Today in the markets
U.S. stocks erased early losses Monday as investors geared up for the start of earnings, while also monitoring Europe's debt crisis and nuclear tensions on the Korean Peninsula.
Canadian stocks were mostly higher with traders not inclined to do much after worries about the pace of economic growth last week erased all the TSX's gains since the beginning of the year.
The S&P/TSX Composite was up 12.71.20 points to 12,344.56, while the TSX Venture Exchange eased down 0.46 points to close at 1,041.39.
Active stocks included General Electric Co. (NYSE: GE, Stock Forum), which said it planned to buy energy company Lufkin Industries Inc. (NASDAQ: LUFK, Stock Forum) for $3.3 billion U.S. Shares of Lufkin, which builds and maintains equipment for oil and gas wells. Lufkin surged nearly 38% to $87.96. General Electric was up 0.83% to $23.12.
In Canada, Agrium Inc. (TSX: T.AGU, Stock Forum) (NYSE: AGU, Stock Forum) rose 1.6% to $99.33 after New York hedge fund Jana Partners LLC says it has received enough votes to get two of its five nominees elected to the board fertilizer giant at the company’s annual meeting Tuesday.
Enbridge Inc. (TSX: T.ENB, Stock Forum) (NYSE: ENB, Stock Forum) rose 0.66% to $45.60. Enbridge and a subsidiary of EDF Energies Nouvelles have teamed up to buy the Blackspring Ridge wind generation project near Lethbridge, Alta., on a 50-50 basis from Greengate Power Corp.
For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report