Stockhouse @ the Bell: Stocks lower on home sale stats, Teck Resources (T.TCK.B) speculation

Stockhouse Editorial
0 Comments| February 21, 2014


Today in the markets
 
U.S. stocks fell Friday on news that home resales in the United States fell more than expected in January, hitting an 18-month low.

Canadian stocks were slightly lower as investors assessed mining sector earnings and reports of a possible oil deal involving Vancouver-based Teck Resources.

The S&P/TSX Composite Index was off 4.65 points at 14,205.72, while the TSX Venture Exchange edged up 6.73 points to close at 1,021.66.

Active stocks included Isis Pharmaceuticals Inc. (NASDAQ: ISIS, Stock Forum), which jumped 15.5% to $59 after the company said a mid-stage trial of its experimental treatment for a rare spinal disorder showed that it increased muscle function in children.

Shares of Biogen Idec Inc. (NASDAQ: BIIB, Stock Forum), Isis’s partner in the drug’s development, hit a record high on the news, before closing at $349.77, up 3.6%.

Newmont Mining Corp. (NYSE: NEM, Stock Forum) fell 4.4% to $23.38. The miner  reported a fourth quarter loss on Thursday on the back of a steep impairment charge.

Groupon Inc. (NASDAQ: GRPN, Stock Forum) was down 22% to $8.03 after the online deal purveyor topped earnings expectations for the fourth quarter, but offset the good news by forecasting a loss in the first quarter.

In Canada, Eldorado Gold Corp. (TSX: T.ELD, Stock Forum) shares were off 2% at $7.96 as the miner posted a US$687.6-million quarterly net loss amid lower values for its assets and reduced gold prices and output. Eldorado reported record gold production of 721,201 ounces in 2013 at an average cash cost of $494 an ounce.

Thompson Creek Metals Co. Inc. (TSX: T.TCM, Stock Forum) was up 8.8% to $3.2, even as it posted an adjusted net loss of US$28.5 million or 17 cents per share, missing forecasts for a loss of three cents a share.

Teck Resources Ltd. (TSX: T.TCK.B, Stock Forum) of Canada is lining up a cash offer in the region of $85 a share or $4 billion for InterOil Corp. (NYSE: IOC, Stock Forum), according to a Daily Mail report.

InterOil is a vertically integrated oil and gas company with operations in Papua New Guinea. Teck was off 0.62% to $25.77.

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

Tags: INDUSTRIAL METALS & MINERALS

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