Slight gains at open
(Baystreet Stock Market Update (Canada) Via Acquire Media NewsEdge) Bombardier again in news
Stocks in Toronto enjoyed a slightly higher open in Toronto on Friday after surveys showed an improvement in Chinese manufacturing activity and the fastest growth in U.K. export orders in more than two years.
The S&P/TSX composite index gained 8.75 points to begin the session at 13,370.03
The Canadian dollar slipped 0.01 cents to 95.82 cents U.S.
CIBC raised the price target on Alamos Gold to $17 from $16 following its third-quarter results, which came in line with expectations. Alamos shares lost $1.20, or 7.2%, to $15.41
The same bank also cut the price target on Bombardier to $5.75 from $6.25 as the company's third-quarter results came below expectations. Bombardier shares fell 17 cents to $4.57
CIBC then raised the price target on Cogeco Cable to $53 from $51 as its fourth-quarter results were solid overall, with modest subscriber stats. Cogeco shares vaulted $2.02, or 4.1% to $51.32.
On the economic beat, the October RBC Canadian Manufacturing Purchasing Managers Index increased sharply rising to 55.6 from 54.2 in September. The PMI is calculated as a diffusion measure with any reading above 50 indicating improving business conditions in the manufacturing sector.
The TSX Venture Exchange fell 2.64 points to 956.22
Stocks were off to a strong start Friday morning as last month's momentum seems to be carrying over into November.
The Dow Jones Industrials began Friday 90.10 points, to start November at 15,635.80
The S&P 500 index regained 7.26 points to 1,763.80. The NASDAQ picked up 14.24 points to 3,933.95
Stocks are coming off a strong month. The S&P 500 gained 5% in October. Despite modest losses on Thursday, the Dow and S&P 500 are both hovering near record highs.
Chevron shares tumbled after the energy company's quarterly results missed expectations. AIG shares sank after the company's sales growth disappointed investors.
But shares of the Madison Square Garden gained after the sports arena operator reported strong results.
Ford rose after the company reported that auto sales in the U.S. rose 14% in October. General Motors, Toyota and Honda will release their October sales figures through the course of the day.
Sony shares fell after the Japanese electronics maker posted a loss for the second quarter and said profits for the year would be 40% lower than forecast.
Shares in the Royal Bank of Scotland slid after the U.K. bank reported far worse than expected quarterly figures.
Avon shares slid again, extending Thursday's 22% plunge. The U.S. cosmetics giant has been trying to stage a turnaround but posted much weaker-than-expected quarterly results on Thursday.
But First Solar stock surged after the solar panel company reported quarterly earnings that easily beat expectations.
The main economic report coming out Friday is the ISM Index for October
Prices for the 10-year U.S. Treasury drooped, raising yields to 2.58% from Thursday's 2.54%. Treasury prices and yields move in opposite directions.
Oil prices fell $1.13 to $95.25 U.S. a barrel.
Gold prices gave back $10.80 to $1,312.90 U.S. an ounce.
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