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While earnings slowed in Canada on Friday, there were still a few heavyweights reporting, including telecom company , with Rogers also in focus after surprising markets last night.?
Canadian telecoms giant (TSE:RCI.B) posted fourth quarter results that topped views on strong growth in its wireless unit, and announced that president and CEO, Nadir Mohamed, has decided to retire in January 2014.
Vancouver-based telecom company Corp. (TSE:T) (NYSE:TU) Friday said that growth in wireless and wireline data revenue helped boost its bottom line as it posted fourth-quarter earnings and sales topped analyst views.
Shares of both companies were ahead in Toronto this morning.
Elsewhere on the earnings front, shares of () (NYSE:ENB) edged higher Friday, as it posted fourth-quarter revenues that came in well ahead of analyst views and announced that it and () will jointly develop a project to open up crude oil pipeline access to the eastern Gulf Coast market.
Beverage maker () swung to a profit in its fourth quarter, helped by a tax benefit, but revenue declined 6% due to lower volumes. Shares rose over 1%.?
Shares of (), Canada's fourth largest life insurer, also moved higher after the company said it returned to a profit in the fourth quarter, helped by steady markets and asset growth.
Meanwhile, Canadian property owner () posted a fourth quarter rise in funds from operations, while net income and revenue declined.?
Turning to the metals and mining sector, shares of (TSE:G) (NYSE:GG) fell more than 2.4% Friday, a day after the company reported a higher fourth quarter net profit but revenues slipped as production costs also increased and gold sales volumes declined.?
Shares of Holdings () were also down after the company reported a third quarter net loss of $16.1 million, or 19 cents a share, on revenue of $24.7 million, and said its operations would not be adversely impacted by Canadian National Railway's (TSE:CNR) plans to suspend a proposed new rail line to its mines in the Labrador Trough region.?
Last week, CN said it would stop a feasibility study for building the 800 km line to connect the region to port. Iron ore miner has operations in the Labrador Trough area.?
On a related note, Mines (), an iron ore explorer with assets in the Labrador Trough region, announced its third fiscal quarter results, ending last year with cash and equivalents of around $44 million. The company is one of the largest iron ore companies in Canada, in terms of number of claims by area. It has 6,493 claims and titles, covering some 198,779 hectares in the provinces of Qu?bec and Newfoundland & Labrador.?
Entr?e Gold (TSE:ETG)(NYSE MKT:EGI), meanwhile, said it has agreed to a "comprehensive financing package" with ()(NYSE MKT:SAND) for immediate total proceeds of around US$55 million. The package consists of an equity participation and funding agreement for a US$40 million upfront deposit and ongoing payments from Sandstorm, a C$10 million private placment, and a US$5 million payment for a 0.4% royalty on the Ann Mason and Blue Hill deposits in Nevada.?
In other news, RIM's (NASDAQ:BBRY) (TSE:BB) shares were down almost 6% in Toronto Friday after it was revealed that Jim Balsillie, the former co-CEO of the company and one of Canada's richest men, has sold all his remaining shares of the smartphone maker.?
In analyst research Friday, Jennings Capital analyst Ken Chernin has kept his buy rating and 12 month target price of C$1.70 a share for (TSE:AII), after the tungsten producer released its first quarter results on Thursday. The company operates the Los Santos tungsten mine in Spain.?
Casimir Capital analyst Eric Winmill also left his strong buy rating and $1.15 target price on () after the gold miner delivered fourth quarter results just ahead of expectations, with "stable cash costs", saying he believes the shares are apt to re-rate higher.?
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