Today on Stockhouse
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Andrew Delic says Mexico mining play is an opportunity for investors.
Matt Badiali says the paper currency crisis means gold prices will continue to rise.
Andrew Kramer says istar Financial Inc. (NYSE: SFI, Stock Forum) will outshine the street.
Top Bullboards post: With Azure Dynamics Corp. (TSX: T.AZD, Stock Forum) shares falling 2%, Bullboards was speculating on whether the vehicle technology firm might be on Magna International’s (TSX: T.MG.A, Stock Forum) target list. Deeday said rumours are circulating that Magna is looking at acquisitions in the parts and alternative energy field.
Top Bullboard: Spider Resources Inc. (TSX V.SPQ, Stock Forum) was the top bullboard of the day, when its shares were unchanged. Spider is helping to fund the cost of exploration at the Big Daddy chromite discovery in northern Ontario.
Top blog:Schmid has posted the Markets and Media blog to express the view that concerns about the debt situation in Greece may be overblown. Schmid says investors need to focus on the likely impact of growing Asian economies and the rise of disposable incomes there.
For news about small stocks that made big moves in Thurday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
"You can go back to Goldman Sachs Friday when the market sold off. Since then the market has been prone to headline risk and looking for a reason to sell off," said Jay Suskind, senior vice president at Duncan-Williams, during an interview with MarketWatch.
"Is the market now seeing Greece and Europe as the canary in the coal mine for us? We all know we have budget and deficit issues," Suskind said.
| Selected expected U.S. earnings releases for Friday |
| (Consensus Estimates vs. Last Year) |
|
| CF Industries Holdings, Inc. (NYSE: CF) |
Q1 |
$1.07 vs 1.28 |
|
| Cimarex Energy Co. (NYSE: XEC) |
Q1 |
$1.74 vs 0.09 |
|
| Edison International (NYSE: EIX) |
Q1 |
$0.78 vs 0.79 |
|
| Gold Fields Ltd. (NYSE: GFI) |
Q3 |
$0.19 vs 0.21 |
|
| Rentech, Inc. (NYSE: RTK) |
Q2 |
-$0.05 vs -0.15 |
|
| Tetra Technologies Inc. (NYSE: TTI) |
Q1 |
$0.08 vs 0.15 |
|
| Selected expected Canadian earnings releases for Friday |
| (Consensus Estimates vs. Last Year) |
|
| Eldorado Gold (TSX: T.ELD) |
Q1 |
US$0.07 vs 0.04 |
|
| Enerplus Resources (TSX: T.ERF.UN) |
Q1 |
$0.08 vs 0.31 |
|
| GMP Capital (TSX: T.GMP) |
Q1 |
$0.19 vs 0.12 |
|
Today In The Markets
Markets back off as European debt worries trump positive corporate news
|
| DJIA |
10,520.32 |
-347.80 |
 |
|
| NASDAQ |
2,319.64 |
-82.65 |
|
|
| S&P500 |
1,128.15 |
-37.72 |
|
|
| S&P/TSX |
11,842.43 |
-32.70 |
|
|
| S&P/TSX Venture |
1,562.68 |
-34.46 |
|
|
Toronto & New York (the Canadian Press) - North American stock markets finished lower after a wild day of trading as investors became increasingly convinced that an aid package for Greece won't be enough to stop the European debt crisis from spreading.
The S&P/TSX composite index was down 32.7 points to 11,843.43, while New York's Dow Jones industrials plunged 347.8 points to 10,520.32.
Losses were even steeper at mid-afternoon as investors briefly pushed the Dow down almost 1,000 points, while the Toronto market lost as much as 452 points before recovering.
Nervous investors continued to pile into the perceived safe haven of the U.S. dollar, with the Canadian dollar tumbling 2.09 cents to 95.03 cents US.
Oil fell $2.86 to US$77.11 a barrel and now is down more than $10 from a high of US$87.15 on Monday.
Elsewhere in New York, the Nasdaq composite index stepped back 82.65 points to 2,319.64, while the S&P 500 index fell 37.72 points to 1,128.15.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Kraft Foods Inc.(NYSE: KFT, Stock Forum)
Kraft Foods Inc., maker of Oscar Mayer deli meats and Oreo cookies, said first-quarter net income jumped to US$1.88 billion, or $1.16 a share, from $660 million, or 45 cents a share, in the same period last year. Profit was bolstered by the sale of its frozen pizza business and the acquisition of U.K. chocolate maker Cadbury. Sales rose 26% to $11.3 billion from $8.9 billion a year ealier.
New Gold Inc. (TSX: T.NGD, Stock Forum)
New Gold Inc. is off to a good start in 2010 with strong operational results in the first quarter and an improved balance sheet, said the company’s Executive Chairman Randall Oliphant. Earnings from mine operations for the first quarter of 2010 were $36.6 million compared to $12.1 million for the same period in 2009. The increase in earnings from mine operations was driven by increased gold sales, higher average realized gold prices and lower total cash costs.