Stockhouse @ the Bell: TSX down sharply as Rogers (T.RCI.B) grabs NHL hockey rights

Stockhouse Editorial
0 Comments| November 26, 2013

Today in the markets

U.S. stocks advanced Tuesday, on news that housing permits jumped to 1.03 million in October, the fastest pace in five years.

Canadian stocks were sharply lower amid rising oil prices and major deal-making in the sports business as Rogers grabs national rights to NHL games.

The S&P/TSX Composite was down 122.45 points to 13,349.77, while the TSX Venture Exchange eased 0.66 points to close at 928.60.

Active stocks included home builder Lennar Corp. (NYSE: LEN, Stock Forum), which rose 5% to $36.07 on positive news about a jump in October housing permits that also lifted PulteGroup (NYSE: PHM, Stock Forum) by 4.5% to $18.96.

Struggling retailer J.C. Penney Company Inc. (NYSE: JCP, Stock Forum) climbed 2% to $9.37 as investors reacted to news that CEO Mike Ullman spent $1 million to buy 112,000 shares, according to a regulatory filing. The moved seemed to boost confidence in J.C. Penney’s turnaround plan.

J.C. Penney, the worst performing stock in the S&P this year, has bounced back 25% in the past month.

Tiffany & Co.'s (NYSE: TIF, Stock Forum) shares hit an all-time high after the jewelry retailer said third-quarter net income climbed 50 per cent, buoyed by strong sales in the Asia-Pacific region. The stock closed at $88.02, up 8.7%.

Its performance topped Wall Street's expectations, and the luxury retailer on Tuesday raised its full-year adjusted earnings forecast above analysts' estimates.

In Canada, The National Hockey League says it has reached a 12-year, $5.2-billion agreement with Rogers Communications Inc. (TSX: T.RCI.B, Stock Forum) for the league's broadcast and multimedia rights.

As part of the deal, Rogers says the CBC will continue to air its iconic ``Hockey Night in Canada'' broadcast and that the TVA network in Quebec has all of the Canadian French-language multi-media rights.
Rogers shares eased 1% to $46.29.
Canfor Corp. (TSX: T.CFP, Stock Forum) was up 2.6% to $22.37 after the Vancouver lumber giant said it has agreed to form a 50-50 joint venture in China that will look at the potential for building a secondary manufacturing plant at a deep-water port on the northeast coast.

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


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