Interesting readingGlobe says McLeish, Shine goof on Magellan forecast
Magellan Aerospace Corp MAL
Shares issued 63,810,548 Aug 17 close $5.00
Fri 18 Aug 2000 In the News
The Globe and Mail reports in its Friday, Aug. 18, edition that shares of
Magellan Aerospace jumped sharply last Aug. 18, after the company announced
a record second quarter profit and a new order for small scientific
satellites from the Canadian Space Agency. The Globe's Tip Sheet column
reports that the shares closed up 90 cents at $9.50 on the Toronto Stock
Exchange, approaching their then 52-week high of $10.30 set April 5, 1999.
Magellan reported that profit for the three months ended June 30, 1999,
jumped 45 per cent to $10.2-million from $7-million the previous year.
Revenue swelled to $154-million from $100-million. Greg McLeish of Octagon
Capital Canada said second quarter profit was "on line" with his
projections, while revenue came in higher than expected. He had a "buy"
rating on the stock. CIBC World Markets analyst, Adam Shine, gave it a
"strong buy" rating, with a one-year price target of $12.50. A year later,
Magellan closed yesterday at $5 on the TSE, down 10 cents. Both analysts
how have "buy" ratings on the stock.