Business
TSX stumbles by noon
TSX stumbles by noon
About this update from Bombardier Inc. Class A
[{"type":"text","content":"\nTSX stumbles by noon\n\nPotash, CP in news\n Jan. 28, 2010 (Baystreet.ca) -- Canadian stocks went emphatically south Thursday as commodity prices trimmed recent losses. \n\nStocks have been struggling to sustain any direction, with the main index closing flat in the past three sessions. \n\nAs noon approached, the S&P/TSX Composite Index had forfeited 156.80 points, or 1.4%, to 11,187.31\n\nLackluster earnings results from Potash Corp. and Canadian Pacific Railways may weigh on investors' sentiment.\n\nEnergy stocks may be in play after an industry group predicted that oil and natural gas drillers in Canada will be busier this year. The Petroleum Services Association of Canada hiked its own growth expectations by 12% and said it expects that 9,000 wells will be drilled in 2010. \n\nIn corporate news, Potash Corp. reported a huge dip in its fourth-quarter net income to $0.80 per share, compared to net income of $2.56 per share in the same quarter last year. It guides net income for the first quarter in the range of $0.70 - $1.00 per share. For the full year 2010, the company expects net income in the range of $4.00 - $5.00 per share. \n\nToronto Dominion Bank said its UK unit TD Waterhouse will acquire UK Customer base of E*Trade, which would help increase the customer base by 24,000.\n\nCanadian Natural Resources said it along with North West Upgrading has submitted a joint proposal to the Alberta Government to construct and operate a bitumen refinery near Redwater, Alberta. \n\nBombardier Inc. plans to invest in train projects in Brazil and will reactivate and expand a plant in Hortolandia, according to Brasil Economico newspaper.\n\nCanadian Pacific Railway said its fourth-quarter net income increased to $194.1 million from $188.1 million last year. However, earnings per share declined to $1.15 from $1.21 a year ago.\n\nAthabasca Potash and BHP Billiton Canada Inc. announced that they have entered into a definitive agreement whereby BHP Billiton will offer to acquire all of the issued and outstanding common shares of API at a price of $8.35 cash per common share. \n\nContract electronic manufacturer Celestica reported fourth quarter net income of $0.21 per share and guides it first quarter net income of $0.15 to $0.21.\n\nMerchant banker Bancorp said it continues to be actively engaged in strategic review process and advised...