Today on Stockhouse
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Diane Alter of Money Morning writes about three oil stocks to watch as drilling activity soars.
Top Bullboards post: “Preserving cash is never a bad thing. They did not shut it down because the resource is not there, but rather it is not prudent to bring more inventory on stream during this time. Same situation that many natural gas companies are facing. They cap the well and wait. They still have an asset. If this move lets them reduce their cash flow needs and in the interim they continue to mine Crocodile River, I don't see how this news is all bad for the company or the share price.” From Barolo12 on the Eastern Platinum (TSX: T.ELR, Stock Forum) board.
Top Bullboard: Intertainment Media (TSX: V.INT, Stock Forum) received the most reads and posts.
Top blog:STOCKHITLIST discusses why gold stocks are lagging the rise in the price of bullion in the STOCK HIT 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
"Europe is definitely weighing on the market," said Bernard Kavanagh, vice president of portfolio management for St. Louis-based broker Stifel Nicolaus, in an interview with CNNMoney. "Investors continue to be very pessimistic as we move into the slow months of the summer."
| Selected expected U.S. earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| Esterline Technologies (NYSE: ESL) |
Q2 |
$1.29 vs. $1.47 |
|
| Joy Global (NYSE: JOY) |
Q2 |
$1.95 vs. $1.52 |
|
| Movado Group (NYSE: MOV) |
Q1 |
$0.25 vs. $0.02 |
|
| OmniVision Technologies (NASDAQ: OVTI) |
Q4 |
$0.22 vs. $0.66 |
|
| SAIC, Inc. (NYSE: SAI) |
Q1 |
$0.33 vs. $0.36 |
|
| Vera Bradley (NASDAQ: VRA) |
Q1 |
$0.29 vs. $0.28 |
|
| Selected expected Canadian earnings releases for Thursday |
| (Consensus Estimates vs. Last Year) |
|
| CIBC (TSX: T.CM) |
Q2 |
$1.88 vs. $1.75 |
|
| National Bank ( TSX: T.NA) |
Q2 |
$1.85 vs. $1.69 |
|
Today In The Markets
TSX sharply lower amid rising eurozone anxiety, RIM warning of quarterly loss
|
| DJIA |
12,419.86 |
-160.83 |
 |
|
| NASDAQ |
2,837.36 |
-33.63 |
|
|
| S&P500 |
1,313.32 |
-19.10 |
|
|
| S&P/TSX |
11,433.22 |
-176.08 |
|
|
| S&P/TSX Venture |
1,289.43 |
-19.91 |
|
|
TORONTO-NEW YORK (The Canadian Press) - - The Toronto stock market sold off Wednesday, losing 1.5 per cent amid growing worries about Spain's banking sector and the future of tech giant Research in Motion Ltd. (TSX:RIM).
The S&P/TSX composite index retreated 176.08 points to 11,433.22 led by a steep slide in energy stocks as crude oil fell below US$88 a barrel to its lowest level since October. The July crude contract on the New York Mercantile Exchange fell $2.94 to US$87.82 a barrel. The TSX Venture Exchange was down 19.91 points to 1,289.43.
New York markets were also well into the red with the Dow Jones industrial average down 160.83 points at 12,419.86. The Nasdaq composite index fell 33.63 points to 2,837.36 while the S&P 500 index lost 19.1 points to 1,313.32.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
CE Franklin (TSX: T.CFT, Stock Forum)
After Wednesday’s close, the Calgary-based energy services company said it has entered into an arrangement agreement in which a wholly-owned National Oilwell Varco subsidiary will acquire all of the issued and outstanding common shares of CE Franklin for a consideration of $12.75 per share in cash, or a total consideration of approximately $240 million.