Today on Stockhouse
Richard (Rick) Mills takes a look why the potash sector is heating up again
Tony D’Altorio sees tough times ahead in the consumer goods industry.
Tom Dyson says investing in bonds is the safest route to high income.
Your opinion matters. Submit an article to Stockhouse today at submissions@stockhouse.com. Submission guidelines can be found here.
Top Bullboards post: “We might have a new 52-week high today! There will be no resistance,’’ said Chrissabres in the Great Basin Gold Ltd. (TSX: T.GBG, Stock Forum) board.
Top Bullboard: Passport Potash Inc. (TSX: V.PPI, Stock Forum) was the most posted Bullboard and received the third largest number of reads.
Top blog: Smithgee says Talon Metals Corp. (TSX: T.TLO, Stock Forum) might get some interest with the Potash Corp. (TSX: POT, Stock Forum) takeover bid, in the Gee’s stock picks 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
"We've got a cornucopia of good news. We had upbeat guidance from the largest retailer on the planet, M&A activity is picking up, and economic data that blew away all concerns about deflation," said Art Hogan, chief market strategist at Jefferies & Co. in an interview with CBS MarketWatch.
| Selected expected U.S. earnings releases for Wednesday |
| (Consensus Estimates vs. Last Year) |
|
| AFC Enterprises Inc. (NASDAQ: AFCE) |
Q2 |
$0.19 vs $0.18 |
|
| Applied Materials (NASDAQ: AMAT) |
Q3 |
$0.25 vs -$0.03 |
|
| BJ’s Wholesale (NYSE: BJ) |
Q2 |
$0.73 vs $0.64 |
|
| Brocade Comm. (NASDAQ: BRCD) |
Q3 |
$0.13 vs $0.12 |
|
| Eaton Vance Corp. (NYSE: EV) |
Q3 |
$0.39 vs $0.26 |
|
| Suntech Power (NYSE: STP) |
Q2 |
$0.04 vs $0.06 |
|
| Selected expected Canadian earnings releases for Wednesday |
| (Consensus Estimates vs. Last Year) |
|
| Open Text (TSX: T.OTC) |
Q4 |
US$0.86 vs $0.36 |
|
|
Today In The Markets
TSX surges, miners benefit from US$38.6 billion hostile offer for Potash Corp.
|
| DJIA |
10,405.85 |
+103.84 |
 |
|
| NASDAQ |
2,209.44 |
+27.57 |
|
|
| S&P500 |
1,092.54 |
+13.16 |
|
|
| S&P/TSX |
11,728.64 |
+175.88 |
|
|
| S&P/TSX Venture |
1,463.60 |
+6.44 |
|
|
TORONTO-NEW YORK (The Canadian Press) - The Toronto stock market surged about 1.5 per cent with a big chunk of the advance coming from the resource sector as Australian resources giant BHP Billiton made a play for Canada's PotashCorp.
The S&P/TSX composite index jumped 175.88 points to 11,728.64 after Potash (TSX:POT) rejected the hostile US$38.6-billion bid.
Potash shares gained $30.11, or 25.68 per cent, to $147.34 after it called the US$130 per share cash offer "grossly inadequate."
The Canadian dollar ran up 1.08 cents to 96.81 cents US, while oil moved ahead 53 cents to US$75.77 a barrel.
Better than expected earnings from retail bellwethers Walmart Stores and Home Depot helped push the Dow Jones industrial average up 103.84 points to 10,405.85.
The Nasdaq composite index was ahead 27.57 points at 2,209.44 while the S&P 500 index was up 13.16 points at 1,092.54.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Analog Devices Inc. (NYSE: ADI, Stock Forum)
Analog Devices Inc. reported its financial results for the third quarter ended July 31, 2010. The company reported net income of US$199.5 million or 65 cents per share in the quarter, compared to a year ago profit of $65 million or 22 cents. Third quarter revenue rose to $720.3 million, compared to $492 million a year earlier.
Accelware Corp. (TSX: V.AXE, Stock Forum)
Accelware Corp. released its financial results for the second quarter ended June 20, 2010. The company reported a loss of $121,062 in the quarter, a 53% decrease from the year ago loss of $250,321. The company recognized revenue of $646,725 in the quarter, which was down 35% from just over $1 million in the equivalent 2009 quarter. It attributed the decrease to reduced hardware product sales.
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