Today in the markets
U.S. stocks rose sharply Wednesday after comments by President Obama and House Speaker John Boehner raised confidence that a budget deal can be reached.
Canadian stocks also rose, led higher by financial shares and a jump in the value of Inmet Mining Corp., which rejected a hostile takeover bid.
The S&P/TSX Composite Index rose 28.70 points to 12,140.33, while the TSX Venture Exchange eased down 0.80 points to close at 1,205.37.
Active stocks included Hewlett-Packard Co. (NYSE: HPQ, Stock Forum), which rose 3% to $12.73 after Moody’s Investor Service said Wednesday it has lowered its long term credit ratings for HP to Baa1 from A3, with a negative outlook.
Retalix Ltd. (Nasdaq: RTLX, Stock Forum) took a huge jump before NCR Corp. (NYSE: NCR, Stock Forum) said late Wednesday it has agreed to acquire Israel-based Retalix Ltd. for $30 a share, or $650 million. Shares of NCR and Retalix were halted less than an hour before the close after shares of Retalix jumped 35% ahead of the news. The stock closed at $29.50.
In Canada, Research In Motion Ltd. (TSX: T.RIM, Stock Forum) (NASDAQ: RIMM, Stock Forum) shares were under further selling pressure after it lost a contract dispute over the use of Nokia patents. RIM stock was down 2.8% to $11.
Inmet Mining Corp.(TSX: T.IMN, Stock Forum) said that after reviewing a takeover offer from First Quantum Minerals Ltd. (TSX: T.FM, Stock Forum) it has declined the offer, saying it is not in the best interests of Inmet shareholders. Inmet rose 17.4% to $62.
Imperial Oil Ltd. (TSX: T.IMO, Stock Forum) shares rose 1.1% to $42.98 as it said it will invest $1.55 billion to acquire a half interest in the assets of Celtic Exploration Ltd. (TSX: T.CLT, Stock Forum). The Calgary-based company is currently in the process of being fully acquired by Imperial parent ExxonMobil Canada Ltd., which announced a $3.1-billion bid for Celtic in October. Celtic shares rose 0.12% $26.03.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report