Toronto's main stock index closed only slightly lower today as gold futures moved ahead strongly in the second half of the day and nearly offset broad weakness, U.S. easing uncertainties and a drop in Potash Corp shares.
The S&P/TSX Composite closed trading down by 3.16 points, or .03%, to 12,564.09.
The price of oil for November delivery is up; gaining .04% to $81.97.
Gold for December delivery is green at the moment; up $20.60 to $1,343.50.
The Canadian Dollar is up against the US Dollar at the moment; ahead by .00019 of a cent to .978665 U.S. cents.
CLOSING NEWS --
The gold subgroup gained 2.57%, spurred by strong gold prices and strong earnings from Barrick Gold today, as well as solid days by Goldcorp and Agnico-Eagle. Shares of ABX closed near the highs of the day; up 3.11% to $47.02, Goldcorp shares rose 4.59% to $45.31 and shares to T.AEM surged up 6.03% to $77.23.
AFTERNOON NEWS --
Nexen Inc. reported today that third-quarter cash flow rose 28% to $485 million or $.92 Canadian cents a share on stronger production and commodity prices. The net of $1.02 a share was fueled by a large asset-sale gain. Shares of NXY are trading down 1.67% to $21.26.
Despite the strong earnings, shares of Potash Corporation of Saskatchewan Inc.are being overwhelmed amid growing signs that the federal government won't approve a hostile takeover by BHP Billiton. Shares have slipped slightly more than in the morning; trading down 3.66% at $146.25.
Shares of Research In Motion Ltd. are sliding today after the Company was downgraded to a perform rating by Opppenheimer this morning, with the broker removing its $58 price target on the stock. Shares of T.RIM are down 2.75% to $55.81.
MORNING NEWS --
Earnings News -- Potash Corp. of Saskatchewan Inc. smoked past estimates of $1.16 per share as it reported earnings of $1.32 per share in the third quarter on strong demand for potash, phosphate and nitrogen products. The Company said that it expects 2010 earnings of $5.75 to $6 a share and 2011 earnings rising to $8 to $8.75 a share. Shares of T.POT are trading down 3.36% to $146.70.
OPTI Canada Inc. turned to a third-quarter loss of $.16 a share from a profit of $.04. Revenue of $59 million was up from $38 million. Shares of T.OPC are trading up 1.33% to $.76.
Barrick Gold Corp. reported record third-quarter profit of $.85 a share. Adjusted earnings jumped to $.84, beating the Thomson Reuters mean estimate of $.75. Shares of T.ABX are trading up .51% at $47.18.
Trading of Maple Leaf Foods shares on the Toronto Stock Exchange was halted on Thursday morning due to pending news, the Investment Industry Regulatory Organization of Canada said.
ON BAYSTREET
Five of the TSX Subgroups closed in the green today. Gold issues are up by 2.57% followed by materials; up 1.29% and metals and mining stocks, which were up .97%.
On the downside -- Utilities were down .93%, financials finished down .53% and info tech shares were down .41%.
The TSX Venture Exchange closed up by 18.13 points to 1,926.16, while the Nasdaq Canada index finished in the green as well; up by 4.45 points to 688.31.
ON WALLSTREET
Stocks on Wall Street put together a decent comeback, rebounding strong of the day's lows with the Dow only closing mildly lower and the S&P 5000 and the NASDAQ climbing back into positive territory as investors’ hesitancy ahead of the Federal Reserve’s meeting next week overshadowed a large drop in weekly jobless claims, but wasn't quite enough to carry weakness completely through the day.
The Dow Jones Industrial Average closed down by 12.33 points, or .11% to 11,113.95. The S&P 500 finished the day up by 1.33 points, or .11%, to 1,183.78. The NASDAQ is also in the green; up by 4.11 points, or .16%, to 2,507.37.
The US Dollar is down against the euro by .0153 and losing ground against the yen; down .6900.
Oil futures for November delivery are up by $.03 to $81.97.
The 10-year bond yield is down .0510 to 2.6610%.
IN DATA NEWS --
The number of people who filed new claims for unemployment benefits fell 21,000 to 434,000 in the latest week, marking the third straight decline and the lowest level since early July, the U.S. Labor Department reported Thursday.
The Energy Department's Energy Information Administration announced its weekly report that natural gas inventories held in underground storage in the lower 48 states grew by 71 billion cubic feet to 3.754 trillion cubic feet for the week ended Oct. 22. Analysts expected a rise of between 70 billion and 74 billion cubic feet.
CLOSING NEWS --
Microsoft reported after the bell that quarterly net income rose to $5.4 billion, or $.62 cents a share, from $3.6 billion, or $.40 per share, for the same period in 2009. Microsoft stated that revenue for the period ended in September rose 25% to $16.2 billion. Shares of MSFT are trading at $27.10; up 3.12% in after hours trading.
MetLife announced that third-quarter net income came in at $286 million, or $.32 a share, as compared to a net loss of $650 million, or $.79 a share, for the same quarter in 2009. Shares of MET closed the day up .20% at $40.46, but are trading down at $39.21 after hours.
Genworth also announce third quarter earnings today which reveal that third-quarter net income came in at $83 million, or $.17 a share, compared with net income of $19 million, or $.04 a share, in the third quarter of 2009. Operating profit is damaging share price after the closing bell as it the Company reported this at $29 million, or $.06 a share, versus operating income of $81 million, or $.18 a share, in the same period a year earlier. Shares of GNW are dropping more than 6% after hours.
IN AFTERNOON NEWS --
Shares of Allstate Corp. fell after the auto and homeowners insurer reported quarterly results that missed analyst estimates. Shares of ALL are down 6.53% to $30.36.
Shares of Goodyear Tire & Rubber Co. slumped and haven't recovered at all today after the company announced that it produced a loss in the third quarter. Shares of GT are off by 7.75% at $10.71.
Fortune Brands Inc. reported this morning that its third-quarter earnings fell to $102.6 million, or $.66 a share, from $124.1 million, or $.82 a share, in the year-ago period. Shares shot up this morning, hitting $56.98, but have since cooled off to be trading up .91% at $55.03.
Shares of 3M Co. said today that it expects sales growth of 11% in 2011, but also noted several profit headwinds, according to company documents. For next year, 3M forecast a non-cash pension expense of about $.30 a share, assuming the discount rate declines to 4.86% from 5.77% at Dec. 31. Shares of MMM are down 6.67% at $84.34.
AT THE OPEN --
Shares of Bemis Company Inc. dropped this morning after reporting third-quarter profits below analyst expectations. Third-quarter profit rose to $61.4 million, or $.55 a share, from $35.8 million, or $.33 per share for the same quarter in 2009. Analysts had forecast the company to earn $.60 a share on revenue of $1.3 billion. Shares of BMS are down 5.30% to $31.42.
Shares of Celgene are rising today as the Company said it now sees 2010 revenue of $3.6 billion, with adjusted earnings of $2.78 to $2.80 a share. Shares of CELG are trading up 3.94% to $61.74.
Shares of Exxon Mobil are trading up today upon reporting its profit climbed to $7.35 billion, or $1.44 a share, from $4.73 billion, or $.98 a share for the same period in 2009. Revenue increased to $95.3 billion from $82.3 billion. Shares of XOM are up .84% to $66.22.
Eastman Kodak is seeing its shares fly north today after announcing a positive third-quarter earnings report. Kodak's loss of $.16 a share was smaller than the loss of $.29 a share that analysts anticipated. Sales of $1.76 billion were above the $1.64 billion analysts had expected. Shares of EK are soaring; up 12.09% to $4.45
