Toronto's main stock index started a little slow, but closed the day and the month of October with strength today fueled by reports that showed the Canadian and U.S. economies grew, and gold rallied more than 1%.
The S&P/TSX Composite closed trading up by 112.15 points, or .89%, to 12,676.24.
The price of oil for November delivery is down; losing .94% to $81.41.
Gold for December delivery is green at the moment; up $16.20 to $1,357.10.
The Canadian Dollar is up against the US Dollar at the moment; ahead by .001245 of a cent to .97972 U.S. cents.
DATA NEWS --
Statistic Canada announced this morning that after a slight downturn in July, Canada's economy resumed growing in August spurred by wholesale trade, manufacturing and oil and gas extraction.
Gross domestic product by industry climbed 0.3% in the month compared with a 0.1% contraction in July. Growth for both goods-producing and services-producing industry groups was the same as the previous month, at 0.3%.
Wholesale trade, particularly of machinery and equipment, was one of the biggest contributors to growth. Wholesale activity expanded 1.1% in the first increase in four months. Over half of the 21 manufacturing groups also advanced for a sectoral gain of 0.5%. Oil and gas extraction jumped 1.5%.
CLOSING NEWS --
BlackBerry maker Research In Motion has been passed by Apple, Inc. and pushed down to the fifth largest mobile phone vendor after the release of the U.S. company's popular new iPhone 4. Shares of T.RIM closed up 1.15% to $58.01.
Canada’s insurance regulator released a draft of the new rules it is proposing that will dictate how insurers calculate capital levels for the variable annuities that they sell after Jan. 1, 2011. These changes in rules could be valuable to Manulife which has been hurt by existing requirements. Shares of MFC closed .69% to $12.91 today.
Saskatchewan premier Brad Wall stated today that Manitoba's premier has joined him in opposing the hostile takeover of Potash Corporation of Saskatchewan by Australian mining giant BHP Billiton.
Some winners today -- General Moly Inc. finished up 21.64% to $5.34, Moly Mines Ltd. gained 13.33% to close at $.85, Mercator Minerals Ltd. added 7.41% to close at $3.19 and Thompson Creek Metals Co. 12.04% to $12.28.
AFTERNOON NEWS --
Several analysts raised their target prices on Potash Corp. today, a day after the company reported a 62% jump in third-quarter earnings. Shares of T.POT are up 1.14% to $147.66.
Canada's Silver Standard Resources Inc agreed to sell its Snowfield and Brucejack projects in northern British Columbia to Pretium Resources Inc, a company led by its former CEO Robert Quartermain, for C$450 million in cash and stock. Shares of T.SSO are trading up 4.28% to $25.08.
MORNING NEWS --
Transforce Inc. reported an 11% increase in third-quarter revenue and higher earnings of $.27 a share. Shares of T.TFI bounced off lows, but are still down .43% at $11.61.
Dalsa Corp. raised its quarterly dividend to$.07 from $.06 on higher third-quarter earnings and revenue. Shares of T.DSA gapped up to start the day, but are since trading down .35% at $11.26.
Zarlink Semiconductor Inc. announced a net profit jumped to$.05 a share in the second quarter on higher revenue, but it said short-term inventory rebalancing could affect the pace of growth in the third quarter. Shares of T.ZL are off lows, but still down 4.15% at $2.08.
ON BAYSTREET
Twelve of the TSX Subgroups closed in the green today. Health care finished up by 1.72% followed by consumer staples; up 1.62% and materials, which closed up 1.29%.
On the downside -- Real estate closed down .11%, followed by base metals; down .01%.
The TSX Venture Exchange closed up by 24.16 points to 1,950.31, while the Nasdaq Canada index finished in the green as well; up by 9.33 points to 697.64.
ON WALLSTREET
Stocks on Wall Street were held up by blue-chip stocks which edged higher today while overall stocks slid quietly into the end of a strong October as investors are patiently waiting for next week's Federal Reserve meeting and midterm elections.
The Dow Jones Industrial Average closed up by 4.54 points, or .04% to 11,118.49. The S&P 500 closed down by .52 points, or .04%, to 1,183.26. The NASDAQ finished in the green; up .04 points, or .00%, to 2,507.41.
The US Dollar is up against the euro by .0011 and losing ground against the yen; down .5300.
Oil futures for November delivery are down by $.77 to $81.41.
The 10-year bond yield is down .0490 to 2.6120%.
IN DATA NEWS --
In its first estimate for the third quarter, the Commerce Department said gross domestic product rose at a 2.0% annual rate between July and September, faster than the 1.7% seen in the prior three months.
Confidence among U.S. consumers fell in October to the lowest level in almost a year. The Thomson Reuters/University of Michigan final index of consumer sentiment decreased to 67.7 from 68.2 in September. Economists had forecast a reading of 68, nearly equalling the preliminary figure of 67.9, according to the median estimate in a Bloomberg News survey.
CLOSING NEWS --
Microsoft was among the Dow's best performers today after the software giant reported first-quarter profit climbed 51%, benefiting from a continued strong response to the Windows 7 operating system and Office 2010. Shares of MSFT finished the day up 1.46% at $26.67.
Volcom Inc. shares bounced off of lows of the day, but closed significantly down after the surf-inspired teen retailer’s fourth-quarter profit forecast missed Wall Street expectations. Shares of VLCM closed down 9.01% at $17.17.
Among notable gainers -- Deckers Outdoor Corp. shares popped 7.61% to $58.10 as the maker of Teva sandals reported a better-than-expected third-quarter profit.
Estee Lauder Cos. saw its shares climb today after the make-up giant raised its full-year outlook after its fiscal first-quarter profit was $.20 per share ahead of Wall Street expectations. Shares of EL closed up 10.50% at $71.17.
Two packages found on cargo flights from Yemen bound for U.S. cities apparently contained explosive material, President Barack Obama said Friday. Obama said the U.S. will spare no effort in investigating the origins of the packages.
AFTERNOON NEWS --
Energy Laggards -- Shares of Chevron Corp, Sunoco Inc. and First Solar Inc. are weighting down the energy sector today as crude oil prices are struggling to hold over $80.
Shares of CVX are down 1.55% to $83.14 after missing earnings estimates, shares of SUN are off by 6.38% to $37.19 upon news of a loss in it refining operations and shares of First Solar are off by 8.63% to $138.10 after announcing that it intends to carry out a pricing plan that reflects lower subsidies in some of its key markets.
Utility Earnings Winners -- Pepco Holdings Inc. (POM) is up 1.34% to $19.25 and shares of Edison International (EIX) have climbed 1.61% to $36.55.
AT THE OPEN --
AMAG Pharmaceuticals shares tanked in early trading on concerns that U.S. regulators will require sterner safety warnings on the company's anemia product Feraheme due to reports that it has caused serious adverse reactions in some users. Shares of AMAG are down 17.10% to $16.00.
Genworth Financial Inc. is the biggest decliner in the financial sector so far this morning after the company’s results missed analyst forecasts and its mortgage-insurance business posted an ugly third quarter. Shares of GNW are down 11.69% at $11.13.
Shares of Monster Worldwide launched this morning after reporting solid results, including an outlook that exceeded Wall Street’s expectations. Shares of MWW are up 23.25% at $17.75.
Shares of Sunoco and First Solar drop after their quarterly results disappoint investors.
Shares of Vivus Inc. are rallying on hopes that the company would eventually win U.S. regulatory approval for its diet drug Qnexa. Shares are up 23.96% at $7.60.
