Today on Stockhouse
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Marin Katusa of Casey Research shines a spotlight on the shale gas fracking controversy.
Top Bullboards post: “The stock consolidation is not the issue. The issue is dilution. We do not know at what price the deal will be done at so a proper share price cannot be determined. It is in the interest of the bond holders to make it as low as possible. We do not know at what price the shareholder warrants will be convertible. Too much uncertainty. It looks like this outcome was predetermined months ago.” From casey13 on the Compton Petroleum (TSX: T.CMT, Stock Forum) board.
Top Bullboard:Intertainment Media (TSX: V.INT, Stock Forum) received the most reads and posts.
Top blog: littleguy123 writes about currency dilution and its effect on the precious metals market 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
“If we have a close below 1,294 on the S&P 500, all kinds of pundits will step up with negative market comments telling us that 1,250 is coming soon,” said Elliot Spar, market strategist at Stifel, Nicolaus & Co., in an interview with MarketWatch. “When a well-advertised number is breached on the upside or downside, you always have to be on alert for a potential reversal. The market finds a way of humbling the most participants and pundits it can find.”
| Selected expected U.S. earnings releases for Tuesday |
| (Consensus Estimates vs. Last Year) |
|
| ABM Industries (NYSE: ABM) |
Q2 |
$0.27 vs. $0.23 |
|
| Analogic (NASDAQ: ALOG) |
Q3 |
$0.44 vs. $0.38 |
|
| Navistar International (NYSE: NAV) |
Q2 |
$1.17 vs. $0.42 |
|
| Ulta Salon, Cosmetics & Fragrance (NASDAQ: ULTA) |
Q1 |
$0.31 vs. $0.23 |
|
| Selected expected Canadian earnings releases for Tuesday |
| (Consensus Estimates vs. Last Year) |
|
| Innergex Renewable Energy (TSX: T.INE) |
Q1 |
$0.01 vs. $ - 0.01 |
|
| Saputo ( TSX: T.SAP) |
Q4 |
$0.56 vs. $0.47 |
|
Today In The Markets
TSX retreats, jobs data further convinces investors that U.S. economy slowing
|
| DJIA |
12,089.96 |
-61.30 |
 |
|
| NASDAQ |
2,702.56 |
-30.22 |
|
|
| S&P500 |
1,286.17 |
-13.99 |
|
|
| S&P/TSX |
13,318.66 |
-199.25 |
|
|
| S&P/TSX Venture |
2,014.55 |
-41.07 |
|
|
Toronto & New York (The Canadian Press) - The Toronto stock market tumbled nearly 200 points Monday as investors continued to sell off stocks in the wake of a disappointing read on U.S. employment last week which reinforced fears that the U.S. economy is slowing.
The S&P /TSX composite index dropped 199.25 points or 1.47 per cent to 13,318.66, with the decline led by resource and financial stocks while the TSX Venture Exchange declined 41.07 points to 2,014.55.
Bank stocks helped depress New York markets amid concern that the U.S. Federal Reserve may require them to set aside more cash to cover potential losses.
The Dow Jones industrials added to last week's slide of more than two per cent, falling 61.3 points to 12,089.96.
The Nasdaq composite index declined 30.22 points to 2,702.56 while the S&P 500 index was off 13.99 points to 1,286.17.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
The Pep Boys — Manny, Moe & Jack (NYSE: PBY, Stock Forum)
The Pep Boys — Manny, Moe & Jack, the nation’s leading automotive aftermarket service and retail chain, today announced results for the thirteen weeks (first quarter) ended April 30, 2011. Sales for the thirteen weeks ended April 30, 2011 increased by $3.5 million, or 0.7%, to $513.5 million from $510.0 million for the thirteen weeks ended May 1, 2010. Net earnings for the first quarter of fiscal 2011 increased to $12.4 million ($0.23 per share) from $12.0 million ($0.23 per share) recorded in the same period last year.
Aura Minerals Inc. (TSX: T.ORA, Stock Forum)
Aura Minerals Inc. announced the appointment of Mr. Tom Ogryzlo, an independent director of the Company, as interim Chief Executive Officer, effective June 6, 2011. Mr. Ogryzlo has extensive experience in the mining and engineering industries and has served as President of several different companies including Kilborn Engineering and Kilborn SNC-Lavalin. Further to the Company's release of March 25, 2011, Mr. Patrick Downey will be stepping down as interim CEO and a member of the Board of Directors effective June 6, 2011.