Today in the markets
U.S. stocks declined sharply Wednesday, after a volatile day of trading as investors assessed the Bernanke comments and data on U.S. private-sector job growth and productivity. Both fell short of expectations.
Canadian stocks were also lower as traders took in glum readings on American employment, sparking questions about whether Fed stimulus measures will continue.
The S&P/TSX Composite was down 150.32 points to 12,443.65, while the TSX Venture Exchange was off 11.46 points to close at 947.44.
Active stocks included Apple Inc. (NASDAQ: AAPL, Stock Forum), which shed 1% to $445.11 after the International Trade Commission found the iPhone maker infringed on a Samsung Electronics Co. patent, with Apple facing a possible import ban on some products.
General Motors Co. (NYSE: GM, Stock Forum) was up 2.7% to $34.02 after the U.S. Treasury said it would sell 30 million more shares of the car manufacturers’s common stock.
In Canada, Canadian Pacific Railway Ltd. (TSX: T.CP, Stock Forum) shares fell 5.7% to $126.00. CP’s stock fell almost 3% Tuesday after Bill Ackman's Pershing Square Capital Management, CP's biggest shareholder, said Monday that it plans to sell up to seven million of the railway's shares over the next six to 12 months.
HudBay Minerals Inc. (TSX: T.HBM, Stock Forum) was down 0.36% to $8.31 after the company was downgraded Wednesday by Moody's Investors Service, which said it expects the mining company will need to borrow more to fund its growth during a period of lower metals prices.
Penn West Petroleum Ltd. (TSX: T.PWT, Stock Forum) says it will be cutting its quarterly dividend by half, slashing 10 per cent of its staff and undertake a strategic review of the company with a new president and chief executive officer in place. The stock fell 4.1% to $10.45.
For news about small stocks that made big moves in Wednesday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report