Roger Biduk;
Stocks in Canada gained Wednesday, with the financial sector leading the market higher, as investors were cheered by a relatively small decline in Toronto-Dominion Bank's first-quarter net income.
In Toronto, the S&P/TSX Composite (ISPTX) closed up 73 points, or 0.9%, at 7,932.3 points. On Tuesday, the index rose 2.8%, tracking a rally on Wall Street.
Advancers led decliners 744 to 742.
The S&P/TSX Capped Financial Index jumped 3.08% today.
NB Split (NBF) soared 34.00% to $3.35. 5Banc Split (FBS.B) jumped 30.00%. Premium Income (PIC.A) higher by 29.44%. Dividend 15 Split (DF) gained 17.57% to $2.61.
Savanna Enegy Serv. (SVY) tanked 9.63% to $4.88. Gluskin Sheff & Ass. (GS) sank 6.76% to $8.00. Livingston Int’l. inc. (LIV.UN) down 6.70% to $3.90. Euitable Gr. (ETC) lower by 6.11% to $10.29.
Kicking off the Canadian bank earnings season, Toronto-Dominion Bank (TD) reported that its net income fell to C$712 million in the first quarter ended Jan. 31, down from C$970 million a year earlier. Adjusted net income fell to C$1.14 billion compared with C$1.06 billion a year earlier.
The bank reported earnings of 82 cents a share, compared with C$1.33 cents a share a year ago. It said that it expects "a worsening economic environment." Shares of the bank closed up 1.7%
Elsewhere in the sector, Royal Bank of Canada (RY) gained 5.3% and the Bank of Nova Scotia (BNS) added 4.2%. Bank of Montreal (BMO) slid 0.9%.
Roger Biduk;
The March crude contract on the New York Mercantile Exchange
soared 6.36% to US$42.50 a barrel and the S&P/TSX Energy Index was 1.87% higher. Natural gas lost 3.93% to $4.03.
Phoenis Tech. Income Fund (PHX.UN) soared 14.65 to $5.79. Zargon Energy Tr. (ZAR.UN) jumped 11.11% to $15.40. Verenex Energy Tr. (VNX) rose 10.64% to $7.80. Trinidad Drilling (TDG) gained 7.59% to $2.55. Petrobank Energy & Res. (PBG) up 6.90% to $19.22.
NuVista Energy (NVA) sank 8.45% to $5.20. Eveready (EIS) down 6.94% to $3.35.
The S&P/TSX Capped Industrial Index dropped 1.34%.
West Fraser Timer (WFT) jumped 8.59% to $26.17.
The S&P/TSX Capped Information Technology Index rose 1.42% and the S&P/TSX Capped Telecom Services Index was down .44%.
Aastra Tech. (AAH) soared 46.70% to $13.76. Evertz Tech. (ET) jumped 13.78% to $11.15. Gennum (GND) gained 10.53% to $4.20. Torstar (TS.B) up 5.10% to $6.39.
In the mining sector, several producers' shares pared earlier gains or registered losses as gold prices slid.
The S&P/TSX Global Gold Index lost .21% as the April bullion contract in New York lost $3.30 to US$966.20 an ounce.
Jaguar Mining (JAG) lost 5.24% to $6.87.
Moto Goldmines (MGL) soared 29.17% to $3.10. US Gold Corp. (UXG) jumped 5.93% to $2.50. Gabriel Res. (GBU) rose 5.51% to $2.68.
Shares in Yamana Gold Inc. (YRI) ended 1.9% higher. Shares of Equinox Minerals Limited (EQN) fell 2.3%. Barrick Gold Corp. (ABX) closed 0.4% lower.
Roger Biduk;
Shares of Agrium Inc. (AGU), a producer of fertilizers and other agricultural products, tumbled 8.5% after it launched an unsolicited bid Wednesday for CF Industries Holdings (US:CF), which itself is making a hostile bid for another firm, Terra Industries (US:TRA).
Calgary-based Agrium said it's bidding $3.6 billion of cash and stock for CF Industries Holdings in a deal that would add CF's North American nitrogen, phosphate and crop nutrient distribution assets to Agrium's global wholesale and retail capabilities.
The S&P/TSX Capped Utilities Index gained .90%.
The S&P/TSX Consumer Discretionary Index was .54% lower and the S&P/TSX Consumer Staples Index was down .52%.
Richelieu Hardware (RCH) jumped 6.20% to $16.97.
Maple Leaf Foods (MFI) sank 7.21% to $8.75.
The S&P/TSX Capped Diversified Metals & Mining Index gained .47% as aluminum gained 1.65%, copper gained 2.47% and silver dropped .86% to $13.91.
Sherritt Int’l. (S) tanked 18.92% to $2.10. Osisko Mining (OSK) sank 5.38% to $4.40. Jaguar Mining (JAG) lower by 5.24% to $6.87.
Ivanhoe Mines (IVN) jumping 10.33% to $5.66. Timminco (TIM) higher by 9.86% to $3.12. Hanfeng Evergreen (HF) up 8.24% to $6.96. Altus Min. (ALS) rising 6.04% to $6.50.
Shares of Bombardier Inc. (BBD.B) fell 1.4%. The company said Wednesday that Bombardier Transportation has been awarded a contract in Australia by the Victorian government to build 32 rail cars valued at about $95 million.
Some energy companies reversed higher as oil prices rallied more than 6% to $42.50 a barrel.
Shares of Talisman Energy Inc. (TLM) ended 3.6% higher and shares of Suncor Energy Inc. (SU) gained 1.5%.
Roger Biduk;
The S&P/TSX Capped Health Care Index was higher by 1.34%.
QLT (QLT) jumped 7.32% to $2.20. Atrium Innovastions (ATB) higher by 6.50% to $14.75.
In the service sector, Hartco Inc. Fund (HCI.UN) tanked to 23.08% to $2.30. Guardian Capital GR. (GCG.A) sank 6.25% to $3.00. Ritchie Bros. Auctioneers (RBA) down 6.16% to $19.20. Weston Gr. (WN) down 5.26% to $59.85.
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Thursday, February 26, 2009
Wednesday, February 25, 2009
Roger Biduk; Financials Take Bay Street Higher
Roger Biduk;
If you read my blog yesterday, it started like this:
“The markets have dropped so much that I believe it’s now time to be selective and jump in. I think the ETFs that follow the indexes and the financial sector are the places to look at.”
And I hit the nail on the head.
Many of my clients out there loaded up on these ETFs and they went through the roof today.
Depending on what President Obama has to say later tonight, we may see a follow-through day tomorrow.
Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Wall Street and Bay Street.
As you know from my writings, the ETF I’ve been buying and recommending for client accounts over the last several days is DIREXION SHARES ETF TRUST (FAS), which soared 27.44% today on huge volume of 174M! I’ve been watching this baby drop to a 52-week low the other day and it was definitely time to buy.
ProShares Ultra Financial (UYG) jumped 21.39% to $2.44. Proshares Ultra Real Estate (URE) rose 16.92% to $3.11. Financial Select Sector (XLF) higher by 12.12% to $8.05.
Canadian ETFs also had a great day.
Horizons BetaPro S&P/TSX Global Gold Bear+ (HGD-T) soared 17.39% to $9.25. Horizons BetaPro S&P/TSX Capped Fin Bull+ ETF (HFU-T) jumped 13.71% to $3.40. Horizons BetaPro S&P/TSX Cap Energy Bull+ ETF (HEU-T) jumped 10.92% to $3.25. Horizons BetaPro MSCI Emerg Markets Bull+ ETF (HJU-T) rose 10.90% to $14.04.
Toronto's main stock index closed sharply higher on Tuesday as oil and gas issues climbed with rising crude prices, while financials strengthened as fears over the fate of the troubled U.S. banking sector eased.
In see-saw action, the benchmark index swung nearly 300 points from trough to peak, with the upside supported by strength in energy issues as oil settled nearly 4 percent higher at $39.96 a barrel. The main pressure to the downside came from weaker gold prices.
Roger Biduk;
The March crude contract on the New York Mercantile Exchange gained 3.95% to US$39.96 a barrel and the S&P/TSX Energy Index was 5.48% higher. Natural gas gained 2.34% to $4.19.
Nexen (NXY) jumped 10.77% to $16.46. Highpine Oil & Gas (HPX) higher by 10.20% to $4.43. Bonavsita (BNP.UN) up 9.65% to $13.75. Cnd. Nat.Res. (CNQ) rose 8.76% to $39.74.
Eveready (EIS) tanked 16.67% to 43.60. Trinidad Drilling (TDG) sank 7.78% to $2.37. Phoenix Tech. inc. Fund (PHX.UN) down 6.31% to $5.05. Angle Energy (NGL) lower by 5.71% to $3.30.
The S&P/TSX Global Gold Index tanked 8.94% as the April bullion contract in New York sank $25.50 to US$969.50 an ounce.
Moto Goldmines (MGL) tanked 18.64% to $2.40. US GoldCorp.(UXG) sank 16.90% to $2.36. Kirkland Lake Gold (KGI)lower by 15.81% to $5.75. Barrick Gold (ABX) down 12.15% to $39.25.
First Quantum Minerals (FM) soared 9.67% to$33.34.
The heavily weighted financial services sector led the TSX higher. The S&P/TSX Capped Financial Index, which lost over 14 per cent soared 7.22% today.
The sector followed U.S. stocks higher after Federal Reserve Chairman Ben Bernanke signaled that nationalization of major U.S. banks was not at hand.
The Toronto Stock Exchange S&P/TSX composite index closed up 211.66 points, or 2.77 percent, at 7,859.33, with nine of its 10 main groups advancing.
The index rose sharply at the open, rebounding from multi-year closing lows on both Canadian and U.S. markets on Monday. At one point on Tuesday, however, the index retreated to touch its lowest level since October 2003.
Roger Biduk;
The S&P/TSX Capped Utilities Index jumped 4.29%.
Atco (ACO.X) rose 6.07% to $35.28. Cdn. Utilities Ltd.(CU) gained 5.14% to $39.70.
Superior Plus (SPB) lost 5.05% to $10.15.
The S&P/TSX Consumer Discretionary Index was higher by 3.55% and the S&P/TSX Consumer Staples Index was up 1.51%.
Cascades (CAS) lost 6.73% to$2.50.
ZCL Composites (ZCL) jumped 7.95% to $4.75. Rogers Sugar income fund (RSI.UN) rose 6.67% to $3.20. Viterra (VT) higher by 6.16% to $10.17%. Glidan Activewear (GIL) up 5.73% to $8.86.
The S&P/TSX Capped Industrial Index rose 3.99%.
Sino-Forest Corp. (TRE) tanked 9.09% to $8.50. Heroux-Devtek (HRX) sank 6.62% to $4.09.
Bombardier (BBD.B) soared 11.70% to $2.96. Bird Construction Income Fund (BDT.UN) jumping 8.63% to $17.14. Martinrea Int’l. (MRE) gained 7.27% to$2.36. ATS Automation Tooling (ATA) gaining 5.12% to $3.49.
The S&P/TSX Capped Information Technology Index rose 1.78% and the S&P/TSX Capped Telecom Services Index was up 1.88%.
Research in Motion (RIM) soared 7.96% to $50.56. Computer Modelling Gr. (CMG) jumped 7.48% to $9.20.
Roger Biduk;
The S&P/TSX Capped Health Care Index was higher by 3.02%.
Medical Facilities (DR.UN) sinking 7.52% to $7.50. QLT (QLT) down 5.09% to $2.05.
Biovail (BVF) higher by 5.63% to $13.70.
In the service sector, Thomson Reuters (TRI) soared 11.47% to $31.49. Westjet (WJA) jumped 6.96% to $11.53. Santec (STN) higher by 6.97% to $24.57. Cdn. Pacific Railway (CP) gained 6.04% to $36.01. Transat A.T. (TRZ.B) gained 5.32% to $9.30.
Transcontinental (TCL.A) tanked 8.62% to $7.95. Reitmans (RET.A) sinking 8.26% to $9.55. Great Cdn. Gaming (GC) losing 8.12% to $3.17. Black Diamond Income Tr. (BDI.UN) down 7.14% to $6.50. Altus Group Inc. Fund (AIF.UN) losing 6.12% to $6.90.
The S&P/TSX Capped Diversified Metals & Mining Index gained 3.41% as aluminum gained 2.54%, copper gained 3.38% and silver dropped 3.15% to $14.00.
Sherritt Int’l. (S) jumping 7.92% to $2.59. Inmet Mining (IMN) gaining 5.49% to $27.50.
New Gold (NGD) tanking 16.84% to $2.47. PDX Resources (PLG) sinking 12.20% to $2.52. Silvercorp Metals (SVM) down 10.93% to $2.77. Aurora Energy Res. (AXU) down $10.59% to $2.11. Red Back Mining (RBI) lower by 9.95% to $7.24.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
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If you read my blog yesterday, it started like this:
“The markets have dropped so much that I believe it’s now time to be selective and jump in. I think the ETFs that follow the indexes and the financial sector are the places to look at.”
And I hit the nail on the head.
Many of my clients out there loaded up on these ETFs and they went through the roof today.
Depending on what President Obama has to say later tonight, we may see a follow-through day tomorrow.
Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Wall Street and Bay Street.
As you know from my writings, the ETF I’ve been buying and recommending for client accounts over the last several days is DIREXION SHARES ETF TRUST (FAS), which soared 27.44% today on huge volume of 174M! I’ve been watching this baby drop to a 52-week low the other day and it was definitely time to buy.
ProShares Ultra Financial (UYG) jumped 21.39% to $2.44. Proshares Ultra Real Estate (URE) rose 16.92% to $3.11. Financial Select Sector (XLF) higher by 12.12% to $8.05.
Canadian ETFs also had a great day.
Horizons BetaPro S&P/TSX Global Gold Bear+ (HGD-T) soared 17.39% to $9.25. Horizons BetaPro S&P/TSX Capped Fin Bull+ ETF (HFU-T) jumped 13.71% to $3.40. Horizons BetaPro S&P/TSX Cap Energy Bull+ ETF (HEU-T) jumped 10.92% to $3.25. Horizons BetaPro MSCI Emerg Markets Bull+ ETF (HJU-T) rose 10.90% to $14.04.
Toronto's main stock index closed sharply higher on Tuesday as oil and gas issues climbed with rising crude prices, while financials strengthened as fears over the fate of the troubled U.S. banking sector eased.
In see-saw action, the benchmark index swung nearly 300 points from trough to peak, with the upside supported by strength in energy issues as oil settled nearly 4 percent higher at $39.96 a barrel. The main pressure to the downside came from weaker gold prices.
Roger Biduk;
The March crude contract on the New York Mercantile Exchange gained 3.95% to US$39.96 a barrel and the S&P/TSX Energy Index was 5.48% higher. Natural gas gained 2.34% to $4.19.
Nexen (NXY) jumped 10.77% to $16.46. Highpine Oil & Gas (HPX) higher by 10.20% to $4.43. Bonavsita (BNP.UN) up 9.65% to $13.75. Cnd. Nat.Res. (CNQ) rose 8.76% to $39.74.
Eveready (EIS) tanked 16.67% to 43.60. Trinidad Drilling (TDG) sank 7.78% to $2.37. Phoenix Tech. inc. Fund (PHX.UN) down 6.31% to $5.05. Angle Energy (NGL) lower by 5.71% to $3.30.
The S&P/TSX Global Gold Index tanked 8.94% as the April bullion contract in New York sank $25.50 to US$969.50 an ounce.
Moto Goldmines (MGL) tanked 18.64% to $2.40. US GoldCorp.(UXG) sank 16.90% to $2.36. Kirkland Lake Gold (KGI)lower by 15.81% to $5.75. Barrick Gold (ABX) down 12.15% to $39.25.
First Quantum Minerals (FM) soared 9.67% to$33.34.
The heavily weighted financial services sector led the TSX higher. The S&P/TSX Capped Financial Index, which lost over 14 per cent soared 7.22% today.
The sector followed U.S. stocks higher after Federal Reserve Chairman Ben Bernanke signaled that nationalization of major U.S. banks was not at hand.
The Toronto Stock Exchange S&P/TSX composite index closed up 211.66 points, or 2.77 percent, at 7,859.33, with nine of its 10 main groups advancing.
The index rose sharply at the open, rebounding from multi-year closing lows on both Canadian and U.S. markets on Monday. At one point on Tuesday, however, the index retreated to touch its lowest level since October 2003.
Roger Biduk;
The S&P/TSX Capped Utilities Index jumped 4.29%.
Atco (ACO.X) rose 6.07% to $35.28. Cdn. Utilities Ltd.(CU) gained 5.14% to $39.70.
Superior Plus (SPB) lost 5.05% to $10.15.
The S&P/TSX Consumer Discretionary Index was higher by 3.55% and the S&P/TSX Consumer Staples Index was up 1.51%.
Cascades (CAS) lost 6.73% to$2.50.
ZCL Composites (ZCL) jumped 7.95% to $4.75. Rogers Sugar income fund (RSI.UN) rose 6.67% to $3.20. Viterra (VT) higher by 6.16% to $10.17%. Glidan Activewear (GIL) up 5.73% to $8.86.
The S&P/TSX Capped Industrial Index rose 3.99%.
Sino-Forest Corp. (TRE) tanked 9.09% to $8.50. Heroux-Devtek (HRX) sank 6.62% to $4.09.
Bombardier (BBD.B) soared 11.70% to $2.96. Bird Construction Income Fund (BDT.UN) jumping 8.63% to $17.14. Martinrea Int’l. (MRE) gained 7.27% to$2.36. ATS Automation Tooling (ATA) gaining 5.12% to $3.49.
The S&P/TSX Capped Information Technology Index rose 1.78% and the S&P/TSX Capped Telecom Services Index was up 1.88%.
Research in Motion (RIM) soared 7.96% to $50.56. Computer Modelling Gr. (CMG) jumped 7.48% to $9.20.
Roger Biduk;
The S&P/TSX Capped Health Care Index was higher by 3.02%.
Medical Facilities (DR.UN) sinking 7.52% to $7.50. QLT (QLT) down 5.09% to $2.05.
Biovail (BVF) higher by 5.63% to $13.70.
In the service sector, Thomson Reuters (TRI) soared 11.47% to $31.49. Westjet (WJA) jumped 6.96% to $11.53. Santec (STN) higher by 6.97% to $24.57. Cdn. Pacific Railway (CP) gained 6.04% to $36.01. Transat A.T. (TRZ.B) gained 5.32% to $9.30.
Transcontinental (TCL.A) tanked 8.62% to $7.95. Reitmans (RET.A) sinking 8.26% to $9.55. Great Cdn. Gaming (GC) losing 8.12% to $3.17. Black Diamond Income Tr. (BDI.UN) down 7.14% to $6.50. Altus Group Inc. Fund (AIF.UN) losing 6.12% to $6.90.
The S&P/TSX Capped Diversified Metals & Mining Index gained 3.41% as aluminum gained 2.54%, copper gained 3.38% and silver dropped 3.15% to $14.00.
Sherritt Int’l. (S) jumping 7.92% to $2.59. Inmet Mining (IMN) gaining 5.49% to $27.50.
New Gold (NGD) tanking 16.84% to $2.47. PDX Resources (PLG) sinking 12.20% to $2.52. Silvercorp Metals (SVM) down 10.93% to $2.77. Aurora Energy Res. (AXU) down $10.59% to $2.11. Red Back Mining (RBI) lower by 9.95% to $7.24.
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Monday, February 23, 2009
Roger Biduk; Bay Street Hits Five-Year lows
Roger Biduk;
The markets have dropped so much that I believe it’s now time to be selective and jump in. I think the ETFs that follow the indexes and the financial sector are the places to look at.
Remember, it’s a trading market, not one to buy and hold.
The Toronto stock market fell to levels not seen in more than five years on Monday as a fresh wave of pessimism trumped assurances from U.S. regulators on the financial system.
Toronto's S&P/TSX composite lost 302.32 points to 7,647.67, its lowest close since October 2003.
The TSX Venture Exchange lost 13.96 points to 878.94.
The CDN$ was down 0.12 cent at 79.92 cents US as retail sales fell 5.4 per cent in December to $33 billion - the largest monthly decline in over 15 years.
Statistics Canada said three-quarters of the December retail decline was rooted in the automotive sector, without which retail sales fell 1.8 per cent.
Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Bay Street. Horizons BetaPro S&P/TSX Cap Energy Bear+ ETF (HED-T) soaring another 11.14% to $25.54. Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T) jumping 7.32% to $56.60. Horizons BetaPro NYMEX Crude Oil Bear+ ETF (HOD-T) rising 8.86% to $44.10.
The S&P/TSX Capped Utilities Index lost 2.66%.
Roger Biduk;
The S&P/TSX Consumer Discretionary Index was down 1.51% and the S&P/TSX Consumer Staples Index was down 1.62%.
The S&P/TSX Capped Financial Index, which lost over 14 per cent last week sank another 3.56% today.
Copernican Int’l. Fin. (CIR.PR.A) tanked 15.03% to $2.43.
Canada's big banks start to report their first-quarter earnings this week and I think expectations aren’t very high.
Royal Bank (TSX:RY), which reports on Thursday ahead of its annual meeting in Vancouver, lost $1.25 to $25.82, while insurer Manulife Financial (TSX:MFC) moved down 59 cents to $12.53.
The March crude contract on the New York Mercantile Exchange lost 3.97% to US$38.44 a barrel and the S&P/TSX Energy Index tanked 5.38%. Natural gas gained 1.54% to $4.10.
Canadian Natural Resources (TSX:CNQ) fell $1.72 to $36.54 and EnCana Corp. (TSX:ECA) gave back $3.49 to $44.78.
The S&P/TSX Global Gold Index dropped 2.78% as the April bullion contract in New York lost $7.20 to US$995.00 an ounce.
Barrick Gold Corp. (TSX:ABX) faded $1.40 to $44.68. Shares in Iamgold Corp. (TSX:IMG) added cents to $ after the company said proven and probable reserves at the end of 2008 were 9.6 million ounces, an increase of 20 per cent from a year earlier.
Roger Biduk;
The S&P/TSX Capped Industrial Index sank 4.54%. as Canadian National Railways (TSX:CNR) gave back $ .74 to $39.07 while Bombardier Inc. (TSX:BBD.B) lost 17 cents to $2.63.
Canadian investors also took in a major deal as Nova Chemicals Corp. (TSX:NCX) has agreed to be bought out for US$2.3 billion by Abu Dhabi-based International Petroleum Investment Co. Nova Chemicals shares, which had hit a new low earlier this month, gained C$4.83 to $6.49 in Monday trading.
Toronto-area steel distributor Russel Metals Inc. (TSX:RUS) is cutting 500 jobs and reducing executive and white collar salaries by 10 per cent to deal with a battered steel market. Its shares dropped $1.69 to $14.45.
The S&P/TSX Capped Information Technology Index dropped 2.49% and the S&P/TSX Capped Telecom Services Index was down 2.23%.
The S&P/TSX Capped Health Care Index was lower by 1.18%.
The S&P/TSX Capped Diversified Metals & Mining Index dropped 2.12% as aluminum dropped was flat, copper gained 1.26% and silver dropped .28% to $14.45.
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The markets have dropped so much that I believe it’s now time to be selective and jump in. I think the ETFs that follow the indexes and the financial sector are the places to look at.
Remember, it’s a trading market, not one to buy and hold.
The Toronto stock market fell to levels not seen in more than five years on Monday as a fresh wave of pessimism trumped assurances from U.S. regulators on the financial system.
Toronto's S&P/TSX composite lost 302.32 points to 7,647.67, its lowest close since October 2003.
The TSX Venture Exchange lost 13.96 points to 878.94.
The CDN$ was down 0.12 cent at 79.92 cents US as retail sales fell 5.4 per cent in December to $33 billion - the largest monthly decline in over 15 years.
Statistics Canada said three-quarters of the December retail decline was rooted in the automotive sector, without which retail sales fell 1.8 per cent.
Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Bay Street. Horizons BetaPro S&P/TSX Cap Energy Bear+ ETF (HED-T) soaring another 11.14% to $25.54. Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T) jumping 7.32% to $56.60. Horizons BetaPro NYMEX Crude Oil Bear+ ETF (HOD-T) rising 8.86% to $44.10.
The S&P/TSX Capped Utilities Index lost 2.66%.
Roger Biduk;
The S&P/TSX Consumer Discretionary Index was down 1.51% and the S&P/TSX Consumer Staples Index was down 1.62%.
The S&P/TSX Capped Financial Index, which lost over 14 per cent last week sank another 3.56% today.
Copernican Int’l. Fin. (CIR.PR.A) tanked 15.03% to $2.43.
Canada's big banks start to report their first-quarter earnings this week and I think expectations aren’t very high.
Royal Bank (TSX:RY), which reports on Thursday ahead of its annual meeting in Vancouver, lost $1.25 to $25.82, while insurer Manulife Financial (TSX:MFC) moved down 59 cents to $12.53.
The March crude contract on the New York Mercantile Exchange lost 3.97% to US$38.44 a barrel and the S&P/TSX Energy Index tanked 5.38%. Natural gas gained 1.54% to $4.10.
Canadian Natural Resources (TSX:CNQ) fell $1.72 to $36.54 and EnCana Corp. (TSX:ECA) gave back $3.49 to $44.78.
The S&P/TSX Global Gold Index dropped 2.78% as the April bullion contract in New York lost $7.20 to US$995.00 an ounce.
Barrick Gold Corp. (TSX:ABX) faded $1.40 to $44.68. Shares in Iamgold Corp. (TSX:IMG) added cents to $ after the company said proven and probable reserves at the end of 2008 were 9.6 million ounces, an increase of 20 per cent from a year earlier.
Roger Biduk;
The S&P/TSX Capped Industrial Index sank 4.54%. as Canadian National Railways (TSX:CNR) gave back $ .74 to $39.07 while Bombardier Inc. (TSX:BBD.B) lost 17 cents to $2.63.
Canadian investors also took in a major deal as Nova Chemicals Corp. (TSX:NCX) has agreed to be bought out for US$2.3 billion by Abu Dhabi-based International Petroleum Investment Co. Nova Chemicals shares, which had hit a new low earlier this month, gained C$4.83 to $6.49 in Monday trading.
Toronto-area steel distributor Russel Metals Inc. (TSX:RUS) is cutting 500 jobs and reducing executive and white collar salaries by 10 per cent to deal with a battered steel market. Its shares dropped $1.69 to $14.45.
The S&P/TSX Capped Information Technology Index dropped 2.49% and the S&P/TSX Capped Telecom Services Index was down 2.23%.
The S&P/TSX Capped Health Care Index was lower by 1.18%.
The S&P/TSX Capped Diversified Metals & Mining Index dropped 2.12% as aluminum dropped was flat, copper gained 1.26% and silver dropped .28% to $14.45.
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Sunday, February 22, 2009
Roger Biduk; Banks in Focus on Bay Street
Roger Biduk;
Anyone’s guess where the TSX is going this week.
Markets may be due for a bounce and some consider them oversold in the short term.
On the other hand, markets may be under pressure this week with weakness in the financial sector on deepening pessimism about the global economy and worries about the possible nationalization of banks in the United States.
Even though the U.S. government said Friday night they want the banks to stay in the private sector, investors have their doubts.
Canadian and U.S. indexes retreated sharply last week with the Dow Jones industrials breaking through its November lows to end the week down 6.17 per cent with the blue-chip index pushed to 6 1/2 year lows.
The slide came at the end of a week where there were actually positive developments aimed at pulling the United States out of a deepening recession.
U.S. President Barack Obama signed a US$787-billion stimulus bill Tuesday and the next day announced an ambitious $75-billion plan to keep as many as nine million Americans from losing their homes to foreclosure.
However, there was disappointment about the lack of details from the financial sector rescue package rolled out almost two weeks ago by U.S. Treasury Secretary Timothy Geithner.
Roger Biduk;
The possibility of nationalizing some of the hardest hit U.S. bank has come up as a way of dealing with the huge amounts of toxic assets being held by financial institutions.
The pressure on Canadian bank stocks comes just ahead of earnings from the big Canadian banks over the next two weeks. And while there is little worry that banks will cut their dividends, there is plenty of concern about their profits.
TD Bank (TSX: TD.TO) reports earnings on Wednesday, while Royal Bank (TSX: RY.TO), National Bank (TSX: NA.TO) and CIBC (TSX: CM.TO) all report on Thursday.
Bank of Montreal (TSX: BMO) and Scotiabank (TSX: BNS.TO) report Mar. 3.
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Anyone’s guess where the TSX is going this week.
Markets may be due for a bounce and some consider them oversold in the short term.
On the other hand, markets may be under pressure this week with weakness in the financial sector on deepening pessimism about the global economy and worries about the possible nationalization of banks in the United States.
Even though the U.S. government said Friday night they want the banks to stay in the private sector, investors have their doubts.
Canadian and U.S. indexes retreated sharply last week with the Dow Jones industrials breaking through its November lows to end the week down 6.17 per cent with the blue-chip index pushed to 6 1/2 year lows.
The slide came at the end of a week where there were actually positive developments aimed at pulling the United States out of a deepening recession.
U.S. President Barack Obama signed a US$787-billion stimulus bill Tuesday and the next day announced an ambitious $75-billion plan to keep as many as nine million Americans from losing their homes to foreclosure.
However, there was disappointment about the lack of details from the financial sector rescue package rolled out almost two weeks ago by U.S. Treasury Secretary Timothy Geithner.
Roger Biduk;
The possibility of nationalizing some of the hardest hit U.S. bank has come up as a way of dealing with the huge amounts of toxic assets being held by financial institutions.
The pressure on Canadian bank stocks comes just ahead of earnings from the big Canadian banks over the next two weeks. And while there is little worry that banks will cut their dividends, there is plenty of concern about their profits.
TD Bank (TSX: TD.TO) reports earnings on Wednesday, while Royal Bank (TSX: RY.TO), National Bank (TSX: NA.TO) and CIBC (TSX: CM.TO) all report on Thursday.
Bank of Montreal (TSX: BMO) and Scotiabank (TSX: BNS.TO) report Mar. 3.
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Saturday, February 21, 2009
Roger Biduk; Financials Tank 14% for the Week on Bay Street
Roger Biduk;
The TSX was bouncing around today like a yoyo.
The Toronto stock market fell more than 200 points Friday as bank stocks sold off amid nationalization worries in the United States and energy stocks retreated along with oil prices.
Toronto's S&P/TSX composite index trimmed early losses to close down 235.36 points at 7,949.99 as the main index inched towards its most recent low of 7,725 set in November. The index fell 8.4 per cent on the week led by a 14 per cent slide in financials.
The TSX Venture Exchange declined 9.2 points to 892.9.
The Canadian dollar gained 0.63 of a cent to 80.04 cents US.
Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Bay Street. Horizons BetaPro S&P/TSX Cap Energy Bear+ ETF (HED-T) soaring 9.64% to $22.98. Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T)
jumping 9.32% to $52.78.
Meanwhile, economic data showed falling prices in Canada and the United States.
Statistics Canada reported the country's annual inflation rate edged lower to 1.1 per cent in January from 1.2 per cent the previous month, driven lower by falling gasoline prices.
Just days before Canadian banks start to issue their latest earnings figures, the S&P/TSX Capped Financial Index tanked 4.98% with Royal Bank (TSX:RY) down 86 cents to $27.07 and Manulife Financial (TSX:MFC) lost $1.38 to $13.12.
Fairborne Energy (FEL) tanked 21.37% to $2.87. Citadel Diversified Investment (CTD.UN) sank 14.17% to $5.09. Prime rate Plus (PPL) dropped 11.76% to $2.25. Manulife (MFC) dropped 9.52% to $13.12. Cnd. Life Cos. Split (LFE) lower by 9.13% to $2.09.
Kingsway Financial Services Inc. (TSX:KFS) said Friday its loss for the fourth quarter exceeded gloomy estimates released earlier this month, citing underwriting charges at one of its troubled U.S. subsidiaries and impairments to goodwill. Its shares fell 25 cents to $2.90.
Shares in Fairfax Financial Holdings Ltd. (TSX:FFH) were down $19.51 to $352 even as the insurance and investment company reported the biggest annual profit in its 23-year history thanks to "the best returns ever in a brutal investment environment."
Roger Biduk;
The March crude contract on the New York Mercantile Exchange lost 1.37% to US$38.94 a barrel and the S&P/TSX Energy Index tanked 5.33%. Natural gas dropped 1.82% to $4.04.
Crew Energy (CR) tanked 18.05% to $2.86. Cathedral Energy Services (CET.UN) sank 16.81% to $2.87. Galleon Energy (GO) dropped 14.97% to $2.50. Breaker Energy (WAV) lower by 14.72% to $2.26. Gran Tierra Energy (GTE) dropped 12.50% to $2.80. The energy sector lost 5.1 per cent as oil prices fell back from Thursday's 14 per cent surge. Suncor Inc. (TSX:SU) declined $1.80 to C$22.15 in Toronto and Canadian Natural Resources (TSX:CNQ) stepped back $2.10 to $38.26.
The S&P/TSX Capped Information Technology Index tanked 5.42% and the S&P/TSX Capped Telecom Services Index was down 1.22%.
Miranda Tech. (MT) tanked 10.39% to $5.95. 5N Plus (VN) sinking 9.18% to $5.75. Research in Motion (RIM) sank 8.19% to $48.75. Tundra Semiconductor (TUN) dropped 6.25% to $2.70. CryptoLogic (CRY) lower by 6.05% to $5.90.
The S&P/TSX Capped Health Care Index was lower by 3.45%.
Paladin Labs (PLB) tanked 8.54% to $11.25. QLT (QLT) sank 7.02% to $2.25.
The gold sector was the only one providing support, rising 3.1 per cent as nervous investors sent the price of gold over US$1,000 for the first time in almost a year. The S&P/TSX Global Gold Index jumped 3.48% as the April bullion contract in New York soared $25.70 to US$1002.20 an ounce.
U.S. Gold Cdn. Acquisition (UXE) soared 17.19% TO $3.00. Keegan Res. (KGN) jumped 11.40% to $2.54. Aquiline Res.(AQI) rose 9.09% to $3.00. NovaGold Res. (NG) gained 6.12% to $3.99%. Alamos Gold (AGI) higher by 5.87% to $8.30.
First Quantum Minerals (FM) sank 5.54% to $31.55. Goldcorp Inc. (TSX:G) advanced 88 cents to $40.02.
Barrick Gold Corp. (TSX:ABX) shares were up 18 cents to C$46.08 after the company took a US$773-million goodwill writedown while posting a fourth-quarter loss of $468 million. Full-year profit dropped to $790 million from $1.12 billion in 2007. 2009 gold production is projected between 7.2 million and 7.6 million ounces, lower than 2008 production of 7.66 million ounces.
Roger Biduk;
The S&P/TSX Capped Diversified Metals & Mining Index tanked 5.34% as aluminum dropped 3.27%, copper lost 3.70% and silver gained 3.98% to $14.49.
Keegan Res. (KGN) soared 11.40% to $2.54. Silver Wheaton (SLW) jumped 6.95% to $9.08. NovaGold Res. (NG) gained 6.12% to $3.99. Newmount Mining (NMC) rose 5.70% to $54.51. Jaguar Mining (JAG) higher by 5.30% to $7.75.
Silvercorp Metals (SVM) sank 10.57% to $3.13. Hanfeng Evergreen (HF) tanked 9.74% to $6.86. Gerdau AmeriSteel (GNA) losing 9.71% to $6.32.
Teck Cominco Ltd. (TSX:TCK.B) shares were down 25 cents to $3.80 after the miner agreed to sell its 50 per cent interest in the Williams and David Bell mines in northern Ontario for US$65 million to an affiliate of Barrick. The sale is part of Teck's plan to sell non-core assets to pay down debt.
Shares in Tim Hortons Inc. (TSX:THI) ran ahead $2.33 to $30.78 even as the coffee shop chain said quarterly profit dropped to $69.1 million from $75.7 million a year earlier. Earnings were reduced by asset impairment charges related to store closures and the company also said it will increase its quarterly dividend by 11 per cent to 10 cents per share.
The S&P/TSX Capped Utilities Index lost 2.01%. Cdn. Hydro Dev. (KHD) tanked 11.03% to $2.58. Northland Power (NPI.UN) sank 5.71% to $10.08.
Roger Biduk;
The S&P/TSX Consumer Discretionary Index was down .64% and the S&P/TSX Consumer Staples Index was down 1.28%.
Suoremwx Income Fund (SXP.UN) tanked 9.09% to $2.50. Linamar (LNR) sank 8.77% to $3.12.
Shares in Canwest Global Communications (TSX:CGS) plunged 7.5 cents or 17.65 per cent to 35 cents as the Globe and Mail reported that Leonard Asper is scrambling to secure a financial lifeline for the company before the end of the month to prevent his family-run media empire from sliding into bankruptcy protection. It earlier hit an all-time low of 31 cents.
The S&P/TSX Capped Industrial Index was 2.92%.
Canam Gr. inc. (CAM) tanking 20.88% to $4.85. Bombardier (BBD.B) sinking 7.89% to $2.80. Canfor (CFP) losing 7.86% to $5.51. Aecon Gr. (ARE) down 6.93% to $8.73. GLV Inc. (GLV.A) losing 6.35% to $5.80.
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The TSX was bouncing around today like a yoyo.
The Toronto stock market fell more than 200 points Friday as bank stocks sold off amid nationalization worries in the United States and energy stocks retreated along with oil prices.
Toronto's S&P/TSX composite index trimmed early losses to close down 235.36 points at 7,949.99 as the main index inched towards its most recent low of 7,725 set in November. The index fell 8.4 per cent on the week led by a 14 per cent slide in financials.
The TSX Venture Exchange declined 9.2 points to 892.9.
The Canadian dollar gained 0.63 of a cent to 80.04 cents US.
Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Bay Street. Horizons BetaPro S&P/TSX Cap Energy Bear+ ETF (HED-T) soaring 9.64% to $22.98. Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T)
jumping 9.32% to $52.78.
Meanwhile, economic data showed falling prices in Canada and the United States.
Statistics Canada reported the country's annual inflation rate edged lower to 1.1 per cent in January from 1.2 per cent the previous month, driven lower by falling gasoline prices.
Just days before Canadian banks start to issue their latest earnings figures, the S&P/TSX Capped Financial Index tanked 4.98% with Royal Bank (TSX:RY) down 86 cents to $27.07 and Manulife Financial (TSX:MFC) lost $1.38 to $13.12.
Fairborne Energy (FEL) tanked 21.37% to $2.87. Citadel Diversified Investment (CTD.UN) sank 14.17% to $5.09. Prime rate Plus (PPL) dropped 11.76% to $2.25. Manulife (MFC) dropped 9.52% to $13.12. Cnd. Life Cos. Split (LFE) lower by 9.13% to $2.09.
Kingsway Financial Services Inc. (TSX:KFS) said Friday its loss for the fourth quarter exceeded gloomy estimates released earlier this month, citing underwriting charges at one of its troubled U.S. subsidiaries and impairments to goodwill. Its shares fell 25 cents to $2.90.
Shares in Fairfax Financial Holdings Ltd. (TSX:FFH) were down $19.51 to $352 even as the insurance and investment company reported the biggest annual profit in its 23-year history thanks to "the best returns ever in a brutal investment environment."
Roger Biduk;
The March crude contract on the New York Mercantile Exchange lost 1.37% to US$38.94 a barrel and the S&P/TSX Energy Index tanked 5.33%. Natural gas dropped 1.82% to $4.04.
Crew Energy (CR) tanked 18.05% to $2.86. Cathedral Energy Services (CET.UN) sank 16.81% to $2.87. Galleon Energy (GO) dropped 14.97% to $2.50. Breaker Energy (WAV) lower by 14.72% to $2.26. Gran Tierra Energy (GTE) dropped 12.50% to $2.80. The energy sector lost 5.1 per cent as oil prices fell back from Thursday's 14 per cent surge. Suncor Inc. (TSX:SU) declined $1.80 to C$22.15 in Toronto and Canadian Natural Resources (TSX:CNQ) stepped back $2.10 to $38.26.
The S&P/TSX Capped Information Technology Index tanked 5.42% and the S&P/TSX Capped Telecom Services Index was down 1.22%.
Miranda Tech. (MT) tanked 10.39% to $5.95. 5N Plus (VN) sinking 9.18% to $5.75. Research in Motion (RIM) sank 8.19% to $48.75. Tundra Semiconductor (TUN) dropped 6.25% to $2.70. CryptoLogic (CRY) lower by 6.05% to $5.90.
The S&P/TSX Capped Health Care Index was lower by 3.45%.
Paladin Labs (PLB) tanked 8.54% to $11.25. QLT (QLT) sank 7.02% to $2.25.
The gold sector was the only one providing support, rising 3.1 per cent as nervous investors sent the price of gold over US$1,000 for the first time in almost a year. The S&P/TSX Global Gold Index jumped 3.48% as the April bullion contract in New York soared $25.70 to US$1002.20 an ounce.
U.S. Gold Cdn. Acquisition (UXE) soared 17.19% TO $3.00. Keegan Res. (KGN) jumped 11.40% to $2.54. Aquiline Res.(AQI) rose 9.09% to $3.00. NovaGold Res. (NG) gained 6.12% to $3.99%. Alamos Gold (AGI) higher by 5.87% to $8.30.
First Quantum Minerals (FM) sank 5.54% to $31.55. Goldcorp Inc. (TSX:G) advanced 88 cents to $40.02.
Barrick Gold Corp. (TSX:ABX) shares were up 18 cents to C$46.08 after the company took a US$773-million goodwill writedown while posting a fourth-quarter loss of $468 million. Full-year profit dropped to $790 million from $1.12 billion in 2007. 2009 gold production is projected between 7.2 million and 7.6 million ounces, lower than 2008 production of 7.66 million ounces.
Roger Biduk;
The S&P/TSX Capped Diversified Metals & Mining Index tanked 5.34% as aluminum dropped 3.27%, copper lost 3.70% and silver gained 3.98% to $14.49.
Keegan Res. (KGN) soared 11.40% to $2.54. Silver Wheaton (SLW) jumped 6.95% to $9.08. NovaGold Res. (NG) gained 6.12% to $3.99. Newmount Mining (NMC) rose 5.70% to $54.51. Jaguar Mining (JAG) higher by 5.30% to $7.75.
Silvercorp Metals (SVM) sank 10.57% to $3.13. Hanfeng Evergreen (HF) tanked 9.74% to $6.86. Gerdau AmeriSteel (GNA) losing 9.71% to $6.32.
Teck Cominco Ltd. (TSX:TCK.B) shares were down 25 cents to $3.80 after the miner agreed to sell its 50 per cent interest in the Williams and David Bell mines in northern Ontario for US$65 million to an affiliate of Barrick. The sale is part of Teck's plan to sell non-core assets to pay down debt.
Shares in Tim Hortons Inc. (TSX:THI) ran ahead $2.33 to $30.78 even as the coffee shop chain said quarterly profit dropped to $69.1 million from $75.7 million a year earlier. Earnings were reduced by asset impairment charges related to store closures and the company also said it will increase its quarterly dividend by 11 per cent to 10 cents per share.
The S&P/TSX Capped Utilities Index lost 2.01%. Cdn. Hydro Dev. (KHD) tanked 11.03% to $2.58. Northland Power (NPI.UN) sank 5.71% to $10.08.
Roger Biduk;
The S&P/TSX Consumer Discretionary Index was down .64% and the S&P/TSX Consumer Staples Index was down 1.28%.
Suoremwx Income Fund (SXP.UN) tanked 9.09% to $2.50. Linamar (LNR) sank 8.77% to $3.12.
Shares in Canwest Global Communications (TSX:CGS) plunged 7.5 cents or 17.65 per cent to 35 cents as the Globe and Mail reported that Leonard Asper is scrambling to secure a financial lifeline for the company before the end of the month to prevent his family-run media empire from sliding into bankruptcy protection. It earlier hit an all-time low of 31 cents.
The S&P/TSX Capped Industrial Index was 2.92%.
Canam Gr. inc. (CAM) tanking 20.88% to $4.85. Bombardier (BBD.B) sinking 7.89% to $2.80. Canfor (CFP) losing 7.86% to $5.51. Aecon Gr. (ARE) down 6.93% to $8.73. GLV Inc. (GLV.A) losing 6.35% to $5.80.
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Wednesday, February 18, 2009
Roger Biduk; Bay Street Lower Again on Energy & Financials
Roger Biduk;
As was seen yesterday, another selloff in energy and financial stocks today pushed the Toronto stock market down a steep, triple-digit slide for a second day in a row.
Exchange Traded Funds (ETFs) were among the biggest percentage gainers on Bay Street for a second day.
Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T) rose 6.37% after soaring 13.31% yesterday to $48.08.
Horizons BetaPro NYMEX Crude Oil Bear+ ETF (HOD-T) higher by 5.22% after soaring 17.69% yesterday to $47.13.
Toronto's S&P/TSX composite index tumbled 202.75 points to 8,175.95 after the financial sector led the way to a 299-point loss on Tuesday.
The TSX Venture Exchange moved down 3.34 points to 915.82 while the CDN$ rose 0.35 of a cent to 79.48 cents US.
The S&P/TSX Capped Financial Index tanked 3.61% after sinking 6.42% yesterday as investors worry about the global financial system. In recent days, investor fears have been focused on the ability of banks in Eastern Europe to repay or roll over US$400 billion this year. The banks have borrowed US$1.7 trillion, much on short-term maturities.
CIBC (TSX:CM) fell $1.91 to $41.69, Royal Bank (TSX:RY) lost $1.17 to $26.98 while insurer Manulife Financial (TSX:MFC) eased 59 cents to $15.08.
DDJ High Yield Fund (HYB.UN) soared 8.44% to $6.55. Faircourt Income & Growth Split (FIG.UN) jumped 5.48% to $7.89.
Noranda Income Fund (NIF.UN) sank 19.68% to $2.53. Financial 15 Split Corp. (FFN) tanked 14.74% to $2.66. Allbanc Split Corp. II (ALB) dropped 11.47% to $3.32. InnVest Real Estate Inv. (INN.UN) dropped 10.45% to $3.00.
Roger Biduk;
The March crude contract on the New York Mercantile Exchange dropped .89% to US$34.62 a barrel and the S&P/TSX Energy Index dropped 3.55% after sinking 4.98% yesterday. Natural gas gained .50% to $4.24.
Worsening economic conditions persuaded traders that demand won't be rising anytime soon.
Addax Petroleum (AXC) jumped 6.17% to $25.47.
Major Drilling Group (MDI) tanked 9.54% to $14.31. Peyto Energy Trust (PEY.UN) sank 8.41% to $7.51. Crew Energy (CR) dropped 8.35% to $3.62. Trinidad Drilling (TDG) lower by 8.28% to $2.88. Phoenix Tech. Income Fund (PHX.UN) sinking 7.06% to $6.71. as EnCana Corp. (TSX:ECA) declined $1.90 to $49.40 and Petro-Canada (TSX:PCA) gave back $1.19 to $26.11.
Mining stocks also dragged with the base metals sector down as the S&P/TSX Capped Diversified Metals & Mining Index was down 3.10% after dropping 3.50% yesterday. Aluminum was flat, copper gained .83% and silver gained 2.00% to $14.29.
Altus Minerals (ALS) soared 13.93% to $6.38. PDX Res. (PLG) jumped 5.22% to $2.82.
Sherritt Int’l. (S) tanked 9.66% to $2.62. First Uranium Corp. (FIU) sank 7.14% to $4.55. First Majestic Silver (FR) lower by 6.98% to $2.80. progress Energy Res. (PRQ) dropped 6.97% to $9.21. Timminco (TIM) lower by 6.69% to $2.65.
Teck Cominco Ltd. (TSX:TCK.B) lost 29 cents to $4.15 after it said Tuesday it is looking at all options, including a sale of some of its coal business, to reduce a suffocating debt load largely acquired when it paid US$14 billion for Fording Canadian Coal Trust last fall.
The S&P/TSX Global Gold Index higher by .88% as the April bullion contract in New York jumped $10.70 to US$978.20 an ounce after rising $25.30 yesterday.
Barrick Gold Corp. (TSX:ABX) advanced $1.21 to $48.40. Int’l. Minerals (IMZ) soared 14.41% to $3.89. Keegan Res. (KGN) gained 9.87% to $2.45. Greystar Res. (GSL) rose 8.15% to $2.92. US Gold Cdn. Acq. (UXE) higher by 7.43% to$3.18. US Gold corp. (UXG) gaining 5.92% to $3.42.
Gabriel Res.(GBU) sank 6.14% to $2.60. Moto Goldmines (MGL) dropped 5.03% to $3.40.
Grocery chain operator Loblaw Companies Ltd. (TSX:L) posted fourth-quarter profit of $188 million, up from a year-earlier $40 million, as sales jumped 11 per cent, helped by one-time gains and an extra week in the accounting period. Sales rose to $7.75 billion from $6.97 billion and its shares moved 40 cents lower to $33.
Roger Biduk;
The S&P/TSX Capped Health Care Index tanked 4.50%.
QLT Inc. (QLT) soared 10.04% to $2.52.
Biovail (BVF) dropped 5.06% to $13.50. BioMS Medical (MS) lower by 5.37% to $2.29. Atrium innovations (ATB) sank 7.88% to $14.73.
The S&P/TSX Capped Utilities Index dropped 3.83%.
Maxim Power (MXG) tanked 9.82% to $2.57. Atco (ACO.X) sank 6.67% to $35.10. Cdn. Hydro Dev. (KHD) sank 5.61% to $3.03.
The S&P/TSX Consumer Discretionary Index was down 2.35% and the S&P/TSX Consumer Staples Index was down 1.80%.
Canfor Pulp Income Fund (CFX.UN) tanked 23.08% to $2.00. Linamar (LNR) sank 10.03% to $3.32. Rogers Sugar Income fund (RSI.UN) lower by 9.37% to $3.00. Maple Leaf Foods (MFI) down 6.25% to $9.15. Supremex Income Fund (SXP.UN) lower by 5.48% to $2.76.
The S&P/TSX Capped Industrial Index was down 2.88%. Martinrea Int’l. (MRE) soared 11.36% to $2.45.
Bombardier (BBD.B) tanked 12.69% to $2.82. TimberWest Forest (TWF.UN) sank 13.14% to $2.38. Sino-Forest (TRE) dropped 7.73% to $10.15. Canfor (CFP) lower by 7.07% to $6.05. ATS Automation Tooling Systems (ATA) sank 5.82% to $3.40.
The S&P/TSX Capped Information Technology Index dropped 2.46% and the S&P/TSX Capped Telecom Services Index was down 3.62%.
Research in Motion (RIM) dropped 6.58% to $52.82. The stock has been falling since last week after it said its fourth-quarter profits will come in at the lower end of the company's previous guidance and a Credit Sussex analyst cut his rating on the Blackberry maker to under perform from neutral and slashed his earnings expectations for the February 2010 fiscal year.
Cryptologic (CRY) sank 7.12% to $6.00. EXFO Electro-Optical Engineering (EXF) tanked 9.57% to $4.25.
Rogers Communications Inc. (TSX:RCI.B) shares fell $2.65 or 7.7 per cent to $31.70 after it said a decrease in the value of its television division generated impairment charges that propelled the company to a fourth quarter loss of $138 million. The result marks a sharp drop from a profit of $254 million recorded in the same quarter a year earlier.
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As was seen yesterday, another selloff in energy and financial stocks today pushed the Toronto stock market down a steep, triple-digit slide for a second day in a row.
Exchange Traded Funds (ETFs) were among the biggest percentage gainers on Bay Street for a second day.
Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T) rose 6.37% after soaring 13.31% yesterday to $48.08.
Horizons BetaPro NYMEX Crude Oil Bear+ ETF (HOD-T) higher by 5.22% after soaring 17.69% yesterday to $47.13.
Toronto's S&P/TSX composite index tumbled 202.75 points to 8,175.95 after the financial sector led the way to a 299-point loss on Tuesday.
The TSX Venture Exchange moved down 3.34 points to 915.82 while the CDN$ rose 0.35 of a cent to 79.48 cents US.
The S&P/TSX Capped Financial Index tanked 3.61% after sinking 6.42% yesterday as investors worry about the global financial system. In recent days, investor fears have been focused on the ability of banks in Eastern Europe to repay or roll over US$400 billion this year. The banks have borrowed US$1.7 trillion, much on short-term maturities.
CIBC (TSX:CM) fell $1.91 to $41.69, Royal Bank (TSX:RY) lost $1.17 to $26.98 while insurer Manulife Financial (TSX:MFC) eased 59 cents to $15.08.
DDJ High Yield Fund (HYB.UN) soared 8.44% to $6.55. Faircourt Income & Growth Split (FIG.UN) jumped 5.48% to $7.89.
Noranda Income Fund (NIF.UN) sank 19.68% to $2.53. Financial 15 Split Corp. (FFN) tanked 14.74% to $2.66. Allbanc Split Corp. II (ALB) dropped 11.47% to $3.32. InnVest Real Estate Inv. (INN.UN) dropped 10.45% to $3.00.
Roger Biduk;
The March crude contract on the New York Mercantile Exchange dropped .89% to US$34.62 a barrel and the S&P/TSX Energy Index dropped 3.55% after sinking 4.98% yesterday. Natural gas gained .50% to $4.24.
Worsening economic conditions persuaded traders that demand won't be rising anytime soon.
Addax Petroleum (AXC) jumped 6.17% to $25.47.
Major Drilling Group (MDI) tanked 9.54% to $14.31. Peyto Energy Trust (PEY.UN) sank 8.41% to $7.51. Crew Energy (CR) dropped 8.35% to $3.62. Trinidad Drilling (TDG) lower by 8.28% to $2.88. Phoenix Tech. Income Fund (PHX.UN) sinking 7.06% to $6.71. as EnCana Corp. (TSX:ECA) declined $1.90 to $49.40 and Petro-Canada (TSX:PCA) gave back $1.19 to $26.11.
Mining stocks also dragged with the base metals sector down as the S&P/TSX Capped Diversified Metals & Mining Index was down 3.10% after dropping 3.50% yesterday. Aluminum was flat, copper gained .83% and silver gained 2.00% to $14.29.
Altus Minerals (ALS) soared 13.93% to $6.38. PDX Res. (PLG) jumped 5.22% to $2.82.
Sherritt Int’l. (S) tanked 9.66% to $2.62. First Uranium Corp. (FIU) sank 7.14% to $4.55. First Majestic Silver (FR) lower by 6.98% to $2.80. progress Energy Res. (PRQ) dropped 6.97% to $9.21. Timminco (TIM) lower by 6.69% to $2.65.
Teck Cominco Ltd. (TSX:TCK.B) lost 29 cents to $4.15 after it said Tuesday it is looking at all options, including a sale of some of its coal business, to reduce a suffocating debt load largely acquired when it paid US$14 billion for Fording Canadian Coal Trust last fall.
The S&P/TSX Global Gold Index higher by .88% as the April bullion contract in New York jumped $10.70 to US$978.20 an ounce after rising $25.30 yesterday.
Barrick Gold Corp. (TSX:ABX) advanced $1.21 to $48.40. Int’l. Minerals (IMZ) soared 14.41% to $3.89. Keegan Res. (KGN) gained 9.87% to $2.45. Greystar Res. (GSL) rose 8.15% to $2.92. US Gold Cdn. Acq. (UXE) higher by 7.43% to$3.18. US Gold corp. (UXG) gaining 5.92% to $3.42.
Gabriel Res.(GBU) sank 6.14% to $2.60. Moto Goldmines (MGL) dropped 5.03% to $3.40.
Grocery chain operator Loblaw Companies Ltd. (TSX:L) posted fourth-quarter profit of $188 million, up from a year-earlier $40 million, as sales jumped 11 per cent, helped by one-time gains and an extra week in the accounting period. Sales rose to $7.75 billion from $6.97 billion and its shares moved 40 cents lower to $33.
Roger Biduk;
The S&P/TSX Capped Health Care Index tanked 4.50%.
QLT Inc. (QLT) soared 10.04% to $2.52.
Biovail (BVF) dropped 5.06% to $13.50. BioMS Medical (MS) lower by 5.37% to $2.29. Atrium innovations (ATB) sank 7.88% to $14.73.
The S&P/TSX Capped Utilities Index dropped 3.83%.
Maxim Power (MXG) tanked 9.82% to $2.57. Atco (ACO.X) sank 6.67% to $35.10. Cdn. Hydro Dev. (KHD) sank 5.61% to $3.03.
The S&P/TSX Consumer Discretionary Index was down 2.35% and the S&P/TSX Consumer Staples Index was down 1.80%.
Canfor Pulp Income Fund (CFX.UN) tanked 23.08% to $2.00. Linamar (LNR) sank 10.03% to $3.32. Rogers Sugar Income fund (RSI.UN) lower by 9.37% to $3.00. Maple Leaf Foods (MFI) down 6.25% to $9.15. Supremex Income Fund (SXP.UN) lower by 5.48% to $2.76.
The S&P/TSX Capped Industrial Index was down 2.88%. Martinrea Int’l. (MRE) soared 11.36% to $2.45.
Bombardier (BBD.B) tanked 12.69% to $2.82. TimberWest Forest (TWF.UN) sank 13.14% to $2.38. Sino-Forest (TRE) dropped 7.73% to $10.15. Canfor (CFP) lower by 7.07% to $6.05. ATS Automation Tooling Systems (ATA) sank 5.82% to $3.40.
The S&P/TSX Capped Information Technology Index dropped 2.46% and the S&P/TSX Capped Telecom Services Index was down 3.62%.
Research in Motion (RIM) dropped 6.58% to $52.82. The stock has been falling since last week after it said its fourth-quarter profits will come in at the lower end of the company's previous guidance and a Credit Sussex analyst cut his rating on the Blackberry maker to under perform from neutral and slashed his earnings expectations for the February 2010 fiscal year.
Cryptologic (CRY) sank 7.12% to $6.00. EXFO Electro-Optical Engineering (EXF) tanked 9.57% to $4.25.
Rogers Communications Inc. (TSX:RCI.B) shares fell $2.65 or 7.7 per cent to $31.70 after it said a decrease in the value of its television division generated impairment charges that propelled the company to a fourth quarter loss of $138 million. The result marks a sharp drop from a profit of $254 million recorded in the same quarter a year earlier.
www.rogerbiduk.ca
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www.rogerbiduk.blogspot.com
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Tuesday, February 17, 2009
Roger Biduk; Financials & Energy Smack Bay Street
Roger Biduk;
Told you.
I said months ago the markets would test their lows for the year.
The Exchange Traded Funds (ETFs) that profit from the declining markets and industry sectors were up huge today in very heavy volume on the Canadian & U.S. markets.
Exchange Traded Funds (ETFs) were the biggest percentage gainers on Bay Street.
Horizons BetaPro NYMEX Crude Oil Bear+ ETF (HOD-T) soared 17.69% to $44.85. Horizons BetaPro MSCI Emerg Markets Bear+ ETF (HJD-T) jumped 15.63% to $16.94. Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T) rose 13.31% to $45.20. Horizons BetaPro NYMEX Natural Gas Bear+ ETF (HND-T) gained 12.41% to $53.96. Horizons BetaPro S&P/TSX Global Gold Bull+ETF (HGU-T) higher by 8.40% to $15.35.
Stock markets retreated Tuesday on top of steep losses last week as pessimism about the global economy took a big bite out of bank stocks and investors worried about the survival of General Motors Corp.
Toronto's S&P/TSX composite index tanked 299.4 points to 8,378.7 after losing more than 3.5 per cent last week.
The TSX Venture Exchange dipped 6.48 points to 919.16.
The Canadian dollar was also pounded alongside other major currencies as investors piled into the American greenback, down 1.27 cents from Monday's close to 79.13 cents U.S. after going as low as 78.9 cents U.S.
Roger Biduk;
The S&P/TSX Capped Health Care Index was lower by 2.84%.
The Toronto financial sector was the major decliner as the S&P/TSX Capped Financial Index tanked 6.42% and extending last week's losses on unrelenting concerns about the stability of the global financial system.
Royal Bank (TSX:RY) moved down $1.65 to $28.15 while Manulife Financial (TSX:MFC) dropped $1.86 to $15.67.
The March crude contract on the New York Mercantile Exchange sank 6.88% to US$34.93 a barrel and the S&P/TSX Energy Index dropped 4.98%.
EnCana Corp. (TSX:ECA) declined $2.81 to C$51.30 in Toronto and Suncor Inc. (TSX:SU) gave back $1.71 to $22.82.
A key lender is demanding Canadian Superior Energy Inc. (TSX:SNG) completely repay a $45-million credit line by next Monday - the latest challenge to hit the troubled oil and gas company. Canadian Superior is in talks with the Canadian Western Bank (TSX:CWB) in hopes of extending the repayment deadline past Feb. 23. Canadian Superior shares plunged 20 cents or 29.9 per cent to 47 cents while Canadian Western Bank shares fell 22 cents to $11.01.
The S&P/TSX Capped Diversified Metals & Mining Index was down 3.50% as aluminum dropped 3.17%, copper sank 7.20% and silver gained 2.83%.
FNX Mining (TSX:FNX) stepped back 13 cents to $3.87 .
Shares of Teck Cominco Ltd. (TSX:TCK.B) fell 48 cents to $4.44 after the company reported that one-time charges and a sharp drop in commodity prices dragged the debt-strapped mining giant into a loss of $607 million or $1.28 a share for the fourth quarter. The results reversed year-earlier profits of $280 million or $1.12 a share.
Cameco Corp. (TSX:CCO), the world's largest uranium miner, says its well-established customer base and growing demand for nuclear energy will help it weather the economic downturn and ongoing problems at its flooded Cigar Lake mine in Saskatchewan. Its shares were down $1.03 to $18.17.
Roger Biduk;
The S&P/TSX Capped Utilities Index dropped 1.00%.
The latest flight to safety boosted gold prices as the S&P/TSX Global Gold Index soared 4.50% as the April bullion contract in New York jumped $25.30 to US$967.50 an ounce.
Goldcorp Inc. (TSX:G) ahead $1.33 to $40.45 and Barrick Gold (TSX:ABX) advanced 49 cents to $47.19.
The S&P/TSX Consumer Discretionary Index was down 2.34% and the S&P/TSX Consumer Staples Index was up .41%.
The S&P/TSX Capped Industrial Index was down 3.38%.
The S&P/TSX Capped Information Technology Index dropped 1.22% and the S&P/TSX Capped Telecom Services Index was down .21%. Research In Motion Ltd. (TSX:RIM) continued to be a weight on TSX, losing $3.51 to $56.54 after RIM said co-CEO's Bastille and Lizards and two former executives have settled allegations of stock option back dating with the U.S. Securities and Exchange Commission. Total monetary penalties of US$1.4 million are to be paid.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
http://bestcatanddognutrition.wordpress.com/
Told you.
I said months ago the markets would test their lows for the year.
The Exchange Traded Funds (ETFs) that profit from the declining markets and industry sectors were up huge today in very heavy volume on the Canadian & U.S. markets.
Exchange Traded Funds (ETFs) were the biggest percentage gainers on Bay Street.
Horizons BetaPro NYMEX Crude Oil Bear+ ETF (HOD-T) soared 17.69% to $44.85. Horizons BetaPro MSCI Emerg Markets Bear+ ETF (HJD-T) jumped 15.63% to $16.94. Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T) rose 13.31% to $45.20. Horizons BetaPro NYMEX Natural Gas Bear+ ETF (HND-T) gained 12.41% to $53.96. Horizons BetaPro S&P/TSX Global Gold Bull+ETF (HGU-T) higher by 8.40% to $15.35.
Stock markets retreated Tuesday on top of steep losses last week as pessimism about the global economy took a big bite out of bank stocks and investors worried about the survival of General Motors Corp.
Toronto's S&P/TSX composite index tanked 299.4 points to 8,378.7 after losing more than 3.5 per cent last week.
The TSX Venture Exchange dipped 6.48 points to 919.16.
The Canadian dollar was also pounded alongside other major currencies as investors piled into the American greenback, down 1.27 cents from Monday's close to 79.13 cents U.S. after going as low as 78.9 cents U.S.
Roger Biduk;
The S&P/TSX Capped Health Care Index was lower by 2.84%.
The Toronto financial sector was the major decliner as the S&P/TSX Capped Financial Index tanked 6.42% and extending last week's losses on unrelenting concerns about the stability of the global financial system.
Royal Bank (TSX:RY) moved down $1.65 to $28.15 while Manulife Financial (TSX:MFC) dropped $1.86 to $15.67.
The March crude contract on the New York Mercantile Exchange sank 6.88% to US$34.93 a barrel and the S&P/TSX Energy Index dropped 4.98%.
EnCana Corp. (TSX:ECA) declined $2.81 to C$51.30 in Toronto and Suncor Inc. (TSX:SU) gave back $1.71 to $22.82.
A key lender is demanding Canadian Superior Energy Inc. (TSX:SNG) completely repay a $45-million credit line by next Monday - the latest challenge to hit the troubled oil and gas company. Canadian Superior is in talks with the Canadian Western Bank (TSX:CWB) in hopes of extending the repayment deadline past Feb. 23. Canadian Superior shares plunged 20 cents or 29.9 per cent to 47 cents while Canadian Western Bank shares fell 22 cents to $11.01.
The S&P/TSX Capped Diversified Metals & Mining Index was down 3.50% as aluminum dropped 3.17%, copper sank 7.20% and silver gained 2.83%.
FNX Mining (TSX:FNX) stepped back 13 cents to $3.87 .
Shares of Teck Cominco Ltd. (TSX:TCK.B) fell 48 cents to $4.44 after the company reported that one-time charges and a sharp drop in commodity prices dragged the debt-strapped mining giant into a loss of $607 million or $1.28 a share for the fourth quarter. The results reversed year-earlier profits of $280 million or $1.12 a share.
Cameco Corp. (TSX:CCO), the world's largest uranium miner, says its well-established customer base and growing demand for nuclear energy will help it weather the economic downturn and ongoing problems at its flooded Cigar Lake mine in Saskatchewan. Its shares were down $1.03 to $18.17.
Roger Biduk;
The S&P/TSX Capped Utilities Index dropped 1.00%.
The latest flight to safety boosted gold prices as the S&P/TSX Global Gold Index soared 4.50% as the April bullion contract in New York jumped $25.30 to US$967.50 an ounce.
Goldcorp Inc. (TSX:G) ahead $1.33 to $40.45 and Barrick Gold (TSX:ABX) advanced 49 cents to $47.19.
The S&P/TSX Consumer Discretionary Index was down 2.34% and the S&P/TSX Consumer Staples Index was up .41%.
The S&P/TSX Capped Industrial Index was down 3.38%.
The S&P/TSX Capped Information Technology Index dropped 1.22% and the S&P/TSX Capped Telecom Services Index was down .21%. Research In Motion Ltd. (TSX:RIM) continued to be a weight on TSX, losing $3.51 to $56.54 after RIM said co-CEO's Bastille and Lizards and two former executives have settled allegations of stock option back dating with the U.S. Securities and Exchange Commission. Total monetary penalties of US$1.4 million are to be paid.
www.rogerbiduk.ca
www.rogerbiduk.wordpress.com
www.rogerbiduk.blogspot.com
http://bestcatanddognutrition.wordpress.com/
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