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Stockhouse @ the Bell: Stocks mixed as earnings disappoint

Stockhouse Editorial
0 Comments| October 21, 2013

Today in the markets

U.S. stocks advanced were largely flat Monday as a flurry of lackluster earnings reports from McDonalds and others sparked concerns that stock valuations are getting too high.

Canadian stocks advanced, building on last week's strong gains amid a major corporate development in the consumer sector and growing confidence that the TSX has turned a corner and is on the way to a positive year.

The S&P/TSX Composite advanced gained 50.44 points to 13,186.53, while the TSX Venture Exchange added 8.85 points to close at 959.82.

Active stocks included McDonalds Corp. (NYSE: MCD, Stock Forum) on news that the burger company earned $1.52 billion, or $1.52 per share, in the latest quarter. That compares with $1.46 billion, or $1.43 per share, last year. Analysts expected $1.51 per share.

Revenue rose two per cent to $7.32 billion, missing expectations of $7.33 billion and its shares were down 0.64% to US$94.59.

Toymaker Hasbro Inc. (NASDAQ: HAS, Stock Forum) said third-quarter net income rose 17 per cent from a year ago to $193 million, or $1.46 per share. The quarterly results come as toy makers gear up for the holiday season, which can account for up to half their annual revenue.

Ex-items, Hasbro's earnings were $1.31 per share, a penny above estimates. Revenue climbed two per cent to $1.37 billion, against estimates of $1.35 billion and its shares jumped 5.25% to $49.72.

In Canada,  Maple Leaf Foods (TSX: T.MFI, Stock Forum) is looking at the possibility of selling its bakery business, which includes a 90 per cent interest in Canada Bread Co. Ltd. (TSX: T.CBY, Stock Forum), maker of Dempster's and other brands.

Based on recent stock market values, Canada Bread had a value of about $1.6 billion prior to the announcement Monday. Maple Leaf shares jumped 10%, to $14.63 while Canada Bread shares climbed 8% to $66.17.

For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report


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