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  • Writer's pictureLucas Friesen

Market Summary: February 16, 2024

The TSX rose 32.92 points today.


CAE Inc. has closed the sale of its health care business to Madison Industries, which values the enterprise at $311M. CAE expects to incur restructuring expenses of approximately $40M over the next two quarters. Market cap: $209.58B.


Canadian National Railway Co. has filed a notice of dispute for its negotiations with the Teamsters Canada Rail Conference. The Teamsters represent approximately 6,000 CN Rail employees. The notice of dispute was sent to the Canadian Minister of Labour to appoint a conciliation officer to help the two parties come to an agreement. Market cap: $112.38B.


Canadian Pacific Kansas City Ltd. has also filed a notice of dispute with the Federal Mediation and Conciliation Service to request the appointment of a conciliation officer to assist with its negotiations with the Teamsters, which represent approximately 3,200 CPKC employees. The company and the Teamsters have been negotiating a new deal since September, 2023, and the two parties remain “far apart on the issues.” Market cap: $107.37B.


TC Energy Corp. has $125.03B in assets and liabilities. It earned $3.06B on revenue of $15.93B in 2023. It earned $785M on revenue of $14.97B in 2022. It has $3.67B in cash and equivalents. It will pay a quarterly dividend of $0.96 per common share on April 30, 2024. Market cap: $55.31B.


Air Canada has $30.19B in assets and liabilities. It earned $2.27B on revenue of $21.83B in 2023. It lost $1.7B on revenue of $16.55B in 2022. It has $2.81B in cash and equivalents. It expects to increase its available seat mile capacity by approximately 10% in Q1 2024 compared with its ASM in Q1 2023. Market cap: $6.45B.


B2Gold Corp. had three employees die from injuries sustained in an off-site incident in Mali today. A bus transporting B2Gold employees from the Fekola mine to the city of Bamako was attacked 75 km west of the city. The bus was part of a transport convoy that included Malian gendarmeries vehicles in the front and rear. Several other employees were wounded and hospitalized. Market cap: $4.4B.


Peyto Exploration & Development Corp. has set its 2024 capital budget at $450M to $500M. The company has 1.3 billion barrels of oil equivalent in proved plus probable reserves. Market cap: $2.6B.


Interfor Corp. is ending its sawmill operations in Philomath, Oregon. It cites high log costs and weak lumber market as the reasoning. It is also reducing its lumber production in B.C. by approximately 30 million board feet in Q1 2024. Market cap: $1.02B.


Foraco International SA has $279.72M (U.S.) in assets and liabilities. It earned $33.91M (U.S.) on revenue of $370.09M (U.S.) in 2023. It earned $25.78M (U.S.) on revenue of $330.55M (U.S.) in 2022. It has $34.28M (U.S.) in cash and equivalents. Market cap: $265.99M.


Think Research Corp. has agreed to be acquired by Beedie Investments Ltd. Beedie will acquire all of Think’s shares at $0.32 per share. This is a 100% premium to Think’s Feb. 15, 2024, closing price. Beedie will pay cash. The deal is expected to close in Q2 2024. It is subject to shareholder approval. The deal includes a go-shop period that runs until March 16, 2024. During this period, Think can solicit, evaluate and enter into negotiations with a third party that may be interested in outbidding Beedie. Think will hold a special meeting of shareholders to vote on this transaction in early April, 2024. Market cap: $23.76M.

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