Today on Stockhouse
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Jason Simpkins of Money Morning explains why Saudi Arabia is turning its back on the United States.
This as Steven Saville argues that "Too big to fail" a giant, multi-faceted lie.
Top Bullboards post: Emerge Oil and Gas Inc (TSX: T.EME, Stock Forum) has been trading since late last year. On the company Bullboard powdog said: “Let me put this more simply. I do not think NAV for EME matches the current share price. I think however this stock has momentum and with the prospects on the books and their drilling plans they should add significant reserves and ultimately value to shareholders. Large blocks trading today tell you institutions like the story. Should be good share appreciation with drilling results in months ahead as these areas are good low risk bread and butter areas.”
Top Bullboard: Allana Potash (TSX: V. AAA, Stock Forum) was the top Bullboard on Wednesday with 135 posts.
Top blog: LexLuthor2 suggests members take a look at an ‘emerging’ oil and gas play that could double from here in his Lex Corp blog.
For news about small stocks that made big moves in Wednesday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
"The market has these mood swings," said John Merrill, chief investment officer at Tanglewood Wealth Management in an interview with Associated Press, noting that only weeks ago investors sold stocks on what appeared to be good news. "Sometimes the market is in the mood to take everything positively."
| Selected expected U.S. earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| Armstrong World Industries (NYSE: AWI) |
Q4 |
$0.25 vs. $0.20 |
|
| CEC Entertainment (NYSE: CEC) |
Q4 |
$0.25 vs. $0.11 |
|
| Gap Inc. (NYSE: GPS) |
Q4 |
$0.50 vs. $0.34 |
|
| Newmont Mining (NYSE: NEM) |
Q4 |
$0.79 vs. $0.26 |
|
| Online Resources (NASDAQ: ORCC) |
Q4 |
$0.09 vs. $0.07 |
|
| Revlon (NYSE: REV) |
Q4 |
$0.35 vs. $0.22 |
|
| Southwestern Energy (NYSE: SWN) |
Q4 |
$0.45 vs. $0.30 |
|
| Selected expected Canadian earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| Cdn Imperial Bank (TSX: T.CM) |
Q1 |
$1.42 vs. $0.29 |
|
| National Bank (TSX: T.NA) |
Q1 |
$1.46 vs. $0.36 |
|
| Rona (TSX: T.RON) |
Q4 |
$0.20 vs. $0.22 |
|
| Thompson Creek (TSX: T.TCM) |
Q4 |
US$0.08 vs. $ - 0.56 |
|
Today In The Markets
Forecast for low interest rates helps markets
|
| DJIA |
10,374.16 |
+91.75 |
 |
|
| NASDAQ |
2,235.90 |
+22.46 |
|
|
| S&P500 |
1,105.24 |
+10.64 |
|
|
| S&P/TSX |
11,521.83 |
-4.88 |
 |
|
| S&P/TSX Venture |
1,519.41 |
-0.58 |
|
|
Toronto & New York (The Canadian Press) - The Toronto stock market was little changed Wednesday amid mixed earnings news and reassurance from the head of the U.S. central bank that key interest rates will stay low to stimulate the economy.
The S&P/TSX composite index added 8.9 points to 11,535.6.
New York markets were positive despite data showing that sales of new homes in the United States fell to the lowest levels on record in January.
Economists had expected new-home sales would rebound to an annual rate of 360,000 units in January but the U.S. Commerce Department said the level dropped 11.2 per cent to a seasonally adjusted 309,000 units, the lowest since it began keeping records nearly 50 years.
The Dow Jones industrials rose 85.2 points to 10,367.6.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Salesforce.com (NYSE: CRM, Stock Forum)
The customer relationship management software maker reported a 48% jump in quarterly profit as it added more than 4000 new customers during the quarter. Salesforce reported net income of $20.4 million or 16 cents per share, compared with $13.8 million or 11 cents per share in the same quarter a year ago. Revenues were up 22% to $354 million. Analysts had forecast the company to earn 15 cents per share on sales of $342.3 million.
Forest Gate Energy (TSX: V.FGE, Stock Forum)
The company announced that it has discovered oil on its 50% owned Crescent Junction property near Green River, Utah. The well was drilled to a depth of 3050 feet targeting various formations, and the company said it plans to test production during the upcoming few weeks.