Shopify shares rise as they expand beyond online shopping, while analytics software company Copperleaf slips along with tech stocks. Here are the winners and losers from last week
Shopify Inc. SHOP-T (+15.51%)
Shares of the Ottawa-based e-commerce giant rose after reporting third-quarter earnings that beat estimates. While Shopify shares are still down more than 78% from their November 2021 highs, revenue hit $1.37 billion (US) in the third quarter – a 22% increase from the same period in 2021. Chairman Harley Finkelstein attributed the move to expanding the business beyond online shopping, including the launch of point-of-sale hardware.
Nevada Copper Corp. NCU-T (+10.87%)
Last Friday, the Vancouver copper producer closed a financial package of up to $123 million (US) to help restart operations at its Pumpkin Hollow copper mine. The copper mine, located southeast of Yerington, Nevada, has reserves of copper, gold and silver. Nevada Copper shares have fallen more than 56% in the past six months, but rebounded nearly 16% in October.
Air Canada AC-T (+6.81%)
The stock price of Canada’s largest airline took off, more than doubling its third-quarter revenue from $2.10 billion to $5.32 billion. Staff shortages hurt Air Canada’s return to the air last summer, but improving disruptions helped the airline fly more than 11 million passengers in the third quarter and hit its first ever profit. operating positive since the start of the pandemic. Air Canada is up more than 18% over the past month.
Copperleaf Technologies Inc. CPLF-T (-18.33%)
The economic headwinds that sent shares of big tech companies like Meta Platforms Inc. and Amazon.com Inc. tumbling last week are also hurting smaller companies like Copperleaf Technologies. The Vancouver-based business intelligence software company‘s stock price has fallen more than 60% in the past six months and more than 30% in the past month alone. Rising interest rates and a poor economic outlook will continue to weigh on technology companies.
WonderFi Technologies Inc. WNDR-T (-16.67%)
Last week, amid a brutal bear market for digital currencies, the Vancouver-based cryptocurrency trading platform announced a management change, along with plans to expand into sports betting and online trading. actions. Shares of WonderFi have fallen more than 60% since its IPO in mid-June and around 40% in the past month. The management change, which saw Dean Skurka take Ben Samaroo’s position as interim CEO, should help WonderFi weather tough economic times.
Teck Resources Ltd. TEAK-BT (-10.79%)
Shares of Teck Resources fell after it agreed to sell its stake in the Fort Hills oil sands project to Suncor Energy and reported a $195 million loss in the third quarter. The news comes just over a month after the Vancouver-based miner cut its third-quarter steelmaking coal sales forecast. Teck Resources has fallen more than 16% in the past six months as high inflation exchange rates and production issues risk hurting its results.
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