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  • WSJ Opinion: Hits and Misses of the Week WSJ Opinion: Hits and Misses of the Week 2:27
    Which sectors stand to win or lose as inflation creeps up Which sectors stand to win or lose as inflation creeps up 3:50
    WSJ Opinion: Meet the Post-Afghanistan Terrorist World WSJ Opinion: Meet the Post-Afghanistan Terrorist World 6:49
    Long Lines at Canada Border as Vaccinated Americans Welcomed Long Lines at Canada Border as Vaccinated Americans Welcomed 1:10
4:44 a.m. Sept. 21, 2021 - By Tonya Garcia
Chipotle adds smoked brisket to the menu for a limited timeChipotle Mexican Grill Inc. said Tuesday that it is adding smoked brisket to the menu for a limited time. The item is served with a brisket sauce made with smoky chili peppers. The item was highly requested by Chipotle customers and comes after a two-year process, including a test in Cincinnati and Sacramento in fall 2020. This is the third new menu item launched in 2021 after cilantro-lime cauliflower rice and quesadillas. Chipotle rewards members can order the item starting today. On September 23, it will be widely available in the U.S. and Canada. It will be available on third-party apps on September 27. Chipotle stock has run up 35.9% for the year to date while the S&P 500 index is up 16% for the period.
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%.
11:13 a.m. Sept. 8, 2021 - By Ellie Ismailidou
Which sectors stand to win or lose as inflation creeps upRising inflation expectations have rattled markets lately. Here's what investors need to know.
4:54 a.m. Sept. 8, 2021 - By Steve Gelsi
Providence Energy and Oaktree team up to launch Sierra EnergyProvidence Energy Ltd. and Oaktree Capital Management L.P said Wednesday they committed $500 million to form Sierra Energy Holdings LLC, a new mineral and royalty acquisitions company. Kaj Vazales, co-head of North America for Oaktree's global opportunities strategy, said the Providence management team offers "extensive experience in acquiring and managing mineral and royalty assets." Oaktree is a unit of Canada Pension Plan Investment Board.
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%.
11:46 p.m. Aug. 31, 2021 - By Barbara Kollmeyer
Intuit may buy email marketing service Mailchimp for $10 billion: reportIntuit is in talks to acquire Mailchimp in a deal valued at more than $10 billion, on Wednesday, citing sources. Intuit is the creator of TurboTax and other accounting software, while privately held Mailchimp is a digital marketing service. No final decision has been on any deal and talks could fall through, or another buyer could emerge, the sources said. Neither company responded to requests for comments by Bloomberg. Intuit shares closed down 0.1% on Tuesday.
4:17 a.m. Aug. 31, 2021 - By Tomi Kilgore
Lightning eMotors stock surges after Collins Bus partnership to make all-electric school busesShares of Lightning eMotors Inc. shot up 7.9% in premarket trading Tuesday, after the all-electric powertrains and commercial vehicles company announced a partnership with REV Group Inc. subsidiary Collins Bus to make all-electric Type A school buses. REV Group's stock was still inactive ahead of the open. The companies expect to deploy more than 100 electric school buses in the U.S. and Canada over the next few years. The partnership includes an initial firm order commitment worth about $11 million over the next two years. "Electrifying school buses just makes sense. The environmental and health benefits are a no brainer," said Lightning eMotors Chief Revenue Officer Kash Sethi. "With predicable routes, dedicated overnight parking at school bus depots, fuel and maintenance savings, all-electric school buses now make a lot of operational and financial sense as well." Lightning's stock has rallied 12.3% over the past three months through Monday and REV shares have dropped 14.1%, while the S&P 500 has gained 7.7%.
9:49 a.m. Aug. 26, 2021 - By Tonya Garcia
DSW parent Designer Brands to offer frontline workers $200 bonus in SeptemberDesigner Brands Inc. said Thursday that it will invest $1.3 million in new frontline worker bonuses. More than 7,300 workers in the U.S. and Canada will receive $200 each on September 3. Designer Brands invested more than $2.3 million in worker bonuses in March. The company has also offered emergency pay to those workers needing time off due to COVID, closed stores on Thanksgiving and subsidized child care for more than 1,800 workers, among other benefits. Designer Brands' portfolio includes DSW and Shoe Warehouse, and the company produces shoes through Camuto Group, which designs for brands like Jessica Simpson footwear and Max Studio. Designer Brands stock has more than doubled, up 102.3% for the year to date. The benchmark S&P 500 index has gained 15.4% for the period.
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%.
4:07 a.m. Aug. 18, 2021 - By Tonya Garcia
HomeGoods parent TJX beats earnings and sales expectations TJX Cos. reported fiscal second-quarter net income of $785.7 million, or 64 cents per share, after a loss of $214.2 million, or 18 cents per share, last year. Sales totaled $12.08 billion, up from $6.67 billion last year. The FactSet consensus was for EPS of 59 cents and sales of $11.00 billion. TJX says second-quarter store closures due to COVID-19, which were primarily in Canada, Europe and Australia, hurt sales by $300 million to $350 million, and EPS by 5 cents to 7 cents. TJX open-only comp store sales, a measure of sales growth at stores open during the most recent quarter and sales of those stores on the same days in fiscal 2020, rose 20%. TJX chains include HomeGoods, TJ Maxx and Marshalls. TJX stock has gained 1.3% for the year to date while the S&P 500 index is up 18.4% for the period.
2:58 a.m. Aug. 17, 2021 - By Tonya Garcia
Eli Lilly creates neuroscience and immunology business unitsEli Lilly & Co. announced Tuesday that it will split its Lilly Bio-Medicines division into two business units: Lilly Neuroscience and Lilly Immunology, effective September 5. Lilly Neuroscience will be led by Anne White, currently president of Lilly Oncology, now responsible for launched products and the unit's phase 3 portfolio in pain and neurodegeneration, including the potential launch of an Alzheimer's drug, donanemab. Loxo Oncology at Lilly Chief Executive Jacob Van Naarden will now add president of Lilly Oncology, bringing these business units together. Patrik Jonsson will be president of Lilly Immunology, leading launched products and the phase 3 portfolio in dermatology, gastroenterology and rheumatology in addition to serving as president of Lilly USA and chief customer officer. And Lilly International President Alfonso Zulueta will retire at the end of 2021 after more than 30 years. Ilya Yuffa, president of Lilly Bio-Medicines, will assume that role for all markets outside of the U.S. except for Canada. Eli Lilly shares have soared nearly 60% in 2021 while the benchmark S&P 500index has gained 19.3% 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%.
8:20 a.m. Aug. 12, 2021 - By Myra P. Saefong
Wheat climbs to its highest price since May as USDA cuts U.S. supply forecastWheat prices extended their rally Thursday after its U.S. and global supply forecasts for the 2021/2022 marketing year. The USDA forecast s U.S. all wheat production at 1.697 billion bushels, down 49 million bushels from the previous forecast. It also reduced its global wheat supply forecast to 1.0657 billion tons, down 16.8 million tons from its previous forecast, citing lower production for Russia, Canada and the United States. The most-active September wheat contract was up 20 cents, or 2.8%, at $7.47 1/2 a bushel in Thursday dealings after touching a high at $7.57 1/4. Prices haven't traded at levels this high since the first half of May. Prices were trading at $7.33 shortly before the USDA report.
3:50 a.m. Aug. 12, 2021 - By William Watts
OPEC leaves forecasts for oil-demand growth unchanged, sees more supplyThe Organization of the Petroleum Exporting Countries on Thursday left its forecasts for growth in oil demand in 2021 and 2022 unchanged, while lifting its expectations for growth in supply outside of the organization. In its monthly report, OPEC said it expects oil demand to rise by around 6 million barrels a day this year to average 96.6 million barrels a day, followed by growth of 3.3 million barrels a day in 2022. OPEC looks for total world oil demand to top the threshold of 100 million barrels a day in the second half of next year, bringing average 2022 demand to 99.9 million barrels a day. Supply growth forecasts for non-OPEC countries was revised up by 270,000 barrels a day in 2021 and 840,000 barrels a day in 2022. Non-OPEC supply is now expected to grow by 1.1 million barrels a day in 2021, driven by Canada, Russia, China, the U.S., Norway and Brazil. In 2022, supply is seen growing by 2.9 million barrels a day, with Russia and other OPEC allies leading the way as they comply with an agreement to lift output in monthly increments beginning this month. Oil futures were lower, with West Texas Intermediate crude for September delivery down 25 cents, or 0.4%, at $69 a barrel on the New York Mercantile Exchange. October Brent crude , the global benchmark, was off 16 cents, or 0.2%, at $71.28 a barrel on ICE Futures Europe.
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.
7:01 a.m. Aug. 10, 2021 - By Tonya Garcia
Beyond Meat expands partnership with Pizza Hut for Beyond Pepperoni PizzaBeyond Meat Inc. said Tuesday that it has expended its partnership with Pizza Hut to offer plant-based Beyond Pepperoni topping. Beyond Pepperoni Pizza will be available starting today at nearly 70 locations across five U.S. markets: Albany, N.Y.; Columbus and Macon, Ga.; Houston, Tex.; and Jacksonville, Fl. Beyond Meat became a permanent addition to the last month, and expanded on the Pizza Hut menu in . Pizza Hut is part of the Yum Brands Inc. portfolio. Yum shares are up 23% for the year to date. Beyond Meat stock is up 1.7% for the period. And the S&P 500 index has gained 18%.
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%.
1:21 a.m. Aug. 9, 2021 - By Barbara Kollmeyer
Crude prices extend losses, tumble 4% as virus worries weighCrude prices fell sharply on Monday, extending losses from late last week partly due to concerns about the spread of the delta variant of coronavirus. Crude for September delivery fell $2.84, or 4.2%, to $65.43 a barrel. Brent oil fell $2.76, or 3.9%, to $67.93 a barrel. U.S. oil futures booked the sharpest weekly slump in 9 months on Friday as the dollar rallied on the back of strong jobs data. Spreading cases of the delta variant have also sparked concerns of a growth slowdown, which would impact oil demand. Goldman Sachs forecast, which lowered its annual view, due to more cases of COVID-19.
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%.
3:49 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%.
2:31 a.m. July 30, 2021 - By Ciara Linnane
SEC stops processing registrations for IPOs or other securities from Chinese companies amid Beijing crackdown: ReutersThe Securities and Exchange Commission has stopped processing registrations for U.S. initial public offerings or the sale of other securities by Chinese companies to give it time to craft new guidelines for investors to help them understand the risk of a regulatory crackdown by Beijing, citing people familiar with the matter. Chinese companies have raised a record of $12.8 billion in the year to date, Reuters reported, citing data from Refinitiv. But the flow of deals has slowed this month after Chinese regulators banned from signing up new users days after its U.S. IPO. Since then, the regulator has also make moves to rein in tech and private education companies. SEC commissioner Allison Lee said on Tuesday that Chinese companies listed on U.S. stock exchanges must disclose to investors the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations.
3:52 a.m. July 29, 2021 - By Tonya Garcia
Keurig Dr. Pepper earnings and sales beat expectationsKeurig Dr. Pepper Inc. reported second-quarter net income of $448 million, or 31 cents per share, up from $298 million, or 21 cents per share, last year. Adjusted EPS of 38 cents beat the FactSet consensus for 37 cents. Sales of $3.14 billion were up from $2.86 billion and also ahead of the FactSet consensus of $3.06 billion. Keurig Dr. Pepper maintained its adjusted EPS guidance for growth in the range of 13% to 15%. FactSet is guiding for EPS of $1.60, implying 14.6% growth. In addition to the namesake brands, Keuring Dr. Pepper's portfolio includes Green Mountain Coffee Roasters, Canada Dry and Snapple. Keurig Dr. Pepper stock edged up 0.5% in Thursday premarket trading, and has gained 10.4% for the year to date. The S&P 500 index is up 17.2% for the period.
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.
3:22 a.m. July 27, 2021 - By Ciara Linnane
APi Group to acquire Chubb Fire and Security Business from Carrier for $3.1 billion APi Group Corp. said Tuesday it has agreed to acquire the Chubb Fire & Security Business from Carrier Global Corp. in a deal with an enterprise value of $3.1 billion. Chubb, which is headquartered in the U.K., has about 13,000 employees around the world and services more than 1.5 million customer sites in Europe, Asia Pacific and Canada." With the acquisition of Chubb, we see a tremendous amount of accelerated organic growth and margin expansion opportunities across our combined platform," ApI Chief Executive Russ Becker said in a statement. "There is also significant opportunity to leverage Chubb's 200+ year history of providing statutorily required and route-based services through its internationally recognized brand." APi co-Chair James Lillie said the deal includes a combined $800 million investment in perpetual preferred equity from Blackstone and Viking Global Investors. Chubb had revenue of about $2.2 billion in the year through March 31. The deal is expected to close around year-end. APi shares rose 4.2% premarket and are up 12% in the year to date, while the S&P 500 has gained 17.7%.
6:35 a.m. July 26, 2021 - By Tonya Garcia
Costco will raise membership fees about 8%, Stifel forecastsStifel analysts forecast that Costco Wholesale Corp. will raise membership fees by 8.3% in the next year. The increase would move Gold Star-level membership up $5 to $65 per year and Executive membership up $10 to $130 per year. "Costco shares have outperformed the S&P 500 in the 12 months leading to a membership fee increase announcement in each of the three price increases since 2006 (2006, 2011, and 2017)," analysts led by Mark Astrachan wrote. Costco shares are up 29.3% for the past 12 months while the benchmark S&P 500 index is up 37.1% for the period. Stifel says there would 5% earnings-per-share upside in fiscal 2022 from the increase. The FactSet consensus is for fiscal 2022 EPS of $11.52. Fiscal 2021 consensus is for EPS of $10.70, up from $9.23 the year before. "We attribute share-price outperformance post announcement to the annuity-like nature of membership income (91% current renewal rate in U.S./Canada), which accounted for 2/3 of F2022 net income," the note said.
4:08 a.m. July 20, 2021 - By Tonya Garcia
Winnebago to acquire pontoon boat manufacturer in deal valued up to $320 million Winnebago Industries Inc. said Tuesday that it has entered into a definitive agreement to acquire Barletta Pontoon Boats for an initial consideration of $255 million, $230 million in cash and $25 million in newly-issued Winnebago shares. Winnebago will issue an additional $15 million in shares to Barletta ownership if certain performance goals are reached by the end of 2021. If certain growth objectives are reached in 2022 and 2023, Winnebago will issue up to an additional $50 million in cash. Barletta was founded in 2017, has a network of 125 dealer locations across the U.S. and Canada, and generated $120.6 million in revenue in 2020. Winnebago calls pontoon boats "one of the fastest-growing boating segments." Barletta recently opened a manufacturing facility in Bristol, Ind. Barletta will operate as a separate business unit within Winnebago once the deal closes, and Bill Fenech will continue as president of Barletta. The deal is expected to close fiscal first quarter 2022. Winnebago's quarterly reporting will include a "Marine" reporting segment that will comprise Barletta and Chris-Craft. Winnebago stock edged up 0.8% in Tuesday premarket trading, and has gained 6.3% for the year to date. The benchmark S&P 500 index is up 13.4% for the year to date.
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%.
2:40 a.m. July 13, 2021 - By Ciara Linnane
Lithium-metal supplier SES to go public via merger with SPAC Ivanhoe Capital in $3.6 billion dealLithium-metal battery supplier SES said Tuesday it is going public by merging with special purpose acquisition corporation Ivanhoe Capital Acquisition Corp. in a deal with an implied equity value of about $3.6 billion, including a $300 million earn-out. The deal is expected to give SES, a supplier for electric vehicles, up to $476 million in gross proceeds to fund its growth plans, including a $200 million private investment in public equity, or PIPE, from investors that include General Motors , Hyundai Motor Company , Geely Holding Group , Kia Corporation , and SAIC Motor Corp. . Other PIPE investors include Koch Strategic Platforms, LG Technology Ventures, Foxconn, Vertex Ventures, Fidelity Investments Canada ULC (certain funds), and Franklin Templeton. Once the deal closes, the company will list on the New York Stock Exchange under the ticker "SES." The company was founded in 2021 as a spin-out company of the Massachusetts Institute of Technology and operates two facilities in the U.S. and China. The deal is expected to close in the third or fourth quarters.
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.
4:28 a.m. July 7, 2021 - By Tomi Kilgore
Tilray completes first harvest of medical cannabis for distribution at German pharmaciesTilray Inc. said its Germany-based subsidiary Aphria RX GmbH has completed the first successful harvest of medical cannabis, which was cultivated in Germany, for distribution to pharmacies. Tilray's stock rose 0.4% in premarket trading. The Canada-based cannabis company said the harvest if the first cultivated at its indoor growing facility in Neumunster, Germany. The distribution was carried about by a distributor on behalf of the German Cannabis Agency. "Our harvest in Germany represents an important milestone in granting access to high-quality and trustworthy medical cannabis to patients and healthcare professionals in Germany," said Tilray's Chief Strategy Officer Denise Faltischek. Shares of Tilray, which is the world's largest cannabis company by revenue following the recent completion of its merger with Aphria, have soared 102.4% year to date through Tuesday, while the Cannabis ETF has rallied 33.1% and the S&P 500 has gained 15.6%.
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%.
12:26 p.m. June 28, 2021 - By Catey Hill
What it’s really like to retire on a Caribbean island — on $3,000 a month This Virginia couple retired to the Caribbean island of Bequia and opened an art galleryThis Virginia couple retired to the Caribbean island of Bequia and opened an art gallery.
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%.
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