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Canada Stocks Close Higher; US GDP Revision Drives Stocks; BlackBerry Limited Most Active
By: MT Newswires
Canada stocks closed higher on Friday, led higher by Info Tech. All Sectors were higher, as Blackberry drove price action.
Prior to the opening bell, the US released stronger than expected GDP data. According to the Commerce Department, Q3 GDP was revised higher to 4.1% compared to teh 3.6% reported earlier and the 3.6% expected by economists.
BlackBerry Limited (BB.TO) was the most active share on the TSX closing up 16% with 10.5 million shares changing hands. New CEO John Chen put a bit more meat on today's announcement of a tie up with Foxconn. Earlier today Blackberry said it's taking a charge of $4.6 billion to write down the value of assets, inventory and supply commitments, which follows an inventory writedown of almost $1 billion in the previous quarter. And its latest quarterly sales fell more than 50% to $1.19 billion, missing estimates of near $1.59 billion. BlackBerry reported a loss from continuing operations of 67 cents, versus an expected loss of 46 cents.