Stockhouse @ the Bell: Stocks mixed despite buoyant U.S. home sales as (T.RY) tables earnings, (T.CC

Stockhouse Editorial
0 Comments| February 26, 2014

Today in the markets
U.S. stocks closed higher Wednesday as the Commerce Department said sales of new homes increased 9.6 per cent in January to a surprising seasonally adjusted annual rate of 468,000.

Canadian stocks were down slightly amid a strong earnings report from Royal Bank, a rise in Cameco shares and mixed results from key retailers.

The S&P/TSX Composite Index was off 0.40 points at 14,188.58, while the TSX Venture Exchange edged down 2.58 points to close at 1,008.16.
Active stocks included Target Corp. (NYSE: TGT, Stock Forum), which rose 7% to $60.49, even after the company said the massive data breach over the holidays helped push its profit down 46 per cent to $520 million or 81 cents a share, beating estimates by a penny.

Revenue fell to $21.5 billion from $22.7 billion and met expectations, the company said in a press release.

Lowes Companies Inc. (NYSE: LOW, Stock Forum) gained 5.4% to $50.72. The home improvement retailer said the housing market recovery helped push fiscal fourth-quarter net income up six per cent to $306 million or 29 cents a share.

In Canada, Cameco Corp. (TSX: T.CCO, Stock Forum) rallied 5% to $26.69 as the uranium mining giant looked to benefit from a favourable shift in Japanese nuclear policy.

Royal Bank of Canada (TSX: T.RY, Stock Forum) says its first-quarter net income was up two per cent from a year ago to $2.09 billion or $1.38 a share. The bank also announced its quarterly dividend will increase by six per cent to 71 cents per common share and its shares fell 0.84% to $72.09.

Gran Tierra Energy Inc. (TSX: T.GTE, Stock Forum) said Wednesday it lost 12.4 million in net income in the fourth quarter, or four cents per diluted share. That`s compared to a net gain of $42.2 million, or 15 cents per diluted share, in the same period a year earlier.

The stock was down 3.6% Wednesday to $8.10.

Sears Canada Inc. (TSX: T.SCC, Stock Forum) had a $373.7 million net profit in its fiscal fourth quarter, up from $39.9 million a year earlier. But the showing was largely due to gains from unusual items including early lease terminations for some large stores that are closing. Revenue fell about 10 per cent to just under $1.17 billion. Its shares rose 1.5% to $13.50.

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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