Roger Biduk; Nortel & Retail Take Down Bay Street

Roger Biduk writes;

Canadian and U.S. stock markets tanked as economic reports on retail sales were brutal. It looks like the recession is going to be worse than most analysts thought.
Looks like former tech icon Nortel Networks (TSX:NT) is finally filing for bankruptcy protection from creditors.
Toronto's S&P/TSX composite index fell 273.19 points or three per cent to 8,688.36. The TSX Venture Exchange was down 19.37 points to 849.53 while the CDN$ slipped 1.54 cents to 80.11 cents US.

Nortel stock plunged 26.5 cents or 68.8 per cent to 12 cents on a huge volume of 73.2 million shares, far away from its 52-week high of $14. North America's biggest maker of telecommunications equipment has been dealing with a sharp drop in orders from phone company customers, squeezed by the global credit crunch and the slumping U.S. economy. Nortel said the recession was the last straw.
Celestica (CLS) dropped 6.19% to $5.61.

Roger Biduk
The TSX financial sector fell three per cent.
Losers included Royal Bank (TSX:RY) down 96 cents to $34.84 and CIBC (TSX:CM) fell $1.77 to $48.86. Horizons BetaPro S&P TSX Financials Bull Plus ETF (HFU) tanking 6.82% to $5.60.
Gainers included Horizons BetaPro S&P TSX Financials Bear Plus ETF (HFD) soaring 6.76% to $33.60.

The TSX energy sector retreated 3.5 per cent after the U.S. Energy Information Administration said that distillate inventories - including heating oil - rose 6.4 million barrels last week, much higher than the 1.7 million gain that had been expected. The February crude contract on the New York Mercantile Exchange fell 50 cents to US$37.28 a barrel.
Gainers include Horizons BetaPro S&P TSX Capped Energy Bear Plus ETF (HED) soaring 6.37% to $18.36. Horizons BetaPro Nymex Crude Oil Bear Plus ETF (HOD) rising 4.68% to $25.28.
Losers include EnCana Corp. (TSX: ECA) declined $1.45 to $54.63 and Suncor Inc. (TSX:SU) gave back $1.70 to $25.78. Galleon Energy (GO) tanked 9.80% to $4.14. Horizons BetaPro Nymex Natural Gas Bull Plus ETF (HNU) sinking 8.43% to $3.80. Fairborne Energy Trust (FEL) losing 8.28% to $5.32. Crew Energy (CR) dropped 7.96% to $4.28. Addax Petroleum (AXC) down 7.37% to $19.36. Petro Canada (PCA) losing 6.58% to $28.68. Horizons BetaPro S&P TSX Capped Energy Bull Plus ETF (HED) dropping 6.19% to $4.55.

The base metals sector was a major drag, losing almost 10 per cent as copper prices gave back three per cent to US$1.4875 a pound. Teck Cominco Ltd. (TSX:TCK.B) declined 12.92%to $5.73 and Sherritt International (TSX:S) sinking 9.23% to $3.54. Inmet Mining (IMN) tanked 11.60% to $20.95. First Quantum Minerals (FM) sank 9.92% to $20.98. Hudbay Minerals (HBM) dropped 9.89% to $3.19. Timminco (TIM) losing 8.05% to $4.11. Thompson Creek Metals (TCM) declined 7.91% to $5.24. Dynasty Metals & Mining (DMM) sank 7.69% to $3.60. FNX Mining (FNX) declining 7.47% to $3.59. Ivanhoe Mines (IVN) down 7.31% to $3.55. Quadra Mining (QUA) sinking 6.45% to $2.90. Yamana Gold (YRI) losing 6.42% to $7.44. Silver Wheaton (SLW) down 6.28% to $6.57.

Roger Biduk
Other gainers include Bio MS Medical soaring 7.91% to $3.41. Labopharm (DDS) jumping 7.69% to $2.10. Horizons BetaPro S&P 500 Bear Plus ETF (HSD) soaring 6.34% to $33.72. Aeroplan Income Fund (AER) spiking up 6.28% to $8.80. Horizons BetaPro S&P TSX 60 Bear Plus ETF (HXD) rising 5.31% to $28.76.
Other losers included Mullen Transportation (MTL.UN) tanking 9.28% to $11.05. Chartwell Senior Housing Real Estate Trust (CSH.UN) sank 8.38% to $5.03. Air Canada (AC.B) losing 8.20% to $2.24. Newalta Income Fund (NAL) dropping 7.70% to $5.87. Brookfield Properties (BPO) sinking 7.66% to $7.71. West Fraser Timber (WFT) down 6.74% to $23.54. Bombardier (BBD.B) losing 6.53% to $6.53%. Canadian Hydro Developer (KHD) down 6.46% to $3.04. Horizons BetaPro S&P Bull Plus ETF (HFD) dropping 6.34% to $6.35. Potash (POT) sinking 6.19% to $87.67.

Canwest Global Communications Corp. (TSX:CGS) shares plunged 28 cents or 35 per cent to 52 cents after it reported a loss of $33 million for its fiscal first quarter on Wednesday, as its advertising revenue was eroded by the deteriorating economy. It also warned it may not be able to meet some of the repayment condition of its loans.
Corus Entertainment Inc. (TSX:CJR.B) said Wednesday it was reducing its 2009 earnings guidance despite recording a quarterly profit of $40.6 million, as advertisers scale back their spending in a slowing economy. Its shares declined 39 cents to $12.
Astral Media Inc. (TSX:ACM.A), Canada's largest radio and pay-TV operator, said Wednesday its first-quarter profit rose to $42.4 million from a year-earlier $37.5 million and its shares declined 45 cents to $22.50.