Stockhouse @ the Bell: Stocks finish lower as emerging market concerns weigh, TSX falls 135 points

Stockhouse Editorial
0 Comments| January 27, 2014

Today in the markets 

U.S. stocks were down Monday as worries over emerging-markets currencies unsettled investors in spite of upbeat earnings from industrial bellweather Caterpillar.

Canadian stocks dropped to the lowest level in two weeks, dragged down by concerns about economic growth in China and fears about Fed tapering.

The S&P/TSX Composite fell 135.47 points to 13,582.29, while the TSX Venture Exchange closed down 15.56 points at 951.75.

Active stocks included Caterpillar Inc. (NYSE: CAT, Stock Forum), which jumped 5.9% to $91.29 after the company said it earned $1 billion, or $1.54 per share. That compared with $697 million, or $1.04 per share, a year earlier. Revenue declined 10 per cent to $14.4 billion from $16.08 billion.

Analysts surveyed by FactSet had expected earnings of $1.27 per share on revenue of $13.41 billion and its shares were ahead 4.4 per cent to $89.99.

In the technology sector, Microsoft Corp. (NASDAQ: MSFT, Stock Forum) fell 2.1% to $36.03.

Apple Inc. (NASDAQ: AAPL, Stock Forum), which rose 0.81% to $550.50, ahead of an earnings report to be released after the close of trading, Monday.

In Canada, Scotiabank (TSX: T.BNS, Stock Forum) fell 2.2% to $61.69 amid concerns about its exposure to emerging and developing markets. Scotiabank is by far the most internationally exposed of the big Canadian banks.
Shares of gold miners reflected the drop in the price of bullion, Barrick Gold Corp. (TSX: T.ABXStock Forum) eased 2.1% to $20.61. Goldcorp Inc. (TSX: T.G, Stock Forum) was off 2.5% to $25.93.

Encana Corp. (TSX: T.ECA, Stock Forum) dropped 1.1%to $19.75 as February natural gas fell 19 cents to $4.99 per million BTUs. Prices had earlier spiked to a four- year high of $5.44 due to extreme cold covering great patches of North America.

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


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