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Stockhouse @ the Bell: Stocks get earnings, Microsoft (MSFT) boost

Stockhouse Editorial
0 Comments| October 25, 2013


Today in the markets

U.S. stocks rallied Friday, driven up by well-received earnings reports from Amazon and Microsoft.

Canadian stocks were higher at the end of a positive week, with the TSX powered by earnings news and positive manufacturing data from China.

The S&P/TSX Composite advanced 74.67 points to 13,399.42, while the TSX Venture Exchange edged up 0.88 points to close at 973.58.

Active stocks included Microsoft Corp.'s (NASDAQ: MSFT, Stock Forum), which rose 6% to $35.73. The software giant posted net income in three months through Sept. 30 grew 17 per cent to $5.24 billion, or 62 cents per share, from $4.47 billion, or 53 cents per share, a year ago. That beat the 54 cents expected by analysts. Revenue rose 16 per cent to $18.53 billion, also beating the $17.79 billion analysts had been expecting.

After the close Thursday, Amazon.com (NASDAQ: AMZN, Stock Forum) posted a quarterly loss of $41 million, or nine cents per share, matching analyst expectations. Revenue jumped 24 per cent $17.09 billion against expectations of $16.76 billion.

Its stock surged 9.4% to $363.39.

In Canada, Canadian Pacific Railway Ltd (TSX: T.CP, Stock Forum) was in focus Friday after its biggest shareholder sharply narrowed its position. Bill Ackman's Pershing Square Capital Management has sold about a third of its holdings in the railway.

CP, which reported a record quarterly profit on Wednesday, said the hedge fund has sold 5.96 million CP shares for about US$140 a share, bringing the total divestment so far to seven million shares.

CP shares added 1.4% to C$150.04, which is more than triple their level when Pershing Square began building up its stake in the railway.

CGI Group Inc. (TSX: T.GIB.A, Stock Forum) was down 0.84% to $35.59. A subsidiary, CGI Federal, was one of the main contractors for the U.S. government's troubled health-care insurance website and its shares have slid 8.5 per cent since Oct. 16.

A congressional committee was told this week that the government didn't allow enough time to test the system before it went online Oct. 1.

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

Tags: SOFTWARE - INFRASTRUCTURE

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