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Stockhouse @ the Bell: Markets halt early gains

Stockhouse Editorial
0 Comments| October 21, 2009

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Today on Stockhouse

Your opinion matters. Submit an article to Stockhouse today at Submission guidelines can be found here.

The newest green investments might be big oil companies, argues Marin Katusa.

A contrarian view of the fertilizer market is offered up by Andrew Mickey.

While Steven Saville tackles the paradox of thrift.

Top Bullboards post: eurekasophia took the positive side on the Action Energy (TSX: V.AEC, Stock Forum). “This is no surprise but not the end of the world. We all knew or should have known this was a possibility. The result is either that it will light up a fire under the board's backside to make some sort of deal or they can always seek bankruptcy protection for a few months just like Canadian Superior Energy did.
“Been there, done that !”

Top Bullboard: The third most posted to board was Evolving Gold Corp (TSX: V.EVG, Stock Forum) on a day the company reported it had intersected gold during its drilling program at Rattlesnake Hills.

Top blog: In his recently launched Weber’s Web blog, djgt listed the reasons readers should do their due diligence on Canstar Resources (TSX: V.ROX, Stock Forum).

For news about small stocks that made big moves in Wednesday trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.

Word on Wall Street

"No one wants to come in and make big bets right now, so what people are doing is putting a toe in the water and when it doesn't hurt them they're buying more," said Jim Porter, chief executive of new Century Capital Management in an interview with Associated Press.

Selected expected U.S. earnings releases for Thursday
(Consensus Estimates vs. Last Year)
3M Company (NYSE: MMM) Q3 $1.17 vs. $1.42 (NASDAQ: AMZN) Q3 $0.33 vs. $0.27
Bristol Myers Squibb (NYSE: BMY) Q3 $0.50 vs. $0.46
Mcdonald’s (NASDAQ: MCD) Q3 $1.11 vs. $1.05
Netflix( (NASDAQ: NFLX) Q3 $0.46 vs. $0.33
The Dow Chemical Company (NYSE: DOW) Q3 $0.07 vs. $0.60

Selected expected Canadian earnings releases for Thursday
(Consensus Estimates vs. Last Year)
Celestica (TSX: T.CLS) Q3 N/A vs. N/A
Corus Entertainment (TSX: T.CJR.B) Q4 $0.32 vs. N/A
Potash Corp of Saskatchewan (TSX: T.POT) Q3 US$0.81 vs. US$3.93

Today In The Markets

Late day turnaround leaves markets in the red

DJIA 9,949.36 -92.12 Click to enlarge
NASDAQ 2,150.73 -12.74 Click to enlarge
S&P500 1,081.40 -9.66 Click to enlarge
S&P/TSX 11,442.02 -96.10 Click to enlarge
S&P/TSX Venture 1,342.59 +3.00 Click to enlarge

Toronto & New York (The Canadian Press) - The Toronto stock market closed sharply lower amid a late-day selloff in financial and tech stocks. The S&P/TSX composite index fell 96.1 points to 11,442.02.

The Canadian dollar rose 43-100ths to 95.6 cents US a day after losing almost two cents in the wake of a strong indication by the Bank of Canada that an interest rate hike won't happen until the middle of next year. The central bank also delivered a clear warning of the damage being done to the economy by the surging currency.

New York markets also fell sharply, with the Dow Jones industrials down 92.12 points to 9,946.36.

Please click here for the complete U.S. and Canadian market summaries.

After-Hours News

EBay (NASDAQ: EBAY, Stock Forum)
The online auction house reported its third quarter profit fell compared with a year ago. EBay said that quarterly earnings amounted to $349.7 million or 27 cents per share, compared with $492.2 million or 38 cents per share in the same period a year ago. Excluding special items like stock options, the company said it would have earned $502 million or 38 cents per share. Revenues climbed $2.24, up more than 5%. The Street had forecast the company to earn 37 cents per share on revenue of $2.14 billion.

Husky Energy (TSX: T.HSE, Stock Forum)
The energy company announced third quarter net earnings of $338 million or 40 cents per share after the bell on Wednesday. In the comparable quarter a year ago, the company had net earnings of $1.27 billion or $1.50 per share. Husky’s adjusted net earnings amounted to $325 million or 38 cents per share. Net revenue was also down. The company reported net revenue of $3.9 billion against year ago net revenue of $7.72 billion. Analysts had forecast the company would earn 41 cents per share.

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