Stockhouse @ the Bell: Stocks drop on China concerns

Today on Stockhouse

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Marc Davis of BNWnews.ca explains why gold development stocks are the best bets for speculators.

And, Keith Schaefer claims the most profitable oil in North America is just getting started.

Top Bullboards post: “They used a cut-off of 1 g/t so when you are averaging 1.04 g/t that seems a little close to the line. Will need to see the complete tables to see what the OZs are when other cut-offs are considered. For an open-pit, would have thought they would go with 0.6 to 0.8 g/t cut-off, or possibly even lower.” From eebler on the Volta Resources (TSX: T.VTR, Stock Forum) board.

Top Bullboard: Stem Cell Therapeutics (TSX: V.SSS, Stock Forum) received the third-most reads and posts on a day its share price slipped 9%.

Top blog: caldernet provides a report on legal insider trading in the $100,001 Goal blog.

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

Word on Wall Street

"I don't think Friday payrolls can do a lot to bring the market a whole lot higher if they're good. But if they're bad, it's really 'Look out below,'" said Paul Zemsky, head of asset allocation at ING Investment Management, in an interview with Associated Press.

Today In The Markets

TSX, commodities retreat on falling expectations for Chinese economic growth

DJIA	9,870.30	-268.22
NASDAQ	2,135.18	-85.47
S&P500	1,041.24	-33.33
S&P/TSX	11,263.83	-343.17
S&P/TSX Venture	1,409.74	-41.57

TORONTO-NEW YORK (The Canadian Press) - The Toronto stock market tumbled about three per cent as a sharp revision downward in growth prospects for China and a deterioration in U.S. consumer confidence intensified worries that the global economic rebound may be faltering.

The S&P/TSX composite index lost dropped 343.17 points to 11,263.83 after the U.S.

Conference Board said that it wrongly stated that its economic leading indicator for China for the month of April was up 1.7 per cent. It was actually up only 0.3 per cent.

Investor pessimism deepened as the U.S. Conference Board reported that its Consumer Confidence Index dropped almost 10 points in June to 52.9.

The Canadian dollar fell 1.78 cents to 94.76 cents US, while oil dropped $2.31 to US$75.94 a barrel.

New York's Dow Jones industrial average fell 268.22 points to 9,870.3.

The Nasdaq composite index lost 85.47 points to 2,135.18 while the S&P 500 index was down 33.33 points to 1,041.24.

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

After-Hours News

General Mills (NYSE: GIS, Stock Forum)
General Mills reported its financial results for the fourth quarter and fiscal year ended May 30, 2010. The company said fourth quarter sales fell 2.1% to US$3.57 billion from $3.64 billion last year. In the same period, net earnings were down 40.9% to $212 million or 31 cent a share, from $358.8 million or 53 cents. All per-share data in the quarter were adjusted to reflect a two for one stock split.

Enbridge Inc. (TSX: T.ENB, Stock Forum)
Enbridge Inc. has struck a deal with Renewable Energy Systems Americas Inc. under which a U.S. affiliate of Enbridge Inc. will own and operate the 250-megawatt Cedar Point Wind Energy Project. Enbridge's investment in the project will be approximately US$500 million and the Broomfield, Colorado-based RES Americas will construct it under a fixed-price engineering, procurement and construction contract to Enbridge. The project is located about 120 kilometres east of Denver.