It has been another interesting week for markets on Bay Street and Wall Street, from a hot streak to a slide, back up, and down again. Every sector has seen its share of gainers and decliners, with the Stockhouse Bullboards tracking movement in all directions. A few mainstay companies have continued to dominate the top six of their markets, while newcomers have also joined the conversation.

In Canada, the cannabis, resource, and tech sectors have made a lot of noise this autumn season, and in this week’s Buzz we look at some of those companies that have been talked about on the Bullboards. In some cases, the opportunity for investors has been clear-cut, while in others, a lack of information makes for deep-dive discussions into what’s available.

It has been a notable quarterly reporting season and many businesses have clocked in “better-than-expected” performances, while others had more mixed results. Cannabis company Canopy Growth Corp. (TSX:WEED, Forum) delivered a loss on its financial results for Q2 fiscal 2024, but you could look at that as with good reason.

The Smiths Falls, Ontario-based pot producer recorded net revenue of C$70 million, down from Q2 2023’s net revenue of C$118 million, which itself was a 10 per cent decline from Q2 fiscal 2022.

Canopy also reported a smaller adjusted core loss in its Q2 on the back of cost cuts.

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The company reported a cost reduction of C$54 million in Q2, bringing the total reduction to C$226 million since the beginning of fiscal year 2023. Canopy Growth targets a cost reduction of C$270 million to C$300 million by the end of its fiscal year 2024.

Canopy’s adjusted core loss narrowed to C$11.9 million for the three months ended Sept. 30, compared with a loss of C$56.4 million a year earlier.

The company reduced overall debt by C$364 million to C$681 million in the quarter, resulting in a total debt reduction of C$1 billion since the start of fiscal year 2023, which is some good news for a stock that has fallen 98 per cent in the past five years.

Baytex Energy Corp. (TSX:BTE, Forumreported its Q3 2023 results for the quarter that ended Sept. 30.

In a news release, the Calgary-based oil and gas company stated its production increased to over 155,000 boe/d (84 per cent oil and gas liquids).

Meanwhile the company’s cashflow from operating activities totaled $444 million for Q3.

In terms of the full-year 2023, the company stated it expects production to fall between 121,500 and 122,000 boe/d, up from its previous guidance range of 120,500 to 122,500 boe/d.

Baytex Energy also anticipates Q4 production to average between 158,000 and 160,000 boe/d, with 84 per cent weighted to oil and natural gas liquids and 16 per cent natural gas.

Full-year 2023 exploration and development expenditures are also expected to total a little more than $1 billion.

Datametrex AI Ltd. (TSXV:DM, Forum) stock has sagged after announcing the sale of its electric vehicle charging business to Graph Blockchain Inc. (CSE:GBLC).

Graph Blockchain is a technology-focused company with exposure to private blockchain and electric vehicle charging solutions. GBLC shares have lost 98.24 per cent since 2018. The company’s assets include:

  • New World, an NFT marketplace
  • Optimum Coin Analyser, a crypto trading research tool
  • Beyond the Moon, a platform to launch new cryptocurrency tokens
  • Babbage Mining, an altcoin mining, storage and staking service

Graph will purchase Datametrex Electric Vehicle Solutions for up to C$3.75 million, contingent on certain milestones over a three-year period. As per the agreement, it will issue 15 million common shares to Datametrex priced at C$0.05 each for a total of C$750,000.

The sale is motivated by Datametrex’s strategic focus on its remaining healthcare, artificial intelligence and machine learning businesses, including:

  • Medi-Call, a healthcare subscription service, and Imagine Health Centres, a multidisciplinary medical brand offering access to doctors, registered nurses and other licensed specialists
  • AnalyticsGPT, a predictive analytics tool
  • Nexalogy, a social media insights and monitoring service provider

As they say, with time comes wisdom … next week we will be able to better determine how the economy is faring heading into the second half of the month of November.

Where does cannabis stand, is energy’s latest rally for real, and what small cap companies are Stockhouse Bullboard users raving about? You can find out on next week’s Buzz on the Bullboards and for previous editions of Buzz: click here.

Join the discussion: Find out what everybody’s saying about public companies and hot topics about stocks at Stockhouse’s stock forums and message boards.

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The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, click here.

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