Today on Stockhouse
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Chris Weber of DailyWealth reveals his real objection to 'paper' gold.
Is everything you learned about the Great Depression wrong? Andrew Mickey of Q1 Publishing asks this very question.
And, Gene Arensberg explains how COMEX commercials have bombarded gold in his Got Gold Report.
Top Bullboards post: “Oilexco part 2 about to be launched into Cyberspace. Good luck for those going along for the ride but DO spare a thought for those who embarked onto Oilexco! GLTA....you'll need it!” – NigelDavies on the Velo Energy (TSX: V.VLO) board.
Top Bullboard: Horizons BetaPro NYMEX Natural Gas Bull Plus ETF (TSX: T.HNU) received the most reads on Tuesday.
Top blog: littleguy123 explains why California and New York debt is riskier than that from Russia and Turkey in his Outside the Market blog.
For news about small stocks that made big moves in Tuesday trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
"It's pretty clear that a lot of people are pulling back any bets pending what is going to happen with the Fed," said Max Bublitz, chief strategist at SCM Advisors in an interview with Associated Press.
| Selected expected U.S. earnings releases for Wednesday |
| (Consensus Estimates vs. Last Year) |
|
| Advance Auto Parts (NYSE: AAP) |
Q2 |
$0.83 vs. $0.79 |
|
| CACI International (NASDAQ: CACI) |
Q4 |
$0.92 vs. $0.77 |
|
| E-House (China) Holdings Limited (NYSE: EJ) |
Q2 |
$0.17 vs. $0.14 |
|
| White Electronic Designs (NASDAQ: WEDC) |
Q3 |
$0.07 vs. $0.06 |
|
| Youbet.com (NASDAQ: UBET) |
Q2 |
$0.06 vs. $0.05 |
|
| Selected expected Canadian earnings releases for Wednesday |
| (Consensus Estimates vs. Last Year) |
|
| Cameco Corporation (TSX: T.CCO) |
Q2 |
US$0.22 vs. $0.40 |
|
| Kinross Gold (TSX: T.K) |
Q2 |
US$0.13 vs. $0.09 |
|
Today In The Markets
Stocks close lower on bank concerns, caution ahead of Fed announcement
|
| DJIA |
9,241.45 |
-96.50 |
 |
|
| NASDAQ |
1,969.73 |
-22.51 |
|
|
| S&P500 |
994.35 |
-12.75 |
|
|
| S&P/TSX |
10,629.47 |
-164.20 |
|
|
| S&P/TSX Venture |
1,176.84 |
-8.37 |
|
|
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TORONTO, NEW YORK (CP) - The Toronto stock market tumbled as investors took profits from the five-month-old rally following a warning about the financial sector's health and ahead of Wednesday's interest rate announcement by the U.S. Federal Reserve.
The S&P/TSX composite index dropped 164.2 points to 10,629.47. The TSX Venture Exchange declined 8.37 points to 1,176.84.
American traders also pulled back as the Dow Jones industrial average moved 96.5 points lower to 9,241.45. The Nasdaq composite index lost 22.51 points to 1,969.73 while the S&P 500 index slipped 12.75 points to 994.35 as the Fed started its scheduled two-day meeting on interest rates Tuesday.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Applied Materials (NASDAQ: AMAT)
After Tuesday’s close, the chip equipment maker reported a third-quarter net loss of $55 million, or four cents a share. Last year, it made $165 million, or 12 cents a share. Revenue fell $1.13 billion from $1.85 billion in the year-ago period. Analysts expected a loss of nine cents a share on revenue of $955.4 million.
Timminco Limited (TSX: T.TIM)
The producer solar grade silicon, after Tuesday’s closing bell, reported second-quarter consolidated sales of $22.3 million, compared with $63.3 million for Q2 2008. Net loss for the quarter was $24.0 million, or 20 cents a share, compared with a net loss of $7.0 million, or seven cents a share, during the same period last year.