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Prep Business Report – CP
by ahnationtalk on November 15, 2018122 Views
Source: The Canadian Press – Broadcast wire
Nov 14, 2018
Canada’s main stock index edged lower amid losses in the key materials sector and the health-care sector, which includes many of the country’s big marijuana companies.
The S&P/TSX composite index was down 15.32 points at 15,116.46.
In New York, the Dow Jones industrial average was down 51.80 points at 25,234.69. The S&P 500 index was down 3.13 points at 2,719.05, while the Nasdaq composite was down 19.01 points at 7,181.87.
The Canadian dollar traded for 75.57 cents US compared with an average of 75.52 on Tuesday.
The December crude contract was up US$1.30 at US$56.99 per barrel and the December natural gas contract was up 44.5 cents at US$4.55 per mmBTU.
The December gold contract was up 20 cents at US$1,201.60 an ounce and the December copper contract was up 2.15 cents at US$2.71 a pound.
Online sales giant Ebay is calling on the federal government to bring in legislation to end job action at Canada Post.
The manager of Ebay’s Canadian and Latin American divisions is urging quick action to ensure retailers don’t lose out on critical Black Friday and Cyber Monday sales.
Andrea Stairs warns a continuation of rotating strikes that began October 22nd will result in significant losses for small and medium-sized businesses across the country.
Canada Post says it’s facing an unprecedented backlog of shipments as the strikes have targeted its major sorting plants in Vancouver and particularly Toronto. (The Canadian Press)
Shares of cannabis producer Canopy Growth dropped as much as 10 per cent after it reported a wider second quarter loss of 330.6-million dollars.
That amounted to a loss of $1.52 per share — down from a loss of a penny per share a year ago and missing analyst estimates of a loss of 12 cents.
Revenue for the quarter totalled 23.3-million dollars, up from 17.6-million a year ago but down from 25.9-million in the previous quarter.
Canopy says the slowdown in quarterly revenues stemmed from “hiccups” in shipping medical cannabis to Germany and medical patients being distracted by Canada’s impending legalization of recreational pot on October 17th. (The Canadian Press)
Shares in Canada Goose gained more then 20 per cent in morning trading after it reported a better-than expected second-quarter profit.
The high-end parka maker also raised its outlook for growth this year after reporting a 49.9-million dollar profit for the quarter — up from 37.1-million a year ago.
Adjusted earnings came in at 46 cents per diluted share — up 29 cents a year ago and well ahead of the 26 cents that analysts had expected, according to Thomson Reuters Eikon.
Revenue totalled 230.3-million, up from 172.3-million in the same quarter last year. (The Canadian Press)
Pan American Silver has announced the friendly acquisition of Nevada-based Tahoe Resources.
The Vancouver-based Pan American says the stock-and-cash deal is valued at more than one-billion dollars U-S.
Tahoe shareholders will hold about a 27 per cent stake in the combined company at the closing of the deal, which is expected in the first quarter of next year.
The contingent value rights will increase that to 32 per cent, based on the number of Pan American shares outstanding following the closing of the deal. (The Canadian Press)
Cineplex says gains at the box office and concession stands boosted third quarter revenue by 4.4 per cent to 386.7-million dollars.
But the movie theatre company says earnings fell to 10.2-million dollars from 17.2-million dollars a year ago.
The results for the most recent quarter included higher share-based compensation costs and one-million dollars in restructuring costs. (The Canadian Press)
Prime Minister Theresa May says a draft divorce agreement with the European Union takes the U-K significantly closer to delivering what the British people voted for when they decided to leave the bloc.
May told lawmakers that the deal means Britain will “take back control” of its laws and borders while protecting jobs, security and the integrity of our United Kingdom.
May’s Cabinet is due to meet later today to consider whether to back the deal reached yesterday.
Pro-Brexit politicians are already attacking it, saying it will bind Britain to E-U rules and regulations long after it leaves the bloc in March. (The Associated Press)
(Business Report by The Canadian Press)
(The Canadian Press)
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