Stockhouse @ the Bell: Stocks mixed as IBM weighs, TSX closes in on 14,000

Stockhouse Editorial
0 Comments| January 22, 2014


Today in the markets 
    

U.S. stocks were little changed Wednesday as another slew of corporate earnings failed to give investors the confidence to push stocks higher.

Canadian stocks posted a modest advance after the Bank of Canada left its key interest rate unchanged, but warned of persistent low inflation.

The S&P/TSX Composite rose 36.43 points to 13,988.20, while the TSX Venture Exchange closed up 0.48 points at 980.44.

Active stocks included International Business Machines Corp. (NYSE: IBM, Stock Forum), which lost 3.3% to $182.25 after the tech giant missed revenue expectations for the fourth quarter in a row, amid weakening demand, particularly in growth markets like China.

Apple Inc. (Nasdaq: AAPLStock Forum) edged up 0.44% to $551.51 after activist investor Carl Icahn raised his stake in the company as he escalates his campaign to pressure the company into buying back more of its stock while the shares remain stuck far below the peak price.

Advanced Micro Devices Inc. (NYSE: AMD, Stock Forum) slumped 12% to $3.67 after forecasting a steeper-than-expected fall in the current quarter revenue.

Coach Inc. (NYSE: COH, Stock Forum) fell 6.5% to $49.14 as the S&Ps worst performer after it said sales in North America fell further in the final quarter of 2013.

Norfolk Southern Corp. (NYSE: NSC, Stock Forum) rose 5% to $93.13 on better than expected earnings news.

In Canada, Blackberry (TSX: T.BB, Stock Forum) shares jumped another 10% to $11.96 Wednesday, a move that is being driven by a short squeeze, according to an investment report, and expectations of a windfall from the sale of the company’s real estate assets.

TransCanada Corp. (TSX: T.TRP, Stock Forum) shares gained 0.76% to $48.84 as it officially started shipping crude oil on the southern portion of its controversial Keystone XL pipeline.

Air Canada (TSX: T.AC.A, Stock Forum) said its domestic pension plans had a small surplus as of Jan. 1, according to preliminary estimates _ contrasting with a $3.7-billion solvency deficit a year earlier. Shares of the airline were up 8.5% to $9.68.

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


Tags: COMMUNICATION EQUIPMENT ENERGY OIL & GAS MIDSTREAM CONSUMER ELECTRONICS

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