Stockhouse @ the Bell: Stocks mixed as Blackberry (T.BB) snags $4.7 billion takeover

Stockhouse Editorial
2 Comments| September 23, 2013


 Today in the markets

U.S. stocks dropped Monday as comments by a Federal Reserve official and a looming political deadline in Washington weighed on the minds of investors.

Canadian stocks were little changed as investors assessed strong Chinese manufacturing data and news that Blackberry has agreed to be acquired by a group led by Fairfax Financial.

The S&P/TSX Composite rose 4.71  points to 12,811.18, while the TSX Venture Exchange eased down 1.20 points to close at 944.90.

Active stocks included Apple Inc. (NASDAQ: AAPL, Stock Forum), which rose 4.9% to $490.64 after the company said it sold 9 million iPhone 5s and iPhone 5c models since their launch on Friday.

Citigroup Inc. (NYSE: C, Stock Forum) was off 3.2% to $49.57 after the Financial Times reported that Citi had a significant drop in trading revenue during the third quarter, which could hurt the bank’s earnings.

In Canada, BlackBerry (TSX: T.BB, Stock Forum) was unchanged at $9.08 after the smartphone maker said it has signed a letter of intent to be acquired by the Fairfax Financial group (TSX: T.FFH, Stock Forum), but can still seek rival offers until the deal closes.

Elsewhere on the corporate front, Calgary-based fertilizer producer Agrium Inc. (TSX: T.AGU, Stock Forum) says its third-quarter results will be negatively affected by soft prices and lower sales volumes in its wholesale operations.

It says wholesale earnings before interest and tax will be about $200 million lower than in the same period last year. The stock was down 3.1% to $89.49.

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: COMMUNICATION EQUIPMENT INSURANCE - PROPERTY & CASUALTY CONSUMER ELECTRONICS AGRICULTURAL INPUTS

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rianjones1983
BBRY Three-Phase Transformation Plan @ http://stks.co/hmJk
2.5 stars
September 23, 2013
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BLEROUX
Listening to BNN an interviewer stated Google would be taking a crack at BlackBerry if the price was right. That seems to be the better fit, in our opinion. Will see in 6 weeks. ;-> Sam
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September 24, 2013
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