Today in the markets
U.S. stocks tumbled Monday on heightened worries that an agreement to avert a confluence of spending cuts and tax hikes will prove unreachable.
Canadian stocks were also negative as concerns about stalled talks over the U.S. federal budget dominated attention ahead of the Christmas holiday.
The S&P/TSX Composite Index dropped 14.90 points to 12,370.80, while the TSX Venture Exchange edged up 7.89 points to close at 1,185.60.
Active stocks included Facebook Inc. (NASDAQ: FB, Stock Forum), which rose 2.5% to $26.93 after Needham & Co. analyst Laura Martin raised her target price on the social-media company to $33 from $25, while upping her earnings and revenue estimates for 2013 to 65 cents a share and $6.5 billion respectively.
In Canada, Chevron Canada Ltd. is moving to acquire a 50% stake in a proposed liquefied natural gas export terminal near Kitimat, B.C., in a series of deals that will result in the exit of two of the three current partners. Chevron Canada is a subsidiary of Chevron (NYSE: CVX, Stock Forum).
Under the deal, Chevron Canada has agreed to buy out the stakes held by Encana Corp. (TSX: T.ECA, Stock Forum) and a subsidiary of EOG Resources Inc. (NYSE: EOG, Stock Forum, which each hold 30%. Apache Corp. (NYSE: APA, Stock Forum, which holds the remaining 40%, will raise its stake to 50%.
Encana shares were down 2.3% at $19.66 in Toronto.
Sears Canada Inc. (TSX: T.SCC, Stock Forum) said its chief financial officer Sharon Driscoll, who has been CFO for the national retailer since December 2010, will leave the company on Jan. 4 to pursue other interests. Its shares recovered 1.6% to $10.83.
For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report