The beginning of a new year always sparks hope and signals new possibilities – and that same logic can be applied to the stock market.
Last year was one that traders were happy to put in the rear view. We saw high inflation, rising interest rates and a looming recession that drained people’s buying power and eroded companies’ profits in 2023.
Investing for the long term is still the way to go – and, if one thing is for certain, our Bullboards are already generating plenty of investor discussion in some of our most popular sectors.
Take Tilray Brands Inc. (TSX:TLRY, Forum), a top Canadian cannabis license producer, for example. The Leamington, Ontario-based business reported a 34 per cent rise in revenue during its Q2 2024.
Net revenue for the quarter ended Nov. 30, 2023, totalled a record US$193.8 million, up 34 per cent from US$144.1 million in the prior year quarter.
Cannabis revenue rose 35 per cent at US$67 million, but gross margin in the cannabis business dropped to 31 per cent from 43 per cent last year. Adjusted cannabis gross margin was 35 per cent compared to 43 per cent in the same quarter a year earlier.
Tilray Brands Montauk Brewing Company launch PROJECT 4:20,
Revenue from its alcoholic beverage segment more than doubled to US$47 million, representing a 117 per cent increase. Last autumn, Tilray expanded its beverage portfolio with the acquisitions of Shock Top, Blue Point Brewing Company and six other beer and beverage brands from Anheuser-Busch.
Even so, Tilray also reported a net loss of US$46.2 million during its Q2 2024.
The loss amounted to 7 cents per diluted share, and this compared with a loss of US$61.6 million or 11 cents per diluted share from last year.
Suncor Energy Inc. (TSX:SU, Forum) achieved upstream production of 808,000 bbls/d in Q4 2023, representing the second-highest quarter in the company’s more than 100-year history.
The company’s 2023 average upstream production ends at 746,000 bbls/d, within corporate guidance provided in November 2022.
Source: Suncor Energy.
Production highlights from 2023 include net synthetic crude oil production of 476,000 bbls/d, as well as net non-upgraded bitumen production of 282,000 bbls/d, along with total oil sands production of 758,000 bbls/d in Q4, and total production from exploration and production of 50,000 bbls/d in Q4, including production from the ongoing ramp up of Terra Nova.
Oil sands production was 453,000 bbls/d in Q4 and 431,000 bbls/d through 2023. The Base Plant upgrader achieved a full year utilization of 90 per cent, including the major five-year turnaround at Upgrader 2.
In technology, Datametrex AI Ltd. (TSXV:DM, Forum) has signed two new contracts worth a combined C$980,000 since announcing a CEO change and shift in corporate focus.
In line with its new mission centred on opportunities in tech and healthcare, the first contract with global South Korean conglomerate LOTTE, worth C$730,000, will see the company’s Korean subsidiary provide various IT services for numerous LOTTE subsidiaries, including LOTTE Hi-Mart, LOTTE Card, and LOTTE Auto Lease. Datametrex is a preferred vendor for LOTTE.
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The second contract, worth C$250,000, also involves IT services, this time for a global energy company, marking the first business in the sector for Datametrex.
“These projects with LOTTE are significant milestones for Datametrex,” Charles Park, Datametrex’s CEO, who replaced Marshall Gunter in December 2023, said in a statement. “They showcase our team’s dedication to providing advanced IT solutions and our commitment to expanding our presence in the global market. We are particularly proud of our team at Datametrex Korea for their hard work and dedication for securing these projects.”
Source: AiThority AI technology insights.
As people return from their holiday breaks, investor activity has started to pick up noticeably, and discussions on the Bullboards alongside it. Despite inflated prices and political tensions that spiked, dipped and rocked the market, investors have been quick to find some rising and falling companies that demanded attention.
The Bullboards are just getting warmed up for 2024 and investors are eager to see what the new year will bring. Stockhouse will keep checking in every week to bring you the latest updates on the biggest moves and predictions. For previous editions of Buzz on the Bullboards, click here.
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