TSX Poised For Positive Open

Eagle River, WI 10/21/2011 (PennyPayDay) – Bay Street stocks are poised for a positive open Friday amid steady commodities and investors' anxiety over the EU summit scheduled later this week. Germany and France released a statement on Thursday saying leaders would now hold two summits to discuss the debt crisis, with a solution in place by Wednesday's second meeting.

Meanwhile, latest data from Statistics Canada revealed Canada's annual core inflation rate jumped in September to its highest level since December 2008. The Canadian strengthened against the U.S. dollar after the inflation report.

On Thursday, the S&P/TSX Composite Index edged down 19.17 points or 0.16 percent to 11,830.33.

The price of crude oil was little changed Friday morning as traders turned cautious ahead of the week-end EU summit. Crude for December delivery gained $1.05 to $87.12 a barrel.

The price of gold edged up Friday morning after falling in the past four sessions amid a flat U.S. dollar. Gold for December moved up $30.90 to $1,643.80 an ounce.

In corporate news from Canada, onshore well drilling services provider Precision Drilling reported a 48 percent rise in third-quarter profit at C$83.47 million or C$0.29 per share compared to C$56.29 million or C$0.20 per share reported last year. Analysts were expecting the company report earnings of C$0.20 per share in the quarter

Packaging machines and products company Winpak Ltd. reported improved third quarter profit of $14.4 million or $.22 per share compared to $13.1 million or $0.20 per share last year.

Financial services company Accord Financial Corp. reported third quarter net earnings of $2.2 million or $0.25 per share, up from $1.36 million or $0.15 per share last year.

In economic news, Statistics Canada said consumer prices rose 3.2 percent year-over-year in September, led by higher prices for gasoline and food. This follows a 3.1 percent increase posted in August. Economists were expecting a reading of 3.1 percent. Excluding food and energy, the index increased 1.9 percent year-over-year in September, following a 1.5 percent advance the month before. Meanwhile, the Bank of Canada's core index advanced 2.2 percent year-over-year in September, the largest gain since December 2008. The increase follows a 1.9 percent rise in August.

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TSX Poised For Flat Open

Tomahawk, WI 10/20/2011 (PennyPayDay) – Canadian stocks are likely to open flat Thursday amid mixed cues from the commodities market and skepticism over a decisive solution to the European debt crisis in the upcoming EU summit. Traders' optimism over Sunday's EU summit faded after French President Nicolas Sarkozy yesterday said that Berlin and Paris were divided over how to make the euro zone bailout fund more effective.

On the other hand, a guideline document presented by German officials that suggested that the EFSF would be able to purchase bonds from the secondary market may lift trader sentiment.

On Wednesday, the S&P/TSX Composite Index shed 203.61 points or 1.69 percent to 11,849.50.

The price of crude oil was steady above $86 Thursday morning as the U.S. dollar was trading weak. Crude for December edged up $0.12 to $86.41 a barrel.

The price of gold was extending losses for a fourth session even as the U.S. dollar was trading weak versus a basket of currencies. Strong physical demand from Asia is supporting prices from a big fall, analysts opined. Gold for December lost $26.30 to $1,620.70 an ounce.

In corporate news from Canada, integrated oil firm Encana Corp. reported that its third-quarter net earnings were $120 million or $0.16 per share, down from $606 million or $0.80 per share in the same quarter last year. However, operating earnings increased to $171 million or $0.23 per share from $85 million or $0.12 per share last year. Analysts were expecting the company to report earnings of $0.11 per share for the quarter.

Commercial real estate company Brookfield Office Properties Inc. announced that it has sold the Newport Tower office building in Jersey City, NJ to Multi-Employer Property Trust or MEPT for $377.5 million.

Diversified communications & media company Shaw Communications posted a decline in its third-quarter net income to C$82.49 million from C$121.57 million a year earlier

Leather apparel and accessories maker Danier Leather reported a narrower first quarter loss of C$2.8 million or C$0.59 per share, compared to a loss of C$2.9 million or C$0.63 per share in the year-ago period.

In economic news, Statistics Canada said wholesale sales rose up 0.2 percent in August to C$48.4 billion following a 0.9 percent advance in July. Economists expected a 0.4 percent monthly advance in August. In volume terms, wholesale sales fell 0.9 percent in August.

From south of the border, data from the U.S. Labor Department revealed that seasonally adjusted new claims for unemployment insurance came in at 403,000 for the weekended October 15. That marks a drop from the previous week's revised level of 409,000, but based on initial reports of 404,000 new claims for the week ended October 08, most economists had expected 400,000 new claims.

Elsewhere, Standard & Poor's downgraded Slovenia's sovereign credit rating, to 'AA-/A-1+' from 'AA/A-1+ and said Slovenia's fiscal position has deteriorated since the onset of the 2008 financial crisis.

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TSX Slips Below 12K At Open Monday

Shawshank, VA 10/17/2011 (PennyPayDay) – Canadian stocks opened lower Monday amid selling across a variety of sectors, with the base-metals stocks turning in a particularly poor performance. The S&P/TSX Composite Index lost 82.72 points or 0.68 percent to 11,999.01.

The Diversified Materials Index shed over 2 percent, with First Quantum Minerals (FM.TO) losing 2 percent. Inmet Mining (IMN.TO) and Teck Resources (TCK_B.TO) were down 1 percent each.

In the oil patch, Ecopetrol S.A. (ECP.TO) dived 10 percent and Crew Energy (CR.TO) slipped 4 percent.

In the financial space, Sun Life Financial (SLF.TO) lost nearly 6 percent after it estimated a third-quarter loss of C$621 million on the impact of declining equity markets and interest rate levels.

Fellow insurer, Manulife Financial (MFC.TO) shed 3 percent.

Smart phone maker Research In Motion (RIM.TO) eased 1.50 percent after it said a selection of premium apps worth a total value of more than $100 will be offered free of charge to subscribers

Meanwhile, entertainment technology company IMAX Corp. IMX.TO) edged up 0.20 percent after it said it acquired license for laser projection technology patents from Imaging technology company Eastman Kodak Co.

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Canadian Stocks Edge Down At Open, RIM Under Fire

Eagle River, WI 10/13/2011 (PennyPayDay) – Canadian stocks moved lower at the opening bell on Bay Street Thursday, as investors booked profits after strong recent gains.

The S&P/TSX Composite Index was down 145.68 points, or 1.2 percent, to 11,884.28. The decline pared most of yesterday's gains. On Wednesday, the TSX closed above 12,000 for the first time in about four weeks.

Mining stocks gave back 3.7 percent, while energy shares slipped 1.5 percent. U.S. crude prices

Investors will be paying attention to today's conference call from Research in Motion. RIM is under fire for service interruptions in North America, Europe and Asia this week. The stock was down another 3 percent in early dealing.

A private equity firm is considering a takeover offer for Mosaid Technologies Inc. to rival to a C$480-million hostile bid by Wi-Lan. Mosaid shares were flat.

Canada's trade deficit widened slightly in August, as rising imports outpaced a modest increase in exports, official data showed Thursday.

Statistics Canada said merchandise imports grew 0.7 percent and exports increased 0.5 percent in August. As a result, Canada's trade deficit with the world went from C$539 million in July to C$622 million in August.

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Canadian Stocks Surge On Europe Hopes, Metal Prices

Eagle River, WI 10/12/2011 (PennyPayDay) – Canadian stocks rallied on Tuesday, led by banks and resource producers amid hopes that Germany and France will lead a rescue of the Euro area.

The S&P/TSX Composite Index rose 287.19 points or 2.48 percent to 11,875.55, after inspectors in Europe recommended that Greece get its next installment of bailout funds.

Smart-phone maker Research In Motion Ltd. rose 4 percent amid reports that a significant shareholder wants a change of leadership at the company.

Energy stocks jumped 3.5 percent.

Earlier today, the OPEC revised down its 2011 world oil demand growth by 0.18 million barrels per day or mbd to now stand at 0.90 mbd. Further for 2012, the cartel trimmed its forecast to 1.20 mbd from the earlier 1.30 mbd. Crude for November was down $0.21 to $85.20 a barrel.

In the oil patch, intermediate natural gas and oil royalty trust Daylight Energy soared 110 percent to C$9.670 after announcing that it would be acquired by Sinopec International Petroleum Exploration and Production Corporation for C$10.08 per share or for total cash consideration of about C$2.2 billion.

Summit Midstream Partners, LLC said it signed an agreement with Encana Oil & Gas Inc., a subsidiary of Encana Corp., to acquire natural gas midstream assets located in the Piceance Basin for $590 million. Shares of Encana moved up 1.8 percent.

The Diversified Metals and Mining Index gained 3.5 percent, led by Teck Resources.

In the financial space, Royal Bank of Canada added 1.4 percent after reports said the Canada's largest bank is in talks with Dexia SA to buy the 50 percent stake in RBC Dexia Investor Services it doesn't already own.

Financial services provider Alaris Royalty announced that effective immediately, the board determined to increase the monthly dividend on the Corporation's outstanding shares by $0.01 per share to $0.095 per share from $0.085 per share. The stock gained 2 percent.

In economic news, Canada Mortgage and Housing Corporation said annual rate of housing starts was 205,900 units in September, up from 191,900 units in August 2011. The seasonally adjusted annual rate of urban starts increased by 8.0 percent to 185,900 units in September. Multiple urban starts were up by 14.2 percent to 118,000 units, while urban single starts decreased by 1.5 percent in September to 67,900 units.

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Canadian Market Reports

Eagle River, WI 10/11/2011 (PennyPayDay) – After failing to sustain an initial downward move, stocks have turned in a lackluster performance over the course of morning trading on Tuesday. The major averages have turned mixed on the day after ending the previous session sharply higher.

While profit taking contributed to the initial downward move on Wall Street, selling pressure waned not long after the open. The markets have experienced choppy trading since then as traders express some uncertainty about the outlook for stocks.

Traders seem reluctant to make significant moves ahead of the release of aluminum giant Alcoa's (AA) quarterly results after the close of trading. The release of results from Alcoa is seen as the unofficial start of the earnings reporting season.

Most of the major sectors are showing only modest moves on the day, although considerable strength has emerged among airline stocks. The NYSE Arca Airline Index has advanced by 2.3 percent, extending a recent upward move.

Computer hardware, oil service, and railroad stocks have also shown strong moves to the upside, while notable weakness remains visible among utilities and gold stocks.

The major averages currently remain mixed, with the Dow posting a modest loss. While the Dow is down 23.96 points or 0.2 percent at 11,409.22, the Nasdaq is up 12.40 points or 0.5 percent at 2,578.45 and the S&P 500 is up 0.50 points or less than a tenth of a percent at 1,195.39.

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TSX Looks To Extend Gains At Open Thursday

Tomahawk, WI 10/6/2011 (PennyPayDay) – Canadian stocks may extend gains at open Thursday amid firm commodities and encouraging cues from the global equity markets. Stocks across Asia ended higher overnight, while European markets were trading in positive territory as investors cheered news that European officials are strengthening efforts to shore up the euro zone's banking sector.

On Wednesday, the S&P/TSX Composite Index snapped its three-session losing streak to gain 279.30 points or 2.50 percent to 11,457.22.

The price of crude oil moved back above $80 Thursday morning amid rebounding global equities. Crude for November rose $0.81 to $80.49 a barrel.

The price of gold was firm near $1,650 as the U.S. dollar was flat versus a basket of currencies. Bank of America Merrill Lynch on Wednesday maintained its 12-month gold price target of $2,000 per ounce on continuing debt issues and growth constraints in developed economies. Gold for December edged up $0.50 to $1,642.10 an ounce.

In corporate news from Canada, natural gas firm Provident Energy increased its 2011 adjusted EBITDA guidance range to C$245 million to C$285 million from the previous range of C$210 million to C$250 million.

Airlines operator Air Canada said its September traffic rose 3.8 percent to 4.83 billion revenue passenger miles or RPMs from 4.66 billion RPMs in the same period last year.

Wireless Ethernet equipment provider DragonWave Inc. slipped to a loss in second quarter, reporting a net loss of $2.2 million or $0.06 per share, compared to net income of $1.2 million or $0.03 per share in the year-ago period. Analysts were expecting the company to report a loss of $0.21 per share for the quarter.

Aerospace and defense electronics product company Firan Technology Group reported that its third-quarter net earnings rose to C$0.3 million or C$0.02 per share from C$0.1 million or C$0.01 per share in the same quarter last year.

In economic news, Statistics Canada said municipalities issued building permits worth C$5.9 billion in August, down 10.4 percent from July, when permits were down only 0.37 percent. The value of permits fell in both the residential and non-residential sectors in August.

From south of the border, the U.S. Labor Department said new unemployment claims edged up in the week ended October 01. On a seasonally adjusted basis, the level of new claims came in at 401,000 for the week, an increase of 6,000 from the previous week's revised level of 395,000. Most economists had expected jobless claims to come in somewhat higher at about 410,000.

In economic news from euro zone, the European Central Bank left its key interest rates unchanged for a third consecutive month in line with economists' expectations

Meanwhile, the Bank of England unexpectedly decided to raise the size of quantitative easing by GBP 75 billion to GBP 275 billion. Policy makers also voted to hold the interest rate at 0.50 percent.

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TSX May Open Higher Amid Rebounding Energy

Tomahawk, WI 10/5/2011 (PennyPayDay) – Bay Street stocks may open higher Wednesday as energy prices rebounded from yearly lows and European equities moved higher amid speculation European Union officials are examining how to recapitalize the region's banks. Meanwhile, the IMF said Europe requires about $266 billion to recapitalize banks and has asked the ECB to step up response efforts and cut interest rates if risks persist.

Moody's Investors Service cut Italy's credit rating, saying that chronically weak growth will make it difficult to reduce the nation's debt and noted that the region's debt crisis boosts financing costs. Moody's lowered Italy's rating three levels to A2 from Aa2, with a negative outlook.

On Tuesday, the S&P/TSX Composite Index extended losses for a third sessions, shedding 73.92 points or 0.66 percent to 11,177.91.

The price of crude oil was rebounding from its one-year low Wednesday morning as traders await cues from the official crude oil inventories data from the EIA, due out later during the session. Analysts expect crude oil inventories pile up by 2.50 million barrels and gasoline stocks to add 1.30 million barrels last week. Crude for November gained $1.85 to $7.52 a barrel.

The price of gold moved up, with gold for December adding $11.50 to $1,627.50 an ounce.

In corporate news from Canada, Scotiabank announced that it has been designated, as a Primary Dealer by the Federal Reserve Bank of New York, through its New York Agency.

Diversified upstream oil and gas company Talisman Energy Inc. announced resumption of production at its Rev facility in Norway, which was shut due to maintenance of the gas export line from the host platform. The company expects cumulative impact of these one-time, unplanned events to reduce its North Sea production by approximately 13,000 boe/d during the third quarter and 7,000 boe/d during the fourth quarter.

Gold miner Kirkland Lake Gold reported a much improved first quarter profit before tax at C$7.9 million or C$0.32 per share compared to C$3.0 million or C$0.04 per share a year ago.

Infrastructure focused investment company Capstone Infrastructure said it acquired a 70 percent interest in Bristol Water, which is a regulated water utility in UK, from SUEZ ENVIRONNEMENT through its unit, AGBAR, for around C$215 million.

From south of the border, the ADP said that private sector employment rose by 91,000 jobs in September following a downwardly revised increase of 89,000 jobs in August. Economists had expected employment to increase by 75,000 jobs compared to the addition of 91,000 jobs originally reported for the previous month.

In economic news from the euro zone, a report from Eurostat revealed retail sales in the euro zone declined in August on weak non-food product sales. Retail sales were down 0.3 percent month-on-month in August, reversing a 0.2 percent rise in July. The August figure came in line with economists' expectations.

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TSX May Open Higher Amid Euro Zone Optimism

Shawshank, VA 9/28/2011 (PennyPayDay) – Canadian stocks are poised to open higher Wednesday amid mixed signals from the commodities and global equity markets. Asian markets ended flat overnight, while European stocks were paring recent gains ahead of a final word on rescue package for Greece.

Traders were jittery ahead of the final approval of the release of funds to Greece, to help the nation avoid a default, amid debate over the size of losses bondholders should face.

On Tuesday, the S&P/TSX Composite Index extended gains for a second session, adding 113.91 points or 0.97 percent to 11,821.00.

The price of crude oil was little changed Wednesday morning as traders await cues from the official inventories data from the EIA, due out later during the session. Analysts expect crude oil inventories to dip by 3 million barrels and gasoline stocks to ease by 500,000 barrels last week. Crude for November slipped $0.90 to $83.55 a barrel.

The price of gold was holding on to its previous session's gains Wednesday morning, supported by physical buying. Gold for December edged down $0.30 to $1,652.20 an ounce.

BlackBerry maker Research In Motion Ltd may be in play after gaining nearly 4 percent in the previous session on speculation that investor Carl Icahn is buying a stake in the company. . In corporate news from Canada, independent investment solutions provider AGF Management Ltd. said it third quarter net income increased 7.6 percent to C$29.9 million from C$27.8 million reported in the year ago period. The company declared a dividend of $0.27 per share.

Communications solutions provider Manitoba Telecom Services said it has successfully issued $200 million of 7-year 4.59 percent medium term notes, maturing on October 1, 2018.

Online media company Yellow Media said it will record a goodwill impairment charge of C$2.9 billion in net earnings for the period ending September 30, 2011. The Board has determined that it is in the best interest of the Company to eliminate future dividends on its common shares

In economic news from the U.S., the Commerce Department said durable goods orders fell $200 million, or 0.1 percent, to $201.80 billion in August. The modest drop in durable goods orders came as a surprise to economists, who had been expecting orders to increase by 0.2 percent.

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Early Signals Point To Positive Open For TSX

Northern, WI 9/27/2011 (PennyPayDay) – Bay Street stocks are poised to extend gains at open Tuesday amid rebounding commodities and positive trading across the global equity markets. Global stocks rose as investors hoped that European officials would find a solution to cut Greece's debt and shore up European banks.

U.S. stock futures were pointing to a sharply higher open.

On Monday, the S&P/TSX Composite Index snapped its 3-session losing streak to add 244.32 points 2.13 percent to 11,707.19.

The price of crude oil rose near $83 Tuesday morning as traders hoped that European leaders were making progress in an attempt to stabilize the region's debt crisis. ECB governing council member Ewald Nowotny yesterday said the possibility of interest rate cuts should not be ruled out. Crude for November gained $2.55 to $82.79 a barrel.

The price of gold rebounded even as the U.S. dollar continued to trade firm versus a basket of currencies. Gold for December advanced $66.50 to $1,661.30 an ounce.

In corporate news from Canada, independent investment dealer GMP Capital Inc. (GMP.TO) said its subsidiary acquired all of the outstanding equity securities of Miller Tabak Roberts Securities LLC (MTR) for $33 million in cash. MTR, a New York headquartered institutional fixed income boutique specializing in high yield debt, distressed debt, convertible bonds, international bonds, investment grade and asset-backed securities.

Asia based financial services company Sunwah International (SWH.TO) reported a narrower fourth quarter net loss of $4.7 million or $0.0525 per share compared to $7.6 million or $0.0843 per share for the same period last year.

Silver producer Silver Standard Resources (SSO.TO) revised down its 2011 silver production guidance to 7.3 million from 7.6 million ounces after the Pirquitas mill in Argentina was shut down due to gearbox failure.

Independent transmission developer Tonbridge Power (TBZ.V) announce that its shareholders voted on the acquisition of Tonbridge by Enbridge Inc. (ENB.TO) through a plan of arrangement for $0.54 per share in cash. Tonbridge shares closed Monday session at $0.530

Fertilizer producer Hanfeng Evergreen (HF.TO) reported a sharp drop in fourth quarter profit at C$2.3 million or C$0.04 per share from C$9.6 million or C$0.15 per share in the year-ago period. Analysts were expecting the company to report earnings of C$0.11 per share for the quarter.

Rio Tinto plc (RIO) announced that it has increased its stake in Canadian miner Ivanhoe Mines Ltd. (IVN.TO) to 49 percent.

Mineral explorer Appleton Exploration (AEX.V) has agreed to assign its interest in Manalo to Northrock Resources Inc. for $250,000 and 1 million shares of Northrock.

In economic news from the euro zone, confidence among German consumers is set to stabilize in October, survey results from the market research group GfK indicated today. The forward - looking consumer sentiment index remained at 5.2 points for October against economists' expectations for a fall to 5 points from 5.2 points in September.

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Canadian Market Reports

Shawshank, VA 9/26/2011 (PennyPayDay) – Bay Street stocks may recover at open Monday on bargain hunting after falling heavily in the past three sessions. Steady commodities and positive cues from the global equity markets may help lift trader sentiment.

Over the weekend, European officials said Germany, along with other rich European nations, is pushing for a new strategy to the region's debt crisis.

U.S. stock futures were pointing to a higher open

On Friday, the S&P/TSX Composite Index extended losses for a third session, dipping 99.65 points or 0.86 percent to 11,462.87, taking its cumulative losses in the past three sessions to just over 6 percent.

The price of crude oil was little changed near $80 as the U.S. dollar was steady versus a basket of currencies amid uncertain global economic outlook Crude for November edged up $0.25 to $80.10 a barrel.

The price of gold was extending losses for a third session Monday morning after the world's largest futures market, CME, said it would increase the collateral requirements for gold by over 20 percent. Last week, gold suffered once of its worst weekly losses in over 2 decades plummeting nearly 10 percent to settle below $1,650 on heavy off-loading by speculators in tandem with a meltdown in global markets. Gold for December lost $10.10 to $1,629.70 an ounce, however, recovering from an intraday low of $1,535.00.

In corporate news from Canada, insurance services company Intact Financial Corp. (IFC.TO) said it has completed its C$2.6 billion acquisition of AXA Canada. Separately, the company said it would sell AXA Canada's life insurance business, AXA Life Insurance, to SSQ, Life Insurance Co. Inc. for $300 million.

Metal miner Silver Standard Resources (SSO.TO) announced that it has completed the sale of its Bowdens project in New South Wales, Australia to Kingsgate Consolidated Ltd. for $75 million in cash and shares.

International pharmaceutical company Valeant Pharmaceuticals International Inc. (VRX.TO) plans to raise its takeover offer for Afexa Life Sciences Inc. (FXA.TO) to $0.85 per common share, an increase of 20 percent from $0.71 originally offered under a deal announced on August 30, 2011.

Specialty pharmaceutical company Paladin Labs Inc. (PLB.TO), Sunday said that if Afexa's two shareholder rights plans will be cease-traded by the Alberta Securities Commission it will increase its acquisition offer of Afexa Life Sciences Inc. (FXA.TO) to $0.81 per share.

Rail service equipment company Global Railway Industries (GBI.TO) announced the completion of sale of its operating subsidiary, CAD Railway Industries Ltd., for $12.4 million.

Steel pipe and tubes maker Lakeside Steel (LS.V) reported that its first-quarter net loss widened to C$1.09 million from a net loss of C$810,662 in the year ago quarter.

In economic news from the euro zone, German business confidence declined less than expected in September, according to a monthly survey from the Ifo institute. The business climate index dropped to 107.5 from 108.7 in August. Economists were expecting the index to ease to 107.

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TSX Poised To Extend Losses At Open Amid Weak Global Cues

Shawshank, VA 9/22/2011 (PennyPayDay) – Falling commodities and weak cues from the global equity markets are likely to put pressure on Canadian stocks at open Thursday. Global stocks suffered steep losses after the Federal Reserve yesterday noted "there are significant downside risks to the economic outlook," making investors more nervous.

The Fed said the U.S. economic outlook remained grim, even as it announced buying of $400-billion worth of longer-term bonds and selling an equal amount of short-term bonds, maintaining its balance sheet but putting downward pressure on longer-term interest rates.

On Wednesday, the S&P/TSX Composite Index plummeted 254.87 points or 2.09 percent to11,955.01.

The price of crude oil moved down to its monthly low as the U.S. dollar was trading firm versus a basket of currencies. Meanwhile, China's PMI came in below 50 in September, escalating concerns that crude oil demand from the region may be falling. HSBC's China Flash PMI dipped to 49.4 in September from August's final reading of 49.9 and hovered below the 50-point mark for the third straight month. Crude for November lost $4.38 to $81.54 a barrel.

The price of gold dipped below $1,750 as the U.S. dollar was trading firm after the Federal Reserve announced buying of $400-billion worth of longer-term bonds and selling an equal amount of short-term bonds. Gold for December lost $70.70 to $1,737.40 an ounce.

In corporate news from Canada, gold-focused royalty company Franco-Nevada Corp. said it would acquire Lumina Royalty Corp. by way of a court approved plan of arrangement for about $66 million.

Online IT infrastructure provider PEER 1 Network Enterprises swung to profit in fourth quarter, reporting net income of $0.02 million compared to a net loss of $0.37 million a year earlier.

Semiconductor maker Gennum Corp. reported a lower third-quarter profit of $3.3 million or $0.10 per share compared to $5.3 million or $0.15 per share in the year-ago period. Adjusted for non-recurring items after tax, net earnings for the quarter were $0.14 per share, compared with $0.15 last year. Analysts were expecting the company to report earnings of $0.10 per share for the quarter.

Junior oil and gas exploration company Southern Pacific Resources said its fiscal year 2011 profit rose to C$14.3 million from C$8.2 million in the year-ago period. However, earnings per share came in unchanged at $0.04 as the number of outstanding shares were higher at 338.8 million from 202.7 million in the year ago period.

Independent power producer Maxim Power Corp. reiterated its guidance for 2011 and sees funds from operations of C$34.85 million or C$0.65 per share.

In economic news, Statistics Canada said retail sales declined 0.6 percent to C$37.5 billion in July, after an upwardly revised 0.8 percent gain in June. Economists expected a more modest decline of 0.3 percent from the 0.7 percent initially reported for the previous month.

From south of the border, the U.S. Labor Department said the seasonally adjusted new unemployment claims came in at 423,000 in the week ended September 17. Economists were expecting the claims to fall to 420,000 from the 428,000 originally reported for the previous week.

In economic news from the euro zone, the private sector contracted in September for the first time since July 2009, flash estimate from Markit Economics showed. The flash composite output index dipped to 49.2 from 50.7 in August. The indicator stayed slightly below the 49.8 reading expected by economists. A reading below 50 indicates contraction in the sector.

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Wednesday Canadian Market Reports

Northern, WI 9/21/2011 (PennyPayDay) – Bay Street stocks are poised for a mixed open Wednesday as traders await the outcome of a two-day Federal Reserve meeting amid hopes for new stimulus measures.

Meanwhile, latest data revealed that Canadian inflation picked up in August at a faster rate than economists were expecting.

U.S. stock futures were pointing to a lower open.

On Tuesday, the S&P/TSX Composite Index snapped its 2-session losing streak to edge up 37.84 points or 0.31 percent to 12,209.88.

The price of crude oil eased below $86 as traders look to the outcome of a two-day Federal Reserve meeting, hoping for new stimulus measures to help lift the sagging U.S. economy. Today during trading hours, the EIA will release its U.S. crude oil inventories report for the week ended September 16. Analysts expect crude oil inventories to decline between 1 and 2 million barrels. Crude for November was down $0.95 to $85.97 a barrel.

The price of gold eased back below $1,800 as the U.S. dollar was firm ahead of the outcome of the FOMC meeting later today. Gold for December lost $11.60 to $1,797.50 an ounce.

In corporate news from Canada, Pacific Rubiales Energy (PRE.TO) said it halted pumping of 225,000 barrels of oil a day at its Colombian field because of worker protests.

Packaging and tissue products company Cascades Inc. (CAS.TO) announced that its Norampac division will close its container board mill located in Burnaby, British Colombia.

IP services and solutions provider Axia NetMedia Corp. (AXX.TO) reported fourth quarter net income of $1.6 million or $0.02 per share, marginally up from $1.1 million or $0.02 per share in the prior-year quarter.

Junior oil and gas exploration company Northern Spirit Resources (NS.V) said it would acquire Cascade Resources Inc., a private Alberta-based oil and gas - company.

In economic news, Statistics Canada said Canadian consumer prices rose at a 0.3 percent pace compared to the previous month, beating forecasts for a modest 0.1 percent rise. Consumer prices were up 3.1 percent on an annual basis. Economists expected annual inflation of 2.9 percent.

Meanwhile, the Bank of Canada's closely watched measure of core inflation was up 0.3 on the month, and 1.9 percent on-year. This is within the BoC's 2 percent target.

Elsewhere, Bank of England policymakers voted unanimously for a second consecutive meeting to retain the benchmark interest rate at record low, while signaling that they are exploring the possibility of adding more stimulus in the face of deteriorating economic prospects both at home and abroad, the minutes of the September 8 policy meeting revealed Wednesday.

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TSX Poised For Weak Open; RIM, Gold May Weigh

Chicago, IL 9/16/2011 (PennyPayDay) – Canadian stocks may struggle to move higher Friday morning after registering gains in the past three sessions. Traders focus now shifted to a 2-day Ecofin meeting beginning later today in Poland, which is also being attended by U.S. Treasury Secretary Timothy Geithner.

Disappointing earnings report and poor guidance from BlackBerry maker Research In Motion may drag the technology sector, while weak bullion prices could put pressure on gold plays.

On Thursday, the S&P/TSX Composite Index extended gains for a third session, adding 131.46 points or 1.07 percent to 12,424.84. The main index gathered over 250 points or over 2 percent in the past three sessions.

The price of crude oil was leveling off from recent highs amid a mixed U.S. dollar. Crude for October moved down $0.69 to $88.71 a barrel.

The price of gold was lingering below $1,800 as risk appetite improved after global central banks announced plans to reintroduce dollar liquidity into the European banking system, in a move to support the euro zone debt issues. Gold for December edged up $11.30 to $1,792.70 an ounce.

In corporate news from Canada, Research In Motion reported that its second-quarter GAAP net income was $329 million or $0.63 per share, down from $797 million or $1.46 per share in the same quarter last year. Adjusted net income for the second quarter was $419 million or $0.80 per share. Analysts were expecting the smartphone maker to report earnings of $0.87 per share for the quarter. The company also said it now expects full year fiscal 2012 adjusted earnings to be towards the low end of its prior outlook range of $5.25 to $6.00 per share.

According to media reports, National Bank would buy the Canadian retail brokerage of HSBC Holdings.

Investment management services provider Gluskin Sheff + Associates Inc. repoirted a much improved fourth-quarter net income of C$22.2 million or C$0.75 per share compared to C$5.8 million or C$0.20 per share in the prior year quarter.

International gold miner Alamos Gold Inc. said that measured and indicated mineral resources increased 19 percent to 1.96 million ounces of gold at its projects in Turkey.

Gold miner Pacific Rim Mining posted a first-quarter income of $0.2 million or break even per share, compared to a loss of $0.8 million or $0.01 per share in the year ago quarter.

In economic news, Statistics Canada said non-resident investors added C$11.8 billion to their holdings, mainly in the form of federal Treasury bills. This follows divestment of more than C$3 billion in June. Meanwhile, Canadian holdings of foreign securities edged up $1.3 billion, as investors picked up discounted stocks.

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European Markets Rise On Greece Support

Shawshank, VA 9/15/2011 (PennyPayDay) – The European markets are moderate to notably higher in afternoon trading Thursday, after optimism returned to investors in the region that Greece will not be let go out of the euro zone. Asian markets mostly rose and U.S. index futures are higher.

French PM Nicolas Sarkozy and German Chancellor Angela Merkel said in a joint statement Wednesday that they are convinced that debt-ridden Greece will remain in the euro zone, easing fears of an imminent Greek debt default.

Greece has agreed to follow through with its promise to dramatically cut government spending and raise revenues with an unpopular property tax.

Meanwhile, the European Commission left the 2011 growth forecast for euro area unchanged, while slightly reducing the outlook for the third and fourth quarters. In the interim forecast, the executive arm of the European Union said it continues to see 1.6 percent expansion in the single currency bloc this year, unchanged from the May projection.

The Euro Stoxx 50 index of eurozone bluechip stocks is adding 2.49 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is advancing 1.65 percent.

The German DAX is climbing 2.31 percent and the French CAC 40 is adding 2.59 percent. The UK's FTSE 100 is adding 1.82 percent and Switzerland's SMI is gaining 0.48 percent.

Among the DAX components, Deutsche bank and Commerzbank are advancing 2.4 percent and 0.4 percent, respectively. Daimler and Volkswagen are notably higher.

Siemens is up 1.1 percent. Citigroup named Siemens the "Most preferred stock" for the next three months. ArcelorMittal is adding 5.7 percent after Citigroup Inc. reportedly raised the stock to "Buy" from "Hold." Lufthansa is adding 1.5 percent. Barclays cut its price target on the stock.

Fresenius is up 0.1 pecent. Citigroup initiated coverage of the stock with a "Buy" rating ad a price target of 86 euros. Chipmaker Aixtron is plunging over 19 percent after cutting its sales forecast for the year. Citigroup cut its pride target on the stock. Investment firm Deutsche Beteiligungs is up nearly 0.9 percent, although HSBC reduced its price target on the stock.

In Paris, BNP Paribas is surging 4.6 percent. Credit Agricole is advancing 2.3 percent and Natixis is gaining 1.3 percent. Societe Generale is modestly down, after Nomura reduced its rating on the stock to "Reduce" from "Buy" and loweerd the price target.

Cap Gemini is up 4.1 percent. STMicroelectronics is rising 3.1 percent. Renault is gaining 3.7 percent and Peugeot is adding 3.1 percent.

In London, Rio Tinto, BHP Billiton, Anglo American and Antofagasta are advancing between 1.6 percent and 3.2 percent.

Barclays is adding 3.7 percent, Lloyds Banking is gaining 3.5 percent and Royal Bank of Scotland is climbing 3.7 percent. HSBC is advancing 2.1 percent.

Kingfisher is surging 5.1 percent. The retailer said profit in the first six months of the year improved from last year, despite challenging economic conditions, and that it would create over 1,200 new jobs across the UK this year as it expands its B&Q and Screwfix operations. Next and Burberry also saw significant gains.

BP is adding 3.2 percent. Royal Dutch Shell is gaining 1.6 percent.

Associated British Foods is adding 3.3 percent reporetdly on a broker upgrade.

Kesa Electricals is adding 4.2 percent. The company said total group revenue for the first quarter fell by 9.9 per cent on a like-for-like basis, reflecting weakening market conditions and strong World Cup comparatives of the last year.

UBS is plunging over 8 percent. The Swiss banking giant said it may report a loss for the third quarter, as it discovered a loss due to unauthorized trading by a trader in its Investment Bank.

Hennes & Mauritz AB is gaining 6.1 percent in Stockholm. The apparel retailer reported strong growth in total sales in August and the third quarter, reflecting increased number of stores in operation.

Volvo is adding 3.4 percent. The automaker reported a 35 percent year-over-year increase in total deliveries from its truck operations in August, mainly driven by strength in medium and heavy duty vehicle deliveries.

In economic news, retail sales in the U.K. declined in August, but less than expected by economists, according to data released by the Office for National Statistics. Sales, including automotive fuel, fell 0.2 percent month-on-month in August, better than forecasts for a 0.3 percent decline.

Eurozone annual inflation held steady at 2.5 percent in August, in line with flash estimate, final data published by the Eurostat showed. Meanwhile, employment in the euro area increased a seasonally adjusted 0.3 percent sequentially in the second quarter, faster than the 0.1 percent growth seen in the first quarter.

In Germany, employment in manufacturing units with 50 or more employees increased 3.3 percent annually to 5.1 million in July, preliminary data released by statistical office Destatis revealed.

The Swiss National Bank said it would enforce the minimum exchange rate of Swiss franc at 1.20 per euro, as decided on September 6, with the 'utmost determination'. Also, the bank said it is prepared to purchase foreign currency in unlimited quantities.

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TSX Looks To Open Higher Amid Greece Rescue Hopes

Shawshank, VA 9/15/2011 (PennyPayDay) – Bay Street stocks are poised for a higher open Thursday amid hopes that Greece will avert a default on its debts and will get the next batch of rescue funds due from its international bailout package.

Global stocks moved up as traders took positive cues from the outcome of a teleconference Wednesday between the leaders of France, Germany and Greece Merkel and Sarkozy pledged to help Greece avoid a debt default, while Papandreou renewed his commitment to debt-reduction targets.

Meanwhile, economic data from both sides of the border came in mixed. Canadian manufacturing sales rose at more than double the expected rate in July, while unemployment claims in the U.S. rose more than expected last week

Earlier today, Swiss banking giant UBS said that a rogue trader caused it around $2 billion loss, escalating worries over the loopholes in the banking system.

On Wednesday, the S&P/TSX Composite Index extended gains for a second session, adding 87.90 points or 0.72 percent to 12,293.38.

The price of crude oil moved up amid a rebound in global equities. Crude for October edged up $0.12 to $89.03 a barrel. The price of gold slipped to a 3-week low, with gold for December losing $19.70 to $1,806.80 an ounce.

In corporate news from Canada, dollar store operator Dollarama Inc. reported a much improved second quarter net income of C$37.7 million or C$0.50 per share compared to C$21.0 million or C$0.28 per share in the same quarter last year. Analysts were expecting the company to report earnings of C$0.45 per share for the quarter.

Franchised and corporate restaurants operator Imvescor Restaurant Group said its third quarter net earnings improved to C$2.01 million or C$0.093 per share from C$1.076 million or C$0.114 per share reported a year ago.

Bio pharmaceutical company Bioniche Life Sciences reported a wider the full year net loss of C$15.3 million or C$0.17 per share, compared to a loss of C$1.6 million or C$0.02 per share last year.

Health industry technology solutions provider Vigil Health Solutions reported a narrower first quarter net loss of C$56,000 or C$0.010 per share, compared to a net loss of C$180,000 or C$0.036 per share for the previous year.

In economic news, Statistics Canada said manufacturing sales rose 2.7 percent to C$46.7 billion in July. Economists expected a rise of 1.2 percent from the previous month, following a revised drop of 1.08 percent in June.

Separately, the agency said the number of new motor vehicles sold fell 6.2 percent in July to 132,386 units, partially offsetting a 10.3 percent gain in June.

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