Business
TSX dips by noon
TSX dips by noon
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nTSX dips by noon\n\nCheery projections from IMF\n\n Apr. 21, 2010 (Baystreet.ca) -- Bay Street stocks dropped into negative territory in mid-morning deals Wednesday, although financial, gold and information technology stocks turning in particularly strong performances.\n\nThe S&P/TSX Composite Index approached noon behind 32.87 points at 12,080.66. \n\nEncouraging earnings reports from EnCana Corp and Teck Resources helped lift sentiment. Also, the continued flow of improved earnings reports from south of the border supported trader sentiment.\n\nIn line with recent earnings reports from major financial companies, Morgan Stanley today reported first quarter net earnings of $0.99 per share, beating consensus estimates of $0.57 per share by a notable margin. Earnings reports from JP Morgan, Bank of America, Citibank and Goldman Sachs, released in the past few days, came in better-than-estimated.\n\nIn the financial space, Scotiabank rose 0.92% and National Bank of Canada gained 0.52%. \n\nAmong gold stocks, Barrick Gold and Anglo Gold were up nearly 1% each.\n\nYesterday, Apple Inc. reported quarterly earnings of $3.33 per share, up from $1.79 per share in the year ago period. Apple said it sold a record 8.8 million of its popular iPhone smart phones, more than double the number sold a year ago.\n\nBlackberry maker Research In Motion moved up 0.86% and Open Text added 1.57%. \n\nNatural resources company Teck Resources was up 0.55% after reporting first-quarter net earnings of $1.53 per share, compared to $0.50 per share in the same quarter last year. \n\nThe Energy Index edged down, as oil and natural gas company EnCana Corp. eased 0.38% even after reporting improved first-quarter net earnings of $1.97 per share, up from $1.28 per share in the year ago quarter. \n\nThe company attributed the increase to a $912 million gain from its hedging program. It said it will pay a quarterly dividend of $0.20 per share. Analysts were expecting the company to report earnings of $0.33 per share this quarter, excluding special items. \n\nProducer of platinum group metals North American Palladio shed 5.36% to $4.94 after it announced plans to sell at least 15 million units at $5.00 per unit. \n\nCommunications network company Aastra Technologies plummeted 16.02%. The company reported lower first quarter net earnings of $0.28 per share, compare...