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Stockhouse @ the Bell: Stocks bounce back as Facebook (FB) hits record intraday high

Stockhouse Editorial
0 Comments| January 30, 2014

Today in the markets    

U.S. stocks bounced back Thursday, buoyed by gains in the tech sector and data showing the U.S. economy grew as expected in the fourth quarter.

Canadian stocks racked up a solid gain amid data showing improving economic growth in the United States.

The S&P/TSX Composite rose 92.06 points to 13,735.28, while the TSX Venture Exchange closed down 5.88 points at 952.88.

Active stocks included Facebook Inc. (NASDAQ: FB, Stock Forum), which jumped 14% to $61.08 as the social media company reported results Wednesday that exceeded expectations.

That appeared to help drive Twitter Inc. (NYSE: TWTR, Stock Forum) up 6.7% to $63.47 as the micro-blogging platform is set to report quarterly earnings next week.

Alexion Pharmaceuticals Inc. (NASDAQ: ALXN, Stock Forum) jumped by more than 21.4% to $162.36 after he drug maker’s earnings topped Wall Street estimates.

Pitney Bowes Inc. (NYSE: PBI, Stock Forum) also traded almost 19% higher at $25.85 after the mail and documents services company’s quarterly earnings also beat street estimates.

In Canada, Potash Corp. of Saskatchewan (TSX: T.POT, Stock Forum) shares lost 2% to $34.89 as quarterly profit dropped 45 per cent from a year ago to US$230 million or 26 cents a share, five cents less than expected. Revenue of US$1.54 billion beat expectations of $1.4 billion.
Osisko Mining shares fell 4.3% to $6.59 on news that the company is suing Goldcorp Inc. (TSX: T.G, Stock Forum), alleging the big Vancouver-based miner misused confidential information in making its hostile takeover bid.
Goldcorp eased 2.6% to $26.93 as bullion prices fell following the U.S. Federal Reserve’s latest tapering move and data showing that U.S. growth came in at an annualized rate of 3.2%.

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


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