By Adriano Marchese
Stocks in Canada were modestly lower mid-trading Tuesday, in step with global markets. The Canadian utilities and energy sector were among the few gainers, while process industries, technology services and health technology were the outstanding decliners of the session. Shares in Canadian specialty pharmaceutical company Bausch Health Cos. Inc. fell after it said it expects lower revenue and earnings in 2022 than previously anticipated.
Canada's S&P/TSX Composite Index was down 0.41% at 19588.50 and the blue-chip S&P/TSX 60 declined by 0.34% to 1182.07.
Bausch Health shares in Toronto tumbled 11% to C$6.70 after lowering its revenue expectations to $8.05 billion to $8.22 billion from its prior outlook of $8.25 billion to $8.4 billion. Adjusted earnings before interest, taxes, depreciation, and amortization is expected at $3.02 billion to $3.12 billion, from $3.23 billion to $3.38 billion previously.
Other market movers:
Shares of Cronos Group Inc. fell by nearly 13% to C$4.01 after the company reported second-quarter revenue that missed analyst expectations.
Hydro One Ltd. shares were up 1.5% to C$36.33 after posting higher profit in the second quarter as demand increased. Revenue growth missed analysts' forecasts.
MTY Food Group Inc. stock rose by 3.8% to C$60.56 on news that it would expand its U.S. footprint through the acquisition of barbecue restaurants chain BBQ Holdings Inc. in a transaction valued at about $200 million.
Write to Adriano Marchese at email@example.com
(END) Dow Jones Newswires