MacDonald Dettwiler Soars on Satellite Boom: Corporate Canada
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MacDonald Dettwiler & Associates Ltd., the top technology stock in Canada over the past year, has more room to rise as it taps the U.S. government satellite market through its Space Systems/Loral acquisition.
The maker of the International Space Station’s Canadarm2 robotic arm as well as the Radarsat earth-observation satellites, has surged 65 percent over the past 12 months, the best-performing stock among six peers in the S&P/TSX Information Technology index. It’s also the second-best performing stock in the benchmark S&P/TSX Composite Index in 2013, rising 30 percent to an intraday record on March 6. MacDonald Dettwiler fell 0.3 percent to C$72.77 in Toronto today for a market value of C$2.32 billion.