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Stockhouse @ the Bell: Stocks rally, CN (T.CNR) posts Q2 profit

Stockhouse Editorial
0 Comments| July 22, 2013


Today in the markets

U.S. stocks rose Monday, amid an earnings disappointment from McDonald's and some weakness from the housing sector.

Canadian stocks were higher Monday as traders picked up beaten-down gold stocks while bullion prices had their biggest one day move upward in more than a year.

The S&P/TSX Composite was up 73.25 points to 12,758.38, while the TSX Venture Exchange edged up 8.99 points to close at 929.38.

Active stocks included McDonalds Corp. (NYSE: MCD, Stock Forum). The fast-food chain led blue chip declines, with its shares off 2.7% to $97.58 after the release of its second quarter results, which did not meet Wall Street estimates. The company said its results for the remainder of the year are expected to remain challenged.
 
Microsoft Corp. (NASDAQ: MSFT, Stock Forum) rose 1.9% to $32.01 after last week’s trouncing, and leaving the company with a market cap of $265.4 billion, based on 8.3 billion shares outstanding.

The stock fell the most in four years Friday after fourth quarter profit missed analysts’ projections by the biggest margin in at least a decade as demand weakens for personal computers running Windows.

In Canada, investors prepared to assess earnings from Canadian National Railway Co. (TSX: T.CNR, Stock Forum), which were scheduled to be released after the close of trading Monday. CNR was down 0.46% to $105.06, before the company reported a profit of $717 million or $1.69 per share in the second quarter.
 
As the gold sector clawed back some of its steep losses, Barrick Gold Corp. (TSX: T.ABX, Stock Forum) (NYSE: ABX, Stock Forum) ran up 6.3% to C$18.25 while Goldcorp Inc. (TSX: T.G, Stock Forum) (NYSE: GG, Stock Forum) improved by 5.7% to $29.97.
 
Teck Resources Ltd. (TSX: T.TCK.A, Stock Forum) (TCK: T.TCK.B, Stock Forum), gained 2.1% to $23.97 ahead of earnings to be announced this week. Analysts expect the company to report adjusted earnings of 33 cents a share on Thursday, down from 53 cents a year ago.
 
For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report
 

Tags: INDUSTRIAL METALS & MINERALS GOLD SOFTWARE - INFRASTRUCTURE RESTAURANTS

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