Stocks in Toronto closed lower on today, pulling back from the two-year high that was hit on Wednesday, as poor U.S. economic data was a drain on the markets.
The S&P/TSX Composite closed down 53.62 points, or .42%, to 12,619.69.
The price of oil for November delivery is down; dropping .25% to $82.79.
Gold for December delivery is green at the moment; up $7.20 to $1,376.70.
The Canadian Dollar is up against the US Dollar at the moment; up by .00099 of a cent to .995915 U.S. cents.
ON THE DATA FRONT --
Canada’s trade deficit narrowed more than expected in August from a record the previous month, as shipments abroad increased and imports fell.
The deficit narrowed to $1.34 billion in August, from a revised $2.55 billion in July, which was the largest in records dating to 1971, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg predicted the gap would narrow to $2.3 billion from an initially reported July gap of $2.74 billion, according to the median of 16 estimates.
CLOSING NEWS --
Gold issues struggle -- Gold stocks took a bit of breather today even in the midst of gold bullion climbing higher. Barrick Gold Corp. dropped $.32 to $49.09, Kinross Gold Corp. slipped back$.29 to $19.46, while Goldcorp gave back .20% to $45.36.
Leader doesn't always mean great -- Even though base metals led the subgroups, the sector was relatively flat. Big boy on the block, Teck Resources, paved the way to winners; up $.61 at $46.60, but Taseko Mines dropped $.73 to $6.21.
Tech time -- Shares of Research In Motion Ltd. closed the day day $.82 at $49.45.
AFTERNOON NEWS --
Platinum Makes News -- Eastern Platinum announced record Crocodile River Mine production for the third quarter of 37,798 platinum group metals ounces. This represents increases of 23% from the previous quarter and up 26% from a year earlier. Shares of are T.ELR are up 4.46% to $1.64.
Hochschild Mining PLC (HOC.LN) is cutting its stake in Lake Shore Gold from 35% to approximately 6% through the selling of 109 million shares at $3.60. Shares of T.LSG are down 5.14% to $3.51.
Labopharm and Paladin Labs have expanded their commercial relationship via three licensing and distribution agreements that define terms in which Paladin will distribute two of Labopharm's products in certain jurisdictions. Shares of T.DDS are up 5.61% to $1.13 while shares of T.PLB are up .18% to $27.74 on light volume.
MORNING NEWS --
The Canadian dollar reached parity with the greenback overnight in early Asia trading, strengthening 0.3% from its previous close on Wednesday to reach the $1 mark. At the loonie's intraday best, one U.S. dollar purchased $0.9978
Barrick Gold Corp. announced that its 75%-owned African Barrick Gold PLC cut its full-year output guidance for a second time in less than a year due to a systematic fuel theft at a mine, which prompted the company to suspend workers. Shares of ABX are down.28% this morning.
Brookfield Renewable Power Inc. is selling 7 million of its Brookfield Renewable Power Fund units at C$21.85 each, cutting its stake in the fund to about 35.1%. Shares of BRC.UN are down 2.43%.
Macquarie Power & Infrastructure Fund received board approval to convert to a corporation and expects to maintain its monthly dividend at 5.5 Canadian cents a share. Shares of MPT.UN are up 2.81%.
ON BAYSTREET
Two of the TSX Subgroups closed in the green today. Base metals finished up by .41%, followed by metals and mining; up .01%.
On the downside -- Energy fell .85%, followed by info tech; down .84% and gold; down .78%
The TSX Venture Exchange closed down by 6.72 points to 1822.03, while the Nasdaq Canada index closed down as well; off by 6.03 points to 640.89.
ON WALLSTREET
Stocks on Wall pared loses and bounced off the lows of the day as foreclosure news ran rampant today throughout the market weighing heavily on financials and put an end to a four day winning streak.
The Dow Jones Industrial Average closed down by 1.51 points, or .01% to 11,094.57. The S&P 500 finished down by 4.29 points, or .36%, to 1,173.81. The NASDAQ ended in the red; down 5.85 points, or .24%, to 2,435.38.
The US Dollar is down against the euro by .0121 and losing ground against the yen; down .3600.
Oil futures for November delivery are down $.21 to $82.79.
The 10-year bond yield is up .6400 to 2.4950%.
DATA NEWS --
Unemployment benefits rose last week for the first time in three weeks. Jobless claims rose by 13,000 to 462,000 in the week ended Oct. 9, Labor Department figures showed today in Washington.
The U.S. Commerce Department stated that the U.S. trade deficit also rose in August, inflated by a record-setting deficit with China, the United States' largest trading partner.
U.S. producer prices rose for the third month in a row in September on the back of higher food prices.
CLOSING NEWS --
Big Banks take a Beating -- Bank of America dropped 5.8% and JP Morgan Chase fell 3.1% as major banks reviewed their foreclosures procedures.
U.S Dollar continues its woes -- The euro broke to $1.4123, its highest level this year. The Canadian dollar continues to flirt with parity for the first time since April, while the Australian dollar hit 99.93, its highest point since it was floated 27 years ago. The greenback also dropped to an all-time low against the Swiss franc at 0.9464 franc.
Earnings News -- Advanced Micro Devices Inc. announced after the bell that it posted a narrower loss for the third quarter and also reported higher sales despite lower consumer demand. Shares of AMD are up 4.50% in after-hours trading after closing down 1.12% today.
Can We Get Some Privacy? -- Seagate Technology PLC announced that it is in discussions with an unnamed party with the talks focused around the idea of taking the hard-disk drive maker becoming a private company. Shares of STX closed down .43% at $12.69 today.
Google Tops Estimates -- Google Inc. announced after the bell that it has posted a significant gain in third-quarter on the back of increasing demand for the search giant’s online advertising. The Company announced that third-quarter net income rose to $2.17 billion, or $6.72 a share, from $1.64 billion or $5.13 a share in the same period in 2009. Net revenue for the period ended in September rose to $5.5 billion.
AFTERNOON NEWS --
Love is in the air -- Relations between Verizon and Apple continue to grow. Verizon Wireless announced today that it is going to start selling Apple Inc.'s iPad at the end of this month. Shares of VZ are up .84% to $32.48.
China related stocks on fire -- Shares of China New Borun (BORN)are up for the eighth straight day; up 12.30% to $20.09 on a run that started just over $10.
Renesola (SOL) broke through $15 intraday and is still holding gains of 2.5% at $14.76. The China-based solar wafer maker that has been on a run after LDK announced a bullish third quarter outlook on Monday.
China MediaExpress (CCME)is another stock on an 8 day run. Shares are up more than 40% in that time as the shares are trading at $13.95 today.
AT THE OPEN --
Takeover? -- Shares of Yahoo are up 5.84% after The Wall Street Journal reported AOL Inc. and several private-equity firms are considering a possible takeover bid of the Company.
Earnings Coming -- Investors are awaiting after the bell reports from industry giant, Google, and chip maker Advanced Micro Devices Inc.
Bank of America Corp. is weighing heavily on blue chips, as its shares and those of other banks taking a hit as analysts attempted to estimate losses related to the halt in home foreclosures. Shares of BAC are down 4.40% to $12.71.
Decliner -- Shares of Apollo Group Inc. (APOL) are down 25% on the Company's report that it has rescinded its outlook for fiscal 2011, pointing to regulatory issues and a possible 40% drop in new students.
MINERS FREE -- All 33 of the trapped miners have been rescued from a gold and copper mine in Chile's northern Atacama. The miners were trapped since a collapse on August 5th, but have all been successfully hoisted back to safety.
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