Cogeco posted a C$2.79 loss per share as its U.S. cable business struggled. Electrovaya surged after an Amazon battery deal. Loblaw boosted its EQB stake to 4.6%.
Alpha Score of 47 reflects weak overall profile with moderate momentum, weak value, moderate sentiment. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
Cogeco reported a steep quarterly loss tied to its U.S. cable business, while Electrovaya jumped on an Amazon agreement and Loblaw expanded its stake in EQB.
Chief executive Frédéric Perron said the U.S. cable sector is “going through significant turbulence.” The Montreal-based company posted a loss of C$2.79 a share in its fiscal third quarter, compared with a profit of C$1.98 a year earlier. Revenue dropped 4.4% to C$736.5 million. Perron blamed the results on a “challenging macro environment” in the U.S., where Cogeco owns Atlantic Broadband and Breezeline.
Electrovaya shares rose about 4% after the lithium-ion battery maker signed a supply agreement with Amazon. The deal will see Electrovaya provide forklift batteries for Amazon fulfillment centers over three years. Terms were not disclosed.
Loblaw raised its stake in EQB to 4.6% from 3.2% through a private placement. The grocer paid C$98.50 a share for the additional 1.2 million shares, a premium to EQB’s recent trading range.
Perron said Cogeco is cutting capital spending and reviewing its U.S. strategy. “We are taking action to stabilize the business,” he said.
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