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Stockhouse @ the Bell: Stocks surge as Fed gets set to taper down bond purchases

Stockhouse Editorial
0 Comments| December 18, 2013

Today in the markets

U.S. stocks were up sharply Wednesday after the U.S. central bank said it will cut its US$85 billion of bond purchases by $10 billion, starting January.

Canadian stocks also rallied on the tapering news, with metals and mining stocks leading the way, followed by energy stocks.

The S&P/TSX Composite rose 154.57 points to 13,334.73, while the TSX Venture Exchange closed up 4.64 points at 890.71.

Active stocks included Lennar Corp. (NYSE: LEN, Stock Forum) which rose 6.34% to $37.43 after fiscal fourth-quarter profits and revenues beat estimates.

Ford Motor Co. (NYSE: F, Stock Forum) shares slide 6.29% to $15.65 after the car maker lowered its 2014 outlook.

Jabil Circuit Inc. (NYSE: JBL, Stock Forum) fell 20.8% to $15.62 after earnings fell short of expectations.

In Canada, Imperial Oil Ltd. (TSX: T.IMO, Stock Forum) has applied for regulatory approval to build a new Aspen oilsands project northeast of Fort McMurray, Alta., which would cost an estimated $7 billion. The first phase of Imperial's $12.9-billion Kearl oilsands mine north of Fort McMurray started up earlier this year. Imperial gained 2.3% to $46.43.

Meanwhile, a report from a federal review panel on Enbridge Inc.'s (TSX: T.ENB, Stock Forum) proposed Northern Gateway pipeline, which would link the Alberta oil sands with a tanker port on the B.C. coast, will be released Thursday following more than a year of hearings.

The highly-anticipated report on the controversial project will include the panel's recommendations for the project but the final decision on whether the pipeline can go ahead rests with the federal government. Enbridge rose 2% to $44.85.

Saputo Inc.  (TSX: T.SAP, Stock Forum) will face just one rival in the home stretch to acquire Australia's oldest diary processor. Bega Cheese is withdrawing from the race for Warrnambool Butter & Cheese. Saputo's remaining rival is Murray Goulburn, which says its AU$9.50 cash offer is superior to Saputo's, which has a range from AU$9 to AU$9.60 depending on how much stock the Canadian company acquires.

Saputo rose 0.44% to $47.98.  

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


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