Unusual Moves in Canadian Trading: Key Takeaways from Prominent Companies

Strategic Insights -

Canadian trading is seeing unusual movements in prominent companies, with a mix of positive and negative news emerging in the market. Bank of Montreal, Bombardier Inc., Canadian Apartment Properties Real Estate Investment Trust, Cardiome Pharma Corp., Jaguar Mining Inc., and Quebecor Inc. are among the companies experiencing significant changes in their stock prices.

Key Takeaways:

  • Bank of Montreal (BMO CT) has had its rating raised to overweight from equal weight by Barclays Plc analyst John Aiken, citing its leverage to improving credit quality and subsequent earnings growth profile from its core operations heading into 2011.
  • Bombardier Inc. (BBD/B CT) has won a contract for 59 trains worth $1.71 billion from SBB AG, Switzerland's federal railways company.
  • Canadian Apartment Properties Real Estate Investment Trust (CAR-U CT) has reported first-quarter funds from operations of 30 cents a share, surpassing the average of seven analyst estimates by 21 percent.
  • Cardiome Pharma Corp. (COM CT) has reported first-quarter profit of 26 cents a share, exceeding the average of five analysts' estimates by 25 times.
  • Jaguar Mining Inc. (JAG CT) has reported a loss of 5 cents a share in the first quarter, missing analysts' forecasts of a profit of 2 cents a share.
  • Quebecor Inc. (QBR/B CT) has reported first-quarter profit of 72 cents a share, excluding certain items, missing the average of nine analyst estimates by 9.8 percent.
  • Teck Resources Ltd. (TCK/B CT) CEO Don Lindsay is scheduled to address the Bank of America Merrill Lynch Global Metals & Mining Conference at 8:35 a.m. in Miami.

Statistics:

  • Bank of Montreal's rating was raised to overweight from equal weight for its leverage to improving credit quality.
  • Bombardier Inc. was awarded a contract for 59 trains worth $1.71 billion.
  • Canadian Apartment Properties Real Estate Investment Trust reported first-quarter funds from operations of 30 cents a share, surpassing analyst estimates by 21 percent.
  • Cardiome Pharma Corp. reported first-quarter profit of 26 cents a share, exceeding analyst estimates by 25 times.
  • Jaguar Mining Inc. reported a loss of 5 cents a share in the first quarter, missing analyst forecasts.
  • Quebecor Inc. reported first-quarter profit of 72 cents a share, excluding certain items, missing analyst estimates by 9.8 percent.
  • Teck Resources Ltd. CEO Don Lindsay will address the Bank of America Merrill Lynch Global Metals & Mining Conference on [time] in Miami.

Sources:

  • Barclays Plc
  • Bloomberg
  • Euclid Infotech Pvt. Ltd.
  • SBB AG (Switzerland's federal railways company)
  • Bank of America Merrill Lynch
  • Albawaba.com