Today in the markets
U.S. stocks were little changed, closing in negative territory Tuesday as traders remained cautious while weighing the odds of a Fed decision to taper down its economic stimulus measures.
Canadian stocks also fell slightly as traders hoped that a two-day U.S. Federal Reserve meeting will end uncertainty over what the central bank may decide to do about cutting back on a key stimulus program.
The S&P/TSX Composite fell 4.25 points to 13,180.16, while the TSX Venture Exchange closed down 4.59 points at 886.07.
Active stocks included Campbell Soup Co. (NYSE: CPB, Stock Forum), which jumped 4.3% to $42.74, likely in response to a Bloomberg report which said that the canned soups maker could be a target for Warren Buffett’s Berkshire Hathaway (NYSE: BRK.B, Stock Forum).
Seagate Technology PLC (NASDAQ: STX, Stock Forum) also rose 3.1% to $52.95 after analysts at JP Morgan Chase (NYSE: JPM, Stock Forum) upgraded the stock to neutral from underweight and lifted the price target to $55 from $36.
Facebook Inc. (NASDAQ: FB, Stock Forum), said Tuesday that it's testing video advertisements that show up in its users' news feeds, creating another potential source of advertising revenue for the social network. Facebook shares rose 1.9% to $54.86.
A state judge on Monday ordered paint companies to pay 10 California cities and counties $1.1 billion to remove lead from millions of older homes.
Santa Clara County Superior Court Judge James Kleinberg found that Conagra Grocery Products Co. (NYSE: CAG, Stock Forum), NL Industries Inc. (NYSE: NL, Stock Forum) and the Sherwin-Williams Co. (NYSE: SHW, Stock Forum) marketed paint they knew was harmful to children.
Conagra eased 1% to $31.45. NL Industries was down 4,1% to $10.22. Sherwin-Williams was unchanged at $177.31.
In Canada, shares of PMI Gold Corp. (TSX: T.PMV, Stock Forum) soared almost 45% at 40.5 cents after the exploration and development company said it was being acquired by Asanko Gold Inc. (TSX: T.AKG, Stock Forum) in a share-swap deal.
Athabaska Oil Corp. (TSX: T.ATH, Stock Forum) shares tumbled 2.6% to $6.40 after the company announced a reduced capital budget as its waits for government approval of a key Alberta oilsands project that is currently at the centre of a legal dispute with First Nations who are opposed to its development.
Saputo Inc. (TSX: T.SAP, Stock Forum) says it's willing to pay substantially more for Australia's Warrnambool Cheese and Butter if it can get as much as 90 per cent of its stock. Saputo rose 1.3% to $47.77.
For news about small stocks that made big moves in Tuesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report