Today in the markets
U.S. stocks were mainly higher Wednesday as Wall Street applauded what appears to be a softening stance related to talks aimed at averting the fiscal cliff.
Canadian stocks were also up amid major acquisition activity in the real estate sector and significant cost-cutting moves from Canadian Pacific Railway.
The S&P/TSX Composite Index rose 20.11 points to 12,157.29, while the TSX Venture Exchange eased 8.32 points to close at 1,184.54.
Active stocks included Apple Inc. (NASDAQ: AAPL, Stock Forum), which slumped 6.4% to $538.79. Some clearing firms are reportedly raising the margin requirements for Apple shares. StreetInsider.com said COR Clearing raised its margin requirements for Apple to 60% from 30%.
Freeport-McMoran Copper & Gold Inc. (NYSE: FCX, Stock Forum) announced Wednesday it is buying McMoran Exploration Co. (NYSE: MMR, Stock Forum), reuniting it with the oil and gas company it spun off in 1994. Freeport shares were off 16% to $32.16.
In Canada, Shares of Canadian Pacific Railway Ltd. (TSX: T.CP, Stock Forum) (NYSE: CP, Stock Forum) rose 4% to $96.82 as investors reacted to a series announcements from the company, including a plan to cut 4,500 positions.
RioCan Real Estate Investment Trust (TSX: T.REI.UN, Stock Forum) has conditionally agreed to buy five regional malls and three other shopping centres currently owned by Primaris. RioCan values that part of the Primaris portfolio at $1.1 billion. RioCan units rose 1.3% to $27.30.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report