Today in the markets
U.S. stocks were down Monday, meandering between small gains and losses as investors absorbed encouraging news about manufacturing and disappointing homes sales.
Canadian stocks were flat as gains in the financial group were partially offset by Research in Motion, which sagged ahead of its critical Blackberry launch this week.
The S&P/TSX Composite eased 0.72 points to 12,815.91, while the TSX Venture Exchange edged down 9.36 points to close at 1,217.88.
Active stocks included Caterpillar Inc. (NYSE: CAT, Stock Forum), the biggest seller of construction equipment in the world. It said the U.S. economy will continue to improve this year, but warned that "growth is expected to be relatively weak." Despite an uncertain outlook for the global economy, Caterpillar said 2013 could be a record year for the company. The stock rose 1.9% to $97.45.
In Canada, Moody’s Investors Service said it has downgraded the long-term credit ratings on six Canadian Banks, Bank of Nova Scotia (TSX: T.BNS, Stock Forum) Caisse centrale Desjardins, Toronto Dominion Bank (TSX: T.TD, Stock Forum), Canadian Imperial Bank of Commerce (TSX: T.CM, Stock Forum), Bank of Montreal (TSX: T. BMO, Stock Forum), National Bank of Canada (TSX: T.NA, Stock Forum).
Research in Motion Ltd. (TSX: T.RIM, Stock Forum) (NASDAQ: RIMM, Stock Forum) shares eased 7.6% to $16.27.
Silver Standard Resources Inc. (TSX: T.SSO, Stock Forum) says it expects construction at its San Luis mine in central Peru to begin this year, as it works to wrap up an agreement with a local land-owning community. Silver Standard fell 4% to $11.94.
For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report