Toronto's main stock index held tough to closed slightly ahead today as commodity prices rose on a weak U.S. dollar with a major focus being put on expectations the U.S. Federal Reserve is prepared to inject more money into the U.S. economy.
The S&P/TSX Composite finished the day trading up by 16.61 points, or .13%, to 12,681.42.
The price of oil for November delivery is up; gaining 1.82% to $84.46.
Gold for December delivery is green at the moment; up $6.50 at $1,357.80.
The Canadian Dollar is up against the US Dollar at the moment; ahead by .00781 of a cent to .99177 U.S. cents.
CLOSING NEWS --
Friendly Reminder -- By law, a decision is due by the end of Wednesday, November 4 at 4:00 PM GMT from Ottawa on whether or not the Potash takeover will be a net benefit to Canada. Shares of T.POT closed down 1.63% to $146.27.
Bridgewater Systems Corp. topped third quarter estimates, attributed to an increase in its customer base and also increased its 2010 forecast. Shares of T.BWC closed up 1.52% to $8.68.
Bombardier Inc. confirmed Tuesday it is in talks with India’s SpiceJet Ltd. to sell its 15 turboprop planes to the discount airline. Shares of Bombardier rose 0.4%. Shares of T.BBD.B closed up .40% to $5.06.
Shares of Ritchie Bros Auctioneers Inc. slid today despite beating estimates with third quarter result. Upward share price may have been hindered as the Company stated that it sees uncertainty in the market throughout the remainder of the year. Shares of T.RBA closed down .83% at $21.42.
Car and truck sales at Ford of Canada increased 8% in October, maintaining the company's market-leading position as rivals General Motors of Canada and Toyota Canada lost ground.
AFTERNOON NEWS --
Mercer International Inc. announced this morning that third quarter profits were increased as a result of higher pulp production. Shares of T.MRI.U are trading up 14.96% to $6.30.
HudBay Minerals Inc announced today that yearly production totals for gold, zinc and copper are right in line with estimates. Shares of T.HBM are trading up 1.62% to $16.29.
Absolute Software Corp. reported that higher sales contracts helped the Company narrow first quarter losses. Shares of T.ABT are trading up 8.59% to $4.30.
Manulife is leading the financial laggards as shares of T.MFC are down 1.88% to $12.52.
MORNING NEWS --
Oil producer, Talisman Energy Inc. reported that its third-quarter profit rose four fold, helped by higher commodity prices and increased its full-year production outlook. Shares of T.TLM are trading up 2.33% at $18.87.
Baja Mining Corp. announced today that it would to raise $160 million in a bought deal and use the proceeds for construction of its majority-owned Boleo project in Mexico. Shares of T.BAJ are trading up 4.24% to $1.23.
Miner, Breakwater Resources Ltd, reported third-quarter profit that beat estimates, assisted in part by higher metal prices. Despite beating estimates, shares of T.BWR are trading down 9.23% to $5.41.
Potash update -- Canada's Industry Minister Tony Clement denied media reports that Canada has decided to approve BHP Billiton's $39 billion hostile bid to acquire Potash.
ON BAYSTREET
Eight of the TSX Subgroups are in the green today. Metals and mining finished up by 1.06% followed by base metals; up 1.04% and energy issue, which finished up .88%.
On the downside -- Consumer staples closed down .63%, followed by consumer discretionary issues; down .33% and then utilities; down .18%.
The TSX Venture Exchange finished up by 8.33 points to 1,942.41, while the Nasdaq Canada index closed in the green as well; up by 3.16 points to 695.52.
ON WALLSTREET
Stocks on Wall Street held onto early gains throughout the day, as investors waited for the results of midterm elections (which most estimates are showing the Republicans will regain control of Congress) and for the Federal Reserve to deliver more easing measures at the end of its two-day meeting later this week.
The Dow Jones Industrial Average closed up by 64.10 points, or .58% to 11,188.72. The S&P 500 finished up by 9.19 points, or .78%, to 1,193.57. The NASDAQ also closed in the green; up 28.68 points, or 1.14%, to 2,533.52.
The US Dollar is down against the euro by .0132 and gaining ground against the yen; up .0600.
Oil futures for November delivery are up by $1.51 to $84.46.
The 10-year bond yield is down .0340 to 2.5940%.
CLOSING NEWS --
Hartford Financial Services Group Inc. announced late today that third quarter net income was $666 million, or $1.34 a share, versus a net loss of $220 million, or $.79 per share, for the same period last year. Shares have reversed losses in afterhours trading. Shares of HIG closed down 1.22% during regular hours, but are up 4.70% to $24.52 in after bell trading.
Shares of Electronic Arts are dropping after the bell as its outlook for the quarter ending March 31 fell below estimates. Shares of ERTS are down 1.85% to $15.90 after hours despite closing up 2.53% to $16.20 during regular hours.
CNO Financial Group, Inc. crushed the prior year as it reported late today that it earned $49.4 million, or $.17 a share, up from $15.4 million, or $.08 a share, in the year ago quarter. Shares of CNO closed up 2.76% at $5.59.
AFTERNOON NEWS --
Dell Inc. announced that it has agreed to buy Boomi, a business software company engaged in the emerging cloud computing market. Financial terms of the deal were not disclosed. Shares of DELL are marginally up today; ahead by .02% to $14.41.
Leapfrog Enterprises Inc. shares are climbing today after the seller of learning products reported a third quarter profit that beat estimates. Shares of LF are up 13.64% to $6.25.
Akorn, Inc. announced an improved 2010 forecast of $84 to $85 million in revenues as opposed to $71 to $75 million late this morning which sent shares of AKRX surging forward. Shares are trading up 11.49% to $4.95.
AT THE OPEN --
Energy stocks are up this morning as BP PLC reported reversing a second-quarter loss, after amazingly absorbing nearly $8 billion in costs tied to the Deepwater Horizon disaster.
Runners --
Acquisition News – Shares of Art Technology Group Inc are flying high this morning after software giant Oracle Corp. said it would acquire the e-commerce software company for roughly $1 billion, or $6 a share. Shares of ARTG are trading up 45.49% to $5.97.
Cabela’s Inc. announced projected double digit earnings growth in 2011. Shares of CABN have popped up 16.00% to $21.21 this morning.
After raising its 2010 earnings outlook at a quarterly report that beat estimates, Skilled Healthcare Group Inc. has seen its shares run this morning. Shares of SKH are trading up 16.29% to $4.57.
Laggards --
Shares of BioScrip Inc. issued news that its CEO is resigning and coupled that with rescinding its 2010 outlook. Shares of BIOS are down 22.20% to $4.38.
Evergreen Solar Inc. reported a wider than expected third quarter loss of $.40 per share as opposed to $.13 a share in the same quarter in 2009. Shares of ESLR have fallen 11.50% to $.85.
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