Today in the markets
U.S. stocks were mostly lower Thursday as investors assessed a string of disappointing earnings from the likes of Best Buy and Citigroup.
Canadian stocks posted a modest advance, driven higher by a jump in the mining sector, offsetting the impact of the Bombardier selloff.
The S&P/TSX Composite rose 59.00 points to 13,831.58, while the TSX Venture Exchange closed down 1.27 points at 974.54.
Active stocks included Citigroup Inc. (NYSE: C, Stock Forum) which was down 4.35% to $52.60 after fourth quarter results sharply missed the estimates of analysts polled by Thomson Reuters. Citigroup reported continued weakness in its mortgage pipeline and fixed-income business.
Best Buy Co. Inc. (NYSE: BBY, Stock Forum) was down 28.6% $26.83 as investors reacted to its latest sales report, even though the electronics retailer’s CEO repeatedly described the disappointing December performance as a ‘speed bump’ on the road.
Shares of Nu Skin Enterprises Inc. (NYSE: NUS, Stock Forum) shed 28% of its value, closing at $84.80 in a session that included four trading halts after Chinese officials said they would investigate accusations in the country’s chief state-controlled newspaper that a direct marketer is operating an illegal pyramid scheme in China.
The Goldman Sachs Group Inc. (NYSE: GSC, Stock Forum) fell 0.06% to $45.27 turned in fourth-quarter earnings per share of US$4.60, higher than the $4.22 that analysts had forecast. Revenue came in at $8.78 billion versus the $7.713 billion that had been expected but its stock lost early momentum and turned down $3.79 to $174.96.
In Canada, Bombardier Inc. (TSX: T.BBD.B, Stock Forum) shares plunged 8% to $4.17 after the company announced the delay concerning its new CSeries aircraft. Volume was very heavy at 29.1 million shares, almost six times the issue's daily average of about five million.
The metals and mining sector led advancers as March copper declined two cents to US$3.34 a pound.
Teck Resources Ltd. (TSX: TCK.B, Stock Forum) gained 4.4% to $28.51 while Thompson Creek Metals Co. Inc. (TSX: T.TCM, Stock Forum) advanced for a third day after an upgrade by Bank of America/Merrill Lynch. Its stock advanced 3.8% to $3.28 after having risen 12 per cent Wednesday and 18 per cent Tuesday.
For news about small stocks that made big moves in Thursday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report