Act I: The Worst Is Yet To Come

* The Player: Magna International (TSX:MG.A)

* Action: Down 12 percent in a month (from $35.76 Feb. 4)

* Recent Price: $31.48

* 52-Week High/Low: $81.66/$29.13 You think 2008 was bad? Just wait for the 2009 results.

That's the message conveyed by Magna International, an auto parts manufacturer based in Aurora, Ont.

Magna recently posted a US$148-million loss in Q4 (ending Dec. 31, 2008), compared with a gain of US$28 million in the same period a year ago. Sales for the quarter were US$4.8 million, compared to US$6.8 million in Q4 2007.

For the year, sales fell from US$26 million in 2007 to $23.7 million in 2008. Annual income dropped from US$663 in 2007 to US$71 million in 2008.

But that's just the beginning, says the company. Magna warns that light-vehicle sales and production are expected to be "considerably weaker" in 2009, and the first half of the year will be "particularly challenging.”

Magna shares traded as low as $31.49 (down two percent on the day) the day of the release.

Act II: "Meat-iocre" results

* The Player: Maple Leaf Foods Inc. (TSX:MFI)

* Action: Down 26 percent in a month (from $10.46 Feb. 4)

* Recent Price: $9.13

* 52-Week High/Low: $13.64/$6.54 Recoveries are possible says a Canadian food company. That may be true - if you call doing less badly a recovery.

Case in point: Maple Leaf Foods Inc., the Toronto-based company infamous for the largest product recall in Canada's history (thanks to listeria-laced meat). Maple Leaf shares had plummeted to a low of $6.54 in October 2008.

The most recent financial release for the company (for the period ending Dec. 31, 2008) shows a Q4 loss of $14.6 million, up from a $22-million loss in Q4 of the previous year.

Sales for the quarter were $1.3 billion, up 5.2 percent from a year earlier. Maple Leaf's annual loss was $36.9 million, compared to a $195-million gain in 2007.

"We are satisfied with the results we were able to deliver," Maple Leaf president and CEO Michael McCain said in a statement.

Shareholders on the other hand, were not. The company's shares traded as low as $8.88 the day of the financial release, and have continued to fall since.

Act III: Uncle, Uncle

* The Player: HudBay Minerals (TSX:HBM)

* Action: Up 20 percent in a month (from $4.75 Feb. 4)

* Recent Price: $5.65

* 52-Week High/Low: $20.77/$2.70 The board of a Toronto-based mining and smelting company finally gave up its takeover quest, knowing shareholders would never approve the deal.

Back in November, HudBay Minerals' board had announced plans to take over Vancouver-based Lundin Mining (TSX: LUN). In the deal, HudBay would issue 153 million shares to pay for Lundin, the price of which was initially valued at $800 million.

Immediately after the release, HudBay shares hit a 52-week low of $2.70, and major HudBay shareholders cried foul at the planned share dilution.

Shareholders SRM Global Master Fund and Corriente Master Fund launched a proxy battle to replace HudBay's board, and Jaguar Financial approached the Ontario Securities Commission (OSC) to force HudBay to answer to its investors.

The OSC ruled that HudBay must allow its shareholders to vote on the plan and HudBay's board finally gave up, knowing the deal wouldn't pass. Relieved investors pushed the stock up to $5.21 the day of the release, and the price has continued to rise since.

The shareholder meeting (in which shareholders vote on replacing the board) is scheduled for late March.

Act IV: Liquidation Sale

* The Player: CanWest Global Communication Corp. (TSX:CGS)

* Action: Down 20 percent in a month (from $0.40 Feb. 4)

* Recent Price: $0.32

* 52-Week High/Low: $6.11/$0.31 The carrion-eaters are circling.

Troubled CanWest Global Communication Corp., which is in the middle of negotiating a $300-million credit facility to keep it from defaulting, has just taken another hit - two credit rating agencies (DBRS and Moody's) have downgraded the company.

DBRS warned if CanWest seeks creditor protection, lenders might have trouble recovering investments, and Moody's cited CanWest's "very weak financial results and lack of financial flexibility" for its downgrade.

Analysts have been warning of a potential bankruptcy and a recent report in The Globe and Mail suggested investment bankers have approached Corus Entertainment Inc. and Astral Media Inc. to create a bid for CanWest's specialty channels.

CanWest shares, which have fallen steadily from $6.11 in February 2008, were trading at $0.31 the day of downgrade.

NOTE: The above is not intended as investment advice to buy or sell any mentioned securities. Investors should do due diligence before investing. Quotes are based on results through March 4, 2009.

(Nicole Strandlund can be reached at nicole@businessedge.ca)