Today on Stockhouse
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Peter Degraaf explains why he thinks the gold price could be on its way to $3500.
Top Bullboards post: “And the good news continues for WKP. Already touted as possibly the biggest find in New Zealand in 20 years, every drill has been finding gold. The map is worth digging out of the news release, shows the overall scale of this find is perhaps 2000metres x 500metres x 200metres deep, and it could be a lot bigger. Every find tips Newmont further over their requirement for 2-3Moz available for a standalone mine. Some of the grades being found are bonanza grades, highest shown in the table is nearly 90grams/tonne, 3oz/ton.” From Auricle on the Glass Earth Gold (TSX: V.GEL, Stock Forum) board.
Top Bullboard: Orbite Aluminae (TSX: T.ORT, Stock Forum) received the second-most reads and posts.
Top blog:jjeeddoo7 believes this coal play has four-bagger potential in the MONGOLIA PROPHECY blog.
For news about small stocks that made big moves Wednesday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
“This must have been the best-kept secret in a long time: the market looking for an indication from Bernanke’s testimony that additional easing in the form of QE3 was on the way,” noted Elliot Spar, market strategist at Stifel Nicolaus, in emailed commentary, as reported by MarketWatch.
| Selected expected U.S. earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| Acme United (AMEX: ACU) |
Q4 |
$0.13 vs. $0.06 |
|
| Flow International (NASDAQ: FLOW) |
Q3 |
$0.05 vs. $0.03 |
|
| General Moly (AMEX: GMO) |
Q4 |
$ - 0.03 vs. $ - 0.05 |
|
| Middleby Corporation (NASDAQ: MIDD) |
Q4 |
$1.29 vs. $1.19 |
|
| Petroleum Development (NASDAQ: PETD) |
Q4 |
$0.22 vs. $ - 0.17 |
|
| Wendy's Company (NASDAQ: WEN) |
Q1 |
$0.03 vs. $0.02 |
|
| Selected expected Canadian earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| Orvana Minerals (TSX: T.ORV) |
Q1 |
$0.07 vs. $ - 0.02 |
|
| Royal Bank of Canada (TSX: T.RY) |
Q1 |
$1.13 vs. $1.26 |
|
| TD Bank Group ( TSX: T.TD) |
Q1 |
$1.76 vs. $1.74 |
|
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Today In The Markets
TSX lower: signs of U.S. economic expansion depress gold stocks, bullion
|
| DJIA |
12,952.07 |
-53.05 |
 |
|
| NASDAQ |
2,966.89 |
-19.87 |
|
|
| S&P500 |
1,365.68 |
-6.50 |
|
|
| S&P/TSX |
12,644.01 |
-96.46 |
|
|
| S&P/TSX Venture |
1,671.53 |
-21.66 |
|
|
TORONTO-NEW YORK (The Canadian Press) - The Toronto stock market closed lower Wednesday, surrendering early gains as gold stocks and bullion backed off amid further signs of increasing economic growth in the U.S.
The S&P/TSX composite index declined 96.46 points to 12,644.01 while the TSX Venture Exchange dropped 21.66 points to 1,671.53.
New York indexes also weakened after U.S. Federal Reserve Chairman Ben Bernanke spoke to a congressional panel and made it appear less likely that the Fed will embark on more stimulus through buying more bonds.
The Dow Jones industrial average closed 53.05 points lower to 12,952.07 a day after the blue chip index closed above 13,000 for the first time since May 2008.
The Nasdaq composite index gave back 19.87 points to 2,966.89. The S&P 500 index edged 6.5 points lower to 1,365.68.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Edison International (NYSE: EIX, Stock Forum)
Edison International today reported fourth quarter 2011 basic losses of $(2.57) per share, compared to basic earnings of $0.51 per share in the same quarter last year. Fourth quarter 2011 core earnings were $0.75 per share, compared to core earnings of $0.58 per share in the fourth quarter of 2010. Higher fourth quarter core earnings at Southern California Edison (SCE) were partially offset by losses at EMG driven by lower energy prices, capacity prices, and generation.
BMO Capital Markets
BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group (TSX: T.BMO, Stock Forum), today announced that Darryl White has been appointed Head of Global Investment & Corporate Banking (I&CB). In this role, Mr. White will be responsible for all of BMO's I&CB activities with corporate and government clients worldwide, encompassing equity and debt underwriting, corporate lending and project financing, and merger and acquisitions advisory services. Mr. White will report to Tom Milroy, CEO, BMO Capital Markets, and join the firm's Operating and Executive Committees. Mr. White's appointment is effective March 31st.
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