Today in the markets
U.S. stocks closed down Tuesday in choppy trading as energy and materials sold off and strategists warned of high valuations.
Canadian stocks also headed lower, again weighed down by mining stocks as investors looked for direction amid a dearth of market-moving corporate and economic news.
The S&P/TSX Composite Index was down 34.83 points at 14,267.23, while the TSX Venture Exchange edged up 0.46 points to close at 1,043.31.
Active stocks included
Urban Outfitters Inc. (
NASDAQ: URBN,
Stock Forum), which slumped 4.3% to $35.91 after disappointing financial results.
Macys Inc. (
NYSE: M,
Stock Forum) and
J.C. Penney Company Inc. (
NYSE: JCP,
Stock Forum) rallied after an upgrade from analysts.
Macy’s gained 1.4% to $58.94, while J.C. Penney added 3% to finish at $8.67.
In Canada,
Teck Resources Ltd. (
TSX: T.TCK.B,
Stock Forum) eased down 3.5% to $22.97, as copper prices headed lower for the third day as a result of the latest growth data from China.
Copper Mountain Mining Corp. (
TSX: T.CUM,
Stock Forum) plunged 5% to $2.03.
Canadian Pacific Railway Ltd. (
TSX: T.CP,
Stock Forum) will repurchase up to 5.27 million or three per cent of its shares over the next year,
the company said in a press release.
Walter Spracklin of RBC Capital Markets said the repurchase program is earlier and larger than the 4.4 million shares he had expected and CP shares declined 0.90% to $169.76.
Printer
Transcontinental Inc. (
TSX: T.TCL.A,
Stock Forum) says adjusted operating earnings remained stable at $43.5 million for the first quarter as revenues fell five per cent due to weakness in the advertising market. Transcontinental also announced it will acquire Capri Packaging, a Missouri supplier of printed flexible packaging, for US$133 million.
Its shares were down 3.5% to $14.52.
MGM Energy Corp. (
TSX: T.MGX,
Stock Forum) fell 20% to 16 cents. The company said Tuesday it has received a proposal from
Paramount Resources Ltd. (
TSX: T.POU,
Stock Forum) that would result in Paramount purchasing all of the MGM shares not currently owned by Paramount. It’s stock fell 1.15 to $45.
Paramount currently owns 54.1 million MGM common shares or 13.9% of the issued and outstanding shares.
Fortress Paper Ltd. (
TSX: T.FTP,
Stock Forum) plunged 13% to $2.83 as the company posted a quarterly loss of $54.7-million or $3.76 a share as it wrote down the value of property, plant and equipment at a Quebec cellulose mill.
For news about small stocks that made big moves in Tuesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report