Selasa, 06 Agustus 2019
Tuesday's small-cap stocks to watch - The Globe and Mail
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/7NO7LAFRSFA4TLQKH7L5ZA2MGU.JPG)
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
The Catalyst Capital Group Inc. announced on Monday that it has amended its offer to purchase common shares of Hudson’s Bay Co. (HBC-T) at a price of $10.11 per common share payable in cash. The maximum number of shares to be purchased under the Catalyst offer has been increased to 19,782,393 shares, or about 10.75 per cent of the issued and outstanding common shares, from 14,836,795 shares, the company stated, reflecting a total value of $200-million. No other terms of the Catalyst offer have been amended, the company stated.
"The insider buyout proposal made by the Baker Group is not reflective of the fair value of the company's common shares, which is to the benefit of the Baker Group and the detriment of HBC's minority shareholders," the company stated in its release. "Catalyst believes that the insider buyout proposal greatly undervalues the company across each of its real estate, retail and iconic brand attributes."
See also: Baker's $1-billion privatization bid 'inadequate,' HBC special committee says
**
Just Energy Group Inc. (JE-T; JE-N) announced on Monday that Patrick McCullough has “departed the company” as president and CEO and has stepped down from the board and the company’s subsidiaries, effective immediately.
Director Scott Gahn has been appointed president and CEO.
**
Wayland Group (WAYL-C) is proposing to sell its Canadian business, including its Langton, Ont. production facility to Cryptologic Corp. in a deal valued at about $230-million, plus liabilities.
The proposal sees Wayland receive about 57.5 million Cryptologic common shares at a deemed issue price of $4 per share, which is expected to represent approximately 70 per cent of the issued and outstanding Cryptologic common shares.
If the deal closes, Cryptologic will be a single-purpose cannabis company with a cash balance of at least $25-million, the company stated.
**
Endo International plc (ENDP-Q) reported second-quarter revenues of $700-million, a decrease of 2 per cent compared to revenues of $715-million for the same quarter last year. Its net loss from continuing operations of $98-million or 43 cents per share compared to a reported net loss from continuing operations of $52-million or 23 cents a year earlier.
Adjusted earnings came in at 52 cents down from 76 cents a year earlier and versus expectations of 48 cents. Analysts were also expecting revenue of $694.6-million in the latest quarter.
**
Transat A.T. Inc. (TRZ-T) issued a release on Tuesday announcing that it is filing a complaint with the Tribunal administratif des marchés financiers, regarding what it described as Groupe Mach Acquisition Inc.'s “highly abusive, coercive, misleading and conditional offer” to acquire 6.9 million Class B voting shares of the company.
"Transat's board of directors and the special committee of the board, supported by their financial and legal advisors continue to unanimously reiterate that the arrangement with Air Canada is in the best interest of Transat and its stakeholders and is fair to its shareholders," the company stated. It also recommended shareholders vote for the plan of arrangement with Air Canada and reject the Mach proposal.
Montreal real estate developer Group Mach on Friday offered to buy at least 6.9 million, or about 19.5 per cent, class B voting shares of the company at $14. Group Mach is looking to block Air Canada’s purchase of the Canadian tour operator.
Transat in June accepted Air Canada’s all-cash bid of $520-million or $13 a share, over a $14 per share offer from Mach. Mach said it plans to use the purchased shares to vote against the Air Canada-Transat deal, saying the offer “greatly undervalues” Transat. However, Mach said it has no intention to launch a formal hostile takeover bid and added that it will not raise the $14 offer as long as the current Transat board is in place.
-with files from Reuters
**
Canopy Rivers Inc. (RIV-X) announced that its portfolio company TerrAscend Corp. (TER-C) has signed a definitive agreement to acquire Ilera Healthcare, a cannabis cultivator, processor, and dispensary operator in Pennsylvania.
"TerrAscend's rapid expansion in the U.S. has been driven by strategic, accretive acquisitions of quality operators with strong track records of success," said Narbe Alexandrian, CEO of Canopy Rivers. "We view the Ilera acquisition as another important step by TerrAscend as it grows its revenue-generating operations, expands its U.S. footprint in new states, and continues to scale its global business operations."
**
Martinrea International Inc. (MRE-T) reported total sales of $948.5-million in the second quarter up from $921.7-million a year earlier and below expectations of $971.9-million. “The total increase in sales was driven by a year-over-year increase in the North America operating segment, partially offset by decreases in Europe and the Rest of the World,” the company stated.
Net income came in at $28.1-million or 34 cents per share versus net income of $55.7-million or 64 cents a year earlier. Adjusted net income was $54.6-million or 66 cents per share versus $55.5-million or 64 cents per share a year earlier. Analysts were expecting adjusted earnings of 65 cents per share.
**
Knight Therapeutics Inc. (GUD-T) announced that it has reached an agreement with the pan-Canadian Pharmaceutical Alliance (pCPA) for a letter of intent regarding Probuphine, which is describes as a "convenient, confidential and effective option for the treatment of opioid use disorder.
In the release, the company quotes Dr. Lionel Marks de Chabris, assistant professor at the Northern Ontario School of Medicine, and Chronic Pain and Addiction Specialist in Sudbury, Ont. as saying the implant "ensures that patients no longer need to worry about missing a dose, not getting a prescription or not getting to their pharmacy on time, which helps normalize their lives and reinforce their recovery.”
Probuphine is listed for reimbursement through the public insurance plans administered by Alberta, Saskatchewan and the Non-Insured Health Benefit (NIHB), the company stated. Knight also said it's working with other jurisdictions to finalize listings across the country " to ensure Canadian patients have public access to this novel treatment option."
**
Semafo Inc. (SMF-T) announced a pit wall failure at its Mana mine in Burkina Faso. “No mining was underway in the area, and no-one was injured,” the company stated.
"Currently, we are mining in the southern part of Wona pit. However, under the 2019 mine plan, some 45,000 ounces were expected from the northern portion of the pit between late August and year-end. To mine securely and regain access to ore in Wona North, we will have to push back the pit wall and mine approximately 6 million tonnes of waste material," the company stated. It sais mining in the northern part of the pit will be deferred until the first quarter of 2020. These 6 million tonnes were part of the life of mine plan in 2021 and therefore do not represent additional tonnes or cost."
The company added that will be "insufficient ore to feed the mill for approximately 10 weeks. We now expect to suspend the processing of ore at Mana between mid-August and end of October."
The company estimates the impact at Mana to be approximately 40,000 to 50,000 ounces of lower production than originally contemplated. Annual guidance at Mana has been revised to 130,000 to 140,000 from the original 170,000 to190,000 ounces.
from Business - Latest - Google News https://ift.tt/2MJvHO2
via IFTTT
August 06, 2019 at 04:37PM
Toronto area housing sales up 24.3 per cent in July, prices rise due to tighter supply - CP24 Toronto's Breaking News
The Canadian Press
Published Tuesday, August 6, 2019 6:17AM EDT
Last Updated Tuesday, August 6, 2019 9:46AM EDT
TORONTO -- The Greater Toronto Area's home price index was up 4.4 per cent last month as the supply of properties for sale tightened and the number of sales jumped 24.3 per cent from July last year, the Toronto Real Estate Board reports.
The overall average selling price for properties in the Greater Toronto Area was up 3.2 per cent year-over-year to $806,755, TREB said in a monthly report issued Tuesday.
The number of properties sold increased to 8,595 from 6,916, with sales of all four categories of housing up by double digits.
"Broadly speaking, increased competition between buyers for available properties has resulted in relatively strong price growth above the rate of inflation for semi-detached houses, townhouses and condominium apartments," Jason Mercer, the real estate board's chief market analyst, said in a statement.
On the other hand, he said, sales of fully detached homes have been more affected by a stress test required for federally regulated mortgages and the average price for that category of housing was down 0.9 per cent overall.
In the City of Toronto itself, the average price for fully detached homes fell 9.1 per cent to $1.23 million, offsetting a 2.5 per cent increase in the surrounding 905 area to an average of $929,633.
TREB says that the supply of properties for sale in the Greater Toronto Area was also tighter than it was last year.
There were 14,393 new listings in the GTA during the month, up from 13,873 in July 2018, but the total number of active listings at the end of July was down 9.1 per cent from a year ago.
TREB CEO John DiMichele said there's a growing demand for residential properties due to population growth.
"As more and more households come to terms with the stress test and move back into the market in the coming months and years, they could suffer from a chronically under-supplied marketplace and an acceleration of home price growth to unsustainable levels," DiMichele predicted.
"Fortunately, policy makers have acknowledged the housing supply issue and are working toward solutions."
The board said it welcomes a move by Toronto Mayor John Tory and the city council, which instructed staff to report on ways to increase housing options in neighbourhoods that traditionally have had single-family dwellings.
TREB also said it supports provincial government consultations to "spur on and speed up" the development of different forms of housing.
from Business - Latest - Google News https://ift.tt/2KjXx1O
via IFTTT
August 06, 2019 at 05:17PM
Stocks - Wall Street Bounces Back as Yuan Steadies - Investing.com
© Reuters.Investing.com – Wall Street bounced back on Tuesday as China steadied the yuan, one day after markets suffered their worst percentage drop of the year.
The People’s Bank of China fixed the higher than expected after letting it slump on Monday in a move seen as a response to U.S. import tariffs.
The U.S. Treasury Department labeled China a "currency manipulator" on Monday night, ending any hope of a quick resolution to the trade war and indirectly putting pressure on the two countries' central banks to support their economies with looser monetary policy.
"This trade spat is going away no time soon, but we should see central bank easing bets rise globally and that will help limit some of the market carnage over the next couple of weeks," said Edward Moya, senior market analyst at Oanda in New York.
The rose 177 points or 0.7% by 9:46 AM ET (13:46 GMT), while the was up 23 points or 0.8% and the rose 87 points or 1.1%.
Technology companies were higher after the morning bell, reflecting their large exposure to the Chinese market.
Tesla (NASDAQ:) rose 1.1%, while Intel (NASDAQ:) gained 1.4% and Apple (NASDAQ:) jumped 2%.
Walt Disney (NYSE:) was up 1% ahead of its earnings report after the market close, while Take-Two (NASDAQ:) Interactive surged 8.3% after beating estimates on its bottom and top line.
Shake Shack (NYSE:) was up 5% after its second-quarter results came in higher than forecast, and Aurora Cannabis (NYSE:) jumped 14.3% after it said it expects cannabis sales to rise in its fiscal fourth quarter.
Dean Foods (NYSE:) slumped 28.4%, suffering from an "accelerated" customer switch away from traditional white milk. It said it now expects annual cash flow to be negative, having previously forecast it to be stable to positive this year.
In commodities, rose 0.5% to $54.95 a barrel while was flat at $1,476.95 a troy ounce. The , which measures the greenback against a basket of six major currencies, rose 0.2% to 97.518.
-Reuters contributed to this report
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
from Business - Latest - Google News https://ift.tt/2TdBkoT
via IFTTT
August 06, 2019 at 08:49PM
At midday: TSX drops over 250 points amid global trade concerns - The Globe and Mail
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/KDNZJF65VJEYXHPK5N3BBTESSI.jpg)
Canada’s main stock index fell on Tuesday, hurt by a slide in energy and financial sectors amid heightened trade tensions between the United States and China.
At 11:27 a.m. ET, the Toronto Stock Exchange’s S&P/TSX Composite index was down 255.14 points, or 1.59 per cent, at 16,155.98.
Ten of the index’s 11 major sectors were lower, with energy and financials falling the most.
The energy sector tumbled 3.4 per cent, while financials slipped 2.3 per cent.
The trade war between the world’s top economies remained close to boiling point in the past two sessions and have roiled global financial stocks after China let the onshore yuan break through the key 7 per dollar level for the first time since the global financial crisis.
The tensions did, however, ease globally when China’s central bank fixed the yuan at a slightly stronger rate.
The materials sector added 0.8 per cent and was the sole gainer among major sectors as gold prices held near a six-year high.
U.S. stocks rose on Tuesday, helped by technology shares, as China stepped in to stabilize the yuan, a day after Wall Street’s main indexes suffered their sharpest one-day percentage declines of the year.
The benchmark S&P 500 and Nasdaq lost at least 3 per cent each on Monday, after China let the yuan slide, prompting the U.S. Treasury Department to label Beijing as a currency manipulator.
However, China’s move to fix the yuan at a slightly stronger rate overnight allayed fears of a further escalation in trade war that has been roiling markets since last week when President Donald Trump threatened a new round of tariffs on Chinese imports.
“The fact that China stabilized its currency gives investors some hope that this won’t accelerate into a bigger problem,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
“Any positive response by either side that suggests some willingness to negotiate is really going to be taken well by investors.”
Trade tensions ebbed also after White House economic adviser Larry Kudlow said Trump was planning to host a Chinese delegation for further talks in September.
The Dow Jones Industrial Average was up 88.54 points, or 0.34 per cent, at 25,806.28, the S&P 500 was up 13.31 points, or 0.47 per cent, at 2,858.05. The Nasdaq Composite was up 54.18 points, or 0.70 per cent, at 7,780.22.
The latest bout of losses has pulled the S&P 500 5.6 per cent away from its all-time high hit last month.
The technology sector, which includes companies that have a big exposure to China and were at the heart of Monday’s selloff, rose 1.05 per cent, the most among major S&P sectors.
Apple Inc. gained 1 per cent after three days of heavy losses, while Philadelphia Semiconductor index climbed 0.91 per cent.
Among other stocks, videogame publisher Take-Two Interactive Software Inc. jumped 8.5 per cent after raising its full-year revenue forecast.
The materials sector dropped 0.78 per cent, weighed by a more than 10 per cent drop in scent and flavor maker International Flavors & Fragrances and fertilizer company Mosaic Co after the two companies cut full-year earnings forecasts.
Payments processor Mastercard Inc. gained 2.1 per cent after it said it would buy a majority of the corporate services businesses of Scandinavian payments group Nets for about $3.19 billion.
Walt Disney Co. was up 0.7 per cent ahead of its results after market close.
Reuters
from Business - Latest - Google News https://ift.tt/2MLYKAz
via IFTTT
August 06, 2019 at 04:19PM
China blinks first. Now US stocks are bouncing back - CNN
https://www.cnn.com/2019/08/06/investing/dow-stock-market-today/index.html
2019-08-06 14:14:00Z
52780345840537
Barneys files for bankruptcy, will close 15 stores - New York Post
Barneys has gone bust.
The luxury retail giant filed for bankruptcy early Tuesday, announcing plans to close 15 stores across the nation.
The retailer, which filed for Chapter 11 bankruptcy in Manhattan federal court, will shutter locations in Las Vegas, Chicago and Seattle, it said in a statement.
Barneys also said it will close seven of its warehouses and five smaller concept stores.
Meanwhile, New York’s Madison Avenue and Downtown locations will remain open, as will department stores in Beverly Hills, San Francisco and Boston’s Copley Place.
“For more than 90 years, Barneys New York has been an iconic luxury specialty retailer, renowned for its edit, strong point of view, creativity and representation of the world’s best designers and brands,” Barneys CEO and president Daniella Vitale said in a statement. “Like many in our industry, Barneys New York’s financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand.”
The statement said the company had $75 million in new capital to facilitate “a going concern sale process” and “voluntarily filed for reorganization under Chapter 11.”
The company’s websites, Barneys.com and BarneysWarehouse.com, will remain operational.
The news comes after The Post reported Vitale had been scrambling to find a potential buyer for the iconic chain but fell short.
Barneys had been struggling to pay its expenses thanks in part to sky-high rent at its Madison Avenue flagship, which tripled this year to about $46 million including taxes.
https://nypost.com/2019/08/06/barneys-files-for-bankruptcy-will-close-15-stores/
2019-08-06 13:00:00Z
52780346232157