Toronto's main stock index drew strength from metals and mining companies to rebound off lows as the Venture and Nasdaq finished the day in the green, while banks and utilities held the Composite mildly in the red at the day's close.
The S&P/TSX Composite ended the day trading down by 7.90 points, or .06%, to 12,934.74.
The price of oil for December delivery is down; dropping .02% to $87.79.
Gold for December delivery is green at the moment; up $4.00 at $1,403.10.
The Canadian Dollar is down against the US Dollar at the moment; off by .003185 of a cent to .99691 U.S. cents.
CLOSING NEWS --
Financials Index weighed heavily on Canadian markets today as Royal Bank of Canada lost 1.01% to close at %53.70, Toronto-Dominion Bank gave back .27% to finish at $$73.40, Bank of Montreal lost 1.18% to $$58.53 and Bank of Nova Scotia fell .99% to $53.85.
Gainers -- Teck Resources Ltd. added 4.05% to close at $50.35, Equinox Minerals Ltd. moved forward by 3.47% to $5.96, First Quantum Minerals Ltd. added 3.08% to $93.80 and Lundin Mining Corp. surged by 4.54% to $6.91.
Utility plays suffered as shares of Fortis Inc. dropped .63% to $31.76 and Emera Inc. fell by 1.82% to $30.23.
AFTERNOON UPDATE --
Miners are recovering this afternoon -- Shares of Cameco Corp (T.CCO) are trading up 1.90% to $37.07, while Yamana Gold shares are pushing north as well; up 1.45% to $11.90.
Shares of Barrick Gold gapped up, traded into the red and have now pulled back into positive territory; up .06% to $51.87, while Goldcorp has been mildly volatile as well, but is still trading down .27% to $47.30.
MORNING NEWS --
Banks down early – Canada’s largest lender, Royal Bank of Canada (T.RY) is trading down 1.00% to $53.71 while Toronto-Dominion Bank (T.TD) are trading down .83% to $72.99.
Canadian Tire Corp reported a 21% leap in net earnings this morning on higher retail sales in key categories and a strong performance in its financial services division. Shares of T.CTC are trading up 4.54% to $69.35.
Regarding Oil -- Suncor Energy (T.SU) is seeing shares trade down 1.10% to $35.93 while shares of Canadian Natural Resources (T.CNR) have come off lows to now be trading in the green; up .25% to $65.05.
ON BAYSTREET
Five of the TSX Subgroups closed in the green today. Metals and mining closed up 1.93%, base metals were ahead by 1.41% and materials ended up by .91%.
On the downside – Real estate was down by 1.27%, health care finished down by .98% and utilities gave back .94%.
The TSX Venture Exchange closed up by 16.95 points to 2,039.28, while the Nasdaq Canada index ended the day green as well; up by 5.22 points to 727.77.
ON WALLSTREET
Stocks on Wall Street closed well off lows for the day, but never could muster the strength to recover from the disappointing news from Cisco that seemed to loom over the market all day while world leaders struggled to reach agreements to keep countries all on the road to recovery.
The Dow Jones Industrial Average closed down by 73.94 points, or .65% to 11,283.10. The S&P 500 finished down by 5.17 points, or .42%, to 1,213.54. The NASDAQ also closed trading in the red as well; down 23.26 points, or .90%, to 2,555.52.
The US Dollar is up against the euro by .0109 and gaining ground against the yen; up .2800.
Oil futures for December delivery are down by $.02 to $87.79.
The 10-year bond yield is even at 2.5740%.
CLOSING NEWS --
Walt Disney Co. reported that its fiscal fourth-quarter profit fell 7% on charges and decreased earnings at its cable channels and theme parks. Disney said it earned $835 million, or $.43 a share, compared to a profit of $895 million, or $.47, in the same quarter of 2009. Shares of DIS closed down 2.87% to $35.93, but have pulled back up some after the bell; trading at $36.50. Additionally, the Company reported that it is investigating the early leak of its fiscal fourth-quarter results.
Media giant, Viacom Inc. announced that its third-quarter net income fell to $189 million, or $.31 a share, from $463 million, or $.76 a share, in 2009. The Company's adjusted earnings rose to $.75 a share, from $.71 a share. Shares of VIA closed up 3.12% to $44.59.
Computer graphics chip maker, Nvidia Corp. reported that it made $84.9 million, or $.15 a share, in the third quarter compared with $107.6 million, or $.19 a share, for the same period in 2009. Shares of NVDA closed down 1.01% to $12.61, but are slightly higher in after hours trading; up to $12.95.
AFTERNOON UPDATE --
Communication services provider, Level 3 Communications Inc.'s is seeing its shares pop after the Company reported that it was chosen by Netflix Inc. to serve as the company's primary content delivery network. Shares of LVLT are trading up 10.19% to $1.14. Shares of NFLX are down .71% to $175.62.
Siemens AG raised its dividend for the fiscal year by 70% and outlined a new dividend policy, reporting that it plans to distribute 30% to 50% of net profit to shareholders. Shares of SI are up 1.65% to $116.80.
Ascent Solar Technologies Inc. shares are sliding upon announcing that it will be selling som new shares to finance a plant construction. Shares of ASTI are off by 14.91% to $3.88.
AT THE OPEN --
Yesterday, Cisco reported a fiscal first-quarter profit of $1.93 billion, or $.34 a share, compared with a profit of $1.79 billion, or $.30 a share, for the same quarter in 2009. Revenue was $10.75 billion, up from $9 billion. Shares of CSCO are trading down 14.74% to $20.25.
Energy hangs tough -- Despite the Dow dip, shares of Exxon Mobil (XOM) are trading up .14% to $71.23 and shares of Chevron (CVX) are trading up .61% to $85.96.
Shares of Optelecom-NKF Inc. are soaring after the provider of video-surveillance solutions agreed to be acquired for $2.45 a share by TKH Group NV. Shares of OPTC are trading up 50.25% to $2.38 this morning.
Greek supplier of shipping fuel, Aegean Marine Petroleum Network Inc. reported third-quarter results that fell short of Wall Street’s expectations. Shares of ANW are trading down 32.62% to $10.76.
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