Toronto's main stock index reached a two-year high, busting through 13,000 to close at the high of the day today, its best since early September 2008 before the collapse of Lehman Bros, as gold recovered from early losses to recover to new highs.
The S&P/TSX Composite closed trading up by 127.37 points, or .99%, to 13,052.48.
The price of oil for December delivery is down; losing .07% to $86.79.
Gold for December delivery is green at the moment; up $11.90 at $1,409.20.
The Canadian Dollar is down against the US Dollar at the moment; off by .002745 of a cent to .997005 U.S. cents.
ON THE DATA FRONT --
Canada Mortgage and Housing Corporation reported today that Canadian housing starts fell in October by the most since April 2009.
Starts declined 9.2% to a seasonally adjusted annual pace of 167,900 from a revised 185,000 in September, Canada Mortgage and Housing Corp. said from Ottawa today. The data fell shy of estimates which anticipated between 175,000 and 183,000 new starts.
Single-family starts in cities fell 8% to 57,700 units, while urban multiple dropped 15% to 84,700 units.
CLOSING NEWS --
Shares of Dalradian continued to climb today after Clarus started the Company at ''speculative buy'' with a $3.75 target. Shares of T.DNA closed up 6.67 to $2.40.
Cameco reported coming up short in its third quarter earnings and revenues, but increased its annual uranium production forecast. Shares of T.CCO surged forward to close up 8.50% to $35.98.
The world's number one gold producer, Barrick Gold Corp., finished up 4.74% to $51.48 and Agnico Eagle added 3.76% to close at $83.00
AFTERNOON NEWS --
Ivanhoe Mines aren't aiding the miners today as shares are down 1.21% to $26.18. Fellow copper miner, Teck Resources, however is seeing a share price increase; up .70% to $50.06.
After two extremely strong day and crude oil retreating some today shares of Suncor Energy Inc. are giving back a little; down .25% to $35.66.
Share of Goldcorp are benefiting from the continued rise in gold. Share of T.G are up 1.80% to $47.03. Shares of Kinross have also surged forward; up 1.49% to $19.10 as well as Barrick Gold. Shares of T.ABX are up 2.62% to $50.44.
MORNING NEWS --
DragonWave Inc., a leading global supplier of packet microwave radio systems for mobile and access networks, announced today that its largest customer will be following some cash conservation measures which will probably impact revenues and the Company will be revising its quarter ending November 30th guidance as a result to $27 million. Shares of T.DWI are trading down 9.33% to $7.00.
Silver reseller Silver Wheaton Corp. is trading up this morning as silver is near 30 year highs. Shares of SLW are off highs, but still up 2.70% to $33.86.
The largest drug developer in Canada, Valeant Pharmaceuticals International, Inc., is trading down after missing estimates with last week’s quarterly report. Shares of T.VRX are down well off the lows of the morning, but still down 4.17% to $26.00.
ON BAYSTREET
Eleven of the TSX Subgroups closed in the green today. Gold finished up by 2.93%, followed by materials; up 2.46% and info tech issues, which closed up 1.13%.
On the downside -- Health care issues finished down by .94%, telecom gave back .06% and consumer staples lost .02%.
The TSX Venture Exchange closed up by 32.92 points to 2,041.84 and the Nasdaq Canada index added to its total also; up by 9.52 points to 712.32.
ON WALLSTREET
Stocks on Wall Street recovered from the day's lows to close mixed, as the financial sector weighted down the markets while stocks took a pause from two year highs that were hit last week.
The Dow Jones Industrial Average closed down by 37.24 points, or .33% to 11,406.84. The S&P 500 finished down by 2.60 points, or .21%, to 1,223.25. The NASDAQ, however, closed green; up 1.07 points, or .04%, to 2,580.05.
The US Dollar is up against the euro by .0115 and losing ground against the yen; down .1200.
Oil futures for December delivery are down by $.06 to $86.79.
The 10-year bond yield is up .0270 to 2.5630%.
CLOSING NEWS --
Big Mover -- Cobra Electronics Corp. shares popped today after announcing ''significant progress'' in late-stage clinical-development programs. Shares of COBR closed up 27.24% to $2.85. Shares are up 40% in the last three trading sessions.
LDK Solar Co. reported late today that its third-quarter net income of $93.4 million, or $.72 a share, increased from the same quarter in 2009 which yeilded $29.4 million, or $.27 per share. Revenue increased to $675.6 million from $281.9 million a year earlier. Analysts had forecast earnings of $.43 cents a share on revenue of $590.8 million. Shares of LDK closed up 2.35% to $13.49 during normal hours, but are up to $14.16 in afterhours trading.
Allscripts-Misys Healthcare Solutions reported third-quarter net income fell to $1.4 million, or $0.01 a share, down from $12.9 million, or $0.09 a share from the same quarter in 2009. Shares of MDRX closed down .67% to $19.36.
Late today, Priceline.com reported a fiscal third-quarter income of $223 million, or $4.41 a share, compared with a profit of $319 million, or $6.42 a share. Revenue was $1 billion, up from $730.7 million. Shares of PCLN gapped up this morning, but slid back to close down .07% to $388.58 and then took off again afterhours to currently be trading at $411.66.
82% Drop in Earnings -- McDermott International Inc. reported a third-quarter profit of $20.8 million, or $0.09 a share, down from $118.1 million, or $0.50 a share, in 2009. Shares of MDR closed down .93% to $15.97, but are up afterhours to $16.46.
AFTERNOON UPDATE --
The Securities and Exchange Commission is looking at whether new restrictions should be placed on market makers and traders that use mathematical algorithms in the aftermath of the "flash crash" that rattled the markets worldwide on May 6.
Boeing was is leading Dow laggards after reporting on Friday that the company has told several of its early customers that delivery of the 787 Dreamliner will be delayed by as long as 10 months. Shares of BA are trading down 1.53% to $70.25.
Rumors about Yahoo and AOL are again stirring. Yahoo shares are on the rise today following a Wall Street Journal article saying AOL has hired financial advisers to explore various strategic options, one of which includes a possible merger with bigger rival Yahoo. Shares of YHOO are trading up 1.01% to $16.43. Shares of AOL are trading up 1.73% to $25.35.
AT THE OPEN --
Dynegy Inc. reported this morning that Institutional Shareholder Services, the proxy advising firm, has recommended investors vote in favor of the energy company's upcoming merger deal with affiliates of Blackstone Group. Shares of DYN are trading up 1.13% to $4.49. Shares of BX are trading down .78% to $14.04.
Sysco Corp. announced that its first-quarter net income fell by 8% to $299 million, or $.51 a share as compared to $326.2 million, or $.55 a share, for the same quarter in 2009. Shares of SYY are trading down 1.90% to $29.46.
McDonald's Corp. announced that its global comparable store sales increased by 6.5% in October. Its U.S. comparable store sales rose 5.6%. In other countries: Sales in Europe increased by 5.8%. Same store sales in Asia/Pacific, Middle East and Africa rose by 5.3%. Shares of MCD are trading down .55% to $78.86.
Amazon.com Inc. reported this morning that it will buy Quidsi Inc., the owner of diapers.com and soap.com for about $500 million in cash and assume about $45 million in debt and obligations from Quidsi. Shares of AMZN are trading down .76% to $169.47.
Shares of GT Solar International gapped up this morning after announcing a $203 million share buy back plan from private equity investors. The Company also announced that its chairman, J. Bradford Forth, will be replaced by former Western Digital CEO, Matt Massengill. Shares of SOLR are trading up 9.45% to $9.68 and shares of WFC are trading down 1.69% to $28.73 this morning.
