
Wendy's announces earnings beat, increased dividend and plans for more restaurants and delivery kitchensWendy's Co. stock rose 3.7% in Wednesday trading after the burger chain reported second-quarter earnings that beat expectations. Net income totaled $65.7 million, or 29 cents per share, up from $24.9 million, or 11 cents per share, last year. Adjusted EPS of 27 cents beat the FactSet consensus for 18 cents. Revenue of $493.3 million was up from $402.3 million and ahead of the FactSet consensus for $462.6 million. Global same-restaurant sales rose 17.4%, beating the FactSet consensus for a 15.8% rise. U.S. same-restaurant sales were up 16.1% while international same-restaurant sales grew 31.4%. The U.S. FactSet consensus was for a 14.1% increase. Wendy's has announced plans for a $10 million incremental spend on advertising for the breakfast menu in 2021, bringing the total for the year to $25 million. Wendy's restated its goal to make breakfast 10% of sales by 2022. The company also aims to open and operate 700 delivery kitchens in the U.S., Canada and U.K. with Reef Kitchens by 2025 after a test of eight kitchens in Canada proved successful. Cash obtained from a debt refinancing will fund a $100 million plan to add 80-to-90 new franchise locations between 2022 and 2025. Wendy's is increasing its quarterly dividend by 20% to 12 cents per share payable on September 15 to shareholders of record as of September 1. And the share buyback program has gotten authorization for an additional $70 million, bringing the total to $220 million. For 2021, Wendy's now expects global sales growth of 11% to 13%, and adjusted EPS of 79 cents to 81 cents. The FactSet consensus is for sales of $1.854 billion, suggesting growth of 6.9%, and EPS of 74 cents. Wendy's stock has risen 4.5% for the year to date while the S&P 500 index has gained 18.4% for the period.
3:52 a.m. Aug. 11, 2021 - By Tonya Garcia
Canada Goose losses deepen but quarterly results beat expectationsCanada Goose Holdings Inc. shares slipped 1.1% in Wednesday premarket trading after the luxury outerwear company reported wider fiscal first-quarter losses year-over-year. Net losses totaled C$58.4 million (US$46.6 million), or 51 cents per share, after a loss of C$48.1 million, or 46 cents per share, last year. Adjusted loss per share was 45 cents ahead of the FactSet consensus for a loss of 55 cents. Revenue of C$56.3 million (US$44.9 million) was up from C$26.1 million last year and ahead of the FactSet consensus for C$51.3 million. E-commerce revenue was up 80.8%. Canada Goose stock has gained 49.3% for the year to date while the S&P 500 index is up 18.1% for the period.
6:00 a.m. Aug. 10, 2021 - By Tomi Kilgore
Canadian National responds to Canadian Pacific's hostile bid for Kansas City Southern, calling it 'inferior'Canadian National Railway Co. called rival Canadian Pacific Railway Co.'s "inferior" to the terms of the CN-KCS merger deal, despite CP's call that its new bid was "superior." CN noted that was valued at $33.6 billion, including debt, while the bid CP submitted was valued at $31 billion. CP argued that a CP-KCS combination offers "significantly higher regulatory certainty" than a CN-KCS combination. CN responded by saying its merger deal is currently under review by the Surface Transportation Board (STB), following a comment period which resulted in "overwhelming support" from customers, suppliers, elected officials, organized labor, local communities and stakeholders. "CN and KCS' agreed transaction remains superior and the best option for both companies' stakeholders to deliver on a combination that will enhance competition and provide new servicing options for customers," CN said in a statement. CN shares rose 0.4% in morning trading, CP's stock fell 1.0% and KCS shares rallied 7.8%. Meanwhile, the Dow Jones Transportation Average ran up 1.2% and the Dow Jones Industrial Average tacked on 72 points, or 0.2%.
3:30 a.m. Aug. 6, 2021 - By Ciara Linnane
Canopy Growth revenue falls short of estimatesCanopy Growth Corp. shares rose 0.8% in premarket trade Friday, after the Canadian cannabis company posted a profit for its fiscal first quarter, thanks to noncash fair value changes in some of its holdings of more than C$600 million ($479.9 million). The company posted net income of C$392.4 million, or 84 cents a share, for the quarter to June 30, after a loss of C$108.5 million, or 30 cents a share, in the year-earlier period. Earnings were boosted by other income that totaled C$581 million, primarily due to non-cash fair value changes of $601 million. Revenue net of excise taxes came to C$136 million, up 23% from the year-earlier period. The FactSet consensus was for a loss of 23 cents a share and revenue of C$151 million. "While we're encouraged by regulatory advancement in the U.S., Canopy is not waiting as we continue to scale our business on both sides of the border with an exciting product pipeline planned for the coming quarters," Chief Executive David Klein said in a statement. Revenue was driven by double-digit growth in Canadian cannabis and other consumer products, which offset a decline in international sales. The company said CBD business in the U.S., led by the Martha Stewart line, continued to built momentum. The company is still aiming for positive adjusted EBTIDA by the end of fiscal 2022, driven by higher revenue, cost savings and improved price/mix. Shares have fallen 22% in the year to date, while the Cannabis ETF has gained 21% and the S&P 500 has gained 18%.
3:31 a.m. Aug. 5, 2021 - By Ciara Linnane
Penn National Gaming to acquire theScore from Score Media for about $2.0 billion in cash and stock, Score shares jump 65% premarketPenn National Gaming Inc. said Thursday it has agreed to acquire theScore, a digital media and sports betting company, from Toronto-based Score Media and Gaming Inc. for about $2.0 billion in cash and stock. Under the terms of the deal, theScore shareholders will receive $17 in cash and 0.2398 Penn shares for each theScore share owned, equal to $23 a share based on Penn National's 5-day volume weighted average trading price as of July 30. The deal has been approved by the boards of both companies and is expected to close in the first quarter of 2022. Penn is planning to finance the cash portion of the deal of about $1 billion with existing cash. Penn Chief Executive Jay Snowden said theScore is the leading sports app in Canada and third most popular in all of North America. "theScore's unique media platform and modern, state-of-the art technology is a powerful complement to the reach of Barstool Sports and its popular personalities and content," he said in a statement. Score Media shares jumped 65% premarket after resuming trading following a halt for the deal news. Penn shares were up 0.6% premarket but are down 23% in the year to date, while the S&P 500 has gained 17%.
3:49 a.m. Aug. 3, 2021 - By Ciara Linnane
Bausch Health shares slide 6% premarket after surprise loss, says will seek IPO of Solta Medical businessBausch Health Companies Inc. shares fell 6% in premarket trade Tuesday, after the company posted a surprise loss in the second quarter, hurt by higher costs stemming from litigation, selling, general and administration expenses and the impact of a recall caused by a quality issue at a third-party supplier. The loss came to $595 million, or $1.66 a share, wider than the loss of $326 million, or 92 cents a share, posted in the year-earlier period. Revenue rose to $2.100 billion rom $1.664 billion. The FactSet consensus was for EPS of 95 cents and revenue of $2.118 billion. The company, the former Valeant, lowered its full-year guidance and now expects revenue of $8.40 billion to $8.60 billion, down from earlier guidance of $8.60 billion to $8.80 billion. The FactSet consensus is for $8.60 billion. It made several other announcements with earnings, including that Thomas J. Appio will become CEO of Bausch Pharma as soon as the separation of the Bausch & Lomb eye health care business has been completed. The company will seek an initial public offering of its Solta Medical business, a provider in medical aesthetics. Shares have gained 43% in the year to date, while the S&P 500 has gained 16.8%.
2:51 a.m. July 30, 2021 - By Ciara Linnane
Burger King parent Restaurant Brands tops consensus estimates, resumes dividend and share buybacksRestaurant Brands International Inc. posted above-consensus earnings for the second quarter on Friday, after the COVID-19 pandemic hurt business in the year-earlier period. The parent of Burger King and Tim Hortons said it had net income of $390 million, or 84 cents a share, for the quarter, up from $163 million, or 35 cents a share, in the year-earlier period. Adjusted per-share earnings came to 77 cents, ahead of the 61 cents FactSet consensus. Revenue rose to $1.438 billion from $1.048 billion, also ahead of the $1.369 billion FactSet consensus. Digital sales rose nearly 60% in home markets and were up 15% from the prior quarter. Chief Executive José E. Cil said he was encouraged by the momentum across the business and the rapid adoption of digital channels by customers. The board has approved a dividend and a $1 billion share buyback program, he said. Burger King sales rose 37.9% to $5.883 billion, while Tim Horton sales rose 33% to $1.637 billion. Shares were slightly higher premarket and have gained 6.2% in the year to date, while the S&P 500 has gained 17.7%.
4:44 a.m. July 28, 2021 - By Ciara Linnane
Tilray swings to profit in latest quarter, sending stock up 5.9% premarketShares of Canadian cannabis company Tilray Inc. jumped 5.9% in premarket trade Wednesday, after it swung to a profit in its fiscal fourth quarter. Tilray said it had net income of $33.5 million in the quarter to May 31, or 18 cents a share, after a loss of $84.3 million, or 39 cents a share, in the year-earlier period. Revenue rose to $142.2 million from $113.5 million a year ago. The FactSet consensus was for a loss of 12 cents a share and revenue of $199 million. Revenue was boosted by 36% growth in cannabis revenue to $53.7 million, which included four weeks of contribution from legacy-Tilray, a 10% decline in distribution revenue, net beverage alcohol revenue of $15.9 million following the SweetWater acquisition on November 25, 2020, and wellness revenue of $5.8 million from Manitoba Harvest, the company said in a statement. The company remained loss-making on a full-year basis, recording a loss of $336 million, wider than the loss of $100.8 million posted in fiscal 2020. The loss was driven by $63.6 million in transaction costs, following its merger with Aphria, and $170.5 million of non-cash unrealized loss on convertible bonds. The company has achieved $35 million in synergies on the Aphria deal and expects to reach its goal of about $80 million within 18 months of closing. U.S.-listed shares have gained 54% in the year to date, while the Cannabis ETF has gained 17% to match the S&P 500's gain.
2:55 a.m. July 28, 2021 - By Tomi Kilgore
GameStop to change name of EB Games locations in Canada to GameStopGameStop Corp. said Wednesday it rebrand EB Games in Canada, by changing the name of the locations in Canada and the online store to the GameStop brand by the end of 2021. The stock slipped 0.5% in premarket trading. "This decision follows are receipt of feedback from our valued customers and stockholders," the videogame retailer said in a statement. The stock is little changed over the past three months through Tuesday, but has rocketed 848% year to date, while the S&P 500 has gained 17.2% this year.
4:16 a.m. July 16, 2021 - By Tomi Kilgore
Kansas City Southern swings to loss on merger costs, while adjusted profit misses expectationsKansas City Southern said Friday it swung to a second-quarter net loss, as a result of more than $700 million in merger costs, while also reporting an adjusted profit and revenue that came up short of expectations. The railroad operator's stock was little changed in light premarket trading. The net loss for the quarter was $378.6 million, or $4.17 a share, after net income of $109.7 million, or $1.16 a share, in the year-ago period. Excluding nonrecurring items, such as $720.8 million in merger costs, adjusted earnigns per share of $2.06 missed the FactSet consensus of $2.15. The company with Canadian National Railway Co. during the quarter. Revenue rose 37% to $749.5 million, boosted by higher volume, higher fuel surcharges and the strengthening of the Mexican peso against the U.S. dollar, but was below the FactSet consensus of $750.6 million. The company said it "fell short" of its own expectations for customer service. "Our operating team is focused on implementing structural and sustainable changes that will improve operational performance and the resiliency of our network," said Chief Executive Patrick Ottensmeyer. The stock has rallied 31.9% year to date through Thursday, while the Dow Jones Transportation Average has advanced 17.5% and the Dow Jones Industrial Average has gained 14.3%.
2:15 a.m. July 13, 2021 - By Ciara Linnane
Organigram tops revenue estimates in fiscal Q3 as loss narrowsCanadian cannabis company Organigram Holdings Inc. posted a narrower loss for its fiscal third quarter than in the same period a year ago as revenue topped estimates. The company posted a loss of C$4 million ($3.20 million) for the quarter to May 31, after a loss of C$89.9 million in the same period a year ago. It did not offer any per-share numbers. Revenue net of excise taxes came to C$20.2 million, up from C$18.0 million a year ago. The FactSet consensus was for revenue of C$17.2 million. Chief Executive Paolo De Luca said the company was better staffed in the quarter to fulfill demand for its products, after shortages during the pandemic. Adult-use recreational cannabis revenue rose 40% from the prior quarter and was up 10% from a year ago. The company is now expecting sequentially higher revenue and improved adjusted gross margins in the fourth quarter, as COVID-19 restrictions lift and the number of retail stores grows. Shares were up 6% premarket, and have gained 99% in the year to date, while the Cannabis ETF has gained 30% and the S&P 500 has gained 16.7%.
3:51 a.m. July 12, 2021 - By Tonya Garcia
Nordstrom takes stake in Asos brands including TopshopNordstrom Inc. announced Monday that it has taken a minority interest in four brands run by online retailer Asos Topshop, Topman, Miss Selfridge and HIIT. Asos will continue to have creative and operational control of Topshop brands, but Asos and Nordstrom will have a shared ownership model. Nordstrom will have exclusive retail rights to Topshop and Topman in North America and be the only store selling the labels. Nordstrom has been the exclusive distributor for the two labels in the U.S. since 2012. Asos customers will be able to pick up their orders at Nordstrom and Nordstrom's Rack stores starting in the fall. The investment sets the stage for a broader alliance going forward, the companies say. Nordstrom shares have gained 15.4% for the year to date while the S&P 500 index is up 16.3% for the period.
3:25 a.m. June 29, 2021 - By Ciara Linnane
Tilray CEO seeks shareholder approval to increase stock and give it ammunition to make acquisitionsTilray Inc. Chief Executive Irwin Simon called on shareholders to support a proposal at the company's annual shareholder meeting that will allow the Canadian cannabis company to increase the number of authorized shares of common stock, enabling it to make acquisitions for growth. "Importantly, approval does not mean that the authorized shares will be issued, only that they are available if needed in pursuit of these important corporate initiatives to drive shareholder value,' Simon wrote in a letter to shareholders. Tilray has recently completed its merger with Aphria to create the biggest cannabis company in the world, measured by revenue. The company is also seeking to expand shareholder rights at a meeting scheduled for July 29. U.S.-listed shares were up 1.3% premarket and have gained 126% in the year to date, while the Cannabis ETF has gained 39% and the S&P 500 has climbed 14%.
3:22 a.m. June 24, 2021 - By Ciara Linnane
Canada Goose is going fur-free and will cease buying fur by year-endCanada Goose Holdings Inc. said Thursday it is committing to going fur-free and will stop buying fur by the end of 2021 and cease manufacturing with it no later than the end of 2022. "Our focus has always been on making products that deliver exceptional quality, protection from the elements, and perform the way consumers need them to; this decision transforms how we will continue to do just that," Chief Executive Dani Reiss said in a statement. Earlier this year, the maker of outdoor jackets launched a new, more sustainable parka called the Standard Expedition Parka, and launched new lightweight down jackets, called the Cypress and Crofton. The company said the parka generates 30% less carbon and uses 65% less water during production. The two jackets are made with recycled nylon. In 2019, Canada Goose announced its commitments to achieve net-zero carbon emissions and to reduce emissions by more than 80% from current levels by 2025. Shares were up 1.7% premarket and have gained 37% in the year to date, while the S&P 500 has gained 13%.
4:50 a.m. June 18, 2021 - By Ciara Linnane
Edesa Biotech shares jump 14% premarket after early review of COVID treatment finds it should continue trialEdesa Biotech Inc. shares jumped 14% premarket on Friday, after the Canadian biotech, which is listed on Nasdaq, said an interim review of its one-dose COVID-19 treatment candidate found it should continue the study as planned. Toronto-based Edesa said an independent data and safety monitoring board made that determination after an initial review of the first patients enrolled in its Phase 2/3 study evaluating the drug candidate as a treatment for hospitalized patients. "While it is not possible yet to draw conclusions, we are encouraged by the monitoring board's findings as well as the robust enrollment we have achieved to date," Edesa said in a statement. The company has filed a trial amendment with the U.S. Food and Drug Administration to streamline the U.S. protocol and align it with other jurisdictions. More than 370 patients are enrolled in the trial. The drug, called EB05, is a monoclonal antibody that Edesa believes can treat acute respiratory distress syndrome, which is one of the main causes of death from COVID. Edesa shares have gained 34% in the year to date, while the SPDR S&P Biotech ETF has fallen 4% and the S&P 500 has gained 12.4%.
4:41 a.m. June 15, 2021 - By Jaimy Lee
Ocugen's stock is up 14% after announcing manufacturing partner for experimental COVID-19 shotShares of Ocugen Inc. gained 14.3% in premarket trading on Tuesday after the company said it picked Jubilant HollisterStier, a privately held pharmaceutical contract manufacturer, to produce its still-investigational COVID-19 vaccine for the U.S. and Canada. The vaccine is not authorized or approved in either country at this time. Ocugen's stock is up 239.4% so far this year, while the broader S&P 500 has gained 13.3%.
3:06 a.m. June 15, 2021 - By Ciara Linnane
Hexo stock price target cut by Stifel and AGP after earnings disappoint, but pending deals are viewed as positiveStifel analysts reiterated their hold rating on shares of Canadian cannabis company Hexo Corp. on Tuesday and lowered their price target to C$7.50 ($6.15) from C$10.00, after disappointing earnings led them to a "more cautious approach" to the stock. The report released Monday was similar to results from peers, most of whom have seen sequential and year-over-year declines in revenue in their latest quarter, said analysts led by W. Andrew Carter. "But the underperformance related to specific company issues in Quebec where HEXO's supply chain limitations drove the weaker sales performance," Carter wrote in a note to clients. "Up until F3Q21, HEXO's consistent sales growth while rationalizing its cost structure has differentiated the company." Hexo will likely be an a different position next year, after a flurry of M&A activity this year, but "the magnitude of the underperformance drives scrutiny for the core business and the ability to realize value from over C$1.1 billion deployed towards M&A," said the note. Hexo posted Hexo announced its in late May with news that it is acquiring privately held Redecan for C$925 million in cash and stock. That comes after the February news of the purchase of Zenabis Global Inc. for C$235 million in stock, and earlier in May, it announced the acquisition of 48North Cannabis Corp. for C$50 million in stock. Alliance Global Partners analysts also lowered their stock price target, to C$12 from C$14, but reiterated a buy rating given the pending deal closures. Hexo shares were not active premarket, but have gained 68% in the year to date, while the Cannabis ETF has gained 40% and the S&P 500 has gained 13%.
4:09 a.m. June 14, 2021 - By Ciara Linnane
Hexo shares slide almost 5% premarket after third-quarter earnings fall far short of estimatesHexo Corp. shares slid 4.8% in premarket trade Monday, after the Canadian cannabis company posted a wider-than-expected loss for its fiscal third quarter and revenue that fell short of estimates. Ottawa-based Hexo said its loss widened to C$20.7 million ($17 million), or 17 cents a share, in the quarter to April 30, from C$19.5 million, or 38 cents a share, a year ago. Revenue climbed to C22.7 million from C$22.1 million. The FactSet consensus was for a loss of 6 cents a share and revenue of C$34.5 million. "While this was a challenging quarter, we maintained our number one position in the beverage category and increased our net sales outside of Quebec by 169% over last year, including 14% sequential quarterly growth in Ontario, while continuing to maintain our number one position as the preferred supplier to Quebec," Chief Executive Sebastien St-Louis said in a statement. "Moving forward, we are committed to rebuilding our strain strategy and brand mix in the province of Quebec to ensure we meet consumer needs and maintain our dominant position in the province." Hexo announced its in late May with news that it is acquiring privately held Redecan for C$925 million in cash and stock. That comes after the February news of the purchase of Zenabis Global Inc. for C$235 million in stock, and earlier in May, it announced the acquisition of 48North Cannabis Corp. for C$50 million in stock. Hexo shares have gained 80% in the year to date, while the Cannabis ETF has gained 44% and the S&P 500 has gained 13%.
3:45 a.m. June 14, 2021 - By Ciara Linnane
Canadian cannabis company Cronos purchases option to acquire 10.5% stake in PharmaCann for $110.4 millionCronos Group Inc. said Monday it has purchased an option to acquire a 10.5% stake in U.S. cannabis company PharmaCann in a deal valued at $110.4 million. Under the terms of the deal, the option can be exercised upon various factors, including the status of U.S. federal cannabis legalization, as well as regulatory approvals, including in states where PharmaCann operates. PharmaCann has six production facilities and 23 dispensaries operating under the Verilife brand in six states, namely New York, Illinois, Ohio, Maryland, Pennsylvania and Massachusetts. "Our U.S. growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the U.S. market through investments and opportunities with U.S. leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people's lives," said Cronos CEO Kurt Schmidt in a statement. Cronos' U.S.-listed shares were slightly lower premarket, but have gained 28% in the year to date, while the Cannabis ETF has gained 41% and the S&P 500 has gained 13%.
10:10 a.m. June 10, 2021 - By Tomi Kilgore
IM Cannabis stock rallies toward an 8-day win streak after bullish analyst callThe U.S.-listed shares of IM Cannabis Corp. rallied 3.2% in afternoon trading Thursday, putting them on track for an eighth straight gain, after a bullish call from Alliance Global Partners analyst Aaron Grey, saying the Israel-based cannabis company is an "international play" on legal cannabis. The stock, on track to close at a five-week high, has run up 36.86% during its win streak. Grey initiated coverage of the company with at buy rating and stock price target of $10, which is about 66% above current levels. He said he believes IM Cannabis is "particularly well positioned" to benefit from the growing Israeli medical cannabis market. "Additionally, we look for [IM Cannabis] to grow its business in the German medical market, with recent acquisitions positioning it in Canada's premium segment (and allowing for exports, in time)." The stock is rallying despite broad weakness in the cannabis sector, as the Cannabis ETF dropped 1.7% with 26 of 32 equity components losing ground. Year to date, IM Cannabis shares have slumped 22.9% while the Cannabis ETF has soared 42.0% and the S&P 500 has gained 13.0%.
2:55 a.m. June 8, 2021 - By Tonya Garcia
Hexo to offset carbon emissions and plastics packaging by September 2021Hexo Corp. announced Tuesday its commitment to offsetting all of its operational carbon emissions and the carbon emissions of its 1,200 staff members, including powering their homes and food consumption, by September 2021. The cannabis company will also offset its plastic use through a partnership with Plastic Bank. With help from Offsetters, a Canadian carbon management company, Hexo will measure corporate carbon emissions from 2020, becoming carbon neutral by September. So far, in conjunction with its plastic packaging supplier Dymapak, the company has offset 63,000 kilograms of plastic in 2021. Hexo stock has rallied nearly 89% for the year to date while the S&P 500 index is up 12.5% for the period.
3:43 a.m. June 4, 2021 - By Ciara Linnane
Canadian cannabis company Cronos amends agreement with Ginkgo, to issue up to 14.7 million shares Canadian cannabis company Cronos Group Inc. said Friday it has amended its agreement with Ginkgo Bioworks Inc. to accelerate the commercialization of cultured cannabinoids at scale. Cronos has had a research partnership with Ginkgo for several years with the aim of producing rare strains of cannabis that feature some of the 100 different cannabinoids, the compounds in the plant. Under the terms of the new deal, Cronos will issue to Ginkgo up to 14.7 million common shares once Ginkgo can show that certain microorganisms are capable of producing eight target cannabinoids above specified minimum productivity levels. The amended agreement "will enable Cronos Group to commercialize products using cultured cannabinoids ahead of reaching the originally stated productivity targets, while maintaining the incentives to continue to develop towards and achieve the previously agreed upon efficiency and cost goals," the company said in a statement. It expects to be the first to bring cultured cannabinoid products to market in Canada. Cronos U.S.-listed shares were up 09.4% premarket and have gained 23% in the year to date, while the Cannabis ETF has gained 42% and the S&P 500 has gained 11.6%.
5:20 a.m. June 3, 2021 - By Tomi Kilgore
GM stock jumps after call for first-half results to be 'significantly better' than expectedShares of General Motors Co. jumped 3.2% in premarket trading Thursday, after the automaker said it expects first-half 2021 financial results to be "significantly better" than previous guidance, given its "success" in dealing with the semiconductor shortage. GM also said it is taking steps to boost deliveries to dealers and customers in the U.S. and Canada "to meet strong customer demand" for its Chevrolet, Buick, GMC and Cadillac model vehicles. Production of the Chevrolet Silverado HD and GMC Sierra HD pickups will increase by about 1,000 trucks per month, starting in mid-July, while shipments of Chevrolet Colorado and GMC Canyon pickups will increase by about 30,000 vehicles from mid-May through the week of July 5. "The global semiconductor shortage remains complex and very fluid, but the speed, agility and commitment of our team, including our dealers, has helped us find creative ways to satisfy customers," said Phil Kienle, vice president, North America Manufacturing and Labor Relations. "Customer demand continues to be very strong, and GM's engineering, supply chain and manufacturing teams have done a remarkable job maximizing production of high-demand and capacity-constrained vehicles." The stock has run up 43.3% year to date, while the S&P 500 has gained 12.0%.
3:23 a.m. June 1, 2021 - By Tomi Kilgore
Canopy Growth reports wider-than-expected loss, but stock gainsThe U.S.-listed shares of Canopy Growth Corp. rose 0.8% in premarket trading Tuesday, even after the Canada-based cannabis company reported a wider-than-expected fiscal fourth-quarter loss and revenue that rose less than forecast. The net loss for the quarter to March 31 narrowed to C$700.0 million ($581.5 million), or $1.85 a share, from loss of $1.30 billion, or $3.72 a share, in the same period a year ago. The FactSet consensus for net losses per share was 25 cents. Net revenue rose 37.6% to C$148.4 million ($123.3 million), below the FactSet consensus of C$151.4 million, as total net cannabis revenue rose 27% to C$101 million. Canadian recreational cannabis revenue was C$61.1 million, up 39% from the sequential fourth quarter, while Canadian medical cannabis revenue grew 30% go C$74.8 million. Gross margin percentage was 6.6%, compared with negative 85.1% a year ago. The company said its cost-savings program is on track to deliver C$150 million to C$200 million of savings within the next 18 months, and the company remained committed to its path to profitability by the end of fiscal 2022. "We made tremendous progress improving our supply chain and right-sizing our manufacturing footprint, bringing supply and demand into balance," said Chief Executive David Klein. The stock has gained 5.9% year to date through Friday, while the Cannabis ETF has rallied 42.8% and the S&P 500 has gained 11.9%.
4:38 a.m. May 28, 2021 - By Ciara Linnane
Canadian cannabis company Hexo announces third deal of 2021, the purchase of Redecan for C$925 million in cash and stockCanadian cannabis company Hexo Corp. said Friday it has agreed to acquire privately held Redecan for C$925 million ($764.7 million) in cash and stock. Under the terms of the deal, Hexo will pay C$400 million in cash and issue C$525 million in common stock at an implied price of C$7.53, five trading day-period volume-weighted average price (VWAP) of HEXO common shares on the Toronto Stock Exchange. The deal is expected to close in the third quarter and create the leader in the Canadian adult-use market. Redecan is a family-owned business with 30 years of history in the agricultural sector. The deal is the third by Hexo this year. In February, it announced the purchase of Zenabis Global Inc. for C$235 million in stock, and earlier in May, it announced the acquisition of 48North Cannabis Corp. for C$50 million in stock. Shares rose 5% premarket and have gained 77% in the year to date, while the Cannabis ETF has gained 38% and the S&P 500 has gained 11.8%.
7:20 a.m. May 21, 2021 - By Tomi Kilgore
Kansas City Southern to merge with Canadian National, paid Canadian Pacific $700 million breakup feeShares of Kansas City Southern rose 0.6% in Friday morning trading, after the Missouri-based railroad company said it has terminated its merger agreement with Canadian Pacific Railway Ltd. , and will go with it determined was a "superior" bid from Canadian National Railway Co. . As a result, Kansas City Southern will pay Canadian Pacific a $700 million breakup fee, which will be reimbursed by Canadian National. In March, Kansas City Southern had agreed to be acquired by Canadian Pacific (CP) , but then received in April. Kansas City Southern said Friday that under terms of the Canadian National deal, its shareholders will receive $200 in cash and 1.129 Canadian National shares (CN) for each Kansas City Southern share (KSU) they own, which at current stock prices values KSU at $318.53 each. Meanwhile, shares of CN are down 1.3% in morning trading and CP are up 0.7%. KSU shares have now rallied 44.7% year to date, while the Dow Jones Transportation Average has advanced 24.8% and the Dow Jones Industrial Average has gained 12.2%.
11:59 a.m. May 20, 2021 - By Jeremy C. Owens
Aurora Cannabis files for stock sale, mentions U.S. acquisition possibilityAurora Cannabis Inc. filed for a potential sale of $300 million in fresh shares Thursday, and mentioned the possibility of a U.S. acquisition. The Canadian cannabis company announced that it planned a $300 million at-the-market share offering , and filed with the Securities and Exchange Commission for the sale on Thursday. In both the prospectus and a news release announcing the filing, Aurora suggested the proceeds would be used toward finding an acquisition target in the U.S. market. "Aurora believes this filing will provide maximum flexibility for the Company to pursue select acquisitions going forward, including within the U.S.," the company stated in . "Aurora confirms that its current cash position remains strong at approximately $525 million as of May 13, 2021. Given the strength of Aurora's current cash position, it is not expected to need to access the ATM Program without an accretive use of proceeds." Aurora , but could be looking for a more traditional marijuana asset in the U.S. as many of the country's states legalize recreational sales of the drug. Canadian companies are not allowed to own cannabis companies in the U.S., as the drug is still federally illegal in the country, but can acquire warrants to own a company if or when the drug is decriminalized federally. Aurora's U.S.-listed stock was about 1.5% higher heading into the close Thursday, after falling nearly 40% in the past three months.
3:10 a.m. May 20, 2021 - By Ciara Linnane
Canopy Growth adds Martha Stewart as official strategic adviser after launch of CBD product lineCanopy Growth Corp. said Thursday it has named Martha Stewart as its official strategic adviser, building on her existing relationship with the Canadian cannabis company through her line of CBD-based wellness products. The household guru will advise the cmpany on branding, product innovation, format development and strategic partnerships, said Smiths Fall, Ontario-based Canopy. The company launched Stewart's product line in fall of 2020, offering gummies, softgels, and oil drops with flavor profiles inspired by her most popular recipes. That line was followed earlier in 2021 with a line of CBD products for pets. "Since launch, the product line-up has extended into top-selling gift boxes for occasions including Mother's Day and Valentine's Day, which sold out prior to the holiday due to high consumer demand," Canopy said in a statement. U.S.-listed shares were slightly lower premarket, and are down 7% in the year to date, while the Cannabis ETF has gained 27% and the S&P 500 has gained 9.6%.
10:51 a.m. May 19, 2021 - By Tonya Garcia
Molson Coors to quadruple hard seltzer production in CanadaMolson Coors Beverage Co. said Wednesday that it will increase hard seltzer production in its Canadian facilities by 300%, between owned and third-party facilities. "Hard seltzers are fairly new in Canada, but Vizzy and Coors Seltzer have already proven to be hits," said Frederic Landtmeters, president of Molson Coors in Canada, in a statement. Molson's hard seltzers launched in Canada in March. The production move is part of a $100 million investment in the hard seltzer business, and will mostly go towards the Toronto brewery, which should be producing hard seltzer by winter 2022. Molson expanded its U.S. hard seltzer production by 400% in 2020. Molson's stock has climbed 21.7% for the year to date while the S&P 500 index is up 9% for the period.
5:58 a.m. May 19, 2021 - By Steve Goldstein
Leading crypto plays outside U.S. slump as bitcoin plungesLeading crypto plays outside the U.S. retreated as bitcoin and other cryptocurrencies plunged in value on Wednesday. In Canada, the big fallers were crypto exchange-traded products, with the 3iQ CoinShares Ether ETF Trust falling 27% and the CI Galaxy Ethereum ETF falling 25%. In London, Argo Blockchain lost 19% and Online Blockchain fell 13%. The Swiss-listed CoinShares Physical Litecoin dropped 50% and the 21Shares Ethereum ETP fell 40%.
4:32 a.m. May 19, 2021 - By Tonya Garcia
TJX earnings beat expectations though COVID-related store closures still weighTJX Cos. reported fiscal first-quarter net income of $533.9 million, or 44 cents per share, after a loss of $887.5 million, or 74 cents per share, last year. Sales of $10.09 billion were up from $4.41 billion last year. The FactSet consensus was for EPS of 31 cents and sales of $8.61 billion. All U.S. stores were operating during the quarter, but the off-price retailer still had locations shuttered in other regions for 14% of the days in the first quarter due to COVID-19. European locations were closed for 76% of the days, and Canadian stores were closed 25%. Still, it was a marked improvement from last year when stores around the world were shut for half the days. Three hundred locations around the globe are currently temporarily closed. Open-only comp store sales were up 16% in the most recent quarter. Open-only comp store sales only account for the days when stores were open during fiscal Q1 2022 and the same period in fiscal 2020. Due to the continued uncertainty of the pandemic, TJX did not provide guidance. However, the company said open-only comp store sales at the start of the second quarter have been similar to the first quarter. The TJX lineup includes TJ Maxx and HomeGoods. TJX stock slipped 0.9% in Wednesday premarket trading, but is up 4.2% for the year to date. The S&P 500 index has gained 9.9% for 2021 so far.
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