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Stockhouse @ the Bell: Stocks up on earnings, job reports

Stockhouse Editorial
0 Comments| April 25, 2013

Today in the markets

U.S. stocks were up Thursday as traders balanced encouraging U.S. labour market data with earnings disappointments from energy giant Exxon and conglomerate 3M.

Canadian stocks climbed, boosted by a second day of solid gains from copper and gold prices and strong earnings reports from retail, resource and tech sectors.

The S&P/TSX Composite was up 59.08 points to 12,329.51, while the TSX Venture Exchange gained 12.97 points to close at 964.67.

Active stocks included Inc. (NASDAQ: AMZN, Stock Forum), which rose 2.2% to $274.70 ahead of its earnings release, which were due after the close of trading Thursday and beat street forecasts.

Exxon Mobil Corp. (NYSE: XOM, Stock Forum) managed to increase its earnings slightly in the first quarter thanks to surging profits from its chemical business and lower taxes, even though oil production slumped. The stock eased 1.5% to $88.07.

Net income for 3M Co. (NYSE: MMM, Stock Forum) was slightly higher from a year ago at $1.13 billion, or $1.61 per share. Revenue rose 2% to $7.63 billion. Revenue and profits were both short of analyst expectations. 3M, up 2.8% to $104.88, is a window on the broader economy as it makes Scotch tape and construction and safety materials.

Shares of Intuit Inc. (NASDAQ: INTU, Stock Forum) dropped 11% to $57.09 after the company was downgraded by J.P. Morgan and Citigroup on Thursday, according to Dow Jones. Intuit is known for its TurboTax tax-preparation software.

In Canada, Imperial Oil Ltd. (TSX: T.IMO, Stock Forum) said its first-quarter net income was down 21% from a year ago, mainly because of a wider discount on the price of bitumen produced at its Cold Lake oilsands operation. Imperial was up 1% to $40.51. 

For news about small stocks that made big moves in Thursday’s trading, please read the

Stockhouse Canadian Small and Micro-cap Stock Report


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