Bombardier, Celestica, Magna: Canadian Equity Market

By Eric Martin

Jan. 29 (Bloomberg) -- Shares of the following companies may have unusual fluctuations in Canadian trading. Stock symbols are in parentheses and prices are from the previous close.

The Standard & Poor’s/TSX Composite Index added 1.7 percent to 8,906.23 in Toronto.

Bombardier Inc. (BBD/B CN): The world’s third-largest maker of commercial aircraft was rated “market perform” in new coverage at Raymond James & Associates. Investors should not buy the stock until the prospects of the “troubled aerospace sector” become clearer, analysts led by Steve Hansen in Vancouver said in note to clients. The shares rose 1.9 percent to C$4.73.

Celestica Inc. (CLS CN): The maker of electronics for other companies reported fourth-quarter adjusted profit, excluding a tax benefit, of 19 cents a share, more than the 17-cent average estimate of analysts surveyed by Bloomberg. The shares rose 0.4 percent to C$5.31.

Magna International Inc. (MG/A CN): North America’s largest auto-parts maker expects to win more orders while competitors fail as U.S. sales of cars and trucks keep falling after sinking to a 16-year low in 2008, Chairman Frank Stronach said. Magna is open to assembling vehicles for U.S. automakers, something it already does for General Motors Corp.’s Saab division in Europe, Stronach said in Bochum, Germany. The shares added 2.5 percent to C$36.88.

Open Text Corp. (OTC CN): The maker of networking software reported 13 percent more fiscal second-quarter profit than analysts estimated, according to Bloomberg data. The shares rose 3 percent to C$40, the highest since July 2004.

TMX Group Inc. (X CN): The owner of the Toronto Stock Exchange was downgraded to “sell” from “neutral” by Dundee Securities analyst John Aiken in Toronto, who said in an e-mailed note that a 61 percent increase in fourth-quarter profit to C$49 million probably marked the “near-term earnings high” for the company. The shares fell 2.3 percent to C$31.36.

To contact the reporter on this story: Eric Martin in New York at emartin21@bloomberg.net.