BlackBerry dials up US$671 million quarterly profit
Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (15,319.56, up 99.66 points):
BlackBerry Ltd. (TSX:BB). Wireless communications. Down $1.80, or 12.28 per cent, to $12.86 on 6.8 million shares.
The Waterloo, Ont.-based company reported a US$671 million profit for the first quarter, equal to US$1.23 per share — compared with a year-earlier loss of US$1.28 per share or US$670 million in last year’s first quarter. Revenue for the quarter fell to $235 million compared with $400 million a year ago. First-quarter profit was large mostly because of a one-time payment received as a rebate from Qualcomm — one of its suppliers — after an arbitrator ruled in BlackBerry’s favour.
Canadian Imperial Bank of Commerce (TSX:CM). Bank. Up 32 cents, or 0.30 per cent, to $107.38 on 6.5 million shares. CIBC closed its acquisition of Chicago-based PrivateBancorp on Friday, securing its foothold in the U.S. where CEO Victor Dodig said the bank hopes to one day generate a quarter of its earnings. CIBC now earns roughly five per cent of its profits in the U.S., primarily from its wealth management and capital markets operations. The PrivateBancorp acquisition will grow that to 10 per cent.
Home Capital Group Inc. (TSX:HCG). Financial Services. Down 39 cents, or 2.05 per cent, to $18.61 on 5.1 million shares.
Encana Corp. (TSX:ECA). Oil and gas. Up 32 cents, or 2.93 per cent, to $11.23 on 5.02 million shares.
St. Augustine Gold and Copper Ltd. (TSX:SAU). Miner. Down halfa-cent, or 16.67 per cent, to 2.5 cents on 4.1 million shares.
Norsat International Inc. (TSX:NII). Technology. Up two cents, or 0.13 per cent, to $15.12 on 4,100 shares.
The Canadian satellite communications firm says its securityholders have voted to approve a controversial takeover of the company by Chinese company Hytera Communications Co. Ltd.