The TSX Composite Index started today’s session on a strong note, posting an intraday record high of 21,596. However, stocks soon pulled back from record highs, as rising inflation in the U.S. and some worse-than-expected Canadian corporate earnings hurt investors’ sentiments. At the time of writing, the index was trading at 21,478 — down 80 points, or 0.4%, the day. Here are three of the biggest movers on the TSX today.
Dye & Durham stock
Dye & Durham (TSX: DND) stock rose as much as 12% this morning after reporting much better-than-expected September quarter results. In the first quarter of its fiscal year 2022, the company’s revenue rose to $112.6 million from just $21.90 million a year ago. Its revenue was also nearly 17% higher compared to analysts’ expectations.
Similarly, Dye & Durham’s adjusted net profit for the quarter stood at $22.1 million against the estimates of $15.7 million. Increased revenue from its recent acquisitions helped the Canadian tech company post strong Q1 results.
Westport Fuel Systems stock
The shares of Westport Fuel Systems (TSX: WPRT)(NASDAQ: WPRT) tanked by 19% Tuesday after the company announced its worse-than-expected Q3 results. The alternative fuel systems maker’s revenue for the quarter rose by 13.7% year over year to US$74.3 million but missed analysts’ estimates of US$86.4 million.
Factors such as higher operating expenses, lower government subsidies, and lower forex gains also negatively affected its bottom line in the last quarter. As a result, Westport Fuel posted an adjusted net loss of US$0.03 per share in the September quarter — much worse against its adjusted earnings of US$0.07 per share in the previous quarter. WPRT stock has now lost more than 40% year to date, including today’s big losses.
Pretium Resources stock
The shares of Vancouver-based Pretium Resources (TSX:PVG)(NYSE:PVG) rose by 17% on the TSX today. These gains came after Pretium announced that Newcrest Mining has agreed to acquire all its outstanding shares at a premium of about 23% to its closing price. The company expects the deal to be completed in the first quarter of 2022. After today’s rally, Pretium Resources stock has now risen by 21% in 2021.
