Stocks on Bay Street held on to gains that took the TSX more than 200 points higher in trading today as gold futures rose more than $50 and crude oil prices pushed to nearly $87 per barrel leading the resource filled Toronto markets to levels not seen since 2008.
The S&P/TSX Composite finished trading up by 207.67 points, or 1.64%, to 12,878.79.
The price of oil for December delivery is up; gaining 2.41% to $86.73.
Gold for December delivery is green at the moment; up $54.40 at $1,391.50.
The Canadian Dollar is up against the US Dollar at the moment; ahead by .002605 of a cent to .997655 U.S. cents.
ON THE DATA FRONT --
Canada released Ivey PMI for October plummeted to 56.7; worse than the forecasted 65.0 and the prior reading of 70.3.
CLOSING NEWS --
Sun Life closed off its highs, but still rose today as the Company crushed estimates when it announced a third-quarter profit of $.79 a share. Shares of T.SLF closed up 1.29% to $29.16.
Despite posting third-quarter earnings which fell to $.08 a share from $.13 for the year prior quarter, shares of HudBay Minerals' climbed today; closing up 5.61 % to $17.52.
Yamana Gold saw its shares climb today after increasing a quarterly dividend by 50% and announcing a special dividend to top up its previously declared third-quarter dividend. Shares of T.YRI gapped up and held; closing up 5.62% to $11.40.
AFTERNOON NEWS --
The Energy Index is up 3.22%, with shares of Suncor Energy Inc. rising 7.84% to $35.48. The energy beast today announced a 10% increase in its third-quarter earnings.
Canadian Natural reported third-quarter net earnings that slid to $.53 a share from $.61 a share, which came in ahead of estimates of $.48 per share. Shares of T.CNQ are up 4.16% to $39.31.
MORNING NEWS --
Canada's decision to block a takeover bid for Potash Corp. yesterday is not boding well for the stock price this morning. Shares of T.POT are trading down 4.08% to $140.24.
Air Canada reported a higher-than-expected third-quarter profit on Thursday as Canada's No. 1 airline increased its business passenger traffic and continued an aggressive cost-cutting plan. Operating income climbed to $327 million, nearly five times year-earlier levels of $68 million. Closely watched earnings before interest, taxes, depreciation, amortization and aircraft rent, or EBITDAR, rose to $581 million from $320 million. Shares of T.AC.B are trading up 3.65% to $3.98.
Gold Strong -- With the rise in gold futures, plays such as Kinross Gold (up 2.06% to $18.30), Barrick Gold (up 2.34% to $49.82) and Goldcorp (up 2.63% to $46.07) are having strong days so far.
Energy giant, Teck Resources is up 2.74% to $47.22 in morning trading.
ON BAYSTREET
Eleven of the TSX Subgroups closed in the green today. Base metals are up by 4.65%, followed by metals and mining; up 3.87% and gold issues, which finished up 3.67%.
On the downside -- Health care closed down by 1.40%, telecom issues slid .54% and info tech shares dropped .03%.
The TSX Venture Exchange is up by 43.10 points to 1,991.74, while the Nasdaq Canada index is in the green as well; up by 10.60 points to 711.12.
ON WALLSTREET
Stocks on Wall Street kept surging all day today as the momentum of the bulls overcame any minor selling pressure to see the Dow Jones rally to levels not seen since the Lehman Brothers debacle in 2008. Each major index gained well over 1% for the day following the absorption of the Fed's stimulus package announced yesterday of $600 billion more dollars of easing.
The Dow Jones Industrial Average finished up by 219.71 points, or 1.96% to 11,434.84. The S&P 500 closed up by 23.10 points, or 1.93%, to 1,221.06. The NASDAQ closed trading in the green as well; up 37.07 points, or 1.46%, to 2,577.34.
The US Dollar is down against the euro by .0087 and losing ground against the yen; down .3900.
Oil futures for December delivery are up by $2.04 to $86.73.
The 10-year bond yield is down .1390 to 2.4800%.
IN DATA NEWS --
The Labor Department released its Weekly Jobs report which showed that claims during the week ended in October 30th climbed, exceeding expectations to reach 457,000 from the prior reading of 434,000. This new figure is higher than expectations of 442,000.
The Energy Department's Energy Information Administration reported that natural gas inventories held in underground storage in the lower 48 states grew by 67 billion cubic feet to 3.821 trillion cubic feet for the week ended Oct. 29. Analysts expected the increase to range between 61 billion cubic feet and 65 billion cubic feet.
The Labor Department reported that U.S. non-farm productivity increased at an annual rate of 1.9% after shrinking at a 1.8% pace in the second quarter. Unit labor costs fell at a 0.1% rate after rising a revised 1.3% in the second quarter. Economists had expected unit labor costs to rise at a 0.7% rate in the third quarter. Total non-farm output grew at a 3.0% rate in the July to September period, accelerating from a 1.6% rate in the second quarter. Hours worked increased at a slower 1.1% rate after a 3.5% pace in the second quarter.
CLOSING NEWS --
Kraft Foods Inc. reported that third-quarter net income fell 8% from the same quarter in 2009 to $754 million, or $.43 a share. Excluding items, Kraft reported that it earned $.47 per share which topped estimates of $.45 per share. Additionally, the Company reported that sales rose 26% to $11.9 billion. Shares of KFT closed up .70% to $31.79 and have added an additional $.11 in afterhours trading.
Oil and gas services company, Fluor Corp., reported a net loss of $54 million, or $.30 cents a share, for the quarter ended September 30 as compared to $162 million, or $.89 a share, for the same quarter last year. Shares of FLR closed up .48% today to $49.80, but are trading down mildly after the closing bell.
Citigroup Inc. reported that a U.S. District Court jury in Manhatten sided in their favor in a lawsuit over the troubled leveraged buyout of music company EMI in 2007. The jury returned a verdict stating that David Wormsley, a Citi investment banker, did not deceive Terra Firma Capital Partners into buying EMI at an inflated price by making the buyout firm think there were other bidders.
AFTERNOON NEWS --
Shares of Tesla Motors, Inc. are on the move today after yesterday's news that Panasonic Corp. invested $30 million in the electric car maker. Shares of TSLA are trading up 9.09% to $23.75.
Gap, Inc reported this morning that it expects it third quarter earnings to top estimates. Shares of GPS are up 6.13% to $20.44.
Shares of Qualcomm, Inc. are on the rise due to fourth quarter earnings and forecast the beat expectations. Shares of QCOM are trading up 5.75% to $48.32.
On the flip side --
After slashing its 2010 forecast, Global Cash Access Holdings, Inc. has seen it shares drop today. Shares of GCA are trading down 17.29% to $3.12.
AT THE OPEN --
Shares of Time Warner Cable Inc. are on the rise after the Company reported a 34% improvement in its third-quarter profit this morning. Additionally, TWC announced a $4 billion stock-repurchase plan. Shares of TWC are up 5.20% to $62.76.
Chip manufacturing equipment maker, Axcelis Technologies Inc. stated this morning that it will report its first profitable quarter in years in the fourth quarter. Shares of ACLS are up 14.98% to $2.45 this morning.
Israeli maker of soft drink carbonation systems for home use, Sodastream International Ltd.’s, U.S.-listed shares are continuing to climb today after an original IPO on Tuesday started shares at $20 each. Shares of SODA are trading up 20.69% to $29.35.
