Among the companies whose shares are making notable moves in Thursday's session are Air Canada AC.B.T, BCE Inc. BCE, Canadian Tire Corp. CTC.A.T, Manulife Financial Corp. MFC and Gildan Activewear Inc. GIL.
Air Canada (C$1.20, -C$0.11, -8.4%) posted a bigger-than-expected fourth-quarter loss on higher operating expenses. The airline's adjusted loss of 64 Canadian cents a share missed the Thomson Reuters mean estimate for a loss of 49 Canadian cents.
BCE (C$39.99, -C$0.86, -2.1%) had an adjusted fourth-quarter profit of 62 Canadian cents, up from 59 Canadian cents a year earlier, but results missed the Thomson Reuters mean estimate for a profit of 66 Canadian cents. Postpaid net wireless additions were down from a year earlier, underscoring continued competition from new wireless entrants.
Canadian Tire (C$66.35, C$2.85, 4.5%) said fourth-quarter earnings fell to C$2.03 a share from C$2.07 a year earlier, but excluding a tax settlement in the year-earlier quarter, share earnings were up 43%. Revenue was up 21% to C$3.14 billion. It noted that its performance came despite unfavorable weather.
Manulife (C$11.88, -C$0.23, -1.9%) announced the departure of Chief Financial Officer Michael Bell, who is returning to the U.S. to join family. Barclays Capital calls the development "far from a positive," noting the executive has shown "a very firm grasp on the company's operations and, in our view, will be difficult to replace." The news seems to be overshadowing better-than-expected fourth-quarter results.
Gildan Activewear (C$23.53, C$1.38, 6.2%) posted a loss of 38 cents a share, in line with analyst expectations but slightly better than the 40-cent-a-share loss the company had projected. It also backed its full-year guidance.
Shoppers Drug Mart (C$40.78, C$0.93, 2.3%) said fourth-quarter earnings rose 5% to 82 Canadian cents a share, in line with analyst expectations, and sales rose 4.3% to C$2.61 billion. It also boosted its annual dividend 6%.
Silvercorp Metals (C$7.71, -C$0.26, -3.3%) said third-quarter earnings fell to 12 cents a share from 17 cents. Cash flow also edged lower.