Stocks on Bay Street rebounded to close at a two year high after a day of trading that saw swings in virtually every sector including the Canadian Dollar making its way back up against the USD.
The S&P/TSX Composite closed in the green by 21.10 points, or .17%, to 12,684.68.
The price of oil for November delivery is red: down by .11% at $82.43.
Gold for December delivery is red at the moment; down $.30 to $1,338.00.
The Canadian Dollar is up against the US Dollar at the moment; ahead by .000465 of a cent to .976725 U.S. cents.
CLOSING NEWS --
No green for profits -- CoolBrands posted a fourth-quarter profit of $1.6 million or $.03 per share, including a gain of $1 million as compared to the same quarter last year which yielded earnings which totaled $29,000. The Company also reported that it expects its merger with Swisher International Inc. to close in early November. Shares of T.COB closed down 1.81 at $4.33.
RIM saga in India not over -- It was reported that India will consider granting Research In Motion additional time to provide solutions to allow the country's security agencies to monitor messages and mail sent through the smartphone maker's services. Shares of T.RIM had a strong day; closing up 6.20% to $56.17.
Shares of Canada’s second-largest fertilizer producer, Agrium Inc. rose 1.9% to $90.81 after receiving a “buy” rating in new coverage from Mark R. Gulley, an analyst at Soleil. This price per share represents the highest price for shares of the Company since July 2008.
Gold shares help -- The TSX closing at its new highs was fueled in part by a 0.7% gain in Barrick Gold Corp. shares and a 0.1% rise in Kinross Gold Corp. issues.
AFTERNOON NEWS --
Rogers Communications reported a 24% decrease in profit today citing competition from budget wireless brands as affecting margins. Shares of T.RCI.B are trading down 6.75% to $38.52.
Saskatchewan's securities regulator will hear BHP Billiton's challenge to Potash Corp's shareholder rights plan on November 8-9, assuming the federal government allows BHP's $39 billion bid to proceed. Shares of T.POT are trading 1.20% to $148.66 today.
Shares of Fortress Paper are climbing today after TD raised its target price on the Company to $48. Shares of T.FTP are off highs, but still trading up 1.45% to $46.75.
MORNING NEWS --
Multiple big name decliners -- Shares of Ivanhoe (T.IVN) have fallen 1.58% to $24.32, Suncor Energy has seen shares of T.SU drop .09% to $33.44 this morning.
Recovery -- Shares of Barrick Gold (T.ABX) have rebounded from an opening gap down to $47.01 to now be trading in the green; up .76% to $47.83. Share of Goldcorp have also rebounded from lows to increase the exact same percentage amount to $43.88.
Teck Resources is scheduled to report its third-quarter earnings results after the closing bell today. While also recovering from a gap down, shares are up since open, but still down .45% overall on the day; trading at $46.05.
ON BAYSTREET
Ten of the TSX Subgroups closed in the green today. Consumer staple issues finished up by 1.26% followed by consumer discretionary issues; up .74% and then info tech; up .69%.
On the downside – Telecom issues closed down 3.32%, metals and mining stocks were down .82% and base utilities, which finished down .69%.
The TSX Venture Exchange closed up by 7.54 points to 1908.07, while the Nasdaq Canada index finished in the green; up by 19.81 points to 676.77.
ON WALLSTREET
Stocks on Wall Street remain relatively flat as economic data, earnings reports and fluctuating resource values are creating indecision in the markets.
The Dow Jones Industrial Average closed up by 5.41 points, or .05% to 11,169.46. The S&P 500 finished up by .0 points, or .00, to 1,185.64. The NASDAQ also closed in the green; up 6.44 points, or .26%, to 2,497.29.
The US Dollar is up against the euro by .0095 and gaining ground against the yen; up .6100.
Oil futures for November delivery are down; sliding $.09 to trade at $82.43.
The 10-year bond yield is up .082 to 2.6360%.
IN DATA NEWS --
Despite still being at exaggerated low levels, consumer confidence climbed higher in October. Data compiled by the Conference Board showed a reading of 50.2 this morning up from a revised reading of 48.6, from a prior estimate of 48.5 in September.
Data released this morning showed that according to the Case Shiller Home Price Index showed a drop in prices of 0.2% in August.
Data from the Richmond based Federal Reserve today showed October's Manufacturing Index climbed back from red numbers in the last report at -2 to a 5 in the current release, beating expectations of a 0.
CLOSING NEWS --
Berkshire to short? -- Todd Combs is set to take control of some of Berkshire Hathaway’s investment portfolio from world renown Chairman Warren Buffett. Combs has established a strong market reputation for big returns in 2007 and 2008 by shorting financial stocks during the credit crisis.
Shares of Regions Financial Corp. struggled today after the Company reported greater than expected losses. Investors saw the stock price close down 7.8% upon reports of a quarterly loss of $.17 a share dubbing it as the worst financial-stock performer on the S&P 500 Index for the day.
Other financial stocks recovered from lows of the day. Bank of America Corp. dropped as low as $11.03 in early trading, but recovered for a 1.25% gain to close at $11.30.
Financial Merger? -- Shares of Northern Trust Corp. surged today on news that HSBC Holdings PLC is planning to offer a $65-a-share cash offer for the firm. Shares of NTRS closed up 5.31% to $50.57.
AFTERNOON NEWS --
Shares of Kimberly-Clark Corp. are falling today upon news that the Company reported a 19% drop in third-quarter profit. The Company stated that quarterly net income dropped to $469 million, or $1.14 a share, from $582 million, or $1.40 a shares. Shares of KMB are down 5.82% to $62.60.
Not enough -- Shares of Cummins Inc. are dropping despite the Company reporting that its third-quarter profit nearly tripled. Even with the increased profits, the diesel engine maker dropped missed analyst estimates. Shares of CMI are down 5.29% to $89.49.
E.W. Scripps Co. is seeing a share price climb today after announcing a share buyback plan and changes to its credit facility to reduce expenses. Shares of SSP are trading up 9.78% to $9.04 in early afternoon trading.
AT THE OPEN --
Shares of Ford are up this morning after the Company reported an increase in profits to $1.7 billion, or $.43 a share, from $997 million, or $.29, earned during the same quarter last year. Shares of F are trading up .50% at $14.22.
Shares of Sherwin-Williams Co. surged lower this morning upon news of the Company posting a quarterly profit and outlook below the Wall Street estimates. Shares of SHW are trading down 5.91% at $70.16.
Buyback News -- IBM announced that its board of directors has approved a plan to buy back $10 billion worth of the Company’s stock. Shares of IBM are trading up.79% to $140.95 on the news.
