Bay Street stocks moved slightly lower on Tuesday after rising sharply in the previous session. Resource stocks are leading the decliners.
The S&P/TSX composite index lost 60.14 points to 11.426.74.
Mining stocks were down, as First Quantum dropped 1.4% to $74.28 ahead of its quarterly earnings report, which was due after the close.
Pan American Silver added 1.4% to $24.72 after being upgraded to "buy" from "hold" at Canaccord Adams. The company is scheduled to report third quarter earnings after the closing bell.
Energy stocks were down, as Encana lost 1.9% to $61.56, Canadian Natural Resources was down 1.8% to $70.76 and Suncor declined 1.2% to $36.90.
Crew Energy dropped 2.3% to $11.60 after the company reported a third-quarter net loss and comprehensive loss of $7.376 million compared to profit of $15.178 million a year ago. Loss per share was $0.09 compared to profit of $0.23 per share prior year.
Baytex Energy Trust slipped 1% to $27.59 after the company reported third-quarter net income of $40.66 million or $0.37 per unit, compared to $137.23 million or $1.39 per unit last year.
In other corporate news, Royal Bank added 0.7% to $56.82 after being upgraded to "buy" from "neutral" at UBS.
European Goldfields lost 6.2% to $6.96 after the company reported its net loss for the third-quarter was $3.12 million U.S. or $0.02 U.S. per share, compared to a net loss of $5.04 million U.S. or $0.03 U.S. per share. Sales for the quarter were $17.04 million U.S., up from $16.10 million U.S. in the year-ago quarter.
Silver Wheaton was up 1.4% to $15.67 after the company reported quarterly net profit of $33.56 million U.S. or $0.11 U.S. per share compared with $20.24 million U.S. or $0.08 U.S. per share in 2008. Analysts anticipated earnings of $0.11 U.S. per share.
ATS Automation Tooling Systems rose 7% to $7.00 after the company reported second-quarter net income slipped to $6.01 million or $0.07 per share from $9.27 million or $0.12 per share in the year-earlier quarter.
Computer Modelling Group dropped 5.9% to $14.81 after the company said its second-quarter earnings for the period decreased to $2.41 million from $2.97 million a year ago.
La Mancha Resources climbed 2.2% to $1.87 after the company posted third-quarter net earnings of $3.0 million or $0.02 per share compared with a net loss of $1.6 million or $0.01 per share in the prior-year period.
Cossette soared 32.8% to $7.77 after the company said that it has reached an agreement to be acquired and taken private by Mill Road Capital for $7.87 per share in cash.
The Canadian dollar spiked 0.69 cents to 95.33 cents U.S.
ON BAYSTREET
All but three of the 14 TSX subgroups were lower, weighed down mostly by metals and mining stocks, which staggered 1.5%, energy, which fell 1.3% and health-care stocks, which ended the day 1.2% sicker.
The three gainers were information technology, up 1%, consumer staples, picking up 0.3% and real-estate stocks, prospering 0.2%.
The TSX Venture Exchange gave back 10.35 points to 1,345.13, while the Nasdaq Canada index was 16.14 points in the black to 682.35.
ON WALLSTREET
In New York, equities ended mixed Tuesday, giving up some gains, as the market faltered after a triple-digit rally in the previous session.
The Dow Jones Industrials made their way into the black 20.03 points to 10,246.97, yet another 13-month high and its fifth straight upward close. The S&P 500 index fell back 0.07 points to 1,093.01, while the Nasdaq composite index was down 2.98 points to 2,151.08.
A falling dollar boosted prices for gold, oil and other commodities, and Cardillo said investors will focus on those markets in absence of major reports -- as well as corporate news including earnings from Applied Materials, Wal-Mart and Walt Disney.
The Dow has soared 56% after hitting a 12-year low in March, and the blue-chip index is up 16.5% for all of 2009. The Nasdaq has jumped 36.6% this year.
Monday's rally was the Dow's third gain of more than 199 points in the past eight trading days. But despite roaring back from its March nadir the Dow is still 28% below the record high set in October 2007.
Sprint Nextel said Monday that it plans to cut between 2,000 and 2,500 jobs in an attempt to reduce costs.
The European Commission has objected to Oracle's proposed takeover of Sun Microsystems, which could threaten the deal.
Economically speaking, most U.S. cities saw gains in the median price of single-family homes sold last quarter, said a report from the National Association of Realtors released this morning. The national median home price was $177,900 U.S. in the third quarter, up $7,000 from the previous quarter.
In other housing news, the Treasury Department said 650,000 troubled borrowers have been put into trial loan modifications under the Obama administration's foreclosure rescue plan.
This morning, the Senate Budget Committee began a hearing on bipartisan proposals to cut the deficit and help ensure long-term fiscal stability.
Sprint Nextel said Monday that it plans to cut between 2,000 and 2,500 jobs in an attempt to reduce costs.
The European Commission has objected to Oracle's proposed takeover of Sun Microsystems, which could threaten the deal.
Treasurys were mixed Tuesday after a record $25 billion U.S. offering of 10-year notes attracted strong demand. The 10-year yield fell to 3.47% from 3.48% late Monday.
The price of a barrel of oil subsided 38 cents to $79.16 U.S.
Gold prices gained $1 to $1,103 U.S. an ounce.
