High Tide Inc. (NASDAQ:HITI), founded in 2009, is Canada’s largest cannabis retailer and the country’s highest revenue-generating cannabis company, with an annualized revenue run rate of approximately $600 million.
High Tide Inc. (HITI): Among High Growth Canadian Stocks to Buy
In mid-December, High Tide Inc. (NASDAQ:HITI) also began positioning itself for potential U.S. expansion as the White House moved toward rescheduling cannabis and announced plans to test Medicare coverage for CBD products. Management has indicated it is exploring licensing the Canna Cabana brand in the United States and developing CBD offerings aligned with Medicare frameworks, which could provide an early pathway into the world’s largest cannabis-related market without immediate exposure to full federal legalization risks. To support this next phase of growth, the company reengaged an investor relations firm to strengthen market communications as it targets expanded opportunities across cannabis and CBD in both domestic and international markets.
The company further strengthened its leadership as Canada’s largest cannabis retailer by expanding its Canna Cabana footprint to 218 stores, deepening both its national market share and its rapidly growing loyalty base. This scale has helped propel the company to a $600 million annualized revenue run rate while supporting improved profitability, highlighting the operating leverage embedded in its retail-first, membership-driven model. At the same time, High Tide Inc. (NASDAQ:HITI) took a meaningful step toward international diversification by entering Germany’s medical cannabis market, signaling ambitions that extend well beyond its Canadian core.
While we acknowledge the potential of HITI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
The retailer behind the Garage and Dynamite banners says based on the result it now expects comparable store sales growth for its 2025 financial year to be in a range of 26.5% to 27.0%. The new guidance for the year ended Jan. 31 compared with earlier expectations for between 25.5% and 27.5%.
Groupe Dynamite also raised the lower end of its adjusted earnings before interest, taxes, depreciation and amortization margin for its 2025 financial year. The retailer now expects its adjusted EBITDA margin to come in between 36% and 37% compared with earlier expectations for between 35% and 37%.
Capital spending for the year is expected to be in a range of $80 million to $90 million for the year, down from a range of $85 million to $95 million, mainly reflecting payments timing.
Lululemon says it expects Q4 sales and EPS to be at high end of guidance
Lululemon Athletica Inc. says it expects its net revenue and diluted earnings per share for its fourth quarter to come in at the high end of its guidance for the period. Chief financial officer Meghan Frank says the update is based on the company’s performance over the holiday season.
The retailer had previously guided for revenue in a range of US$3.500 billion to US$3.585 billion and diluted earnings per share between US$4.66 and US$4.76 for the fourth quarter.
The company made no changes to its guidance for gross margin, selling, general and administrative expenses, or the effective tax rate.
The results come as Lululemon CEO Calvin McDonald prepares to step down from his role effective Jan. 31. Founder Chip Wilson, who has been critical of the company, has nominated three director candidates for Lululemon’s board, saying the search for McDonald’s replacement should be led by new, independent directors.
Gold miner Kinross going ahead with three organic growth projects in U.S.
Kinross Gold Corp. says it is going ahead with the construction of three organic growth projects in the U.S. that will cost a total of nearly US$1.4 billion. The company says the initial capital costs of its Round Mountain Phase X project in Nevada are expected to total US$400 million over four years, while the Bald Mountain Redbird 2 project in the state is expected to cost US$490 million over three years. The Kettle River-Curlew project in Washington is expected to cost US$485 million over three years.
Article Continues Below Advertisement
Kinross says the projects are expected to meaningfully extend mine life and will benefit long-term costs within its U.S. portfolio.
Chief executive Paul Rollinson says the new growth projects are expected to contribute three million ounces of life-of-mine production to its portfolio. The company says it intends to fund the projects from operating cash flows.
The Canadian Press is Canada’s trusted news source and leader in providing real-time stories. We give Canadians an authentic, unbiased source, driven by truth, accuracy and timeliness.
Canopy Growth chief executive Luc Mongeau says MTL’s cultivation expertise, combined with his company’s scale, positions it to improve product quality, expand supply and accelerate its path to profitable growth.
Under the terms of the agreement, MTL shareholders will receive 0.32 of a common share of Canopy Growth and 14.4 cents in cash for each MTL share they hold. Canopy shares closed at $2.40 on the Toronto Stock Exchange on Friday.
The deal requires regulatory and MTL shareholder approval. Closing of the transaction is expected to occur before the end of February.
BlackBerry reports Q3 profit of US$13.7M, up from a loss a year ago
BlackBerry (TSX:BB)
Numbers for its third quarter of 2025:
Profit: $13.7 million (up from loss of $10.5 million a year ago)
Revenue: $141.8 million (down from $143.6 million)
BlackBerry Ltd. reported a third-quarter profit of US$13.7 million, up from a loss of US$10.5 million during the same period a year earlier. The Waterloo-based software company, which keeps its books in U.S. dollars, said Thursday that its earnings per share came in at two cents US, flat compared with the prior year quarter.
BlackBerry says its revenue reached US$141.8 million for the period ended Nov. 30, down from US$143.6 million during the third quarter last year.
John Giamatteo, BlackBerry CEO, says in a press release that the company’s QNX segment reached an all-time high for revenue. QNX segment revenue came in at US$68.7 million, rising 10 per cent from US$62.3 million a year earlier.
Giamatteo says the company’s higher-than-expected overall revenue, coupled with ongoing cost discipline efforts, helped it achieve its strongest profitability in nearly four years during the quarter.
Transat A.T. reports $12.5M Q4 loss compared with $41.2M profit a year ago
Transat A.T. (TSX:TRZ)
Numbers for its fourth quarter of 2025:
Loss: $12.5 million (down from profit of $41.2 million a year ago)
Revenue: $771.6 million (down from $788.8 million)
Travel company Transat A.T. Inc. reported a loss of $12.5 million in its latest quarter compared with a profit of $41.2 million in the same quarter last year. The company says the loss amounted to 52 cents per diluted share for the quarter ended Oct. 31 compared with a profit of $1.05 per diluted share a year earlier.
Article Continues Below Advertisement
Revenue in what was Transat’s fourth quarter totalled $771.6 million, down from $788.8 million a year ago when it benefited from compensation related to Pratt & Whitney GTF engine issues. Excluding the impact of this lower compensation, Transat says revenue increased by 1.5 per cent compared with a year ago.
On an adjusted basis, Transat says it lost 42 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.
Last week, Transat narrowly avoided a costly work stoppage when it reached a new tentative contract with its pilots.
The Canadian Press is Canada’s trusted news source and leader in providing real-time stories. We give Canadians an authentic, unbiased source, driven by truth, accuracy and timeliness.
A judge in Mali ordered in June that Barrick’s Loulo-Gounkoto gold complex be placed under provisional administration for six months.
Under the deal announced Monday, Barrick says all charges brought against the company, its affiliates, and employees will be dropped and steps for the release of the four detained Barrick employees will be undertaken. It also says that the provisional administration of the Loulo-Gounkoto complex will be terminated and operational control will be handed back to the company.
Barrick says its subsidiaries will withdraw the arbitration claims pending before the International Centre for Settlement of Investment Disputes.
Alimentation Couche-Tard earns US$740.6M in Q2, rising from the previous year
Alimentation Couche-Tard Inc. (TSX:CTD)
Numbers for its second quarter:
Profit: $740.6 million (up from $708.8 million a year ago)
Sales: $17.9 billion (up from $17.4 billion)
Alimentation Couche-Tard Inc. says its net earnings attributable to shareholders came in at US$740.6 million during the second quarter, compared with US$708.8 million for the same period a year earlier. This amounted to 79 cents US per share in net earnings attributable to shareholders, rising from 75 cents US during the prior year quarter.
The Laval, Que.-based company, which keeps its books in U.S. dollars, says its revenue amounted to US$17.9 billion during the period ended Oct. 12, up 2.6% year-over-year from US$17.4 billion.
Total merchandise and service revenues came in at US$4.7 billion during the second quarter, rising 6.6% from the same period a year earlier.
Couche-Tard CEO Alex Miller says the company reported same-store sales growth across all of its geographies for the second straight quarter.
Filipe Da Silva, Couche-Tard’s chief financial officer, says in a press release that the company bought back nearly US$900 million of its shares during the quarter.
Blue Ant Media Group signs deal to buy Thunderbird Entertainment for $89 million
Blue Ant Media Corp. has signed a stock-and-cash agreement worth $89 million to buy Thunderbird Entertainment Group Inc. Blue Ant chief executive Michael MacMillan says the acquisition of Thunderbird is expected to add scale and complementary capabilities that strengthen Blue Ant’s studio business and enhance its earnings and cash flow.
Vancouver-based Thunderbird’s production businesses include Atomic Cartoons and Great Pacific Media.
Under the deal, Thunderbird shareholders will have the option to receive 0.2165 of a Blue Ant subordinate voting share, $1.77 in cash or a combination both for each Thunderbird share they hold. The maximum amount of cash available under the offer is limited to $40 million.
The deal, which requires shareholder approval, is also subject to customary closing conditions including court and regulatory approvals. The transaction is expected to close in the first quarter of 2026.
Brookfield and GIC make offer for Australia’s National Storage REIT
Canada’s Brookfield and Singaporean sovereign wealth fund GIC have made a takeover offer for National Storage REIT, an Australian self-storage company, valued at about A$4 billion or the equivalent of roughly C$3.7 billion.
National Storage confirmed it has received an unsolicited, non-binding, indicative and conditional proposal. The company has about 94,500 residential and commercial customers at more than 270 storage centres across Australia and New Zealand.
Under terms of the offer, National Storage securityholders would receive A$2.86 cash per stapled security.
The offer is being made on the basis that a dividend or distribution of six Australian cents may be paid, in which case, the cash payable per stapled security will be reduced by the same amount.
The results announced late Wednesday provided a pulse check on the frenzied spending on AI technology that has been fueling both the stock market and much of the overall economy since OpenAI released its ChatGPT three years ago.
Nvidia has been by far the biggest beneficiary of the run-up because its processors have become indispensable for building the AI factories that are needed to enable what’s supposed to be the most dramatic shift in technology since Apple released the iPhone in 2007. But in the past few weeks, there has been a rising tide of sentiment that the high expectations for AI may have become far too frothy, setting the stage for a jarring comedown that could be just as dramatic as the ascent that transformed Nvidia from a company worth less than $400 billion three years ago to one worth $4.5 trillion at the end of Wednesday’s trading.
Nvidia’s report for its fiscal third quarter covering the August-October period elicited a sigh of relief among those fretting about a worst-case scenario and could help reverse the recent downturn in the stock market.
“The market should belt out a heavy sigh, given the skittishness we have been experiencing,” said Sean O’Hara, president of the investment firm Pacer ETFs.
The company’s stock price gained more than 5% in Wednesday’s extended trading after the numbers came out. If the shares trade similarly Thursday, it could result in a one-day gain of about $230 billion in stockholder wealth.
Nvidia earned $31.9 billion, or $1.30 per share, a 65% increase from the same time last year, while revenue climbed 62% to $57 billion. Analysts polled by FactSet Research had forecast earnings of $1.26 per share on revenue of $54.9 billion. What’s more, the Santa Clara, California, company predicted its revenue for the current quarter covering November-January will come in at about $65 billion, nearly $3 billion above analysts’ projections, in an indication that demand for its AI chips remains feverish.
The incoming orders for Nvidia’s top-of-the-line Blackwell chip are “off the charts,” Nvidia CEO Jensen Huang said in a prepared statement that described the current market conditions as “a virtuous cycle.” In a conference call, Nvidia Chief Financial Officer Collette Kress said that by the end of next year the company will have sold about $500 billion in chips designed for AI factories within a 24-month span Kress also predicts trillions of dollars more will be spent by the end of the 2020s.
In a conference call preamble that has become like a State of the AI Market address, Huang seized the moment to push back against the skeptics who doubt his thesis that technology is at tipping point that will transform the world. “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang insisted while celebrating “depth and breadth” of Nvidia’s growth.
Article Continues Below Advertisement
The upbeat results, optimistic commentary and ensuring reaction reflects the pivotal role that Nvidia is playing in the future direction of the economy — a position that Huang has leveraged to forge close ties with President Donald Trump, even as the White House wages a trade war that has inhibited the company’s ability to sell its chips in China’s fertile market.
Trump is increasingly counting on the tech sector and the development of artificial intelligence to deliver on his economic agenda. For all of Trump’s claims that his tariffs are generating new investments, much of that foreign capital is going to data centers for AI’s computing demands or the power facilities needed to run those data centers.
“Saying this is the most important stock in the world is an understatement,” Jay Woods, chief market strategist of investment bank Freedom Capital Markets, said of Nvidia.
The boom has been a boon for more than just Nvidia, which became the first company to eclipse a market value of $5 trillion a few weeks ago, before the recent bubble worries resulted in a more than 10% decline. As OpenAI and other Big Tech powerhouses snap up Nvidia’s chips to build their AI factories and invest in other services connected to the technology, their fortunes have also been soaring. Apple, Microsoft, Google parent Alphabet Inc. and Amazon all boast market values in the $2 trillion to $4 trillion range.
Freezer issue dents Metro’s bottom line in Q4, says costs to continue into Q1
Metro Inc. (TSX:MRU)
Numbers for its fourth quarter of 2025:
Profit: $217 million (down from $219.9 million a year ago)
Revenue: $5.11 billion (up from $4.94 billion)
Grocery and drugstore retailer Metro Inc. was hit by costs related to problems at its frozen food distribution centre in Toronto in the fourth quarter, with financial impacts expected to continue into the first quarter. The company said operations at the facility resumed last week after it was shut down for almost two months, but the temporary closure cost it $22.5 million in Q4 as it reported slightly lower annual profits.
Metro chief executive Eric La Flèche said the company expects the distribution centre to be essentially back to normal by the end of December. “I want to thank all our teams who continue to execute our contingency plan to supply our stores, thereby minimizing the impact on our customers,” he said in a statement on Wednesday.
Metro was forced to stop work at the Toronto frozen food distribution centre on Sept. 12 due to an issue with its refrigeration system. It resumed operations on Nov. 10. La Flèche said on the call that a mechanical issue, not one related to automation, was responsible for the problems with the refrigeration system. He added that the company is currently working with insurers to confirm the amount it will be able to recover.
“Looking forward to Q1 of 2026, we estimate that the direct costs associated with the rental of temporary chilling equipment and with the execution of our contingency plan will impact our net earnings by approximately $15 million to $20 million,” chief financial officer Nicolas Amyot said on the company’s conference call Wednesday.
Revenue totalled US$4.15 billion, up from US$3.37 billion. On an adjusted basis, Barrick says it earned 58 cents per share in its latest quarter compared with an adjusted profit of 30 cents per share a year ago.
Gold production in the quarter totalled 829,000 ounces, down from 943,000 ounces a year ago, while the company’s realized gold price rose to US$3,457 per ounce, up from US$2,494 per ounce a year ago. Copper production amounted to 55,000 tonnes, up from 48,000 tonnes a year ago, while Barrick’s realized copper price for the quarter was US$4.39 per pound, up from US$4.27 per pound in the same quarter last year.
Barrick increased its quarterly base dividend to 12.5 cents US per share from 10 cents US and declared an additional performance dividend for the quarter of five cents US per share for a total payment of 17.5 cents US per share.
In September, Barrick appointed Mark Hill to become interim president and CEO following the sudden departure of Mark Bristow from the top job. The company says it is working with an executive search firm to find a permanent president and CEO.
MEG Energy reports $159M in Q3 profit, down from last year
MEG Energy Corp. (TSX:MEG)
Numbers for its third quarter of 2025:
Profit: $159 million (down from $167 million a year ago)
Revenue: $1.18 billion (down from $1.27 billion)
Oilsands producer MEG Energy Corp. says its profits fell during the third quarter. Net earnings for the period ended Sept. 30 amounted to $159 million, down from $167 million during the same period a year earlier. Diluted earnings per share were flat year-over-year at 62 cents.
Revenue came in at $1.18 billion during the quarter, down from $1.27 billion during the same period last year. Production for the quarter reached a record of 108,166 barrels per day compared with 103,298 during the prior-year quarter.
Last week, shareholders in MEG Energy voted in favour of an $8.6-billion takeover by Cenovus Energy Inc. (TSX:CVE) in a deal that is expected to close this month after a final court approval and other customary conditions.
Grocery and drugstore retailer Loblaw reports Q3 profit and revenue up from year ago
Loblaw Cos. Ltd. (TSX:L)
Numbers for its third quarter of 2025:
Profit: $794 million (up from $777 million a year ago)
Revenue: $19.40 billion (up from $18.54 billion)
Grocery and drugstore retailer Loblaw Cos. Ltd. reported its third-quarter profit and revenue rose compared with a year ago. The company behind Loblaws and Shoppers Drug Mart says it earned a profit attributable to common shareholders of $794 million or 66 cents per diluted share for the quarter ended Oct. 4. The result compared with a profit of $777 million or 63 cents per diluted share in the same quarter last year.
Article Continues Below Advertisement
Revenue for the 16-week period totalled $19.40 billion, up from $18.54 billion a year earlier.
The company’s hard discount and Real Canadian Superstore banners outperformed its conventional stores as consumers continue to hunt for value, Loblaw said in a release. Food retail same-store sales were up two per cent, while drug retail same-store sales rose four per cent with pharmacy and health-care same-store sales growth of 5.9 per cent and a gain of 1.9 per cent for front store same-store sales.
RBC analyst Irene Nattel said in a note to clients it was “another solid quarter” for the company, however, same-store food sales and revenue was “a string bean shy of forecast.”
On an adjusted basis, Loblaw says its earned 69 cents per diluted share in its latest quarter, up from an adjusted profit of 62 cents per diluted share a year ago.
Manulife reports $1.8 billion in Q3 earnings, down slightly year-over-year
Manulife Financial Corp. (TSX:MFC)
Numbers for its third quarter of 2025:
Profit: $1.8 billion (down from $1.84 billion a year ago)
Manulife Financial Corp. reported $1.8 billion in net income attributed to shareholders during the third quarter, down slightly from $1.84 billion during the same period a year earlier. The insurer says adjusted earnings, or what it calls core earnings, came in at $2 billion compared with $1.83 billion during the prior year quarter.
Manulife CEO Phil Witherington says the company’s core earnings in Asia and Canada reached record levels. Core earnings for Manulife’s Asia segment came in at US$550 million, while core earnings for its Canada segment came in at $428 million.
Manulife’s earnings came as the company launched a new platform with the stated goal of helping people live longer and more financially secure lives, called the Longevity Institute. The company says it is committing $350 million to the platform through 2030.
The Montreal-based airline says operating revenues during the quarter came in at $5.77 billion, falling around 5% from $6.1 billion during the third quarter last year.
Results for the three-month period ended Sept. 30 include the three-day work stoppage by more than 10,000 flight attendants in August that shut down operations and caused more than 3,000 flight cancellations.
Air Canada CEO Michael Rousseau says the latest results met the company’s revised estimate that was lowered to adjust for the labour disruption that occurred during the peak of the summer season. In September, Air Canada lowered its full-year guidance while estimating the cost of the strike at $375 million.
Profit: $409 million (down from $420 million a year ago)
Revenue: $2.94 billion (up from $2.77 billion)
Fortis Inc. raised its dividend as it reported a third-quarter profit of $409 million. The power utility says it will now pay a quarterly dividend of 64 cents per share, up from 61.5 cents per share.
The increased payment to shareholders came as Fortis says its third-quarter profit amounted to 81 cents per share, down from $420 million or 85 cents per share in the same quarter last year. On an adjusted basis, the company says it earned 87 cents per share in its latest quarter, up from 85 cents per share a year ago.
Revenue for the quarter totalled $2.94 billion, up from $2.77 billion in the same quarter last year.
In its outlook, Fortis announced a new five-year capital plan for 2026-2030 that totals $28.8 billion, an increase of $2.8 billion compared with its previous five-year plan.
Thomson Reuters reports third-quarter profit and revenue up from year ago
Thomson Reuters Corp. (TSX:TRI)
Numbers for its third quarter of 2025:
Profit: $423 million (up from $301 million a year ago)
Revenue: $1.78 billion (up from $1.72 billion)
Thomson Reuters Corp. reported a profit of US$423 million in its latest quarter, up from US$301 million in the same period a year earlier, as its revenue rose 3%. The company, which keeps its books in U.S. dollars, says the profit amounted to 94 cents US per diluted share for the quarter ended Sept. 30, up from 67 cents US per diluted share in the same quarter last year.
Article Continues Below Advertisement
Revenue totalled US$1.78 billion, up from US$1.72 billion a year ago. On an adjusted basis, Thomson Reuters says it earned 85 cents US per share, up from an adjusted profit of 80 cents US per share in the same quarter last year.
In September, the company acquired Additive AI Inc., a U.S.-based specialist in AI-powered tax document processing for tax and accounting professionals. The company also sold its remaining minority interest in the Elite business, a provider of financial practice management solutions to law firms.
Suncor reports decline in third-quarter profits, record production
Suncor Energy Inc. (TSX:SU)
Numbers for its third quarter of 2025:
Profit: $1.62 billion (down from $2.02 billion a year ago)
Revenue: $6.17 billion (down from $6.32 billion)
Oilsands giant Suncor Energy Inc. has reported a decline in third-quarter profits amid weak oil prices, while production and refinery throughput hit new records. Net earnings were $1.62 billion during the three months ended Sept. 30, down from $2.02 billion a year earlier. The profit amounted to $1.34 per share compared to $1.59 per share.
Operating revenues net of royalties were $6.17 billion, down from $6.32 billion during the same 2024 quarter.
Total upstream production in the quarter was 870,000 barrels of oil equivalent per day, up from 828,600 boe/d. Suncor’s refineries processed 491,700 barrels per day, an increase from 487,600 barrels in the year-ago quarter.
“Our people continue to deliver shareholder value with a culture that every barrel and every dollar matters,” CEO Rich Kruger said in a news release Tuesday. “Underpinned by our integrated business model, we are elevating overall performance and generating higher, more reliable and more ratable free cash flow with less volatility and dependence on the external business environment.”
Also Tuesday, Suncor announced it will raise its quarterly dividend by 5% to 60 cents per share.
Uranium miner Cameco raises annual dividend, reports small Q3 loss
Cameco (TSX:CCO)
Numbers for its third quarter of 2025:
Loss: $158,000 (down from profit of $7.4 million a year ago)
Revenue: $614.6 million (down from $720.6 million)
Cameco raised its dividend and reported a small net loss in its most recent quarter. The uranium miner says it will pay an annual dividend of 24 cents per share, up from 16 cents. The increased payment to shareholders came as Cameco posted a net loss of $158,000 or zero cents per diluted share for the quarter ended Sept. 30 compared with a profit of $7.4 million or two cents per diluted share a year earlier.
The company, which keeps its books in U.S. dollars, says its net income attributable to common shareholders amounted to US$315 million or 96 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$252 million or 79 cents US in the same quarter last year.
Revenue for the quarter totalled US$2.45 billion, up from US$2.29 billion a year ago.
On an adjusted basis, RBI says it earned US$1.03 per diluted share in its latest quarter, up from 93 cents US per diluted share in the same quarter last year.
In addition to Tim Hortons, RBI is the company behind the Burger King, Popeyes, and Firehouse Subs brands.
Parkland reports Q3 profit up from year ago as it prepares to close Sunoco deal
Parkland Corp. (TSX:PKI)
Numbers for its third quarter of 2025.
Profit: $129 million (up from $91 million a year ago)
Sales: $7.35 billion (up from $7.13 billion)
Parkland Corp. reported a third-quarter profit of $129 million, up from $91 million a year ago, as it prepared to complete its deal to be acquired by U.S. company Sunoco. The Calgary-based company says its profit amounted to 73 cents per diluted share for the quarter ended Sept. 30, up from 52 cents per diluted share a year earlier.
On an adjusted basis, Parkland says it earned $1.02 per diluted share in its latest quarter compared with an adjusted profit of 60 cents per diluted share in the same quarter last year.
Sales and operating revenue totalled $7.35 billion, up from $7.13 billion a year earlier.
Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. It also runs a refinery in Burnaby, B.C., which supplies nearly one-third of the region’s domestically supplied gasoline and jet fuel.
Article Continues Below Advertisement
The company says it expects to close its deal with Sunoco on Friday, subject to the satisfaction or waiver of customary closing conditions.
Wealthsimple announces its raising up to $750M in new capital to accelerate growth
Wealthsimple Inc. says it is raising up to $750 million in capital in an effort to accelerate its growth. The equity raise will bring its valuation to $10 billion upon completion.
The equity round includes a $550 million primary offering and secondary offering of up to $200 million and is co-led by U.S.-based Dragoneer Investment Group and Singaporean sovereign wealth fund GIC.
Wealthsimple says the round will also include the Canada Pension Plan Investment Board, a new investor, along with existing investors Power Corporation of Canada, IGM Financial Inc. and others. Wealthsimple CEO Michael Katchen says in a press release that it was intentional in choosing partners committed to its long-term future.
Last week, Wealthsimple announced its assets under administration reached $100 billion, roughly doubling from a year ago.
Cameco shares soar after company and Brookfield sign nuclear reactor deal with U.S.
Shares of Cameco Corp. (TSX:CCO) rose more than 20 per cent after the company and Brookfield Asset Management Ltd. (TSX:BAM) announced a partnership agreement with the U.S. government to help build nuclear reactors in the United States.
Under the deal, the U.S. government will arrange financing and facilitate the permitting and approvals for at least US$80 billion worth of new Westinghouse nuclear reactors in the U.S. Brookfield and Cameco acquired Westinghouse in November 2023.
“We expect that the new build commitments from the U.S. will bolster broader confidence in the durable growth profile for nuclear power, and support increased demand for Westinghouse’s and Cameco’s products, services and technologies,” Cameco chief executive Tim Gitzel said in a statement. “This new partnership highlights the role that Westinghouse’s reactor technologies, based on fully designed, licensed and operating reactors, are expected to play in the planned expansion of nuclear capacity and diversification of global nuclear supply chains.”
Under the transaction, Northern Superior’s shareholders will receive 0.0991 of an Iamgold share and 19 cents in cash for each common share of Northern Superior. The offer implies a total value of $2.05 per Northern Superior share, based on the closing price of the Iamgold shares on the Toronto Stock Exchange on Oct. 17. The transaction will also include a concurrent distribution to Northern Superior’s shareholders of all the shares in ONGold Resources Ltd. currently held by Northern Superior.
Under a second deal, Iamgold will acquire Mines D’Or Orbec Inc. in a stock-and-cash deal valued at $17.2 million, net of the 6.7 per cent stake it already holds in the company. Orbec shareholders will receive 6.25 cents and 0.003466 of an Iamgold share for each Orbec share they hold for a value of 12.5 cents per share.
Teck Resources ‘very pleased’ with progress of talks with regulators on Anglo deal
Teck Resources (TSX:TECK.B)
Numbers for its third quarter of 2025.
Profit: $281 million (up from loss of $748 million a year ago)
Revenue: $3.39 billion (up from $2.86 billion in same quarter last year)
The head of Teck Resources (TSX:TECK.B) says he’s happy with the way talks with government officials are going as the company seeks Ottawa’s approval for its proposed merger with U.K. mining giant Anglo American—even as the industry minister signalled last month she wanted more from the companies.
“Conversations are ongoing, and they’re productive and we’re very pleased in the way that they’re unfolding at the moment,” chief executive Jonathan Price told a conference call to discuss the company’s latest results Wednesday.
Teck announced a deal last month to merge with Anglo American to form the Anglo Teck group; however, the deal requires approval under the Investment Canada Act, which can be used to block deals deemed against the national interest.
“We are engaging on an ongoing and collaborative basis with the Canadian government here,” Price said.
“Those discussions have been frequent and productive.” He said he believes the company has put forward a strong and comprehensive package of commitments to Canada, a key element of which is the plan to move the headquarters of Anglo to Vancouver.
The companies have said the combination would create a $70-billion copper mining powerhouse with headquarters and top executives based in Vancouver. They have pitched it as a “merger of equals” even though Anglo American is worth more than double Teck. Shareholders vote on the deal in December, while Price said the company will be completing all of its filings related to antitrust and competition with regulators globally.
Article Continues Below Advertisement
Industry Minister Mélanie Joly has said Ottawa wants to see longer-term commitments to Canada if Teck is allowed to merge with Anglo American. Teck and Anglo American have committed about $4.5 billion in spending in Canada over five years as part of the deal. However, a significant portion of that has already been announced by Teck, including the mine life extension of its Highland Valley copper mine.
Price’s comments came as the company reported a profit from continuing operations attributable to shareholders amounted to $281 million or 57 cents per diluted share for its third quarter. The result compared with a loss of $748 million or $1.45 per diluted share in the same quarter last year. On an adjusted basis, Teck says it earned 76 cents per diluted share from continuing operations in its latest quarter, up from an adjusted profit of 60 cents per diluted share a year earlier. Revenue totalled $3.39 billion, up from $2.86 billion in the same quarter last year.
In reporting its third-quarter results, Teck said production at Quebrada Blanca in Chile continues to be constrained by the pace of development of a tailings management facility, requiring downtime in the concentrator.
Mullen Group Q3 profit down from year ago as acquisitions boost revenue
Mullen Group Ltd. (TSX:MTL)
Numbers for its third quarter of 2025.
Profit: $33.2 million (down from $38.3 million a year ago)
Revenue: $561.8 million (up from $532 million in same quarter last year)
Mullen Group Ltd. (TSX:MTL) reported its third-quarter profit fell compared with a year ago as acquisitions helped boost its revenue.
The trucking and logistics company says it earned $33.2 million or 36 cents per diluted share for the quarter ended Sept. 30. The result compared with a profit of $38.3 million or 41 cents per diluted share a year earlier.
Revenue for the quarter totalled $561.8 million, up from $532.0 million in the same quarter last year. The increase was helped by the acquisition of Cole International Inc. and Pacific Northwest Moving (Yukon) Ltd.
On an adjusted basis, Mullen Group says it earned 38 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year earlier.
Wealthsimple says assets top $100 billion under administration
Wealthsimple Inc. says its assets under administration have reached $100 billion as the company tweaks its offerings. The privately-held financial platform has seen its assets roughly double from a year ago, while in 2023 it had set a target of 2028 to reach the $100 billion mark.
The Cenovus offer values MEG at $8.6 billion, including assumed debt, and is made up of half cash and half stock. MEG shareholders are set to vote on the proposal on Oct. 22.
Cenovus and MEG have neighbouring oilsands properties at Christina Lake, south of Fort McMurray, Alta.
U.S. fuel distributor Sunoco LP’s proposed takeover of Calgary-based fuel retailer and refiner Parkland Corp. (TSX:PKI) has cleared a key regulatory milestone with Ottawa’s approval under the Investment Canada Act. The transaction is expected to close in the fourth quarter of this year, subject to remaining regulatory approvals and the satisfaction or waiver of customary closing conditions, Parkland said in a release Tuesday. A review under the Investment Canada Act considers whether foreign investments would be a net benefit to the country or cause potential harm to national security.
The Parkland-Sunoco deal was announced at a time of fraught Canada-U.S. relations and amped-up resource nationalism amid the onslaught of U.S. President Donald Trump’s tariffs. Earlier this year, Ottawa recently updated national security guidelines under the act to account for potential harms to Canada’s economic security. The government said it will consider the size of the Canadian business, its place in the innovation ecosystem and the impact on Canadian supply chains.
Parkland and Sunoco announced the friendly cash-and-stock deal valued at US$9.1 billion including assumed debt in May following a bitter proxy battle with investors in the Canadian company unhappy with its performance and strategy.
Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. Sunoco outlets that had long operated in Canada were rebranded in 2009 under the Petro-Canada banner. Parkland also runs a refinery in Burnaby, B.C., which supplies nearly one-third of the region’s domestically supplied gasoline and jet fuel.
The deal cleared a key U.S. antitrust hurdle last month when the waiting period under the Hart-Scott-Rodino Act expired. Shareholders approved the takeover in June.
Cineplex selling Cineplex Digital Media to U.S. company Creative Realities for $70M
Cineplex Inc. (TSX:CGX) has signed a deal to sell its Cineplex Digital Media subsidiary to Creative Realities Inc., a U.S.-based digital signage company, for $70 million. CDM offers digital signage for a wide range businesses including retailers and banks as well as digital menu boards for restaurants.
Article Continues Below Advertisement
As part of the deal, Cineplex has signed a long-term agreement to continue as CDM’s exclusive advertising sales agent for CDM operated digital-out-of-home networks across Canada.
Cineplex chief executive Ellis Jacob says the sale will provide the company with meaningful capital to continue to deliver value for shareholders. Cineplex says proceeds of the sale will be used to strengthen its balance sheet and provide cash for share buybacks, debt reduction, and general corporate purposes.
The deal is expected to close in the coming weeks, subject to regulatory approvals and other customary closing conditions.
The Canadian Press is Canada’s trusted news source and leader in providing real-time stories. We give Canadians an authentic, unbiased source, driven by truth, accuracy and timeliness.
Cineplex says box office revenue for the third quarter totalled $159.5 million, down from $174.9 million a year earlier.
Cineplex chief executive Ellis Jacob says outside a tough comparative last August, with the release of Deadpool & Wolverine, the third-quarter box office performed well compared with a year ago. He added that the success of Taylor Swift, The Official Release Party of A Showgirl last weekend marked a dynamic start to the fourth quarter.
Cineplex has 171 movie theatres and entertainment venues across Canada.
Aritzia’s Q2 profit surge driven by U.S. customer growth, operational changes: CEO
Artizia Inc. (TSX:ATZ)
Numbers for its second quarter of 2025:
Profit: $66.3 million (up from $18.2 million a year ago)
Sales: $812.1 million (up from $615.7 million)
Aritzia Inc. said strength in its U.S. business and moves to avoid higher shipping fees boosted its latest quarterly results. “We’ve seen outstanding new customer growth in the United States, where our base of loyal clients expands quarter after quarter. We’re also super pleased with our second-quarter results in Canada,” Aritzia CEO Jennifer Wong told analysts on a call Thursday.
The Vancouver-based clothing retailer reported $66.3 million in net income during its second quarter, up from $18.2 million during the same period last year. Its net revenue rose by almost a third to $812.1 million, from $615.7 million during the same period a year earlier.
The company said its U.S. net revenue rose more than 40 per cent to $486.1 million, accounting for just under 60 per cent of its total revenue. Wong also noted the company launched a new international e-commerce platform in August, which she said was fuelling higher revenue growth. “Its performance in the first six weeks has meaningfully exceeded our expectations, and we’re confident we’ll hit our target to triple sales within two years or less,” she said.
In August, the U.S. ended what’s known as the de minimis exemption, which had allowed packages worth $800 or less to ship south of the border without duties. “Previously, under the de minimis exemption, we utilized our existing supply chain network in Canada to fulfil a portion of U.S. e-commerce orders. However, the removal of the de-minimis exemption in August required an operational pivot,” Wong said.
She said the company relocated all U.S. order fulfilment to its Ohio distribution centre, which was expanded last year to more than double its previous size. Wong said the company hired additional staff at the facility.
Article Continues Below Advertisement
“Despite headwinds from the elimination of the de minimis and higher reciprocal tariff rates on Vietnam and Cambodia, our proactive mitigation strategies and strong revenue growth have positioned us very well,” she said. “As a result, our margin outlook for fiscal 2026 is unchanged at 15.5 to 16.5 per cent. We’re leveraging our agile global supply chain to minimize tariff exposure where possible.”
Todd Ingledew, Aritzia’s chief financial officer, said that due to the retailer’s year-to-date performance and improved expectations for the second half of the year, it is raising its net revenue forecast for the full fiscal year to between $3.3 billion and $3.5 billion. In its first-quarter report in January, Aritizia had predicted net revenue of $3.1 billion to $3.25 billion.
For the second quarter, Aritzia’s net income per diluted share came in at 56 cents compared to 16 cents per diluted share a year earlier. On an adjusted basis, Aritzia’s net income amounted to $69.8 million, rising from $24.5 million during the second quarter of last year.
U.S. government to take 10-per-cent stake in Canadian mining company Trilogy Metals
Vancouver-based Trilogy Metals Inc. (TSX:TMQ) says the U.S. government will take a 10% stake in the mineral exploration company, which has mining interests in Alaska that Washington wants to see developed. The U.S. government is spending US$35.6 million on the stake, and has options to increase it further in the future. The transaction remains subject to regulatory and other approvals.
The announcement comes as U.S. President Donald Trump signed an executive order that directs a road to be built in Alaska allowing access to the Ambler mining district, an area rich in copper where Trilogy Metals has an interest through a joint venture. The long-debated Ambler Road project was approved in the first Trump administration, but was later blocked by the Biden administration after an analysis determined the project would threaten caribou and other wildlife and harm Indigenous peoples that rely on hunting and fishing.
“This proposed partnership with the U.S. Government represents a significant milestone for Trilogy Metals and for the development of a secure, domestic supply of critical minerals for America in Alaska,” Trilogy Metals CEO Tony Giardini said in a news release. The partnership interest underscores the strategic importance of Trilogy’s Upper Kobuk Mineral Projects in supporting U.S. energy, technology, and national security priorities, he said.
U.S. Secretary of the Interior Doug Burgum said the investment will help secure critical mineral supplies.
“They’re (Trilogy Metals) one of the companies that has mining claims in this area that is a remote wilderness right now, and again making that investment so we can make sure that we’re securing these critical mineral supplies and that ownership in that company will benefit the American people,” he said.
Maple Leaf Foods is keeping a 16 per cent stake in Canada Packers and the two companies have entered into an evergreen supply agreement. It will also be an anchor customer for Canada Packers which will supply pork for its prepared meats business.
Michael McCain, executive chair at both companies, says Maple Leaf Foods and Canada Packers are moving forward as independent entities, each with a clear investment profile and experienced teams. He says the McCain family and McCain Capital Inc. are fully committed to the future of both companies.
TMX Group acquires U.S.-based data and analytics provider Verity
TMX Group (TSX:X) says it has acquired Verity, an investment research management system, data, and analytics provider. Financial terms of the agreement were not immediately available.
Verity has two core products. VerityRMS is a research management system, while VerityData offers enhanced data sets and insights primarily focused on public equity filings.
TMX Datalinx president Michelle Tran says the addition of Verity strengthens the company’s ability to serve a growing global client base.
TMX Group is the operator of the Toronto Stock Exchange and other markets.
MEG Energy says Glass Lewis recommends shareholders back Cenovus offer
MEG Energy Corp. (TSX:MEG) says a second major independent proxy advisory firm has recommended its shareholders back a takeover offer for the company by Cenovus Energy Inc. (TSX:CVE). The company says Glass, Lewis & Co. has issued a report recommending shareholders vote for the cash-and-stock offer by Cenovus over a rival all-stock offer by Strathcona Resources Ltd.
The report comes after proxy advisory firm Institutional Shareholder Services Inc. said last week that MEG shareholders should support the Cenovus bid.
Article Continues Below Advertisement
The Cenovus offer must be approved by a two-thirds majority vote by MEG shareholders, expected to be held on Oct. 9. Strathcona (TSX:SCR) has said it intends to vote its 14.2 per cent interest in MEG against the deal.
Cenovus and MEG have side-by-side oilsands properties at Christina Lake, south of Fort McMurray, Alta., while Strathcona also has operations in the region.
Stella-Jones signs deal to buy Brooks Manufacturing for US$140 million
Utility pole company Stella-Jones Inc. (TSX:SJ) has signed a deal to buy U.S.-based Brooks Manufacturing Co. for US$140 million.
Brooks is a maker of treated wood distribution crossarms and transmission framing components. It was founded in 1915 and operates a facility in Bellingham, Wash.
Stella-Jones chief executive Eric Vachon called the acquisition a natural fit. “The addition of Brooks bolsters Stella-Jones’ suite of solutions, enhancing its ability to meet the growing demand of utilities and unlock new growth opportunities,” Vachon said in a statement Tuesday. “The acquisition reflects our strategic focus and aligns with our vision to make Stella-Jones a partner of choice to our infrastructure customers.”
Brooks’ sales for 2024 totalled about US$84 million.
RBC Capital Markets analyst James McGarragle called the deal a “strategically positive move.” “It creates a valuable growth platform for Stella-Jones by diversifying its product offering and leveraging Brooks’ established brand and customer relationships,” McGarragle wrote in a note to clients. “Furthermore, the acquisition aligns with Stella-Jones’ long-term strategic objectives to expand beyond traditional product categories and accelerate growth in the infrastructure segment, positioning the company to capitalize on ongoing investments in utility modernization.”
The deal is subject to closing conditions, including U.S. regulatory approval, and is expected to occur by the end of the year. The deal for Brooks follows the acquisition by Stella-Jones of Locweld Inc., a designer and manufacturer of lattice transmission towers and steel poles, earlier this year.
On an adjusted basis, BlackBerry says it earned four cents US per share for the quarter compared with zero cents US per share a year earlier.
Revenue for the company’s latest quarter totalled US$129.6 million, up from US$126.2 million a year earlier. The increase came as its QNX segment revenue rose to US$63.1 million, up from US$54.7 million a year ago, while secure communications revenue fell to US$59.9 million compared with US$66.5 million. Licensing revenue amounted to US$6.6 million, up from $5.0 million a year earlier.
In its outlook for its full year, BlackBerry says it now expects full year revenue of US$519 million to US$541 million, up from earlier guidance for US$508 million to US$538 million.
The company also raised its guidance for its adjusted earnings per share for its full year to between 11 cents US and 15 cents US, up from earlier expectations for between eight cents US and 10 cents US.
Air Canada lowers full-year guidance as hit from strike estimated at $375M
Air Canada (TSX:AC)
Adjusted guidance for the year:
Previous: $3.2 billion to $3.6 billion
Adjusted: $2.9 billion to $3.1 billion
Source Google
Air Canada has lowered its guidance for the year after taking a hit from the flight attendant strike that took place earlier this summer. The Montreal-based airline said in a press release that it estimates the cost of the labour disruption was $375 million on operating income and adjusted earnings before interest, taxes, depreciation and amortization.
Air Canada said that it now expects to make between $2.9 billion and $3.1 billion in adjusted EBITDA for the full year. This is in comparison to the airline’s previous 2025 guidance that it suspended in August, which had projected adjusted EBITDA between $3.2 billion and $3.6 billion.
For the third quarter, Air Canada said it expects operating capacity to decline by around 2% from the same period last year, due to the cancellation of more than 3,200 flights. It also expects operating income between $250 million and $300 million during the quarter.
Article Continues Below Advertisement
The airline said three factors combined for the $375 million financial impact of the strike. The first is an estimated $430 revenue hit from refunds, customer compensation and lower travel bookings. It also had about $90 million in incremental costs associated with reimbursements for customers and some labour operating costs. However, the company also saved $145 million, primarily due to lower fuel costs, which reduced the loss.
The Air Canada flight attendant strike lasted three days and ended on Aug. 19, though it took longer to ramp up to full operations.
Earlier this month, Air Canada flight attendants massively rejected the employer’s wage offer, with the airline saying the wage portion will now be referred to mediation as previously agreed to by both sides.
The tentative deal that was voted down raised wages for workers and established a pay structure for time worked when aircraft are on the ground.
The Canadian Press is Canada’s trusted news source and leader in providing real-time stories. We give Canadians an authentic, unbiased source, driven by truth, accuracy and timeliness.
The fashion retailer, which operates under the Garage and Dynamite banners, says its profit amounted to 56 cents per diluted share for the quarter ended Aug. 2, up from 38 cents per diluted share in the same quarter last year. On an adjusted basis, Groupe Dynamite says it earned 57 cents per diluted share, up from an adjusted profit of 40 cents per diluted share a year earlier.
Revenue for the 13-week period totalled $326.4 million, up from $239.1 million a year ago, while its comparable store sales rose 28.6%.
In its outlook, Groupe Dynamite says it now expects comparable store sales growth between 17.0% and 19.0% for its full year, up from earlier expectations for between 7.5 and 9.0%. It also raised its expectations for its adjusted earnings before interest, taxes, depreciation and amortization margin to between 32.0% and 33.5%, up from earlier guidance for between 30.3% and 32.3%.
Roots Corp. offered some buzzy marketing campaigns and brand collaborations over the summer in hopes of driving traffic to the retailer but still wound up reporting a loss during the period.
The Toronto-based apparel maker said Wednesday its second-quarter net loss narrowed to $4.4 million compared with a $5.2-million loss a year earlier. The result for the period ended Aug. 2 amounted to a loss of 11 cents per share for the quarter compared with a loss of 13 cents per share a year prior. Meanwhile, second-quarter sales reached $50.8 million, up from $47.7 million.
Roots CEO Meghan Roach told financial analysts on a conference call Wednesday that it is typical for the company to generate about 30% of its sales in the first half of the year, often leaving it with a loss as it heads into the fall and winter.
However, the second-quarter results this year came in spite of tense trade relations between Canada and the U.S., which have made shoppers more cautious. “Despite the dynamic global operating environment, Roots continues to build positive momentum as we head into the second half of the year,” Roots chief financial officer Leon Wu said on the same call as Roach.
Article Continues Below Advertisement
Much of that momentum has come from direct-to-consumer sales, which include corporate retail store and e-commerce sales. In the second quarter, direct-to-consumer sales totalled $41 million, up 12.7% from the year before. Direct-to-consumer comparable sales growth was 17.8%.
Wu saw the increase as a reflection of customers responding well to the company’s spring and summer collections as well as its recent marketing campaigns. The campaigns helped Roots increase engagement and made the brand feel more accessible, Roach said. Included in the campaigns were instances where Roots transformed a parking lot into nature-inspired spaces for golf and tennis.
The company also hosted a pop-up in Toronto to promote a summer capsule collection with ginger ale maker Canada Dry. The collection included hoodies and graphic tees featuring Canada Dry’s logo and vintage advertisements.
“Together, these collaborations amplified brand heat, reinforced our heritage positioning, and extended our reach for authentic Canadian cultural moments,” Roach said. “We will continue to use selective partnerships and experiences to build that brand perception and support full-price sell through into fall.”
Transat A.T. Inc. reported a net income of $399.8 million in its latest quarter compared with a loss of $39.9 million in the same quarter last year, as its revenue rose 4.1%.
The parent company of Air Transat says the profit amounted to $9.97 per share for the quarter ended July 31, compared with a loss of $1.03 per share a year earlier.
On an adjusted basis, Transat says it had a loss of 28 cents per share in its latest quarter, compared with an adjusted loss of 93 cents per share in the same quarter last year.
Investors for Paris Compliance, which seeks to hold publicly traded companies accountable for their climate commitments, argues the companies have breached the Alberta Securities Act “with long-standing and widespread inaccurate and incomplete disclosure” related to net-zero commitments.
“By extensively using net-zero terminology in their communications, Cenovus and Enbridge have led reasonable investors and the public to believe that their business models are aligned with the net-zero energy transition, which in fact threatens both their existing business and fossil fuel expansion plans,” the group said in its submissions to the Alberta Securities Commission.
It said it opted to take its complaint to the ASC instead of the federal Competition Tribunal under new anti-greenwashing rules because “investors have a strong interest in the credible and timely enforcement of securities law.”
It adds that nothing in the amendments to the Competition Act, which became law last year, supersedes the obligations of securities regulators to also crack down on greenwashing. It cites guidance from Canadian Securities Administrators, a national umbrella group, that says environmental disclosures should be subject to the same standards as financial reporting.
MoneySense’s ETF Screener Tool
Private parties can file complaints directly to securities regulators
Under the Competition Act changes, private parties, including environmental groups, can now launch a complaint directly.
But Michael Sambasivam, senior analyst with Investors for Paris Compliance, said that shouldn’t be necessary. “We don’t believe the burden for enforcement for these kinds of complaints should be on private citizens and private groups.”
He said his group zeroed in on the two companies to capture two separate segments of the energy business—Cenovus produces the raw product, while Enbridge transports it. Sambasivam said they also both “offered some of most consistently flagrant violations of Canadian security principles” of the company disclosures it looked at.
After the Competition Bureau’s anti-greenwashing provisions took effect, Cenovus was among the oilsands companies to pull its net-zero statements from its website. Uncertainty over whether the company has abandoned those commitments is a “form of incomplete disclosure disallowed by the Alberta Securities Act,” the complaint said.
Article Continues Below Advertisement
The complaint also makes note of public lobbying that it says contradicts climate commitments. Top executives of both companies were among the signatories to an open letter from oil and gas industry leaders to newly elected Prime Minister Mark Carney this spring that, among other things, urged Ottawa to scrap its cap on greenhouse gas emissions and industrial carbon levy.
Enbridge remains committed to achieving net zero emissions from its operations by 2050 while at the same time delivering energy people rely on, spokesman Jesse Semko said in an emailed statement. The company has reduced emissions from its operations by 22% compared to its 2018 baseline through improved efficiency, purchasing less carbon-intensive electricity and investing in renewables, he added. “We also remain committed to accuracy and transparency—and we stand behind the information we share in our reports and communications.”
Investors for Paris Compliance argues emissions from the end use of the fossil fuels produced and shipped should be taken into account in net zero reporting, not just emissions from operations. Cenovus did not respond to a request for comment.
The group is asking the ASC to investigate existing and past climate disclosures from Cenovus and Enbridge to assess their accuracy and adequacy. The investigation should consider evidence from peers and competitors, it said. It also wants the ASC to work with other provincial securities regulators on guidance for net zero claims for Canadian publicly listed companies.
A spokeswoman for the commission says it and its counterparts have given companies guidance and resources to help them prepare disclosures of material climate-related risks, as well as avoiding language that could be considered greenwashing. She said it does not comment on reviews it does of complaints.
The Canadian Press is Canada’s trusted news source and leader in providing real-time stories. We give Canadians an authentic, unbiased source, driven by truth, accuracy and timeliness.
Share prices were up 5% in after-hours trading on Thursday after the strong earnings beat.
Amazon (AMZN/NASDAQ): Earnings per share of $1.43 (versus $0.14 predicted) and revenues of $134.4 billion (versus $131.5 billion predicted).
Amazon Web Services (AWS) remains the golden goose, even though very few of Amazon’s retail customers know it exists. Revenues climbed 19% during the quarter, and totalled $27.4 billion. Amazon’s advertising revenues were another highlighted area of the report, as they were up 19%. Overall operating profits grew 56% year over year to $17.4 billion, mostly credited to the 27,000 jobs cut by the company since 2022.
Founder, executive chairman and former president and CEO of Amazon, Jeff Bezos was in the headlines this week in his role as owner of the Washington Post. He refused to allow the Post’s editorial team to print their endorsement of Kamala Harris for president, and it was met with widespread outrage from Post readers. As of Tuesday, more than 250,000 subscriptions were cancelled as a result.
Fortunately for Bezos, he purchased the Washington Post (one of the world’s premier news brands) for “chump change”—$250 million (roughly a mere 1.2% of his net worth). So, if he drives it into the ground, I don’t think he’ll shed tears.
No doubt co-founder and CEO of Tesla, Elon Musk, is making similar calculations with his luxury purchase two years ago of Twitter (which he rebranded as X). Critics say he has turned the social platform into an echo chamber for Republican presidential candidate Donald Trump. What are the billions for, if a person can’t even enjoy themselves by buying a little media, am I right?(That’s sarcasm.)
So far we’ve yet to see analysis to show Bezos’ editorial decision affecting Amazon’s share price or revenue numbers. Apparently Republicans buy Amazon Prime, too.
Canada’s best dividend stocks
Microsoft, Meta and Google: Predictably incredible earnings
While not having quite as large a market cap as Nvidia and Apple, other mega tech stocks in the U.S. are no slouches. For example, Microsoft is also as valuable as the entirety of Canada’s stock exchanges at $3.2 trillion. Alphabet and Meta clock in at $2.1 trillion and $1.5 trillion respectively. (All figures in this section are in U.S. dollars.)
Other Big Tech stock news highlights
Here’s what these companies announced this week.
Alphabet (GOOGL/NASDAQ): Earnings per share came in at $2.12 (versus $1.51 predicted) on revenues of $88.27 billion (versus $86.30 billion predicted).
Microsoft (MSFT/NASDAQ): Earnings per share of $3.30 (versus $3.10 predicted), and revenues of $65.59 billion (versus $64.51 predicted).
Meta (META/NASDAQ): Earnings per share coming in at $6.03 (versus $5.25 predicted) and revenues of $40.59 billion (versus $40.29 predicted).
All three companies crushed earning estimates across the board. However, shareholders’ reactions to these earnings beats were still muted. Meta shares were down 2.5% in after-hours trading on Wednesday, and it was a similar situation for Microsoft. Alphabet fared better as its shares were up 3%.
It’s hard to put these numbers into the massive context into which they belong, because the world has never seen anything like these companies before. Here are highlights from the earnings calls. (Scroll the chart left to right with your fingers or press shift, as you use scroll wheel on your mouse to read.)
Despite these setbacks, CPKC posted an income gain of 7% year over year. The four categories that made the most impact were grain, energy, plastics and chemicals, and they grew revenues by 11%. CPKC says the shipment of wheat to Mexico from the Canadian and American Prairies over the past 12 months was exactly the type of “synergy win” that it was hoping for when the former Canadian Pacific acquired Kansas City Southern back in 2021. This railway remains the only one to span Canada, the United States and Mexico.
CNR CEO Tracy Robinson commented on the railway’s operational challenges. “Our scheduled operating plan demonstrated its resilience in the third quarter, allowing us to adapt our operations to challenges posed by wildfires and prolonged labor issues,” she said. “Our operations recovered quickly and the railroad is running well. As we close 2024, we will continue to focus on recovering volumes, growth, and ensuring our resources are aligned to demand.”
CNR’s revenues were up 3% year over year; however, increased expenses meant the company’s operating ratio rose 1.1% to 63.1% (indicating that expenses are growing as a share of revenue). The railway announced it was raising its quarterly dividend from $0.79 to $0.845. This raise of nearly 7% is right in line with CNR’s mission to conservatively raise its dividend payouts each year.
Thursday’s revenue miss left some Rogers shareholders shaking their heads.
Rogers earnings highlights
Here’s what the large mobile company reported this week:
Rogers Communications (RCI/TSX): Earnings per share of $1.42 (versus $1.34 predicted) and revenues of $5.13 billion (versus $5.17 predicted).
While solid earnings numbers did take away some of the sting, Rogers’ share price was down 3% on Thursday. Lower-than-expected numbers for new wireless customers were at the root of low revenue growth. The oligopolistic Canadian wireless market remains uncharacteristically competitive as Rogers, Telus and Bell all continue to fight for market share. That competition is hurting profit margins for all three telecommunications giants at the moment. (Unlike in past years, when the three telcos all enjoyed charging some of the highest wireless plan fees in the world.)
One highlight for Rogers was its sports revenue vertical, which was up 11% from last quarter. Rogers has really doubled down on its sports media strategy over the last few years and now owns a controlling share of the:
Toronto Blue Jays in the Major League Baseball league (MLB)
Toronto Maple Leafs in the National Hockey League (NHL)
Toronto Raptors in the National Basketball Association (NBA)
Toronto FC in Major League Soccer (MLS)
Toronto Argonauts in the Canadian Football League (CFL)
SportsNet, a major Canadian sports network
Toronto’s Rogers Centre and Scotiabank Arena venues
Naming rights of sports venues in Edmonton, Toronto and Vancouver
National NHL media rights in Canada
Local media rights to the NHL’s Vancouver Canucks, Calgary Flames and Edmonton Oilers
Partial local media rights to the Maple Leafs and Raptors
Several minor-league franchises and esports (gaming) teams
Despite owning all those household-name sports assets, it’s worth noting that Rogers’ wireless and cable divisions were responsible for close to 90% of revenues, with sports and media making up the rest.
Netflix (NFLX/NASDAQ) shareholders were happy on Thursday, as they saw share prices rise 5% in after-hours trading on the back of another excellent earnings announcement. (All figures in U.S. dollars.) Earnings per share came in at $5.40 (versus $5.12 predicted) and revenues were $9.83 billion (versus $9.77 billion predicted).
Paid memberships also topped expectations, at 282.7 million, compared to the 282.15 million predicted by analysts. Netflix chalked up the increase in viewers to new hit shows such as The Perfect Couple, Nobody Wants This and Tokyo Swindlers, as well as new seasons of favourites Emily in Paris and Cobra Kai. Looking ahead to the next quarter, Netflix is banking on the new season of Squid Game and its foray into the world of live sports. Two National Football League (NFL) games and a massively anticipated boxing bout between Jake Paul and Mike Tyson represent new attractions for the streaming giant.
Photo courtesy of United Airlines
United Airlines shares take to the sky
Tuesday was a massive earnings day for United Airlines (UAL/NASDAQ) as earnings per share came in at $3.33, well outpacing the $3.17 that analysts were predicting. (All figures in U.S. dollars.) Revenues were $14.84 billion (versus $14.78 billion predicted). Shares were up more than 13% on the outperformance and the news that the airline was starting a $1.5-billion share buyback program.
Corporate revenue was up more than 13% year over year, while basic economy seat sales clocked an even more impressive 20% increase. Last week, the company announced new international routes headed to Mongolia, Senegal, Spain, Greenland and more.
The best online brokers in Canada
The inflation dragon has been slain
It doesn’t seem that long ago that annualized inflation rates were topping 8%, and there appeared to be no end in sight. Well, the end has arrived. Statistics Canada announced this week that the Consumer Price Index (CPI) annualized inflation rate for September had dropped all the way down to 1.6%. That’s substantially lower than the Bank of Canada’s 2% target.
Led by deflation in clothing and footwear, as well as transportation, the downward trend appears to be widespread. Gasoline was also down 10.7% from this time last year.
Of course, increased shelter costs remain the major concern for many Canadians. Rent increases were up 8.2% year-over-year; while that’s down from August’s figure of 8.9%, it’s still a bitter pill to swallow for many.
For a decade now, big acquisitions by Canadian oil-and-gas producers have mostly been met with distaste by investors. So we’ll take it as a heartening sign how well the markets received Canadian Natural Resources’ (CNQ/TSX) decision to buy the Alberta upstream assets of Chevron Corp. (CVX/NYSE) for USD$6.5 billion in cash. CNQ stock rose 3.7% Monday in the wake of the announcement. Chevron was up 0.7% on a day when oil prices increased.
The assets in question comprise a 20% stake in the Athabasca Oil Sands Project, along with 70% of the Kaybob Duvernay shale play. That should add 122,500 barrels of oil equivalent per day to Canadian Natural Resource’s 2025 output, the company said. It also announced a 7% bump to its quarterly dividend, to 56.25 Canadian cents a share, beginning in January.
Chevron explained the asset sale in terms of freeing up cash for U.S. shale acquisitions as well as targeted positions abroad, such as in Kazakhstan, which it considers to hold better long-term profit potential.
Canada’s best dividend stocks
Nvidia moves up to number 2 in market cap
Reports of the death of the Magnificent 7 tech stocks’ decade-long run are greatly exaggerated, Nvidia (NVDA/Nasdaq) seemed to say this week as its shares rose past $130. (All figures in U.S. dollars.) That pushed its market capitalization ahead of Microsoft Corp. to $3.19 trillion. That leaves only Apple, with a market cap of $3.4 trillion, worth more than the AI-focused chip-maker.
Nvidia’s stock is up 26% in the past month, compared to a 6% advance for the S&P 500. Nvidia has grown tenfold in just two years. The price movement this week appeared to come from a positive report from Super Micro Computer, a provider of advanced server products and services. It found that sales of its liquid cooling products, deployed alongside Nvidia’s graphics processing units (GPUs), would be even stronger than expected this quarter. Analyst estimates of Nvidia’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the three-month period ended this month is $21.9 billion.
The best online brokers in Canada
Pepsi earnings leave a sour taste
Posting its second straight disappointing set of quarterly results on Tuesday, beverage-and-snack maker PepsiCo lowered its full-year guidance for organic revenue unrelated to acquisitions.
Results were hampered by recalls of the company’s Quaker Foods products, related to potential salmonella contamination. PepsiCo also experienced weak demand in the U.S. and business disruptions in some overseas markets, such as the Middle East. Pepsi’s North American beverage volumes fell 3% year-over-year, mostly due to declines in energy drink sales. Meanwhile, its Frito-Lay division suffered a 1.5% decline.
“After outperforming packaged food categories in previous years, salty and savory snacks have underperformed year-to-date,” executives said in a prepared statement. Overall, PepsiCo revised its 2024 sales growth outlook from the previous 4% to low single digits.
Some experts speculate the real sticking point in negotiations isn’t about wages but protection from automation. The ILA refused to allow its members to work on automated vessels docking at U.S. ports. As a result, American ports are getting more and more inefficient, ranking not only behind ports in China, but also Colombo, Sri Lanka. (The Container Port Performance Index is put together annually by The World Bank and S&P Global Market Intelligence.)
For reference, the highest-rated port in Canada is Halifax, listed at 108th in the world. Halifax’s port efficiency was well behind not only Sri Lanka, but also economic powerhouses like Tripoli, Lebanon. To give further Canadian context, Montreal is 348th, and Vancouver is 356th, which is just ahead of Benghazi, Libya.
Something tells me that negotiating for USD$300,000-per-year dockworkers is not going to help these North American efficiency numbers. The higher salaries get, the more attractive automation strategies will quickly become. Clearly there will be an eventual reckoning. In the meantime, for at least one more important presidential news cycle, dockworkers will be able to extract large wage gains as they hold the broader economy hostage.
Why utilities aren’t “boring”—any more
As income-oriented Canadian investors start to grow less enamoured of high-interest savings accounts and guaranteed investment certificates (GICs), the dividend yields of dependable North American utility stocks should begin to look more attractive. Given how quickly interest rates are likely to fall, it’s clear that there is a stampede of investors heading for the stocks of utility companies.
The iShares U.S. Utilities ETF (IDU/NYSE) is up more than 30% year to date, and the iShares S&P/TSX Capped Utilities Index ETF (XUT/TSX) is up about 15% year to date. (Check out MoneySense’s ETF screener for Canadian investors.)
Most of the time utilities (especially those in sectors regulated by federal and local governments) are perceived as “boring.” Sure, the profits are dependable, but if the government is going to determine how much is paid for electricity or natural gas, then a company’s profit margins are tough to change. The dividend income is dependable. But that’s really the whole sales job in a nutshell.
Lately, however, due to AI’s electricity needs and possible AI-fuelled efficiency increases, utilities have been getting some glowing press. Falling interest rates mean that annual interest costs will drop (utilities often have to borrow a lot of money to complete big projects). Meanwhile, Canadian investors looking for safe cash flow are pouring in. Utility stocks make up about 4% of the S&P/TSX Composite Index. The largest utility companies—such as Fortis, Emera, Hydro-One and Brookfield Infrastructure—are some of Canada’s largest companies.
Some of the same income-oriented investors who like utility stocks may also be interested in two new exchange-traded funds (ETFs) that J.P. Morgan Asset Management Canada just launched. The JPMorgan US Equity Premium Income Active ETF (JEPI/TSX) and the JPMorgan Nasdaq Equity Premium Income Active ETF (JEPQ) use options strategies to “juice” the income already provided by higher-dividend-yielding stocks.
