TORONTO — The Toronto stock market closed sharply higher Friday, rising to its highest level in more than two years following strong economic data from China and solid earnings reports from General Electric, Morgan Stanley and Google.The S&P/TSX composite index ran ahead 99.64 points to 13,136 after closing above 13,000 on Thursday for the first time since late July 2011. The increase came amid relief that U.S. lawmakers had reached an agreement to extend the debt limit, thus averting a possible default.“Things are aligning for Canada,” said Wes Mills, chief investment officer at Scotia Asset Management PM Advisor Services.“Canada has lagged for a couple of years now on the U.S. in particular. Technically, the TSX has broken out (and) we should be able to challenge the 14,000 levsel.”The Canadian dollar was off 0.01 of a cent to 97.14 cents US as inflation pressures increased slightly in September. Statistics Canada said the Consumer Price Index rose by 0.2% month-over-month in September. That was on top of a 0.1% rise in August.The agency says the CPI was up 1.1% in the 12 months leading up to September, which matched the annual rate in August.U.S. indexes were higher as the Dow Jones industrials erased early losses to advance 28 points to 15,399.65, while the Nasdaq rose 51.13 points to 3,914.28 as Google’s stock price cracked the US$1,000 level. The S&P 500 index was ahead 11.35 points at a record high of 1,744.5.There was positive news from the world’s second-biggest economy as China’s growth rebounded in the latest quarter to 7.8% from a two-decade low of 7.5% in the second quarter, helped by government stimulus measures.The base metals group led advancers, up 1.7%. Copper prices had earlier advanced in the wake of the data from China, the world’s biggest consumer of the metal, but the December contract on the New York Mercantile Exchange closed unchanged at US$US$3.30 a pound. First Quantum Minerals (TSX:FM) climbed 34 cents to C$18.99.The telecoms group rose 1.4% with Telus (TSX:T) ahead 79 cents to $35.29.The industrials sector rose 1.3%. The aerospace division of Bombardier Inc. (TSX:BBD.B) says one of China’s top leasing companies is the previously unidentified customer for up to 30 of its new CSeries aircraft.The buyer, CDB Leasing Co. Ltd., known as CLC, placed a conditional order in July 2012. Based on list prices, the initial contract would be worth about US$1.02 billion, and at US$2.07 billion if all options were exercised and Bombardier shares gained nine cents to $5.08.The energy sector rose 0.8% as the Chinese data helped push the November contract 14 cents higher at US$100.81 a barrel. Canadian Natural Resources (TSX:CNQ) gained 52 cents to C$33.78.Financials were ahead 0.74% and Scotiabank (TSX:BNS) ran up 75 cents to $61.56.The gold sector was the sole decliner, down about 0.85% after charging ahead almost 5% Thursday as December bullion lost $8.40 to US$1,314.60 an ounce after running ahead more than $40 on Thursday. Agnico Eagle Mines (TSX:AEM) faded 64 cents to C$25.66.In corporate news, Google Inc. posted earnings after the close Thursday of nearly US$3 billion, or US$8.75 per share, for the three months ended in September. If not for its expenses for employee stock compensation, Google said it would have earned US$10.74 per share, topping the average estimate of US$10.36 per share among analysts polled by FactSet.General Electric’s net income fell 9% in the third quarter to $3.19 billion, or 31 cents per share, on revenue of US$35.7 billion. Ex-items, GE earned 40 cents per share, five cents higher than forecast and its shares rose 87 cents to US$25.55.Investment bank Morgan Stanley said its third-quarter earnings almost doubled as the firm’s equity sales and trading revenue rose. The bank earned US$1.01 billion, or 50 cents a share, after stripping out an accounting charge, a dime higher than analysts forecasts. Its shares gained 76 cents to US$29.69.Strong economic data, solid earnings and relief that at least a short-term fix for the U.S. debt crisis was attained sent the TSX up 1.9% this past week while the Dow industrials climbed 1.07%.The Canadian Press
LinkedIn posts 3rd-quarter results above Wall Street’s expectations, stock up after hours AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by News Staff Posted Nov 1, 2012 5:49 pm MDT NEW YORK, N.Y. – LinkedIn Corp. outpaced Wall Street’s expectations with its third-quarter results, solidifying its status as an investor favourite at a time when other Internet companies have fallen from grace.The professional networking company booked a profit in the third quarter, reversing a loss in the same period a year ago as revenue grew at a faster pace than analysts expected. Its stock climbed $6.40, or 6 per cent, to $113.25 in after-hours trading, after closing down 8 cents to $106.85 at the end of regular trading.Embraced by investors, LinkedIn has been an exception among Internet companies that have gone public in recent years. Others, such as Facebook Inc., online deals site Groupon Inc. and game company Zynga Inc. are all trading well below their initial public offering price. LinkedIn’s stock price, meanwhile, has more than doubled since its May 2011 IPO .LinkedIn said Thursday that it earned $2.3 million, or 2 cents per share, in the July-September period. That’s up from a loss of $1.9 million, or 2 cents per share, a year ago.Adjusted earnings were $25.1 million, or 22 cents per share, in the latest quarter, double what analysts expected.Revenue grew 81 per cent to $252 million from $139.5 million. Analysts surveyed by FactSet expected revenue of $244.6 million. The company gets about two-thirds of revenue from the various fees it charges to mine the profiles and other data on its website, the rest come from advertising. It saw increases in all areas.“The last few months mark the most significant period of product development in the company’s history,” said CEO Jeff Weiner in a statement. “This accelerated pace of innovation is fundamental to our goal of driving greater engagement on the LinkedIn platform.”The company has been rolling out new features and more applications for smartphones and tablets. The additions are designed to get users to visit its site â€” and stick around longerâ€” even when they are not looking for a job.For the current quarter, LinkedIn is forecasting revenue of $270 million to $275 million, which brackets analysts’ expectations of $272.9 million.