Business
Sharp drop for markets
Sharp drop for markets
About this update from Celestica Inc.
[{"type":"text","content":"\nSharp drop for markets\n\nCommodities, Greece weigh on TSX\n\n Apr. 22, 2010 (Baystreet.ca) -- Bay Street stocks opened significantly lower Thursday amid falling commodities prices and on renewed worries over the Greece debt-situation.\n\nThe S&P/TSX Composite Index began Thursday down 132.42 points, or 1.1%, at 12,002.14. \n\nEurostat said Thursday that the Greek budget deficit jumped to 13.6% of its GDP in 2009, as against the government's projection of 12.7%.\n\nBlackberry maker Research In Motion may be in play after Nokia, the world's biggest mobile phone maker, reported a lower-than-increase in first quarter earnings. Earlier this week, Apple Inc. reported better-than-expected earnings, mainly on higher sales of its smart phone, iPhone.\n\nIn corporate news from Canada, provider of product life cycle solutions to OEMs Celestica Inc. reported improved earnings in first-quarter at $0.11 per share, compared to net earnings of $0.08 per share for the same period last year.\n\nDrilling services provider Precision Drilling Trust reported first-quarter net income of $0.22 per unit, compared to $0.28 per unit in the same quarter last year.\n\nSpecialty retailer West 49 Inc. swung to profit, reporting fourth-quarter net income of $0.01 per basic share, compared to net loss of $0.13 per basic share last year.\n\nBeer maker Brick Brewing Co. swung to profit in FY10, reporting net income of $0.05 per share compared with a loss of $0.31 per share in the prior-year period. \n\nMobile local search services provider Multiplied Media Corp. reported a narrower net loss of $0.04 per share in 2009, compared to a loss of $0.11 in the prior year.\n\nTorstar Corp. is emerging as a favourite to buy ailing media company Canwest Global Communications Corp.'s insolvent newspaper assets, the Globe and Mail reported.\n\nIn economic news, Statistics Canada said the number of people received regular employment insurance remain unchanged at 698,800 in February. \n\nIn other report released today, the agency said Canada's composite leading indicator increased by 1.0% in March, recording gains for a 10th straight month.\n\nThe Canadian dollar stepped back a mite from parity with the American dollar, skidding 0.33 cents to 99.73 U.S. \n\nON BAYSTREET \n\nAll 14 TSX subgroups were lower at the outset. Metals and mining stocks were the worst off, losing 1.7...