Today on Stockhouse
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Dr. Steve Sjuggerud of DailyWealth outlines what the talking heads don't understand about gold.
This as Jeb Handwerger writes about what effects the U.S. budget impasse will have on precious metals.
Top Bullboards post: “Keep your eye on the fundamentals...U.S. & Global deteriorating financial dilemma for industrialized world (Canada is not exempt here, although we have done remarkably well and our economy continues to be one of the safest markets to invest in, attracting investment capital from around the world) & effect on amazing gold prices...increasing corporate earnings driven by strong growth in other parts of the world where inflation is becoming a problem which will further exacerbate the flight to gold...amazing gold discoveries in the safest part of the world. The world's population and related economy is a huge juggernaut that stumble and falls sometimes, but at the end of the day it just keeps getting bigger and nothing can stop it or the desires of the billions striving for a better life and more "things."This is what the corporate world feeds on and while profit takers, speculators and bears will drive down the markets temporarily, there is no better place to invest your money unless you’re are satisfied with low (boring) rates of return, than equities...and I like gold.” From craziecanuck on the Trelawney Mining and Exploration (TSX: V.TRR, Stock Forum) board.
Top Bullboard:Intertainment Media (TSX: V.INT, Stock Forum) received the most reads and posts on a day its stock popped more than 56%.
Top blog: littleguy123 wonders what if the precious metals ‘mania’ hits India or China 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
“This has put the debate on cutting the budget deficit and dealing with our debt problems front and center, now it’s on Joe SixPack’s front page,” said Paul Nolte, managing director at Deaborn Partners, in an interview with MarketWatch. “It also increases the chances of the dollar losing its status as the reserve global currency.”
| Selected expected U.S. earnings releases for Tuesday |
| (Consensus Estimates vs. Last Year) |
|
| CSX Corp. (NYSE: CSX) |
Q1 |
$1.04 vs. $0.78 |
|
| Goldman Sachs Group (NYSE: GS) |
Q1 |
$0.82 vs. $5.59 |
|
| Harley-Davidson (NYSE: HOG) |
Q1 |
$0.53 vs. $0.29 |
|
| Intel Corporation (NASDAQ: INTC) |
Q1 |
$0.46 vs. $0.43 |
|
| International Business Machines (NYSE: IBM) |
Q1 |
$2.30 vs. $1.97 |
|
| Yahoo! Inc. (NASDAQ: YHOO) |
Q1 |
$0.16 vs. $0.22 |
|
Today In The Markets
TSX backs off amid tumbling oil prices, S&P cuts ratings outlook on U.S.
|
| DJIA |
12,201.59 |
-140.24 |
 |
|
| NASDAQ |
2,735.38 |
-29.27 |
|
|
| S&P500 |
1,305.14 |
-14.54 |
|
|
| S&P/TSX |
13,702.33 |
-96.79 |
|
|
| S&P/TSX Venture |
2,238.60 |
-52.31 |
|
|
Toronto & New York (The Canadian Press) - The Toronto stock market closed lower Monday following bad marks given to the U.S. government's debt by a rating agency and a drop in the highly influential price of oil.
Markets around the world were rattled after Standard & Poor's cut its ratings outlook on the U.S., citing a failure by lawmakers to tackle the country's deteriorating finances.
The S&P /TSX composite index closed off the worst lows of the day, coming back from a 215-point plunge to finish the session down 96.79 points to 13,702.33 after S&P cut its ratings outlook to "negative" from "stable" while keeping its Triple-A rating.
The TSX Venture Exchange dropped 52.31 points to 2,238.6 while a stronger greenback and tumbling oil prices pushed the Canadian dollar down 0.45 of a cent to 103.71 cents US.
New York markets tumbled as the Dow Jones industrial average retreated 140.24 points to 12,201.59.
The Nasdaq composite index fell 29.27 points to 2,735.38 while the S&P 500 index fell 14.54 points to 1,305.14.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Texas Instruments Inc. (NYSE: TXN, Stock Forum)
Texas Instruments Inc. announced its financial results for the first quarter ended March 31, 2011. First quarter revenue rose to $3.39 billion from $3.2 billion a year earlier. Net income in the quarter rose to $666 million or 55 cents a share, from $658 million or 52 cents in the same period last year. "2011 started strong, with customer demand in January and February tracking our expectations for a first quarter of above-seasonal growth," said Rich Templeton.
Alderon Resource Corp. (TSX: V.ADV, Stock Forum)
Alderon Resource Corp. said that as a result of a review by the British Columbia Securities Commission we are issuing this news release to clarify our disclosure.
The BCSC identified a number of National Instrument 43-101 compliance issues in the Company's website, corporate presentation, investor relations material and MD&A. For example, on its website, investor relations materials, corporate presentation, and MD&A, the company did not identify and disclose the relationship to the company of the qualified person who approved, prepared or supervised the preparation of the technical information disclosed therein.