Today on Stockhouse
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Peter Kennedy reports on how Legend Oil & Gas stunned the touts in his Stockhouse Short Report.
This as Thom Calandra writes about why these junior resource companies could be bought out by big bottom majors.
Top Bullboards post: “BAN is a currently a subject of takeover by Sinchuan Hanlong Group, the same Chinese group that bought Sundance Iron ore resources on Congo & Cameroo for $1.6 Billion. Hanlong offered 61 cents per share for BAN but was rejected as being opportunistic by BAN Management & BOD. BAN is currently negotiating with Hanlong for a higher offer. The cool part is that not many Canadian investors follow BAN because its primarily listing is in Australia. BAN controls 80% of a massive 200 million pounds of Uranium resources in Namibia. Their Etango Project is very close to Walvis Bay and is near Rio Tinto, Areva and Paladin Uranium mines in the area. China is building more than 16 nuclear power plant and is snapping up Uranium assets across the globe. Another neighbour of BAN is Extract Resource (EXT) that is also currently a subject of takeover by another Chinese Nuclear Group.” From EOIM on the Bannerman Resources (TSX: T.BAN, Stock Forum) board.
Top Bullboard: Copper Fox Metals (TSX: V.CUU, Stock Forum) received the most reads and posts.
Top blog:taylor1988 believes this gold junior represents good value in the Newstrike Capital blog.
For news about small stocks that made big moves in Thursday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
“This is a very important quarter for earnings, as it will cause many bearish economists to upgrade forecasts for 2011 expectations,” said Marc Pado, U.S. market strategist at Cantor Fitzgerald, in an interview with MarketWatch. “If we do not start seeing support for a recession in 2012, market valuations based on forward-looking earnings would support a move back to 1,350 by year-end.”
| Selected expected U.S. earnings releases for Friday |
| (Consensus Estimates vs. Last Year) |
|
| Enzo Biochem (NYSE: ENZ) |
Q4 |
$ - 0.03 vs. $ - 0.15 |
|
| Mattel (NASDAQ: MAT) |
Q3 |
$0.86 vs. $0.77 |
|
| Webster Financial (NYSE: WBS) |
Q3 |
$0.40 vs. $0.22 |
|
| Selected expected Canadian earnings releases for Friday |
| (Consensus Estimates vs. Last Year) |
|
| Guestlogix (TSX: T.GXI) |
Q3 |
$0.01 vs. $0.00 |
|
Today In The Markets
Financials, resource stocks take TSX lower on Chinese data, U.S. bank earnings
|
| DJIA |
11,478.13 |
-40.72 |
 |
|
| NASDAQ |
2,620.24 |
+15.51 |
 |
|
| S&P500 |
1,203.66 |
-3.59 |
|
|
| S&P/TSX |
11,911.89 |
-118.07 |
|
|
| S&P/TSX Venture |
1,532.63 |
-10.14 |
|
|
TORONTO, NEW YORK (CP) - Resource stocks sent the Toronto stock market lower Thursday after poor Chinese economic data depressed commodity prices on worries that the country will want less oil and copper.
The S&P /TSX composite index was well off early lows, closing down 118.07 points to 11,911.89 after earlier losing as much as 200 points.
The TSX Venture Exchange was 10.14 points lower at 1,532.63.
A poorly-received earnings report from banking giant JPMorgan Chase also pressured U.S. markets as the Dow Jones industrials lost 40.72 points to 11,478.13. The Nasdaq composite index was up 15.51 points to 2,620.24 while the S&P 500 index declined 3.59 points to 1,203.66.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Willbros Group, Inc. (NYSE: WG, Stock Forum)
Willbros Group, Inc. provided an update on its previously announced objective to strengthen its balance sheet. Randy Harl, President and Chief Executive Officer, commented, "In early 2011, we announced a plan to reduce our total debt by $50 to $100 million by year-end. We are pleased to report that we have now reduced total indebtedness by $113.4 million, exceeding our target objective.
Google Inc. (NASDAQ: GOOG, Stock Forum)
Google Inc. announced financial results for the quarter ended September 30, 2011. Google reported revenues of $9.72 billion for the quarter ended September 30, 2011, an increase of 33% compared to $7.28 billion the third quarter of 2010. GAAP net income in the third quarter of 2011 was $2.73 billion or $8.44 per share, compared to $2.17 billion or $6.80 per share in the third quarter of 2010. Non-GAAP net income in the third quarter of 2011 was $3.18 billion, compared to $2.46 billion in the third quarter of 2010.