News Column

Equities flat at Tuesday open

February 4, 2014

Suncor in focus Markets in Toronto found it hard to shake off the cobwebs early Tuesday, after weaker-than-expected U.S. economic data raised worries about a slowdown in the country's largest trading partner. The S&P/TSX composite index peeled off 0.24 points, to begin Tuesday at 13,485.96, after dumping more than 200 points Monday The Canadian dollar moved up 0.27 cents to 90.23 cents U.S. early Tuesday. WestJet Airlines Ltd reported an 11% rise in fourth-quarter profit as costs fell, and the company raised its dividend. WestJet shares got lift of 40 cents to $25.25 . Suncor Energy Inc said on Monday it swung to a fourth-quarter profit of $443 million as crude output from northern Alberta oil sands hit record highs. Suncor shares gave back 55 cents to $35.09 . Silver Standard Resources said it will buy the Marigold mine in Nevada for $275 million in cash from joint owners Goldcorp and Barrick Gold in a deal that would provide the Canadian miner more exposure to gold. Silver Standard shares backtracked 45 cents , or 5.3%, to $8.10 ON BAYSTREET The TSX Venture Exchange nicked up 1.48 points to begin Tuesday at 942.25 The 14 Toronto subgroups were evenly divided between gainers and losers, the former group led by health-care and global base metal stocks, each surging 0.9%, while metals and mining took on 0.4%. The seven laggards were weighed mostly by gold stocks, slumping 0.8%, while materials and telecoms were each down 0.4%. ON WALLSTREET Stocks fashioned moderate gains Tuesday morning, a day after suffering a steep drop. The Dow Jones Industrial Average tacked on 52.86 points to begin Tuesday's trading at 15,425.66 The S&P 500 index moved higher 10.76 points to 1,752.65. The NASDAQ added 28.64 points to 4,025.60 The markets took a beating Monday, with the Dow dropping 326 points after key manufacturing data for the United States came in way below Wall Street forecasts. Microsoft shares were up nearly 1% after the company named Satya Nadella to be its new CEO, replacing Steve Ballmer . The news was expected, but investors seem hopeful that Nadella, who has led the company's rapidly growing cloud software division, will be able to help Microsoft become an even bigger presence in the cloud market. Michael Kors shares surged nearly 20% after reporting stronger sales and profits than expected. The luxury retailer's stock hit an all-time high and was the best performer in the S&P 500. Shares of KFC-owner Yum! Brands jumped after it reported better-than-expected earnings, despite continued sluggishness with its KFC business in China . J.C. Penney enjoyed a slight bounce after the struggling retailer reported same-store sales growth for the holiday season. The stock has been trading at multi-decade lows, and its management team is desperately trying to deliver on a much-hyped turnaround strategy. Twitter was slightly higher Tuesday. The company will release its first earnings report as a public company Wednesday. ARM Holdings reported fourth quarter earnings that disappointed some investors, sending shares lower in early trading. Prices for 10-year U.S. Treasuries faded a bit, lifting yields to 2.62% from Monday's 2.58%. Treasury prices and yields move in opposite directions. Oil prices regained 86 cents to $97.29 U.S. a barrel. Gold prices dipped in price by $10.40 to $1,249.50 U.S. an ounce.

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Source: Baystreet Stock Market Update (Canada)

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