Happy leap day. The TSX rose 119.84 points. At time of writing, bitcoin is down $1,286 (U.S.). Here is your market summary for Feb. 29, 2024.
The Toronto-Dominion Bank has $1.91T in assets and liabilities. It earned $2.82B on revenue of $13.71B in the quarter ended Jan. 31, 2024. It earned $1.58B on revenue of $12.2B in the quarter ended Jan. 31, 2023. It has $6.33B in cash and due from banks. It will pay a dividend of $1.02 per common share on April 30. Market cap: $144.62B.
Canadian Natural Resources Ltd. has $75.95B in assets and liabilities. It earned $8.23B on revenue of $35.96B in 2023. It earned $10.93B on revenue of $42.29B in 2022. It has $877M in cash and equivalents. It will pay a dividend of $1.05 per common share on April 5. The company has 18.5 billion barrels of oil equivalent in proved plus probable reserves. It has appointed Christine Healy to its board of directors. Ms. Healy is president of Asia, Middle East and Australia at AtkinsRealis, a Montreal-based engineering company. Market cap: $101.29B.
Canadian Imperial Bank of Commerce has $971.66B in assets and liabilities. It earned $1.72B on revenue of $6.22B in the quarter ended Jan. 31, 2024. It earned $433M on revenue of $5.92B in the quarter ended Jan. 31, 2023. It has $8.91B in cash and non-interest-bearing deposits. It will pay a dividend of $0.90 per common share on April 29. Market cap: $59.84B.
First Quantum Minerals Ltd. has closed its $1.55B bought deal offering of 139.93 million shares at $11.10 per share. It has also closed its $1.6B (U.S.) offering of 9.375% notes due 2029. It will use the proceeds to redeem its outstanding 2025 and 2026 notes. Market cap: $8.91B.
Golden Minerals Co. has ceased operations at its Velardena properties in Mexico. It says, “The initial performance of the mine and processing plant…has not achieved the results projected.” It is considering selling the property or winding up its operations in Mexico. Market cap: $5.84M.
BZAM Ltd. has received creditor protection in Ontario under the Companies’ Creditors Arrangement Act. It cites “margin pressures caused by significant competition and the fragmentation of the cannabis industry, and financial underperformance and pressures resulting from obligations owing to creditors” as its reasons for getting protection from its creditors. It plans to seek court approval to start soliciting its business to potential buyers and expects to be acquired by an existing creditor and stakeholder. Kay Jessel has resigned from the company’s board. It also says that business operations will not be affected by the CCAA proceedings. Market cap: $5.42M.
In the U.S., Gemini Trust will settle with New York’s financial regulator by returning $1.1B (U.S.) to users of the Gemini cryptocurrency exchange’s Earn investment program and by paying $37M (U.S.) in fines over compliance failures. When Earn’s partner, Genesis Global Capital, went bankrupt in January, 2023, it prevented 200,000 customers from accessing their virtual currency. Gemini Trust was founded by Tyler and Cameron Winklevoss.
Figure, an AI robotics company, has received $675M (U.S.) in investments from the likes of Jeff Bezos, Nvidia Corp. Microsoft Corp. and OpenAI. Valued at $2.6B (U.S.), Figure manufactures humanoid robots built with AI. It was founded in 2022 and is based in California. It has signed a deal with Bayerische Motoren Werke AG (BMW), which will use Figure robots for automotive manufacturing. Intel’s venture capital arm, Intel Capital, has also invested in the company.
Chemours Co. is putting CFO Johnathan Lock, chief executive Mark Newman and chief accounting officer Camela Wisel on leave. It is delaying filing its financial results. It has started an internal investigation into its bookkeeping, compensation and ethics-hotline reports. Chemours market cap: $4.26B (U.S.).
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