Today on Stockhouse
Clif Droke looks at the next leg of the housing bear market.
David Fessler focuses on coal’s decreasing role in power generation.
Your opinion matters. Submit an article to Stockhouse today at submissions@stockhouse.com. Submission guidelines can be found here.
Top Bullboards post: Canaco has 7 rigsdrilling 8,000 metres a month on the main zone. The avg. depth is around 235 metres or about 34 holes a month. This does not appear to include the 8th rig. So in fact we were given about two weeks of drilling today. We are still probably waiting results on 90-100+ holes that have been drilled. Favourable assays will move this stock and help squeeze any shorts even in this market. Infoseeker99 in the Canaco Resources Inc. (TSX: V.CAN, Stock Forum).
Top Bullboard: Intertainment Media Inc. (TSX: V.INT, Stock Forum) received the most posts and reads.
Top blog: Cardiacarrest notes in the War on Democracy blog that while the compromise agreed in Washington comes just in time to prevent an immediate catastrophe, financial analyst Max Keiser believes it won’t be enough to persuade ratings agencies to let America keep its precious ‘triple A’ credit score.
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
“There is no guarantee anything will get done in Washington. There’s a loss of confidence and a rethinking of the profit outlook going out a few years,” said Nick Kalivas, equities and fixed-income analyst at MF Global, during an interview with MarketWatch.
| Selected expected U.S. earnings releases for Wednesday |
| (Consensus Estimates vs. Last Year) |
|
| Activision Blizzard Inc. (NASDAQ: ATVI) |
Q2 |
$0.05 vs. $0.06 |
|
| AgFeed Industries Inc. (NASDAQ: FEED) |
Q2 |
-$0.01 vs -0.07 |
|
| Comcast Corp. (NASDAQ: CMCSA) |
Q2 |
$0.41 vs $0.31 |
|
| Devon Energy Corp. (NYSE: DVN) |
Q2 |
$1.54 vs $1.53 |
|
| Southern Union Co. (NYSE: SU) |
Q2 |
$0.39 vs $0.42 |
|
| Time Warner Inc. (NYSE: TWX) |
Q2 |
$0.56 vs $0.50 |
|
| Selected expected Canadian earnings releases for Wednesday |
| (Consensus Estimates vs. Last Year) |
|
| Agrium Inc. (TSX: T.AGU) |
Q2 |
$4.29 vs $3.20 |
|
| Ballard Power Systems Inc. ( TSX: T.BLD) |
Q2 |
-$0.11 vs -$0.13 |
|
| Canaccord Financial Inc. (TSX: T.CF) |
Q1 |
$0.26 vs $0.18 |
|
| First Uranium Corp. (TSX: T.FIU) |
Q1 |
-$0.02 vs -$0.05 |
|
| Fortis Inc. (TSX: T.FTS) |
Q2 |
$0.35 vs $0.32 |
|
Today In The Markets
Worries about slowing economic conditions send stock markets tumbling
|
| DJIA |
11,866.62 |
-265.87 |
 |
|
| NASDAQ |
2,669.24 |
-75.37 |
|
|
| S&P500 |
1,254.05 |
-32.89 |
|
|
| S&P/TSX |
12,752.32 |
-193.31 |
|
|
| S&P/TSX Venture |
1,978.85 |
-0.25 |
|
|
Toronto & New York (The Canadian Press) - North American stock markets tumbled Tuesday as relief over the rise of the U.S. debt ceiling was countered by rising worries that economic weakness seen in the first half of the year was not just temporary.
The S&P/TSX composite index fell 193.31 points to 12,752.32 while the TSX Venture Exchange slipped 0.25 of a point to 1,978.85.
The TSX has fallen for five of the last six sessions, losing 742 points or 5.5 per cent.
New York markets also fell heavily, with the Dow Jones industrial average plunging 265.87 points to 11,866.62, its eighth straight decline. The Nasdaq composite index lost 75.37 points to 2,669.24 while the S&P 500 index was down 32.89 points to 1,254.05.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Bio-Rad Laboratories, Inc. (NYSE: BIO, Stock Forum)
Bio-Rad Laboratories, Inc., a multinational manufacturer and distributor of life science research and clinical diagnostic products, announced financial results today for the second quarter ended June 30, 2011. Second-quarter reported revenues were $521.7 million, up 11.5% compared to $467.7 million reported for the second quarter of 2010. Net income attributable to Bio-Rad for the second quarter of 2011 was $40.0 million compared to $38.0 million reported for the second quarter of 2010. Second-quarter earnings were $1.41 per share on a fully diluted basis versus $1.35 per share reported for the same period last year.
Southern Pacific Resource Corp. (TSX: T.STP, Stock Forum)
Southern Pacific Resource Corp. reported a significant increase in the volume and value of its reserves and resources in all categories. In a report prepared by GLJ Petroleum Consultants, the Company's independent reserves evaluator, effective June 30, 2011, total Proved ("1P") reserves increased more than 89% from the previous estimate dated October 15, 2010 to 120.8 million barrels of oil equivalent and by over 1,670% compared to the reserves report dated June 30, 2010. The increase in year over year reserves is due to the regulatory approval of Southern Pacific's 100% owned and operated STP-McKay Thermal Project, located 45 km northwest of Ft. McMurray, Alberta.