TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (18,972.68, down 131.80 points.)
Athabasca Oil Corp. (TSX:ATH). Energy. Down five cents, or 2.23 per cent, to $2.19 on 10.9 million shares.
Royal Bank of Canada (TSX:RY). Financials. Down $1.25, or 1.02 per cent, to $121.85 on 7.4 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 11 cents, or 0.49 per cent, to $22.57 on 6.7 million shares.
Enbridge Inc. (TSX:ENB). Energy. Unchanged at $56.49 on 6.6 million shares.
Bank of Nova Scotia (TSX:BNS). Financials. Up 12 cents, or 0.16 per cent, to $75.86 on 5.8 million shares.
TC Energy Corp. (TSX:TRP). Energy. Up 29 cents, or 0.41 per cent, to $70.72 on 5.7 million shares.
Companies in the news:
Shopify Inc. (TSX:SHOP). Down $6.42, or 13.63 per cent, to $40.69. Canadian tech giant Shopify Inc.'s share price fell by more than 14 per cent Tuesday after revealing it will lay off 10 per cent of its workforce because the company misjudged the growth of the e-commerce sector. The Ottawa e-commerce company's stock closed at $40.69 after chief executive Tobi Lütke said in a blog post that most of the staff impacted by the cut work in recruiting, support and sales. Shopify will also eliminate "overspecialized and duplicate" roles as well as groups that Lütke said were "convenient to have but too far removed from building products." Shopify did not share a total number of workers affected by the cuts, but its most recent management information circular shows it ended 2021 with 10,000 employees and contractors, including 3,000 added last year alone. Ten per cent of that total would encompass 1,000 workers. The company will report its latest quarterly results before the bell on Wednesday.
Canadian National Railway Co. (TSX:CNR). Up 13 cents to $150.61. Canada's largest rail operator CN Rail reported record second-quarter revenues alongside profits that rose 28 per cent year over year amid a major spike in crude oil and container sales figures. The Montreal-based company says total revenues rose $746 million or 20 per cent to $4.34 billion in the quarter ending June 30 versus the same period last year. Net income jumped by $289 million to $1.33 billion last quarter compared with a year earlier. CN is affirming its earnings forecast of between 15 per cent and 20 per cent growth in adjusted diluted earnings per share for 2022, after lowering its outlook from a target of 20 per cent three months ago. The company says its revenue windfall stems from higher fuel surcharge and freight rates as well as larger coal and U.S. grain volumes.
Hexo Corp. (TSX:HEXO). Down 1.5 cents, or 5.88 per cent, to 24 cents. Three months after stepping into Hexo Corp.'s top job, CEO Charlie Bowman has already deepened his predecessor's cuts and begun backing away from certain products, but he insists the moves are for a good reason: resetting Hexo's cost structure "dramatically." Before Bowman took the helm at the end of April, the Gatineau, Que.-based cannabis company had consistently racked up millions inlosses each quarter, seen its Nasdaq listing in peril and cycled through multiple CEOs. Bowman believes he can put the company on the right track, beginning with a whole new strategy for revenue.
This report by The Canadian Press was first published July26, 2022.
The Canadian Press
