News Column

Stocks stay positive

February 21, 2014



Inflation figures out







Rising energy stocks helped give the Toronto stock market a minor lift Friday while investors looked to the release of a disappointing read on U.S. home sales last month.

The S&P/TSX composite index was up 22.96 points to greet noon at 14,233.37.

The Canadian dollar dropped 0.22 cents to 89.86 cents U.S.

Thompson Creek Metals Co. Inc. posted an adjusted net loss of $28.5 million U.S. or 17 cents per share, missing forecasts for a loss of three cents a share. Revenue was also below expectations, at $117.1 million U.S. compared with the general estimate of $123.77 million. I

Its shares rose 20 cents, or 6.8%, to $3.15 as it also said that it will suspend operations at its molybdenum mine in Idaho by the end of this year, due to persistent low prices.

Gold stocks suffered, as Eldorado Gold Corp. shares were 15 cents lower to $7.97 as the miner posted a $687.6-million U.S. quarterly net loss amid lower values for its assets and reduced gold prices and output. Revenue was $231.7 million, down from $350 million U.S. in the fourth quarter of 2012.

In other earnings news Friday, conglomerate Onex Corp. posted a $223-million U.S. net loss in the fourth quarter, bringing the total loss for 2013 to $813 million U.S.

About $750 million of the annual loss was attributed to fair-value adjustments in favour of its partners. In addition, its aerostructures division had a loss related to long-term contracts. Its shares were unchanged at $58.99.

On the economic front, Statistics Canada reported that consumer prices rose 1.5% in the 12 months to January, following a 1.2% increase in December. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.2% in January, matching the gain in December.

Retail sales slid 1.8% in December to $40.2 billion, with slumps pretty much across the board

ON BAYSTREET

The TSX Venture Exchange was positive 2.79 points to 1,017.72.

Nine of the 14 Toronto subgroups were ahead midday, with telecoms up 0.8%, while energy and global base metals were up 0.5% each.

The five laggards were weighed mostly by gold, down 0.8%, health-care, off 0.4%, and utilities, down 0.3%.

ON WALLSTREET

Stocks were up but slightly Friday, as investors analyzed mixed signals about the health of the economy and corporate earnings.

The Dow Jones Industrial Average was positive 33.55 points to break for lunch at 16,166.78

The S&P 500 index took on 4.60 points to 1,844.38. The NASDAQ gained 13.50 points to 4,281.05

On the corporate front, investors have been closely studying earnings to gauge whether stocks can continue to climb.

Hewlett-Packard shares dipped even though the company reported earnings late Thursday that topped analysts' expectations. Investors have been looking for signs that the technology giant can roll out innovative new products in the future.

Dish Network rallied after the satellite provider's quarterly earnings showed significant increases in profit and revenue.

Groupon shares plunged over 15% after the daily deal site forecast a loss for the current quarter.

Shares of Priceline.com got a boost after reporting better-than-expected earnings.

Facebook was slightly lower after hitting an all-time high Thursday following the social network 's deal to buy WhatsApp.

Under Armour shares popped after the company said Friday that it extended its partnership with the U.S. Olympic speedskating team through 2022. The Under Armour suits created a controversy in Sochi after some speedskaters blamed the new uniforms for poor performance.

Prices for 10-year U.S. Treasuries gained back lost ground, seating yields back to Thursday's 2.75%. Treasury prices and yields move in opposite directions

Oil prices doffed 65 cents at $102.10 U.S. a barrel.

Gold prices gained $3.50 to $1,302.40 U.S. an ounce.



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Source: Baystreet Stock Market Update (Canada)


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