Today on Stockhouse
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Frank Curzio of Growth Stock Wire tells readers to forget ExxonMobil (XOM) and buy these cheaper competitors instead.
While Clif Droke takes a look at the stock market cycles.
Top Bullboards post: “The cost to develop BIM hasn't come down because ore prices doubled, it just means it's a little more profitable. Building a railway through a mountain or two is billions expensive. Shipping 65% iron ore is very expensive as well, because you’re shipping 35% waste, and a long way on very expensive monster ships. Iron nuggets, 96% pure, cost less to ship, don't need an environmentally unfriendly blast furnace, and AXI has 30 billion tons (to date, and growing) and it's a conveyer belt or dump truck away from a deep water port. I believe this company is undervalued by 20 times, easy. Don't forget the spinoff company, which boasts $1,000 a ton precious metals, and the new Alaskan iron sands.” From sparky61 on the Advanced Explorations (TSX: V.AXI, Stock Forum) board.
Top Bullboard: Bioniche Life Sciences (TSX: T.BNC, Stock Forum) received the second-most reads and posts on a day its stock price popped more than 16%.
Top blog: littleguy123 explains why U.S. mortgage fraud is totally out of control in the Outside the Market blog.
For news about small stocks that made big moves in Monday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
“The markets are in rally mode and are likely to continue until we see worse-than-expected economic data with the next major report next Friday – unemployment,” observed Paul Nolte, managing director at Dearborn Partners, in an interview with MarketWatch.
| Selected expected U.S. earnings releases for Tuesday |
| (Consensus Estimates vs. Last Year) |
|
| Ennis Inc. (NYSE: EBF) |
Q3 |
$0.37 vs. $0.36 |
|
| Walgreen Co. (NYSE: WAG) |
Q4 |
$0.44 vs. $0.44 |
|
|
Today In The Markets
Financials, golds help push TSX lower; N.Y. negative following string of gains
|
| DJIA |
10,812.04 |
-48.22 |
 |
|
| NASDAQ |
2,369.77 |
-11.45 |
|
|
| S&P500 |
1,142.16 |
-6.51 |
|
|
| S&P/TSX |
12,190.60 |
-14.26 |
|
|
| S&P/TSX Venture |
1,694.63 |
-4.92 |
|
|
TORONTO-NEW YORK (The Canadian Press) - The Toronto stock market racked up a slight loss with the market weighed down by gold stocks, even as bullion hit another record, and financial shares retreating on more bad news from the European banking sector.
The S&P/TSX composite index declined 14.26 points to 12,190.6 while the Canadian dollar slipped a quarter of a cent to 97.25 cents US.
The Toronto financial sector was the biggest decliner as Moody’s Investors Service cut its rating on Anglo Irish Bank Corp., one of Europe’s more troubled banks in recent months.
The gold sector was also a major decliner as gold inched up 50 cents to a fresh record close of US$1,298.60 an ounce.
Oil rose three cents to US$76.52 a barrel.
The Dow Jones industrial average lost 48.22 points to 10,812.04. The Nasdaq composite index declined 11.45 points to 2,369.77 while the S&P 500 index was 6.51 points lower to 1,142.16.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Paychex Inc. (NASDAQ: PAYX, Stock Forum)
Paychex Inc. reported its financial results for the first quarter ended August 31, 2010. The company said net income in the quarter rose 7% to US$131.9 million or 36 cents a share, from $123.6 million or 34 cents in the same period last year. Revenue in the quarter rose 4% to $518.3 million from $500.2 million a year earlier
Research in Motion Ltd. (TSX: T.RIM, Stock Forum)
Research in Motion Ltd. is launching the BlackBerry PlayBook, a tablet computer designed to compete with Apple Inc.’s (NASDAQ: AAPL, Stock Forum) iPad. Aimed at business customers, the device is 9.7 millimetres wide and boasts a 7-inch touch screen. The Waterloo, Ont., company said the PlayBook will be available in the United States in early 2011.
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