Archives for October 29, 2019

Destination XL Group Inc. (DXLG) Soars 13.04%

Destination XL Group Inc. (DXLG) had a good day on the market for Monday October 28 as shares jumped 13.04% to close at $1.56. About 707,061 shares traded hands on 3,194 trades for the day, compared with an average daily volume of n/a shares out of a total float of 49.96 million. After opening the trading day at $1.35, shares of Destination XL Group Inc. stayed within a range of $1.65 to $1.34.

With today’s gains, Destination XL Group Inc. now has a market cap of $77.93 million. Shares of Destination XL Group Inc. have been trading within a range of $3.52 and $1.25 over the last year, and it had a 50-day SMA of $n/a and a 200-day SMA of $n/a.

Destination XL Group Inc is a retailer of branded and designer men’s clothing and footwear in the United States. The company sells shirts, outerwear, suits, sleepwear, footwear and other accessories through branded stores like Polo, Reebok, Oak Hill, Robert Graham, Lacoste, Levi’s and True Nation. It also sells products across the world.

Destination XL Group Inc. is based out of Canton, MA and has some 2,543 employees. Its CEO is Harvey S. Kanter.

Destination XL Group Inc. is also a component of the Russell 2000. The Russell 2000 is one of the leading indices tracking small-cap companies in the United States. It’s maintained by Russell Investments, an industry leader in creating and maintaining indices, and consists of the smallest 2000 stocks from the broader Russell 3000 index.

Russell’s indices differ from traditional indices like the Dow Jones Industrial Average (DJIA) or S&P 500, whose members are selected by committee, because they base membership entirely on an objective, rules based methodology. The 3,000 largest companies by market cap make up the Russell 3000, with the 2,000 smaller companies making up the Russell 2000. It’s a simple approach that gives a broad, unbiased look at the small-cap market as a whole.

Flotek Industries Inc. (FTK) Plunges 5.16%

Flotek Industries Inc. (FTK) had a rough trading day for Monday October 28 as shares tumbled 5.16%, or a loss of $-0.11 per share, to close at $2.02. After opening the day at $2.16, shares of Flotek Industries Inc. traded as high as $2.21 and as low as $2.01. Volume was 439,368 shares over 1,943 trades, against an average daily volume of n/a shares and a total float of 57.7 million.

As a result of the decline, Flotek Industries Inc. now has a market cap of $116.55 million. In the last year, shares of Flotek Industries Inc. have traded between a range of $4.01 and $0.95, and its 50-day SMA is currently $n/a and 200-day SMA is $n/a.

Flotek Industries Inc delivers chemistry-based technology solutions for energy, industrial and consumer applications. It develops and supplies chemistry and services to the oil and gas industries, and high value compounds to companies that make food and beverages, cleaning products, cosmetics, and other. The company operates in the Energy Chemistry Technologies segment which designs, develops, manufactures, packages, and markets chemistries for use in oil and gas well drilling, cementing, completion, and stimulation activities.

Flotek Industries Inc. is based out of Houston, TX and has some 350 employees. Its CEO is John W. Chisholm.

Flotek Industries Inc. is a component of the Russell 2000. The Russell 2000 is one of the leading indices tracking small-cap companies in the United States. It’s maintained by Russell Investments, an industry leader in creating and maintaining indices, and consists of the smallest 2000 stocks from the broader Russell 3000 index.

Russell’s indices differ from traditional indices like the Dow Jones Industrial Average (DJIA) or S&P 500, whose members are selected by committee, because they base membership entirely on an objective, rules based methodology. The 3,000 largest companies by market cap make up the Russell 3000, with the 2,000 smaller companies making up the Russell 2000. It’s a simple approach that gives a broad, unbiased look at the small-cap market as a whole.

Strike vote at CN Rail

Unionized workers at CN Rail could strike as early as Nov. 19

Thousands of unionized workers at Canadian National Railway could strike as early as Nov. 19.

Approximately 3,000 Teamsters Canada Rail Conference members voted 99.2 per cent in favour of strike action after six months of negotiations with CN. Their collective agreement expired July 23, 2019.

“We will continue to negotiate in good faith with Canadian National in hopes of reaching a negotiated settlement. To that end, we will not be bargaining in the press or discussing the sticking points publicly at this time,” states TCRC president Lyndon Isaak in a news release issued Monday.

The announcement comes after the legally mandated dispute resolution period ended last Friday.

According to TCRC, both sides have been working with federal mediators for four months in an effort to reach a new agreement.

The next round of mediated negotiations is slated to begin Nov. 12, one week before TCRC members can take strike action if they so choose.

Earlier this year, the company ratified a new collective agreement with 180 rail traffic controllers represented by TCRC-Rail Canada Traffic Controllers. Earlier this month, it ratified a negotiated collective agreement with 950 truck drivers that contract with its subsidiary CNTL.

WestJet profit takes off

WestJet reports higher profit despite carrying fewer passengers

WestJet Airlines Ltd. says it earned $119.4 million in the third quarter, the second-highest level in the airline’s history.

The Calgary-based airline says that equated to $1.02 per diluted share, compared with 61 cents per share or $70.1 million a year earlier.

Revenues increased 10.5 per cent to $1.39 billion, up from $1.26 billion in the prior year despite carrying fewer passengers.

The airline was expected to earn $91.4 million or 80 cents per share on $1.35 billion in revenues, according to financial markets data firm Refinitiv.

WestJet says it won’t hold a conference call to discuss the quarterly results ahead of its planned $3.5-billion acquisition by Onex Corp., which is being contested by Air Canada over foreign ownership limits.

WestJet shareholders approved the proposed acquisition in July, with 92.5 per cent voting in favour. The same month, an Alberta court approved the deal, which Onex and WestJet expect to complete following further regulatory green lights later this year.

“We are very pleased with these remarkable results, achieving our highest ever third quarter load factor, second-highest ever third quarter net earnings and the third-highest quarterly net earnings in WestJet’s history,” said Ed Sims, WestJet president and CEO.

Bridging western divide

Calgary mayor, former premier willing to help PM bridge divide

Calgary Mayor Naheed Nenshi is willing to help bridge the current divide between western Canada and the federal government, but called speculation about him being appointed as a representative of — or adviser for — Alberta in federal cabinet “silly.”

“No job has been offered, nor no job has been contemplated,” Nenshi told CTV’s Question Period in an interview aired Sunday.

“Probably it’s wrong, but I am enjoying all this speculation because it’s so silly.”

Nenshi said he’d be prepared to aid the Trudeau government in gaining a better perspective on Alberta issues in an informal way, but appeared to lay down a few ground rules for his cooperation.

Calling separatist rumblings in Alberta “very real,” Nenshi said he spoke with Trudeau about a range of issues seen in the West as irritants in a call he received from the prime minister on Wednesday.

“Of course the (Trans Mountain) pipeline has to get built, of course we need to re-examine Bill C-69 which my premier calls the No More Pipelines Bill, but is actually much more dangerous than that,” Nenshi said.

The popular three-time mayor warned that Bill C-69, known as the Impact Assessment Act, would make it much more difficult to build not just pipelines, but other infrastructure projects as well.

The Trudeau Liberals were shut out of Alberta and Saskatchewan in the Oct. 21 election amid growing frustration with federal policies affecting the oilpatch, leading to questions about how the prime minister would provide representation of the two provinces in his cabinet, which is to be sworn in Nov. 20.

Comments made by Trudeau since the election triggered speculation that he might turn to Nenshi to be a voice for the West in cabinet.

Former Alberta premier Alison Redford has also been tabbed as a potential Trudeau confidant, and said she’s willing to lend the federal Liberals a hand in addressing the gap in western representation.

“I haven’t been asked. I am happy to help in any way,” she told CTV’s Question Period.

“This is something Canadians have been thinking about for a long time and I think the key is that there has to be a lot of voices at the table.”

Ford Canada to cut 450 jobs

Ford Canada to cut 450 jobs in Oakville as models hit end of run

Ford Motor Co.’s largest Canadian manufacturing operation will eliminate 450 jobs by early next year as the company discontinues two of the models made at the factory in Oakville, Ont.

Ford Canada says production of the Ford Flex sport-utility vehicle will end in November and it will also stop production of the Lincoln MKT crossover at an unspecified time.

The company had announced in July that it would cut 200 jobs in September as a result of slowing sales of vehicles made in Oakville.

Ford says it will focus on products in the fastest growing segments to meet shifting consumer demands.

Unifor, the main labour union at Ford Canada, says it’s renewing its call for new products to be assigned to the Oakville Assembly Plant.

Negotiations between Unifor and Ford for a new collective agreement are scheduled to take place in 2020.