Today on Stockhouse
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Jeff Clark of Casey Research outlines how to profit from Europe's new gold rush.
Top Bullboards post: “The best part of the NR is the company "still" has $95 million cash and no debt. And here we are, the market values the company at $70 million. Not only are the million ounces of gold in the ground worth nothing, but the market is saying here we will give you $25 million to take the gold away. We don't want it.” From Johnny881 on the Canaco Resources (TSX: V.CAN, Stock Forum) board.
Top Bullboard: Yellow Media (TSX: T.YLO, Stock Forum) received the most reads and second-most posts on day its stock popped more than 200%.
Top blog:jerrio78 discusses Spain’s short selling ban in the Takeover Targets blog.
For news about small stocks that made big moves Monday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
“They (Spain) were once facing a banking problem; now they’re facing a solvency problem. The market wasn’t prepared for that,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott, in an interview with MarketWatch.
| Selected expected U.S. earnings releases for Tuesday |
| (Consensus Estimates vs. Last Year) |
|
| Apple (NASDAQ: AAPL) |
Q3 |
$10.35 vs. $7.79 |
|
| Chicago Bridge & Iron (NYSE: CBI) |
Q2 |
$0.72 vs. $0.62 |
|
| Domino's Pizza (NYSE: DPZ) |
Q2 |
$0.46 vs. $0.40 |
|
| EMC Corporation (NYSE: EMC) |
Q2 |
$0.39 vs. $0.35 |
|
| United Parcel Service (NYSE: UPS) |
Q2 |
$1.17 vs. $1.07 |
|
| Western Union (NYSE: WU) |
Q2 |
$0.43 vs. $0.42 |
|
| Selected expected Canadian earnings releases for Tuesday |
| (Consensus Estimates vs. Last Year) |
|
| Husky Energy (TSX: T.HSE) |
Q2 |
$0.38 vs. $0.69 |
|
| Suncor Energy ( TSX: T.SU) |
Q2 |
$0.74 vs. $0.62 |
|
|
Today In The Markets
TSX backs off amid Spain bailout worries; China snaps up energy giant Nexen
|
| DJIA |
12,721.46 |
-101.11 |
 |
|
| NASDAQ |
2,890.15 |
-35.14 |
|
|
| S&P500 |
1,350.52 |
-12.14 |
|
|
| S&P/TSX |
11,545.54 |
-77.37 |
|
|
| S&P/TSX Venture |
1,174.16 |
-22.03 |
|
|
TORONTO-NEW YORK (The Canadian Press) - - The Toronto stock market closed lower after Spain's borrowing costs hit record highs and raised concerns that the country will need a full-scale sovereign bailout.
However, the energy sector rose on the TSX on word that China National Offshore Oil Company is picking up Calgary-based oil and gas producer Nexen Inc. (TSX:NXY) (NYSE:NXY) for US$15.1 billion.
Toronto's S&P/TSX composite index closed down 77.37 points to 11,545. The Canadian dollar was down 0.4 of a cent to 98.35 cents US.
New York's Dow Jones industrials fell 101.11 points to 12,721.46. The Nasdaq composite index lost 35.15 points to 2,890.15 and the S&P 500 index was down 12.14 points to 1,350.52.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
Detour Gold (TSX: T.DGC, Stock Forum)
After Monday’s close, the gold junior reported the connection of the 230 kV transmission line and that construction is 75% completed at its Detour Lake project in northern Ontario. The company added that the project remains on budget and on schedule for gold production to start in the first quarter of 2013.
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