Stockhouse @ the Bell: Stocks mixed on weak jobs data, latest Fed taper talk

Stockhouse Editorial
0 Comments| February 5, 2014

Today in the markets    

U.S. stocks were slightly in the red Wednesday on news of slowing private-sector employment gains in January, and suggestions that the Federal Reserve should accelerate the tapering of its bond purchasing program.

Canadian stocks advanced as a positive reading on the U.S. services sector failed to balance an unexpectedly weak report on private sector job creation in the United States.

The S&P/TSX Composite was up 55.21 points to 13,559.69, while the TSX Venture Exchange closed down 5.21 points at 942.50.

Active stocks included C.H. Robinson Worldwide Inc. (NASDAQ: CHRW, Stock Forum), which fell 9.3% to $53.16 after the company posted a 64% drop in fourth quarter profit on Tuesday, missing expectations.

CVS Carmark Corp. (NYSE: CVS, Stock Forum) was off 1.1% to $65.44 after the drugstore chain said Wednesday it would stop selling cigarettes and tobacco products in stores by October 1. CVS said the estimated $2 billion drop in revenues would not affect 2014 per-share earnings.

Shares of Genworth Financial Inc. (NYSE: GNW, Stock Forum) rallied 3.5% to $15.04 after the company posted a 24% rise in fourth quarter profit, beating expectations.

In Canada, Canadian National Railway Co. (TSX: T.CNR, Stock Forum) gained 0.19% to $59.43. The union representing 3,000 workers at CN, including conductors and yard workers has given CN 72-hours strike notice.

Shares of Intact Financial Corp. (TSX: T.IFC, Stock Forum) were down 1.1% to $66.75 after it said the December ice storm in Ontario and Quebec drove down quarterly net operating income to $143 million or $1.05 a share, missing estimates of $1.49 a share. Intact also announced its dividend will rise nine per cent to 48 cents a share.

Detour Gold Corp. (TSX: T.DGC, Stock Forum) rose 0.30% to $6.78 as investors reacted to a new life-of-mine plan for its flagship Detour Lake gold mine in Ontario.

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


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