Today in the markets
U.S. stocks closed lower Monday following the latest reading on the American non-manufacturing sector, and gold futures suffered a sudden, but brief drop in early Comex trading, eventually settling with a mild loss.
Canadian stocks were also down as traders awaited the start of the U.S. corporate earnings season, as well as employment figures due out on Friday.
The S&P/TSX Composite fell 53.32 points to 13,495.54, while the TSX Venture Exchange closed up 1.34 points at 946.05.
Active stocks included Solar City Corp. (NASDAQ: SCTY, Stock Forum), which climbed 7.3% to $63.61 after Goldman Sachs added the stock to its “conviction buy” list, while downgrading First Solar Inc. (NASDAQ: FSLR, Stock Forum) from buy to sell.
First Solar was down almost 10% to $51.26.
Zynga Inc. (NASDAQ: ZYNGA, Stock Forum) rose 1.76% to $4.04 after the company y said it will start accepting the virtual currency for some of its online games, raising the question as to whether Zynga will see an increase in users and profits.
Coated papers maker Verso Paper Corp. (NYSE: VRS, Stock Forum) saw its shares rise 393.8% to $3.21 to after the company said it is buying NewPage Holdings Inc. in a deal valued at $1.4 billion including debt.
In Canada, Scotia Capital has raised its one-year target price for Canadian Pacific Railway Ltd. (TSX: T.CP, Stock Forum) shares to $170 from $162. But the stock reacted by falling 1.5% to $157.11.
Canadian Prime Minister Stephen Harper said Monday he is confident that TransCanada Corp.’s (TSX: T.TRP, Stock Forum) controversial Keystone XL pipeline would be eventually approved by U.S. authorities.
TransCanada shares eased 1.6% to $47.44.
For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report