Maxar Technologies Inc., the once-proud developer of the robotic arm used on U.S. space shuttles, hit a record low as the new year began where the old left off — with a continuation of bad news.The stock fell as much as 32 per cent Monday, the most intraday since October, after the company reported one of its imaging satellites, WorldView-4, failed, can’t collect images and “will likely not be recoverable.”A large chunk of the company’s near-term growth was dependent on WorldView-4, which will result in a loss of sales and potential earnings growth in 2019 and 2020, Raymond James analyst Steven Li wrote in a note. Meet the New York investor who’s making all the right calls in shorting Canadian stocks Space systems company Maxar sees shares crater on earnings miss Canadian space company makes $3 billion bet on satellite imagery market Maxar changed its named from MacDonald, Dettwiler and Associates Ltd. and its head office from Vancouver to Westminster, Colorado, after it completed the purchase of DigitalGlobe Inc. in 2017. The $3.1 billion (US$2.3 billion) deal was supposed to give the company access to lucrative government customers.But the stock has lost about 81 per cent of its value since the deal closed on Oct. 5, 2017. Short seller Spruce Point said the stock as a “strong sell,” then the company missed third-quarter earnings and has faced cash flow issues, even after amending its credit agreement. Maxar is carrying total debt of US$3.1 billion, according to data compiled by Bloomberg.The company’s business includes satellites, robotics, spacecraft systems, imagery and data and is perhaps best known for the space arm that was used on NASA space shuttles.Canadian investors were already selling the stock after the company recently concluded its incorporation to the U.S. and before the loss of the satellite, Li said. The company should see U.S. investors buying the stock, but that’s unlikely to happen right away to match the Canadian selling, he added.For Maxar then, it seems “when it rains, it pours,” according to Li.Bloomberg.com
Young entrepreneurs will have the opportunity to beat the clock and put their business ideas to the test this weekend.BioLinc, Brock’s business incubator run by the Goodman School of Business, and Niagara College’s ncTakeOff program have partnered to host the fourth annual Niagara Young Entrepreneur Kick-Off Weekend from Friday, Nov. 3 to Sunday, Nov. 5.The fourth-annual event is modelled after Startup Weekend, a worldwide event model that has entrepreneurs working overtime to form teams, create business ideas and pitch them in a competition format against a ticking clock.Brock’s event begins Friday, Nov. 3 at 6 p.m. with a public lecture featuring inspirational speaker Talli Osborne, who will share her story of overcoming adversity.Her motivational presentation, which is open to the public and takes place in Brock’s Pond Inlet, will focus on conquering challenges and obstacles.While working as a social media specialist at Virgin Mobile Canada, Osborne was named the best customer service agent in the Americas, as well as third best in the world.Following the keynote, entrepreneurs will form teams and the timer will start. Teams will have until Sunday to build a solid business idea before then making a pitch to a panel of judges. Throughout the weekend, participants will also be mentored by local entrepreneurs and experts, and will receive training on entrepreneurial topics.The event is open to Niagara residents aged 18 to 29, including entrepreneurs who have an early business idea, those looking for a business co-founder or those hoping to refine their business pitch.Cost to participate in the full weekend is $15, including meals.Registration is available online.The public can also register online to attend the free Friday night event featuring Osborne.