By John Kipphoff
Sept. 11 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading today. Stock symbols are in parentheses, and share prices are from yesterday's close in Toronto.
The Standard & Poor's/TSX Composite Index rose 2.9 percent to 12,497.15.
Agrium Inc. (AGU CN): Chief Executive Officer Mike Wilson says an increase in global demand for grains and agriculture products will continue, and he's increasing his stake in the company 13 percent to take advantage of it. Wilson said he'll also discuss implementing a share buyback program with the company's board. The shares, down 35 percent from a June record, rose 5.2 percent to C$74.99 yesterday.
Banro Corp. (BAA CN): The company planning to build a gold mine in the Democratic Republic of Congo agreed to sell 11 million units at $1.75 (C$1.88) each to a group of brokerages including CIBC World Markets. The deal will raise $19.25 million, Toronto-based Banro said in a statement on Marketwire. The shares dropped 17 percent and have fallen 85 percent this year.
Bronco Energy Ltd. (BCF CN): The company exploring for oil and gas in Alberta had its share-price estimate lowered 29 percent to C$12 at RBC Capital Markets. The shares fell 10 percent to C$5.75.
Canadian Pacific Railway Ltd. (CP CN): A late harvest, a strike and port shutdowns may mean that third-quarter profit at the country's second-largest railroad will fall short of analysts' estimates, RBC Capital Markets analyst Walter Spracklin wrote in a note to clients today.
Spracklin cited the company's presentation at a conference in Toronto yesterday. He lowered his profit estimates for 2008, 2009 and 2010, and cut his share-price target by C$2 to C$66. The shares rose 1.6 percent to C$60.82.
Corel Corp. (CRE CN): The maker of WordPerfect software will reduce its workforce by 90 employees, or about 8 percent. The move will lead to the company booking costs of $2.8 million (C$3 million) in the fourth quarter, Ottawa-based Corel said in a statement on Business Wire.
The company also said that no agreement has been reached in talks with a third party about a sale of Corel, first disclosed Aug. 20. The shares rose 5.9 percent to C$11.92 on Sept. 4.
Garda World Security Corp. (GW CN): The provider of airport passenger screening and armored car services had its share-price estimate reduced by 25 percent to C$15 at RBC Capital. The shares fell 3.6 percent to C$10.88.
Harry Winston Diamond Corp. (HW CN): The co-owner of the Diavik diamond mine in northern Canada was raised to ``overweight'' from ``market weight'' by Thomas Weisel Partners analyst Matthew O'Keefe in Toronto. The shares rose 10 percent to C$19.15 yesterday, the most in eight years, after the company reported second-quarter profit that beat analysts' estimates.
Lululemon Athletica Inc. (LLL CN): The Canadian athletic- wear retailer that quadrupled earnings last year said second- quarter profit more than doubled to $11.1 million from $5.12 million, as the company opened new stores.
Per-share earnings before one-time items of 18 cents exceeded the average of analyst estimates compiled by Bloomberg, while the revenue of $85.5 million was 1.7 percent less than predicted. Shares fell 1.1 percent to C$19.23.
Nortel Networks Corp. (NT CN): UBS AG's Nikos Theodosopoulos lowered his 2008, 2009 and 2010 earnings and sales estimates for North America's largest maker of phone gear, citing a slowdown in capital spending at telephone companies. Nortel's share-price estimate was cut 20 percent to $6 (C$6.43) by the New York-based analyst. The shares fell 2 percent to C$5.46.
Sprott Inc. (SII CN): The Canadian hedge fund manager that went public in May expects to record net inflows in the third quarter even as stock prices decline, Chief Executive Officer Eric Sprott said.
Separately, Sprott had its share-price target cut 39 percent to C$5.50 by RBC Capital Markets analyst Geoffrey Kwan in Toronto. The shares rose 4.5 percent to C$4.85. They've lost 52 percent since Toronto-based Sprott first sold stock at C$10.
Viterra Inc. (VT CN): Canada's biggest grain handler was raised to ``outperform'' from ``neutral'' at Credit Suisse. The shares rose 1.9 percent to C$10.40 yesterday after Viterra posted a 69 percent increase in third-quarter profit.
Yellow Pages Income Fund (YLO-U CN): The owner of Canada's largest directories publisher was rated ``neutral'' in new coverage at Credit Suisse. The shares rose 2.8 percent to C$9.64.
To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.
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