By John Kipphoff
Feb. 19 (Bloomberg) -- Shares of the following companies are having unusual moves in Canadian trading. Stock symbols are in parentheses, and prices are as of 9:40 a.m. in Toronto.
Agnico-Eagle Mines Ltd. (AEM CN) dropped 3.2 percent to C$65.16. The gold producer planning to increase output fivefold said fourth-quarter profit dropped 66 percent after zinc and copper prices declined.
Cameco Corp. (CCO CN) fell 5.8 percent to C$18.01. The world’s largest uranium producer said it will sell about 23.2 million shares, which may dilute the value of existing stock.
Kinross Gold Corp. (K CN) declined 4.2 percent to C$23.40. Canada’s third-largest gold producer reported fourth-quarter profit of 9 cents a share, missing the average analyst estimate by 14 percent.
MI Developments Inc. (MIM/A CN) fell 5 percent to C$8.43. The real-estate company that owns land used by auto-parts maker Magna International Inc. (MG/A CN) abandoned its reorganization, saying the global recession, financial-market turmoil and the deteriorating car business made it unlikely that it would receive debt financing.
Suncor Energy Inc. (SU CN) added 6.5 percent to C$23.64. The company has the clearest growth prospects among Canadian oil- sands producers, according to Barclays Plc, which raised the stock to “overweight” from “equal weight.”
Talisman Energy Inc. (TLM CN) gained 2.9 percent to C$11.31. The oil and gas producer with reserves in North America and the North Sea was raised to “outperform” from “market perform” at Sanford C. Bernstein & Co.
To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.
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