Despite a mild recovery, Toronto's main stock index fell over 100 points in today's trading as worries that market expectations of new U.S. economic stimulus measures are exaggerated, which lifted the U.S. dollar and hurt commodity prices.
The S&P/TSX Composite closed trading down by 117.43 points, or .93%, to 12,567.25.
The price of oil for November delivery is down; dropping .70% to $81.97.
Gold for December delivery is red at the moment; down $15.80 to $1,322.20.
The Canadian Dollar is up against the US Dollar at the moment; ahead by .00021 of a cent to .97269 U.S. cents.
CLOSING NEWS --
Lundin Mining reported third-quarter earnings of $.10 per share came in far ahead of the $.01 earned for the same quarter of 2009 as a result of stronger metal prices, but copper and nickel production was below company expectations. Shares of T.LUN closed down 6.79% to $6.31.
Financial plays were squeezed after remarks from Canada's banking watchdog that lenders should take a cautious approach to raising dividends or making big acquisitions in a still-uncertain regulatory environment.
Shares of Royal Bank of Canada fell 1.33% to $54.92 and Toronto-Dominion Bank finished the day 0.92% lower at $73.55.
AFTERNOON NEWS --
Corus Entertainment is seeing its price per share recover into the green after a big drop this morning upon reporting a 64% drop in fourth-quarter profit, hurt by higher expenses, but raised its dividend 25%. Share of T.CJR.B are trading up $.08 to $21.63.
Norbord reported a third-quarter loss of $.16 cents a share, unchanged from a year earlier, but down from a profit of $.85 cents in the second quarter. The Company said that it was ''disappointed'' that the robust OSB pricing experienced in North American markets in the first half of the year didn't carry over into this quarter. Shares of T.NBD are trading 4.62% to $11.55.
MORNING NEWS --
Shares Canadian Pacific Railway Ltd. dropped this morning as the Company missed estimates on its quarterly earnings. Shares are down 1.49% this morning.
More Earnings News -- Shares of TMX Group, which owns the Toronto Stock Exchange, are up 2.62% upon the Company reporting quarterly earnings of $.68 a share with an 8% increase in revenue.
Shares of Research In Motion Ltd. continued its climbing after releasing the newest version of its phone. Shares are up 2.08% at $57.34 today.
Resource Laggards -- Teck Resources Ltd. is down 2.79% while industry giant, Barrick Gold Corp. is down 2.49% to $46.60 and Suncor Energy Inc. has seen its shares drop by 1.17% to $32.96.
ON BAYSTREET
Two of the TSX Subgroups closed in the green today. Health care stocks finished up by .80% followed by info tech; up .45%.
On the downside – Metals and mining issues finished down 2.02%, industrials closed down 2.01% and real estate was down 1.37%.
The TSX Venture Exchange closed down by .04 points to 1,908.03, while the Nasdaq Canada index finished in the green; up by 7.09 points to 683.86.
ON WALLSTREET
Stocks on Wall Street mustard a recovery to close near highs of day as tech stocks pulled the NASDAQ back into the green. Investors grappled daylong about expectations of easing by the Federal Reserve to stimulate the economy which kept the markets uneasy.
The Dow Jones Industrial Average closed down by 43.18 points, or .39% to 11,126.28. The S&P 500 finished down by 3.19 points, or .27%, to 1,182.45. The NASDAQ, meanwhile made its way into the green; closing up 5.97 points, or .24%, to 2,503.26.
The US Dollar is up against the euro by .0097 and gaining ground against the yen; up .3200.
Oil futures for November delivery are down $.58 to $81.97.
The 10-year bond yield is up .0760 to 2.7120%.
IN DATA NEWS --
The Commerce Department issued a report on durable goods which provided a mixed picture of the state of the economy. The report showed September durable goods rose faster than economists’ estimates, but excluding the volatile transportation sector, orders fell.
Sales of new homes increased moderately more than economists had expected for September, but still remain near their lowest levels on record.
CLOSING NEWS --
Energy stocks drag -- Data today showed oil-inventory stockpiles of crude oil rising by five million barrels. Crude oil suffered throughout the day bringing down shares of Exxon Mobil Corp.and Chevron Corp. The Companies closed down 1.29% at $65.67 and down .99% at $84.31, respectively.
Biggest Dow Laggard -- Merck led Dow decliners as shares of MRK fell 1.65% to $36.46.
Biggest Dow Gainer -- Bank of America Corp. helped offset some Dow losses financials put together a recovery after concerns earlier this month about mortgage foreclosures. Shares of BAC closed up 2.12 $11.54.
After the Bell -- Owens Illinois, the world's largest glass container manufacturer for food and beverage companies, reported that third-quarter net income rose 9% to $139 million, or $.84 a share, from $127 million, or $.74 cents a share. Sales fell 7% to $1.74 billion. Global shipments slid by 2% due to volume losses from restructured contracts. Shares of OI closed .54% to $28.05 during the trading day, but are down .15% to $27.90 in after hours trading.
AFTERNOON NEWS --
Shares of Broadcom Corp. are climbing, a day after the communications-chip maker reported a roughly quadrupling profits and a stronger-than-expected outlook. Shares of BRCM are up 9.73% to $40.84.
In drug news --
Shares of Amylin Pharmaceuticals Inc. are up strong today after an analyst, Leerink Swann upgraded the stock from overweight ot outperform. Shares of AMLN are trading up 7.88% at $12.95.
After a strong quarterly report which detailed net income of $35 million compared to $17 million a year earlier, Shares of Illumina Inc. are moving upward; trading north by 7.71% at $55.63.
Late Tuesday, Illumina reported net income of $35 million, or 24 cents a share, compared with $17 million, or 12 cents a share, for the same period in 2009. Revenue rocketed 50% to $237 million.
AT THE OPEN --
Procter & Gamble reported that profits declined for the most recent quarter, but still topped estimates. Shares of PG gapped up to start the day, but have since slid into the red; down .03% to $62.84.
Shares of Dr. Pepper Snapple have recovered many of their losses as shares tumbled at the opening bell after it reporting a drop in profits as a result of strike-related costs and higher expenses. Shares hit $34.00, but have climbed back up to $35.14, leaving shares of DPS down 1.54% at the moment.
Sprint Nextel reported that losses for the last quarter widened as the Company continue to spend funds in an attempt to lure in new customers. Shares of S have plummeted 10.27% to $4.28 this morning.
ConocoPhillips announced earnings that beat forecasts, but a stronger dollar and weak commodities are weighing on shares. Shares of COP have recovered from lows, but are still down 2.38% at $59.91.
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