Sep 23, 2013

Posted by in Featured, Stock Market News | 0 Comments

Active Runners: BlackBerry Ltd. (NASDAQ:BBRY) and Agrium Inc. (NYSE:AGU)

Active Runners: BlackBerry Ltd. (NASDAQ:BBRY) and Agrium Inc. (NYSE:AGU)

BlackBerry Ltd. (NASDAQ:BBRY) was lowered by three brokers on Monday morning, after the firm’s warning on Friday afternoon that revenues would arrive far lower than predictions for the second fiscal quarter, because of poor sales of its recent smartphones.

The stock was lowered from buy to hold by Jefferies & Co., while RBC Capital and Robert W. Baird lowered their ratings on the shares from equal to sell.

It’s a race against time for BlackBerry and saving cash might be of supreme significance as the speed of business worsening speeds up, mentioned Mark Sue of RBC Capital, who also lowered his price target on the stock to $5 from $15.

BlackBerry shares, which declined above 17% on Friday afternoon after the cautioning, were lower another 4% in pre-market trades on Monday.

Agrium Inc.’s (NYSE:AGU) board intends to lift the fertilizer firm’s annual dividend by 50%, as the firm also cautioned that lesser prices and lower volume are predicted to affect third-quarter wholesale results.

The firm’s dividend is set to increase to $3 per share, higher by $1 per share. The move is predicted to cost Agrium as forecasted $147 million a year.

The dividend hike shows our confidence in the capability of the business to generate critical cash flow and is a signal of the strength of our position throughout the crop-input value chain, President and Chief Executive Mike Wilson reported.

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