The Toronto stock market faded back into the red by noon Thursday, as initial optimism over Europe and American economic tidings faded.
The S&P/TSX Composite Index fell 33.11 points, to break for lunch at 11,509.94
The Canadian dollar gained 0.47 cents to 96.68 cents U.S.
RIM has already said it would take a big writedown on unsold PlayBook tablet computers, but surprises could still await investors hungry for details about what many see as a new, make-or-break BlackBerry.
Shares in the Waterloo, Ontario-based company fell 20 cents to $15.49
Bombardier Inc.’s train unit won orders worth $248 million U.S. to provide light rail vehicles and classic trams to the Frankfurt transport authority. Bombardier stock slid six cents to $3.49
H&R Real Estate Investment Trust said it would buy an office building in downtown Houston for $442.5 million U.S. Its shares skidded 56 cents to $23.17
Holiday travel mover and shaker Transat AT Inc. posted a fourth-quarter loss, blaming tough economic conditions and high fuel costs. Transat shares were flat at $6.34 Thursday noon.
Crocodile Gold received an unsolicited offer from Luxor Capital Group to buy a majority stake in the Canadian miner for about $121 million, and said it has set up a special committee to review the bid. Its shares doffed a penny to 48 cents.
Brigus Gold raised the resources estimate at its Black Fox project in Ontario by more than 50%. Its shares shed a nickel to $1.05.
Speaking of things economic, statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity rose 0.5% in November 2011 from the previous month, on a seasonally-adjusted basis. The national average price posted a 4.6% year-over-year gain in November, the smallest increase since January
ON BAYSTREET
The TSX Venture Exchange sagged 5.91 points to 1,400.02, while the Nasdaq Canada index was down 3.28 points to 361.47
All but three of the 14 Toronto subgroups had fallen into a negative position by noon. Gold shed 1.3%, while industrials and global base metals had each lost 1.2%.
The three gainers were utilities, up 0.2%, while consumer discretionaries and telecoms each nipped up 0.1%.
ON WALLSTREET
In New York, stocks rose Thursday after government data showed first-time claims for jobless benefits fell to a three-year low, raising hopes the labour market is improving.
The Dow Jones Industrials remained in the green 67.05 points to greet noon Thursday at 11,890.50
The S&P 500 progressed 4.69 points, to 1,216.51, while the Nasdaq Composite prospered 2.31 points to 2,541.62
Often considered a bellwether of the economy, FedEx reported better-than-expected income in its second fiscal quarter, with earnings per share of $1.57 U.S. Shares rose in early trading.
Shares of Novellus Systems climbed after Lam Research Corp announced it will acquire the company in a $3.3-billion U.S. transaction. Both companies are large manufacturers of semiconductors, used in chips.
Michael Kors stock debuted on the New York Stock Exchange Thursday, after the fashion brand raised $944 million U.S. in its initial public offering the previous evening. The IPO was the largest ever for a U.S. fashion company.
Thursday's rally comes after three days of losses on Wall Street. On Wednesday, stocks fell 1% as concerns about the European debt crisis and the euro's slide weighed on the market.
Europe's debt woes have been the main market driver since at least September. Investors are concerned that government policies meant to correct the crisis will not be enough to prevent a banking crisis that could ripple across the global financial system.
On the economic front, the number of people filing for initial unemployment benefits fell to 366,000 in the latest week -- the lowest level since May 2008, and well below analysts' estimates. Analysts surveyed by Briefing.com expected initial jobless claims for the week ended Dec. 10 to hit 390,000 -- up from 381,000 the week prior.
Elsewhere, the U.S. Bureau of Labor Statistics' Producer Price Index for November increased by 0.3%, higher than expected. The index dropped 0.3% in October.
Industrial production for November declined 0.2% after a 0.7% gain in October
The price on the benchmark 10-year U.S. Treasury increased by late morning, pushing the yield back down to 1.90% Wednesday. Treasury prices and yields move in opposite directions.
Oil for January delivery ducked back 58 cents to $94.37 U.S. a barrel.
Gold futures for February delivery fell $6.80 to $1,580.10 U.S. an ounce.
