Business
Stocks punished
Stocks punished
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\nStocks punished\n\nMetals, industrials weigh TSX\n\n Apr. 22, 2010 (Baystreet.ca) -- Canadian stocks were lingering in the red in mid-morning deals Thursday, with selling spread across a variety of sectors. Renewed worries over the Greece debt-situation pressured the euro and commodities prices. \n\nThe S&P/TSX Composite Index approached noon down 100.54 points, to 12,034.02 \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\nIn the energy space, Cenovus Energy lost 4.74% and EnCana Corp. slipped 2.24%. \n\nDrilling services provider Precision Drilling Trust moved down 2.35%. The company reported first-quarter net income of $0.22 per unit, compared to $0.28 per unit in the same quarter last year. \n\nAmong gold stocks, Newmont Mining shed 1.23% and Goldcorp lost 1.04%.\n\nBlackberry maker Research In Motion gave in 1.75%. Nokia, the world's biggest mobile phone maker, today 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\nFertilizer maker Agrium Inc. shed 1.91% and Potash Corp. gave in 1.57%.\n\nProvider of product life cycle solutions to OEMs Celestica Inc. was down 1.06% even after reporting 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\nMeanwhile, METRO Inc. gained 2.28%. Yesterday, the company reported improved second-quarter net earnings of $0.74 per share, compared to $0.68 per share last year. The company declared a quarterly dividend of $0.17 per Class A Subordinate Share and Class B Share payable June 8, 2010, an increase of 23.6% over last year.\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 0.19 cents to 99.87 U.S. \n\nON BAYSTREET \n\nAll but two of the 14 TSX subgroups were lower by midday. Metals and mining stocks slid 1.5%, industrials, 1.2%, financials off 1.1%. \n...