Today in the markets
U.S. stocks rallied Tuesday after aluminum company Alcoa got the first-quarter earnings season off to a positive start after the market closed Monday by beating earnings estimates.
Canadian stocks jumped more than 130 points as positive inflation data from China boosted commodity prices and resource stocks.
The S&P/TSX Composite was up 139.49 points to 12,484.56, while the TSX Venture Exchange eased down 13.38 points to close at 1,054.77.
Active stocks included Alcoa Inc. (NYSE: AA, Stock Forum). The stock closed unchanged at $8.39, after the aluminum group opened the U.S. financial reporting season with better-than-expected results.
News Monday that the board had jettisoned Ron Johson 17 months into his failed makeover of the company sent J.C. Penney Co. Inc. (NYSE: JCP, Stock Forum) shares tumbling 12% to close at $13.93, just above the 52-week low.
Herbalife Ltd. (NYSE: HLF, Stock Forum) retreated 3.7% to $36.95 after KPMG resigned as its independent accountant because of alleged insider trading in the stock by a partner who was the nutritional-supplement company’s lead auditor.
In Canada, Bombardier Inc. (TSX: T.BBD.B, Stock Forum) gained 2% to close at $4.08 on volume of 5.9 million following a Wall Street Journal report, which said Toronto-based Porter Airlines is preparing to announce an order for up to 30 C Series jets from the company.
The entire management slate of nominees were elected to the Agrium Inc. (TSX: T.AGU, Stock Forum) (NYSE: AGU, Stock Forum) board of directors on Tuesday. The five nominees by activist investor Jana Partners were all denied a place on the board.
Agriumfell 2.8% to $96.53
For news about small stocks that made big moves in Tuesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report