Canwest: Stock Up on Strong Q3 Results

Canwest Global Communications Inc. (CWGVF.PK) shares were up more than 10% to C$2.24 on Friday after reporting third quarter results.

RBC Capital Markets analyst Drew McReynolds said the results were better than he expected due to Canwest's cost control during the quarter.  

Q3/08 consolidated revenues and EBITDA of C$852-milion and C$181-million (excluding C$4MM in restructuring), respectively, were ahead of our estimates of C$847-million and $162-million (consensus EBITDA was C$163MM).

Mr. McReynolds has a "sector perform" rating on the stock.