Today on Stockhouse
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Steven Saville discusses gold stocks versus the general stock market.
Top Bullboards post: “The push to the North will add significant resources to the Cote Lake Deposit. Pending Hole E11-161 which is located on Section 95+00E will further define the Cote Lake Deposit moving North...they have released assay results up to hole E11-148 which leaves us only 13 holes to get to this hole....there is a good chance that it will be included in the next news release in regards to drill results. Further study of the Cote Lake Diamond Drill Hole Location Map reveals that holes E12-181 & E12-183 which are located on Section 94+00E appear to be drilled in a scissor like fashion due to their very close proximity to each other...the only other thing that might of happened is that they lost hole E12-181 and drilled E12-183 in close proximity to replace the lost hole. I am leaning towards a scissor cut in this location...in other words, they pushed South to North and North to South in order to establish greater detail of structure at this particular region of the Cote Lake Deposit. Unfortunately, we will have to wait on these results due to the "pecking order"...they have maintained their pattern of releasing all holes in numerical order...a couple of releases later to be sure on these ones!” From digger144 on the Trelawney Mining and Exploration (TSX: V.TRR, Stock Forum) board.
Top Bullboard: Orbite Aluminae (TSX: T.ORT, Stock Forum) received the most reads and posts.
Top blog:GermanInvestors presents the best yielding stocks from the S&P 500 in the Dividend Yield List 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
"They are still recovering from the surprise they got from the Fed yesterday and the minutes," said Cummins Catherwood, managing director of Boenning & Scattergood, in an interview with Reuters. "The market has been looking for a reason to consolidate, take a rest, call it what you what will, and a large part of that is what is happening today."
| Selected expected U.S. earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| AZZ Incorporated (NYSE: AZZ) |
Q4 |
$0.82 vs. $0.73 |
|
| CarMax (NYSE: KMX) |
Q4 |
$0.40 vs. $0.38 |
|
| Constellation Brands (NYSE: STZ) |
Q4 |
$0.38 vs. $0.35 |
|
| Pier 1 Imports (NYSE: PIR) |
Q4 |
$0.48 vs. $0.48 |
|
| RPM International (NYSE: RPM) |
Q3 |
$0.01 vs.$0.01 |
|
| WD-40 Company (NASDAQ: WDFC) |
Q2 |
$0.54 vs. $0.53 |
|
| Selected expected Canadian earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| Sandvine (TSX: T.SVC) |
Q1 |
$ - 0.02 vs. $ - 0.02 |
|
|
Today In The Markets
TSX tumbles on disappointment with Fed stance on stimulus, Spanish bond auction
|
| DJIA |
13,074.75 |
-124.80 |
 |
|
| NASDAQ |
3,068.09 |
-45.48 |
|
|
| S&P500 |
1,398.96 |
-14.42 |
|
|
| S&P/TSX |
12,178.66 |
-144.95 |
|
|
| S&P/TSX Venture |
1,499.14 |
-46.49 |
|
|
TORONTO-NEW YORK (The Canadian Press) - The Toronto stock market racked up a steep, triple-digit loss Wednesday after a weak bond auction in Spain caused fears about Europe’s debt problems to flare up again.
Stocks were also under pressure for a second day after the U.S. Federal Reserve indicated further economic stimulus isn't in the cards.
The S&P/TSX composite index dropped 144.95 points to 12,178.66 on top of a 184-point plunge Tuesday, led by sliding resource stocks as prices for oil, copper and gold registered steep declines. The TSX Venture Exchange fell 46.49 points to 1,499.14.
The Dow Jones industrials fell 124.8 points to 13,074.75. The Nasdaq composite index lost 45.48 points to 3,068.09 while the S&P 500 index dropped 14.42 points to 1,398.96.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Bed Bath and Beyond (NASDAQ: BBBY, Stock Forum)
After Wednesday’s close, the retailer reported that its fourth-quarter profit jumped 32% to $1.48 a share on revenue of $2.73 billion, surpassing Wall Street estimates of $1.33 a share on sales of $2.66 billion.
Canacol Energy (TSX: T.CNE, Stock Forum)
The energy junior, after Wednesday’s closing bell, announced that its wholly-owned subsidiary, Carrao Energy Sucursal Colombia, has entered into a farm-out agreement with ExxonMobil Exploration Colombia Limited, a wholly-owned subsidiary of ExxonMobil, for the exploration of Canacol's non-operated VMM 2 exploration and production contract located in the Middle Magdalena shale oil basin of Colombia. ExxonMobil will pay 100% of the cost of the three wells, up to a cap of gross US$15 million for each of the first two wells, and a cap of gross US$17.5 million for the third well should it be a horizontal lateral well exceeding 4,000 feet in lateral length, and US$15 million should it be another vertical well. ExxonMobil will also pay Canacol US$2.2 million upon execution of the farm-out agreement for back-costs related to the acquisition of 3D seismic on the block in 2011. The total potential investment on the block is approximately US$50 million. In return, ExxonMobil will earn 50% of Canacol's 40% interest in the contract.
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