Today in the markets
U.S. stocks moved higher Thursday, after the National Association of Realtors reported pending sales of homes rose 0.3% in April.
Canadian stocks were up slightly with strength coming from mining stocks while the market gave a tepid reception to higher profits at Royal Bank and CIBC. Gold topped US$1,400, notching its highest close in two weeks.
The S&P/TSX Composite was up 13.94 points to 12,746.55, while the TSX Venture Exchange was ahead 7.03 points to close at 960.74.
Active stocks included Alcoa Inc. (NYSE: AA, Stock Forum), which fell 1% to $8.49 after Moody’s Investors Service reduced its rating on the aluminum manufacturer’s debt to one notch below investment grade.
Other significant movers included Clearwire Corp. (NASDAQ: CLWR, Stock Forum), which rose 29.3% to $4.50 after Dish Network Corp. (NASDAQ: DISH, Stock Forum) raised its offer for the company, upping the ante in a bidding competition with Sprint Nextel Corp. (NYSE: S, Stock Forum).
In Canada, Royal Bank of Canada (TSX: T.RY, Stock Forum) posted $1.9 billion of net income in the second quarter, up 26% from a year earlier. The profit amounted to $1.27 share while adjusted diluted EPS was $1.31, which met a Thomson Reuters estimate but missed a Bloomberg estimate by a penny. RBC shares lost 1.1% to $62.84.
Canadian Imperial Bank of Commerce (TSX: T.CM, Stock Forum) had a second-quarter profit of $876 million, up 8% from a year ago. Its net income and adjusted net income both came in at $2.12 per share, above the consensus estimate. CIBC said its quarterly dividend will rise by two cents to 96 cents per share. The stock was down 1.5% to $79.22.
For news about small stocks that made big moves in Thursday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report