Stocks mixed amid corporate earnings

Stockhouse Editorial
0 Comments| January 17, 2014

The TSX composite gained 13.09 points to 13,844.67 in early trading on Friday. The Dow was down 28.77 to 16,388.24, while NASDAQ slipped 9.52 to 4,209.17.

Dollarama Inc. (TSX: T.DOL, Stock Forum) says bad weather and power outages last month had a severe impact on its December sales but they have been trending back to normal levels. The discount retailer says comparable-store sales in the normally busy month were down 7.5% from a year earlier, largely offsetting an 8.4% increase in November.

The Canadian dollar was lower Friday as the currency continued to weaken ahead of next Wednesday's Bank of Canada interest rate announcement. The loonie fell 0.38 of a cent to 91.15 cents US.

U.S. stocks were little changed as investors weighed earnings at companies from Morgan Stanley to General Electric Co.
Morgan Stanley (ICB, Stock Forum) says its earnings fell in the fourth quarter as it was hit by legal costs related to mortgage-backed securities. The New York investment bank earned $433 million, or 20 cents a share, in the final three months of 2013. That compared to $982 million, or 49 cents a share, a year earlier.

General Electric Co. (GE, Stock Forum) posted increased revenue and profit for the fourth quarter on rising sales in emerging markets, higher banking profit, and stronger global sales of aircraft engines and oil and gas drilling equipment. The company's profit for all of 2013 also rose, though revenue fell slightly, as GE continues its transformation from a sprawling conglomerate to a more focused industrial company that builds and services complex equipment such as CT-scanners, locomotives and gas-fired turbines.

The price of gold rose US$6.17 to US$1,248.50 an ounce, while silver was up US$0.16 to US$20.28 an ounce.


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