Among the companies whose shares are making notable moves in Thursday's session are Open Text Corp. (OTEX), CryptoLogic Ltd. (CRYP), Open Range Energy Corp. (ONR.T), HudBay Minerals Inc. (HBM) and BlackPearl Resources Inc. (PXX.T).
Open Text (C$48.57, -C$9.19, -16%) posted lower-than-expected fourth-quarter results amid its recent acquisition of MetaStorm. Susquehanna downgraded Open Text to negative from neutral and cut its price target, expecting "incremental" execution risks as it integrates recent takeovers while "a growing portion of its deals are projects that we believe are more discretionary and lower in IT priority." It added, "Demand is softening in government, and we believe uncertainty is rising in Europe."
CryptoLogic (C$1.42, C$0.25, 21%) swung to a pretax profit of $500,000 in the second quarter, its first quarterly pretax profit since the first quarter of 2008.
Open Range (C$6.03, C$0.43, 7.7%) swung to a second-quarter profit of 8 Canadian cents a share from a loss of 1 Canadian cent. Revenue nearly doubled to C$20.8 million. It also bumped up its cash-flow guidance for the year.
Cormark and Canaccord upgraded HudBay Minerals to buy (C$12.12, C$0.50, 4.2%) following second-quarter results earlier this week that were ahead of consensus.
BlackPearl Resources (C$5.12, C$0.72, 16%) got a number of upgrades as analysts note the recent market sell-off presents an attractive entry point on BlackPearl. Scotia Capital is projecting a "significant" ramp-up in production for the oil and gas company.
