|Bid||22.54 x 0|
|Ask||22.55 x 0|
|Day's Range||21.83 - 22.61|
|52 Week Range||21.37 - 27.78|
|Beta (5Y Monthly)||1.36|
|PE Ratio (TTM)||8.14|
|Forward Dividend & Yield||1.12 (4.91%)|
|Ex-Dividend Date||Feb. 23, 2020|
|1y Target Est||N/A|
TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (16,263.05, down 454.39 points.)Bombardier Inc. (TSX:BBD.B). Industrials. Down 16 cents, or 14.3 per cent, to 96 cents on 38.1 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Down 14 cents, or 7.18 per cent, to $1.81 on 23.3 million shares.Manulife Financial Corp. (TSX:MFC). Financials. Down 27 cents, or 1.18 per cent, to $22.56 on 18.1 million shares.Enbridge Inc. (TSX:ENB). Energy. Down 88 cents, or 1.73 per cent, to $49.96 on 16 million shares.Kinross Gold Corp. (TSX:K). Materials. Down 62 cents, or 8.41 per cent, to $6.75 on 15.1 million shares.Suncor Energy Inc. (TSX:SU). Energy. Down 46 cents, or 1.23 per cent, to $36.99 on 14.6 million shares.Companies in the news:Restaurant Brands International (TSX:QSR). Down $1.97 or 2.4 per cent to $79.11. Franchisee unrest has hit Tim Hortons again, this time from its U.S. members, who are accusing the company of engaging in an "illegal and fraudulent business scheme." A lawsuit from the Great White North Franchisee Association USA Inc, a group claiming to represent most American Tim Hortons franchisees, alleges the company, its parent, its affiliates and former president Elias Diaz Sese have used provisions in agreements to charge Tim Hortons franchisees as much as 50 per cent above what competitors pay for supplies like coffee, baking goods, meat and paper products.SNC-Lavalin Group Inc. (TSX:SNC). Up $3.08 or 10.9 per cent to $31.20. SNC-Lavalin Group Inc. has disbanded the special committee it quietly launched in December 2018 to explore strategic options that included spinning off chunks of the engineering giant when it was confronting criminal charges. Divesting assets such as SNC's struggling resources division, which lost $51.2 million before interest and taxes last quarter, "absolutely" remains a possibility with "all options" on the table, CEO Ian Edwards said Friday. SNC-Lavalin formed the special committee after failing to convince federal prosecutors to drop fraud and corruption charges in the fall of 2018. SNC settled those criminal charges last December.Shopify Inc. (TSX:SHOP). Up $5.58 to $623.22. Organizations across the country are cancelling conferences, fretting about whether to forge ahead with events and considering more health-conscious policies as concerns grow over the recent outbreak of a novel form of coronavirus. Ottawa-based e-commerce giant Shopify Inc. announced Friday that it had made the "hard but necessary" decision to cancel its annual Unite conference that was set to be held in Toronto on May 7. Shopify says more than 1,000 people from across the globe attended the conference in its last two years, where they were first to learn about the company's plans for a U.S. fulfilment network and its first brick-and-mortar location in Los Angeles.TMX Group (TSX:X). Down 92 cents to $111.71. TMX Group says trading activity is operating normally on its exchanges after a malfunction Thursday forced it to close trading early amid a major market selloff. With trading resumed Friday, the Toronto Stock Exchange closed down 2.7 per cent amid concerns about the coronavirus. The outage on the TSX, TSX Venture, Alpha and derivatives-focused Montreal Exchange came after a spike in market activity, said TMX Group interim CEO John McKenzie Friday. The spike was especially pronounced in the messaging side of the system that relays the buy, sell, and cancel orders. Message volume had hit a one-day record of about 190 million messages by the time the system started failing at around 1:30 p.m.Onex Corp. (TSX:ONEX). Down $5.25 or 6.5 per cent to $75.36. Private equity firm Onex Corp. says it had net earnings of US$187 million in the fourth quarter compared with net earnings of US$88 million a year earlier when it reported under a different reporting standard. The firm says that at the start of 2019 it determined it met the definition of an investment entity and so has changed its reporting accordingly, and so cautions against direct quarter-to-quarter comparisons. Onex says in the quarter it had segment earnings of US$211 million across its investing and asset management divisions, working out to $2.04 per share, driven by net gains from its private equity investments, which increased in value by six per cent in the quarter.This report by The Canadian Press was first published Feb. 28, 2020. The Canadian Press
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(Bloomberg) -- Unqork, a New York-based software company, raised an additional $51 million from backers including Goldman Sachs Group Inc. to accelerate a global expansion and move into new industries beyond insurance and financial services.The two-year-old startup is an application platform that doesn’t require any coding, allowing big companies, such as Liberty Mutual, John Hancock Life Insurance Co. and Manulife Financial Corp., to create custom software quicker and cheaper than the traditional way. Unqork’s no-code app platform allows developers to build visually, by dragging and dropping components on the screen.“Anything a Java developer or engineer can build using custom code, we can do it 200 times faster,” said Gary Hoberman, founder and chief executive officer, in an interview.The latest cash infusion from Goldman, and new investors Aquiline and World Innovation Lab, adds to the $80 million Unqork raised in October, led by CapitalG, Alphabet Inc’s growth equity investment fund. That brings the total raised in the latest funding round to $131 million. Unqork has raised $158 million to date.The cash influx will help the company expand its sales and marketing teams in the U.S. and abroad and develop partnerships with service firms like Cognizant Technology Solutions Corp., Deloitte LLP and KPMG LLP.(Updates with total funds raised in penultimate paragraph.)To contact the reporter on this story: Nikitha Sattiraju in New York at email@example.comTo contact the editors responsible for this story: Molly Schuetz at firstname.lastname@example.org, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Investors should be greedy as fear grips this market and look to stocks like Manulife Financial Corp. (TSX:MFC)(NYSE:MFC) and Equitable Group Inc. (TSX:EQB).
Buy stock in long-run TSX market outperformers like Canada's Manulife Financial Corp (TSX:MFC)(NYSE:MFC) during the first big market selloff of 2020.
Life insurance stocks like Manulife Financial Corp. (TSX:MFC)(NYSE:MFC) have outperformed bank stocks in 2019, and this trend should continue in 2020.
Canadian investors who want nicely valued dividend stocks should look to add stocks like Imperial Oil Ltd. (TSX:IMO)(NYSE:IMO) and others this week.
(Bloomberg) -- Tech stock futures fell as traders worked to price in the impact of a revenue shortfall at a company responsible for more than a tenth of the S&P 500’s gain over the last year.While Apple Inc. described the impact of the coronavirus on its sales as “temporary,” slips among big tech companies sit uneasily with investors who have watched many stocks soar 50% or more over the past 12 months. The iPhone maker has a 12% weighting in the Nasdaq 100 Index, which closed last week at 29.4 times annual earnings, the highest in a decade.“This will be an important test,” said Jason Browne, president of Alexis Investment Partners. “Obviously, Apple is a huge weight in major indexes, and one of the most loved companies by investors. That may help as it has generally been better to buy Apple on setbacks than to sell, especially if the market expects the disruption to be temporary.”March contracts on the S&P 500 fell 0.4% as of 8:06 a.m. in London. Futures on the Nasdaq 100 lost 0.9%. Exchange trading of individual U.S. shares has been closed since Friday for the Presidents’ Day holiday. Both the tech-heavy Nasdaq and Apple itself are already up more than 10% in 2020, after an 86% rally in Apple last year pushed the gauge to its best performance since 2009.In a Monday release, Apple said it doesn’t expect to meet its revenue guidance for the March quarter due to work slowdowns and lower demand caused by the outbreak of novel coronavirus in China. The company had forecast revenue of $63 billion to $67 billion for the fiscal second quarter ending in March. Analysts on average estimated $65.23 billion.Equity traders face a difficult task in determining how much of the weakness is specific to Apple and whether to project the shortfall on the broader market. The company has always been likely to fare worse, given how much of its supply chain and consumer market are in China. At the same time, the sales warning is one of the most tangible examples of impact on a U.S. company and Apple’s size makes it capable of swaying indexes by itself.“My gut says I think the market probably expects this to some extent, and we know this market tends to look through things pretty well,” said Nathan Thooft, Manulife Asset Management’s head of global asset allocation. “People had anticipation that some of these companies would be affected by what was going on there and they certainly knew there were closures and supply chain issues.”While no rally is straight up, the one that has swollen Apple’s market value by as much as $545 billion since early August comes close, with only three down weeks in 21. The iPhone maker received 18% of its revenue from China in fiscal year 2019, data compiled by Bloomberg show, enough to keep analysts worried about the longer-term consequences of the outbreak.Apple’s news will have ramifications for a long list of semiconductors and other suppliers around the world. Its announcement came hours after Dow Jones reported that President Trump’s administration is considering new trade restrictions that would limit the use of U.S. equipment to produce chips for China’s Huawei Technologies Co.European equities opened lower on Tuesday, led by technology shares as the Stoxx 600 Technology Index fell as much as 1.6%. Semiconductor stocks tumbled, with ASML Holding NV falling 2.3%, STMicroelectronics NV dropping 2.6% and Infineon Technologies AG retreating 2.3%.“Of all the big companies exposed to China, this announcement seemed the most inevitable,” Michael Antonelli, managing director and market strategist at Robert W. Baird & Co, said by email. “What will this do to the market? It will remind investors that the risks surrounding the coronavirus are still unknown and unquantifiable. There will likely be an increase in volatility this week.”Apple’s most famous profit warning came in November 2018 amid the U.S. stock market’s worst stretch since the financial crisis. Its shares tumbled 7.1% on Nov. 2, 2018, after Apple reported stagnant iPhone sales and forecast revenue for the holiday quarter that fell short of Wall Street expectations at the midpoint. The Nasdaq 100 lost 1.5% that day.“We’ve been getting nothing but headlines about the virus for weeks. Starbucks is closing its stores, Caterpillar is shutting its facilities. Company after company has been saying this,” Jim Paulsen, chief investment strategist at Leuthold Group, said by phone. “We have been expecting bad sales headlines, this isn’t good, but it’s not surprising.”To contact the reporters on this story: Sarah Ponczek in New York at email@example.com;Elena Popina in New York at firstname.lastname@example.org;Catherine Larkin in Chicago at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Chris NagiFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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TORONTO — Manulife Financial Corp. is boosting its quarterly dividend 12 per cent after it capped a stronger 2019 with net earnings more than doubling in the fourth quarter.The Toronto-based insurer says it will increase the payout by three cents per share to 28 cents, payable on or after March 19 to shareholders of record on Feb. 25.Manulife says it earned $1.23 billion for the three months ended Dec. 31, up from $593 million a year earlier.Last year's net income included a restructuring charge. Excluding one-time items, core earnings increased 10.5 per cent to $1.48 billion from $1.34 billion. That equalled 73 cents per diluted share up from 65 cents per share in the prior year and one cent below analyst forecasts, according to the financial markets data firm Refinitiv.For the full year, its net earnings grew 16.7 per cent to $5.6 billion. Core earnings were up seven per cent to $6 billion or $2.97 per diluted share, one cent below forecasts.Chief executive Roy Gori says its performance last year was driven by double-digit growth in Asia. Its insurance business added 15 per cent in new business value and its global wealth and asset management business generated net inflows of $4.9 billion despite the impact of a challenging operating environment.The company has been taking steps to transform the overall organization, including aiming to free up $5 billion in capital by 2022.As well, last June, Manulife announced it was cutting about 700 jobs as part of a plan to streamline and digitize its customer service operations.This report by The Canadian Press was first published Feb. 12, 2020.Companies in this story: (TSX:MFC)The Canadian Press