3 Stocks Making Big Moves in Today’s Trading Session

Dye & Durham, Pretium Resources, and Westport Fuel Systems are making big moves on the TSX today.

| More on:
Volatile market, stock volatility

Image source: Getty Images

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.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

The Motley Fool has no position in any of the stocks mentioned. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks