Stocks to End Sunday

Diposting oleh jim | 23.23 | , , , | 0 komentar »

Toronto's main stock index closed the weak down as dropping commodity prices triggered a selloff of Canadian mining and materials stocks today as concerns of China's monetary policy kept investors uneasy.

The S&P/TSX Composite finished trading down by 185.50 points, or 1.43%, to 12,749.24.

The price of oil for December delivery is down; losing 3.35% to $84.87.

Gold for December delivery is red; down $37.70 at $1,365.40.

The Canadian Dollar is down against the US Dollar at the moment; off by .005825 of a cent to .990885 U.S. cents.


Shares of Western Coal Corp. suffered today along with so many other miners. Shares of T.WTN ended the day down 6.31% to $7.27. Shares of Ivanhoe Mines Ltd. lost 2.72% to finish at $25.40, while shares of Thompson Creek Metals Co. fell back by 3.86% to $12.72.

Materials didn't fair any better as Barrick Gold dropped 1.58% to $51.25, Goldcorp shares decreased by 1.22% to $46.85 and Agnico Eagle Mines Ltd slumped 1.23% to $80.55.

Energy laggards included Canadian Natural Resources Ltd.; down 1.95% to $39.75, Cenovus Energy; off by 1.92% to $29.42 and EnCana Corp.; lower by 2.26% to $29.42.

West Fraser Timber Company announced that it will be proceeded with an energy efficiency upgrade of its Hinton Pulp pulp machine. The project, which is expected to cost approximately $37 million, will be funded with credits earned under the Canadian federal government's ''Pulp and Paper Green Transformation Program'' and will allow Hinton Pulp to produce more pulp with greater energy efficiency and produce additional energy. The additional energy will be enough to power approximately 720 average homes. Shares of T.WFT closed up $1.87 to $45.71.


Major gold miners in the red -- Shares of Barrick Gold Corp (T.ABX) are trading down 1.25% to $51.42, Goldcorp(T.G) is down 1.33% to $46.82 and Kinross (T.K) is trading 1.18% to $18.49.

Copper miner, First Quantum Minerals, Ltd. (T.FM) is trading down 4.29% to $89.78. Teck Resources (T.TCK.B) is seeing its shares slide 1.93% to $49.38.

Research in Motion is adding to its gains from the previous two days; shares of T.RIM are trading up .98% to $59.93.

Oil and gas trust, Enerplus Resources Fund, posted a third-quarter profit that beat market estimates with the help of strong commodity prices, and reported that it is on track to meet its annual production view. Shares of T.ERF.UN are trading down 3.25% to $28.29.


Amongst other companies, oil firms, Pacific Rubiales and Petrominerales were selected by Ecopetrol to work on a $4.2 billion project to build an oil pipeline, Colombia's state oil company reported today. Shares of T.PRE are trading down .84 % to $30.64 while shares of T.PMG are trading down .62% to $28.62.

Franco-Nevada Corp reported third-quarter results that topped market estimates, aided by a 35% increase in royalty revenue from its gold and precious metal assets in North America and Mexico. Shares of T.FNV are trading up .40% to $32.60.

Linamar Corp. reported a quarterly profit that fell short of estimates, partly hurt by a decline in demand in the agricultural equipment markets, and said its CFO had resigned. Shares of T.LNR are trading 13.09% to $19.46.


None of the TSX Subgroups closed in the green today.

On the downside -- Base metals finished down by 2.82%, metals and mining were down by 2.67% and materials ended the day down by 1.91%.

The TSX Venture Exchange closed down by 32.19 points to 2,007.09, while the Nasdaq Canada index ended in the red as well; down by 9.55 points to 718.22.


Stocks on Wall Street closed the day and the week down as concerns of global economic recovery pushed most aspects of the markets lower today to end a week of see-saw trading that saw the bulls take control for the moment.

The Dow Jones Industrial Average closed down by 90.52 points, or .80% to 11,192.58. The S&P 500 finished down by 14.33 points, or 1.18%, to 1,199.21. The NASDAQ closed trading in the red as well; down 37.31 points, or 1.46%, to 2,518.21.

The US Dollar is down against the euro by .0031 and gaining ground against the yen; ahead by .0200.

Oil futures for December delivery are down by $2.94 to $84.87.

The 10-year bond yield is finished at .2574%.


The preliminary Reuters/University of Michigan gauge of consumer sentiment edged up to 69.3 from a reading of 67.7 in October. Economists had expected a November reading of 69.0. Despite the increase, the gauge is still well below June's reading of 76.0, and pre-recession levels above 80.


Tech stocks drop this week -- Despite seeing some gainers such as Nvidia (up 5.20% to $13.26) and Intel (up 1.37% to $21.53), tech stocks ended the week lower fueled by a sell off after Cisco reported bad earnings on Thursday.

Helping shares of INTC was the fact that Intel Corp. reported that its board of directors has approved a plan to increase the company's quarterly dividend by 15%.

Dell Inc. is expected to post a 22% gain in sales when it reports results next week, with investors anticipating upbeat remarks on corporate demand, while bracing for a bleaker view of the consumer market. Shares of DELL closed down 7.19% to $13.42 during normal hours, but are trading up very slightly in after hours trading.

Financials lag as well -- Lincoln National Corp. closed down by 4.44% to $23.89 and Huntington Bancshares Inc. dropped by 4.26% to $5.90.


The Federal Reserve Bank of New York bought $7.229 billion in Treasury bonds today, the first operation as the central bank engages in a second round of quantitative easing to support lending and spending.

Department store operator, Dillard's Inc., saw shares spiked after reporting an 80% spike in third-quarter profit. Shares of DDS are trading up 12.32% to $31.55.

After projecting better than expected earning for the first quarter of fiscal 22011, Shares of Microsemi Corp. (MSCC) are up 8.74% to $22.65.

Wheeled footwear maker, Heelys Inc. reported losses were lower, but revenue fell in its third quarter. Shares of HLYS are trading down 12.54% to $2.93.

Shares of Cisco continue to slide today adding to the large losses from yesterday. Shares of CSCO are down .98% to $20.31 in early afternoon trading. Other big name techs are down as well with Microsoft losing 1.42%, Dell is down 2.71% and Oracle falling .66% today.


Shares of Finisar Corp. are climbing today after the manufacturer of fiber-optic transmission gear topped Wall Street estimates and boosted its earnings outlook for the second quarter ended Oct. 31. Share of FNSR are trading up 8.58% to $19.47.

Last night Nvidia Corp. reported third-quarter earnings that topped estimates. Shares of NVDA are up 7.92% to $13.61.

Shares of Dynavox Inc. are plummeting this morning after the Company trimmed its 2011 earnings outlook below expectations. Shares of DVOX are trading down 22.68% to $4.50.

Fins struggling -- Lincoln National Corp. (LNC) is down 2.24% to $24.44, Janus Capital Group Inc. (JNS) is down 3.42% to $11.30 and Huntington Bancshares Inc. (HBAN) are off by 2.48% to $6.01 this morning.

Shares of Walt Disney Co. are trading up this morning after releasing better than expected quarterly results late yesterday. Shares of DIS are trading up 5.16% to $37.78.


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