Today on Stockhouse
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Arnold Bock makes a case for the gold price going parabolic.
And, Lee Lowell of Investment U describes how to buy gold for $100… and get $200 back.
Top Bullboards post: “The Company has just completed shipping 1305 tons of oxide ore grading an estimated .481 oz/t au to the Kinross plant in Republic, Washington. The shipment was processed and a strike price of $1254 per ounce of gold was agreed on for settlement. That should be worth $787,142.” From Irulecrap on the Coronado Resources (TSX: V.CRD, Stock Forum) board.
Top Bullboard: Evolving Gold (TSX: V.EVG, Stock Forum) received the most reads and posts on a day its share price surged more than 21%.
Top blog: sydenham believes this junior explorer is being stalked by the majors in the Under the Radar 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 next serious catalyst is earnings," said Phil Dow, director of equity strategy at RBC Wealth Management, in an interview with MarketWatch. "The stock market has priced a slowdown and possibly a double dip and my guess is if you have better-than-expected earnings coupled with not-terrible guidance, the market could head higher."
| Selected expected U.S. earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| A. Schulman (NASDAQ: SHLM) |
Q3 |
$0.41 vs. $0.36 |
|
| CommVault Systems (NASDAQ: CVLT) |
Q1 |
$0.17 vs. $0.15 |
|
| Helen of Troy (NASDAQ: HELE) |
Q1 |
$0.57 vs. $0.47 |
|
| Nu Horizons Electronics (NASDAQ: NUHC) |
Q1 |
$0.13 vs. $ - 0.05 |
|
| Selected expected Canadian earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| Cogeco Cable (TSX: T.CCA) |
Q3 |
$0.57 vs. $0.65 |
|
| Cogeco Inc. (TSX: T.CGO) |
Q3 |
$0.60 vs. $0.53 |
|
| Richelieu Hardware (TSX: T.RCH) |
Q2 |
$0.38 vs. $0.33 |
|
|
Today In The Markets
Stocks surge on U.S. retail, banking data; Total expands oilsands stake, buys UTS
|
| DJIA |
10,018.28 |
+274.66 |
 |
|
| NASDAQ |
2,159.47 |
+65.59 |
|
|
| S&P500 |
1,060.27 |
+32.21 |
|
|
| S&P/TSX |
11,397.27 |
+197.10 |
|
|
| S&P/TSX Venture |
1,361.48 |
+13.96 |
|
|
TORONTO-NEW YORK (The Canadian Press) - News from the U.S. banking and retail sectors, along with dealmaking in the Alberta oilpatch, pushed the Toronto stock market sharply higher.
The S&P/TSX composite index gained 197.1 points to 11,397.27. The Canadian dollar was ahead 0.72 of a cent at 95.44 cents US.
Oil closed up $2.09 to US$74.07 a barrel.
French energy giant Total is acquiring a bigger stake in Alberta’s oilsands industry through the purchase of UTS Energy Corp. (TSX:UTS) in a deal worth more than C$1.5 billion.
Meanwhile, the International Council of Shopping Centres said U.S. retail sales probably expanded at an average monthly rate of four per cent in the first five months of the retail fiscal year. And quarterly profit forecasts at American bank State Street Corp. topped expectations.
The Dow Jones industrial average gained 274.66 points to 10,018.28. The Nasdaq composite index rose 65.59 points to 2,159.47, while the S&P 500 index climbed 32.21 points to 1,060.27.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Wells Fargo & Co. (NYSE: WFC, Stock Forum)
Wells Fargo & Co. said it will consolidate its Wells Fargo Financial consumer finance division into its newly expanded Coast Community banking network. As a result, 638 independent Consumer Finance offices will be closed, the company said, adding that 2,800 positions will be eliminated in the next 60 days.
Minefinders Corporation Ltd. (TSX: T.MFL, Stock Forum)
Minefinders Corporation Ltd. released results of a pre-feasibility study for its La Bolsa gold and silver project in Sonora, Mexico. The study contemplates conventional open-pit mining methods at La Bolsa with low-cost heap-leach processing. Assuming average recoveries of 72% for gold and 7% for silver, the total production from La Bolsa is estimated at 227,600 ounces of gold and 315,100 ounces of silver over a six year mine life.
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