Today on Stockhouse
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James Turk looks ahead to the serious problems that lie ahead for the British pound.
Jeff Clark says Ben Bernanke doesn’t have the guts to raise short term rates.
Lior Cohen wonders if a speculative bubble is behind the rise in the price of gold.
Top Bullboards post: “Just because FRA’s management recommends that we accept DM’s offer does not mean that we have to. I think the offer it too low and will vote against it. If you feel that it’s a good offer, then sell. If you feel that the offer is too low then do not sell. Most offers are not accepted initially. It’s usually after the 2nd or 3rd offer that they acquire the majority of their shares.’’ From frankblume in the Franconia Minerals Corp. (TSX: T.FRA, Stock Forum).
Top Bullboard: Horizons BetaPro NYMEX Natural Gas Bull Plus ETF (TSX: T.HNU, Stock Forum) received the highest number of reads and posts.
Top blog: AngelEyes says Canacol Energy Ltd. (TSX: V.CNE, Stock Forum) is a nice junior oil company with potential, in the my thoughts on gold in today’s market blog.
For news about small stocks that made big moves in Thursday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
“There is some mixed news out there,” said Jeffrey Kleintop, chief market strategist at LPL Financial, pointing to quarterly results from Nike Inc. (NYSE: NKE, Stock Forum) one barometer of consumer spending — as raising a flag that there are some concerns that “companies may miss some estimates, and that earnings growth is slowing.”
“Maybe the markets are getting ahead of themselves even though there are a lot of good reasons why stocks should be going up,” said Kleintop. He was speaking in an interview with MarketWatch.
Today In The Markets
Stock markets close up, revision shows stronger than expected U.S. GDP growth
|
| DJIA |
11,559.49 |
+26.33 |
 |
|
| NASDAQ |
2,671.48 |
+3.87 |
|
|
| S&P500 |
1,258.84 |
+4.24 |
|
|
| S&P/TSX |
13,380.70 |
+15.55 |
|
|
| S&P/TSX Venture |
2,167.34 |
+11.51 |
|
|
Toronto & New York (The Canadian Press) - The Toronto stock market registered a modest gain as oil prices rose amid data showing American crude supplies dropped more than expected last week.
The S&P/TSX composite index edged up 15.55 points to 13,380.7, while the Canadian dollar advanced 0.32 of a cent to 98.6 cents US.
The price of oil climbed 66 cents to US$90.48 a barrel after the U.S. Energy Information Administration reported a deeper than expected drop in crude stockpiles last week, down 5.3 million barrels.
Markets were also lifted by another report showing that American gross domestic product grew at a revised annualized rate of 2.6 per cent in the July-to-September quarter, slightly higher than the initial reading of 2.5 per cent.
The Dow Jones industrial average was 26.33 points higher at 11,559.49, while the Nasdaq composite index gained 3.87 points to 2,671.48 and the S&P 500 index added 4.24 points to 1,258.84.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Bed Bath & Beyond Inc. (NASDAQ: BBBY, Stock Forum)
Bed Bath & Beyond Inc. reported net earnings of $188.6 million or $.74 per diluted share in the fiscal third quarter ended November 27, 2010, an increase of approximately 28% versus net earnings of $151.3 million or $.58 per diluted share in the same quarter a year ago. Net sales for the fiscal third quarter of 2010 were approximately $2.194 billion, an increase of approximately 11.1% from net sales of approximately $1.975 billion reported in the fiscal third quarter of 2009. Comparable store sales in the fiscal third quarter of 2010 increased by approximately 7.0%, compared with an increase of approximately 7.3% in last year's fiscal third quarter.
Crescent Resources Corp. (TSX: V.CRC, Stock Forum)
Crescent Resources Corp. announced on October 13, 2010 that Crescent has reached agreement with Golden Oak Corporate Services Ltd., a company wholly owned by Doris Meyer, the company's Chief Financial Officer and Secretary for settlement of $36,190 of unpaid consulting fees. On December 22, 2010 the Company issued 180,950 post consolidated common shares to settle this debt.