By John Kipphoff
Sept. 26 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading today. Stock symbols are in parentheses, and share prices are from the previous close in Toronto except where otherwise indicated.
The Standard & Poor's/TSX Composite Index rose 0.3 percent to 12,546.51 yesterday in Toronto. The main Canadian equity benchmark has fallen 2.8 percent in four days and is poised for a third weekly decline this month.
Agrium Inc. (AGU CN), North America's third-biggest fertilizer producer was downgraded to ``hold'' from ``buy'' at Citigroup Inc. The shares fell 3.9 percent to C$77.72.
Corus Entertainment Inc. (CJR/B CN): The owner of Canada's W Network and YTV channels was rated ``overvalued'' in new coverage by analyst Airan Friedman at Accountability Research Corp. The Toronto-based analyst set a 12-month share-price target of C$17. The shares rose 4.2 percent to C$19.25.
Lundin Mining Co. (LUN CN): The industrial metals producer plans to close its Galmoy zinc mine in the Irish midlands in phases by 2011, eliminating around 220 jobs, Irish state broadcaster RTE reported. The shares rose 0.9 percent to C$3.48.
Manulife Financial Corp. (MFC CN): Canada's biggest insurance company said Mark O'Dell, who quit as the Singapore general manager of American International Group Inc.'s life insurance unit last week, has joined Manulife as the head of its Taiwan operations.
Separately, Manulife is considering a bid for the Asian operations of American International, the Globe and Mail reported, citing people familiar with the matter. The shares rose 2.4 percent to C$37.75.
Onex Corp. (OCX CN): Canada's largest buyout firm is considering buying small U.S. banks that have run into financial difficulties, the Globe & Mail reported, citing Gerald Schwartz, chief executive officer of the Toronto-based firm. The shares gained 0.5 percent to C$26.83.
Orleans Energy Ltd. (OEX CN): The company producing natural gas in Alberta was rated ``outperform'' in new coverage by Michael Harvey at RBC Capital Markets. The Calgary-based analyst set a share-price target of C$5. The shares gained 1.5 percent to C$3.10.
Research In Motion Ltd. (RIM CN): The maker of the BlackBerry e-mail phone forecast third-quarter profit that missed analysts' estimates after boosting marketing to ward off Apple Inc.'s new iPhone and introduce handsets.
The stock was downgraded to ``sector perform'' from ``outperform'' by Mike Abramsky at RBC Capital Markets. The Toronto-based analyst cut his share-price target by 45 percent to C$93.06. The shares fell as much as 20 percent in European trading today. The Toronto-traded shares added 0.6 percent to C$101 yesterday before the results were announced.
Sun Life Financial Inc. (SLF CN): Canada's third-largest insurance company plans to record a charge in the third quarter on its bond holdings in Washington Mutual Inc. The amount of the charge will be known following the end of the quarter, which ends Sept. 30, Toronto-based Sun Life said today in a statement. The shares rose 6.7 percent to C$39.49.
Teck Cominco Ltd. (TCK/B CN): Cia. Minera Antamina SA, operator of the world's largest combined copper and zinc mine, may double output at the deposit and extend the mine operations by another 50 years, Peru Energy Minister Juan Valdivia said. Vancouver-based Teck Cominco owns a 22.5 percent stake in Antamina. Teck shares fell 0.4 percent to C$34.65.
Thompson Creek Metals Co. (TCM CN): The world's fifth- largest molybdenum producer plans to buy back as much as 10 percent of its shares after the stock slid 40 percent in the past three months. The shares fell 0.1 percent to C$12.15.
To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.
Posts
No comments:
Post a Comment