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Yahoo BusinessAug 11, 2020
An 1,100% Stock Gain Is Hong Kong's New Protest Rallying Cry
(Bloomberg) -- They've occupied Hong Kong's central business district, marched by the hundreds of thousands through the city's streets and endured tear gas and pepper spray in pitched battles with riot police.Now Hong Kong's pro-democracy supporters are wielding a new protest weapon: their stock-market trading accounts.To show support for Jimmy Lai, the publisher and outspoken government critic who was arrested Monday under the city's new national security law, Hongkongers have been piling into shares of his media company, Next Digital Ltd. The result: a more than 1,100% surge in two days that propelled the stock to a seven-year high."There are a huge number of retail investors buying," said Castor Pang, head of research at Core Pacific-Yamaichi. "If you just look at the bid-ask price and the size of single trades, most are super small."The record gain, organized via online forums, underscores the challenge Chinese and Hong Kong officials face as they try to stamp out the city's pro-democracy movement. Residents are turning to alternative forms of protest after policy makers curtailed public demonstrations with social distancing restrictions and the national security legislation.Buying Next Digital's stock could in theory help Lai financially, if he or the company decide to sell shares or borrow against holdings. Lai controls 71% of Next Digital, according to data compiled by Bloomberg. The rally has lifted its market value by more than HK$2.6 billion ($335 million).The company said late Tuesday in a Hong Kon

MarketWatch MarketPulseAug 11, 2020
Canada Goose shares slide 7% premarket as company's loss widens and revenue slides during pandemic
Canada Goose Holdings Inc. shares fell 7.3% in premarket trade Tuesday, after the company's loss widened and revenue fell sharply in its latest quarter. The company said it had a net loss of C$50.1 million ($37.7 million), or 46 cents a share, in the quarter to June 28, after a loss of $29.4 million, or 27 cents a share, in the year-earlier period. The company said it had adjusted loss of 35 cents a share, compared with a FactSet consensus for a loss of 42 cents a share. Revenue tumbled to C$26.1 million from C$71.1 million, compared with a C$20.5 million FactSet consensus. Direct-to-consumer sales fell to C$10.4 million from C$34.8 million, driven by temporary store closures and reduced store hours due to COVID-19. "New openings this year will be concentrated in Mainland China, where the recovery of traffic remains ahead of other markets," the company said in a statement. "With international tourism now heavily constrained, serving the world's largest luxury consumer base at home is increasingly crucial." The company is expecting a 'significant revenue decline' in its fiscal second quarter and is not providing guidance for the full year, given the uncertainty created by the pandemic. Shares have fallen 31.5% in the year to date, while the S&P 500 has gained 4%.

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