Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Toronto Stocks Slide; Bausch Health Tumbles on Lower Performance Outlook for 2022

08/09/2022 | 12:21pm EST

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 adriano.marchese@wsj.com


(END) Dow Jones Newswires

08-09-22 1220ET

Stocks mentioned in the article
ChangeLast1st jan.
BAUSCH HEALTH COMPANIES INC. 0.89% 6.82 Delayed Quote.-75.52%
CANADIAN UTILITIES LIMITED -1.22% 36.32 Delayed Quote.0.22%
CRONOS GROUP INC. 2.22% 4.15 Delayed Quote.-18.47%
HYDRO ONE LIMITED -0.27% 36.61 Delayed Quote.11.55%
MTY FOOD GROUP INC. 0.65% 59.96 Delayed Quote.-5.86%
Latest news
05:59pCohen & Steers Quality Income Realty Fund, Inc. (RQI) Notification of Sources of Distribution Under Section 19(a)
PR
05:58pTwitter blue verified set to launch on Apple's iOS app - Information
RE
05:58pTwitter not safer under Elon Musk, says former head of trust and safety -conference
RE
05:58pCohen & Steers Select Preferred and Income Fund, Inc. (PSF) Notification of Sources of Distribution Under Section 19(a)
PR
05:53pDisney warns restructuring could result in impairment charges
RE
05:53pCohen & Steers Infrastructure Fund, Inc. (UTF) Notification of Sources of Distribution Under Section 19(a)
PR
05:52pJust Energy Reports Fiscal Second Quarter 2023 Results
GL
05:52pJust Energy Reports Fiscal Second Quarter 2023 Results
GL
05:50pOrange County Hispanic Education Endowment Fund Receives $70,000 in Support from Union Bank
PR
05:50pTombola Gold Ltd Gold Processing Update
AW
Latest news