Stockhouse @ the Bell: Stocks little changed, but social networks (FB) (TWTR) take a hit

Stockhouse Editorial
0 Comments| November 25, 2013

Today in the markets

U.S. stocks closed almost unchanged Monday as Nasdaq pushed through the 4,000 threshold for the first time since September 2000 and investors absorb a mixed batch of corporate news, anticipating lower oil prices.

Canadian stocks fell slightly as bullion prices and stocks declined further after Iran and world powers arrived at an agreement about Iran's nuclear program on the weekend.

The S&P/TSX Composite was down 6.12 points to 13,472.22, while the TSX Venture Exchange eased 2.89 points to close at 929.26.

Active stocks included Facebook Inc. (NASDAQ: FB, Stock Forum), which fell 3% to $44.75, prompting Twitter to speculate about momentum stocks being in trouble after a very robust run. The social networking stock hasn’t closed below $45 since late September.
Also in the social networking sector, Twitter Inc. (NYSE: TWTR, Stock Forum) was also down 4.3% to $39.23.
Wal-Mart Stores (NYSE: WMT, Stock Forum), rose 0.70% to $80.37 after the company said President and CEO Mike Duke plans to step down on February 1, 2014. Wal-Mart said Doug McMillon, head of international operation, will succeed Duke.
DaVita HealthCare Partners Inc. (NYSE: DVA, Stock Forum) was up 9.4% to $61.83. The kidney dialysis provider will see its government payments cut by less than expected in the next two years after Medicare transitions to a new payment mechanism.
In Canada, BlackBerry Ltd. (TSX: T.BB, Stock Forum) was up 1.4% to $6.60 after the smartphone company announced yet another shakeup in its executive suite. The company said chief operating officer Kristian Tear and chief marketing officer Frank Boulben are leaving.
Detour Gold Corp. (TSX: T.DGC, Stock Forum) dropped 12% to $3.77 after the company said its President and CEO Gerald Panneton has resigned effective immediately. The company offered no explanation for the move, which follows a sharp slide in the value of the stock price from around $12 in September.
 Pretium Resources Inc. (TSX: T.PVG, Stock Forum) gained 5.4% to $5.83, even after CIBC raised its rating on the tock to outperform from sector perform. CIBC attributed the move to bulk sample results from the company’s British Columbia gold project, which it said represents a significant de-risking milestone for the company.

On the corporate front, shares in Canadian cheese giant Saputo Inc. (TSX: T.SAP, Stock Forum) were 0.10% higher to $48.59 after the company sweetened its bid for Australia's oldest dairy processor. The company is offering A$9.20 per share if it acquires a majority of Warrnambool Cheese and Butter shares, which adds 20 cents per share to its unconditional offer and bests offers from two local rivals.

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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