It’s Super Tuesday in the United States and markets are volatile. Here is your market summary for Tuesday, March 5, 2024. The TSX dropped 5.14 points today. The U.S. markets took a harsher bath, with the Dow Jones Industrial Average dropping 404.64 points and the Nasdaq dropping 267.92 points. Bitcoin erased most of its gains from yesterday and, at time of writing, it is down $2,986 (U.S.). Gold has jumped to begin March and now trades at $2,098 (U.S.) per ounce.
Magna International Inc. has partnered with General Motors Co. and Wipro Ltd. to develop a business-to-business platform for buying and selling automotive software. The platform will be called SDVerse. It will provide a matchmaking platform for buyers and sellers of automotive software. Magna has also arranged a $400M (U.S.) offering of 5.05% notes due March 14, 2029. GM market cap: $47.25B (U.S.). Wipro market cap: 2.71T rupees (Bomby Stock Exchange). Magna market cap: $21.08B.
Northland Power Inc. has agreed to sell its La Lucha solar facility, Mexico, to Cometa Energia SA de CV, a subsidiary of Saavi Energia. The sale is expected to close in 2024. The company expects to receive $205M in cash from the sale after taxes and fees. It will use the proceeds to repay some of its revolving credit facility. Northland market cap: $5.78B.
Pet Valu Holdings Ltd. has $916.9M in assets and liabilities. It earned $89.54M on revenue of $1.05B in 2023. It earned $100.76M on revenue of $951.69M in 2022. It has $28.44M in cash. It expects 2024 revenue between $1.11B and $1.14B. It will pay a dividend of $0.11 per share on April 15. Market cap: $2.14B.
Softchoice Corp. has $585.97M (U.S.) in assets and liabilities. It earned $46.03M (U.S.) on sales of $816.4M (U.S.) in 2023. It earned $21.77M (U.S.) on sales of $928.21M (U.S.) in 2022. It has $17.37M (U.S.) in cash. It will pay a quarterly dividend of $0.13 per share and a special dividend of $4 per share on April 12. Market cap: $1.26B.
Bird Construction Inc. has $1.42B in assets and liabilities. It earned $71.53M on revenue of $2.79B in 2023. It earned $49.86M on revenue of $2.36B in 2022. It has $177.52M in cash and equivalents. Market cap: $943.64M.
High Liner Foods Inc. has settled with Brian Wynn. Mr. Wynn accused the company of making false representations and warranties in relation to the sale of Rubicon Resources LLC. Under the settlement, the company will cancel 2.4 million shares that were issued in relation to the Rubicon acquisition. These shares are valued at $22.49M (U.S.). The company will also pay $5.65M (U.S.) collectively to Mr. Wynn and the other settling Rubicon vendors. Market cap: $384.33M.
Pine Cliff Energy Ltd. has $477.07M in assets and liabilities. It earned $9.12M on commodity sales of $188.85M in 2023. It earned $108.93M on commodity sales of $306.2M in 2022. It has 78.58 million barrels of oil equivalent in proved plus probable reserves through its working interests. It will spend $17.5M in capital expenditures in 2024. It expects production between 24,000 and 25,000 barrels of oil equivalent per day in 2024. It will pay a monthly dividend of $0.005 per share on March 28. Its CFO, Alan MacDonald is retiring. Kristopher Zack has been promoted to CFO and corporate secretary, effective May 1, 2024. Market cap: $359.86M.
Dolly Varden Silver Corp. has arranged a $15M bought deal offering of 14.28 million flow-through shares at $1.05 per flow-through share. It will use the proceeds to explore, expand and drill its Kitsault Valley project in B.C. The offering is expected to close around March 21, 2024. Market cap: $210.88M.
Bonterra Energy Corp. has acquired the Charlie Lake asset, Alberta. It is a prospective property for light oil. Bonterra paid $24.1M in cash. This increases Bonterra’s holdings in Charlie Lake from 37 to 116 net sections. Market cap: $210.85M.