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Nov. 10, 2009 (Baystreet.ca) --
Canadian stocks moved lower on Tuesday amid a bout with profit-takers after a recent rally. The resource sectors saw some moderate declines, giving back some gains from the last few sessions.
The S&P/TSX composite index had lost 99.35 points by noon to 11.387.53.
Mining stocks are down, as First Quantum dropped 2.6% ahead of its quarterly earnings report, which is due after the close.
Energy stocks are down, with Canadian Natural Resources falling 2.5%, Suncor is down 2% and Encana has lost 1.8%.
Crew Energy reported a third-quarter net loss and comprehensive loss of $7.376 million compared to profit of $15.178 million a year ago. Loss per share was $0.09 compared to profit of $0.23 per share prior year.
Baytex Energy Trust reported third quarter net income of $40.66 million or $0.37 per unit, compared to $137.23 million or $1.39 per unit last year.
Materials and gold stocks are both off, as Seabridge has lost 3.9%, Yamana has dropped 2.1% and New Gold is down 2.2%.
European Goldfields has dropped 3% after the company reported its net loss for the third-quarter was $3.12 million U.S. or $0.02 U.S. per share, compared to a net loss of $5.04 million U.S. or $0.03 U.S. per share.
Sales for the quarter were $17.04 million U.S., up from $16.10 million U.S. in the year-ago quarter.
Silver Wheaton is down 0.7% after the company reported quarterly net profit of $33.56 million U.S. or $0.11 U.S. per share compared with $20.24 million U.S. or $0.08 U.S. per share in 2008. Analysts anticipated earnings of $0.11 U.S. per share.
Rona has added 1.25% after the company reported that third quarter net income was $49.1 million, or $0.38 per share, compared to $52.5 million or $0.45 per share in 2008.
ATS Automation Tooling Systems has gained 4.1% after the company reported second-quarter net income slipped to $6.01 million or $0.07 per share from $9.27 million or $0.12 per share in the year-earlier quarter.
Computer Modelling Group has dropped 5% after the company said its second-quarter earnings for the period decreased to $2.41 million from $2.97 million a year ago.
La Mancha Resources has added 1.6% after the company posted third-quarter net earnings of $3.0 million or $0.02 per share compared with a net loss of $1.6 million or $0.01 per share in the prior-year period.
The Canadian dollar was up 0.41 cents to 95.06 cents U.S.
ON BAYSTREET
All but two of the 14 TSX subgroups were lower. Metals and mining stocks weighed most heavily, down 2.4%, while materials slid 2%, gold went down the shaft by 1.8%.
The two gaining groups were information technology, up 0.5%, and consumer staples, ahead 0.3%.
The TSX Venture Exchange gave back 13.54 points to 1,341.94, while the Nasdaq Canada index was 9.04 points in the black to 675.25.
ON WALLSTREET
In New York, stocks were mixed Tuesday as the market tried to extend momentum after a triple-digit rally in the previous session.
The Dow Jones Industrials were lower by 8.16 points to 10,218.78. The S&P 500 index fell back 3.25 to 1,089.83, while the Nasdaq composite index was down 8.77 points to 2,145.29.
Stocks had opened slightly lower. The market showed caution in early trading after soaring Monday, pushing the blue-chip Dow to its highest level in 13 months.
The Group of 20 said over the weekend that it would keep economic stimulus in place. A falling dollar boosted prices for gold, oil and other commodities.
There isn't much economic data slated for this week, experts noted, so investors will focus on the dollar and bond market -- as well as corporate news including earnings from Applied Materials, Wal-Mart and Walt Disney.
Economically speaking, most U.S. cities saw gains in the median price of single-family homes sold last quarter, said a report from the National Association of Realtors released this morning. The national median home price was $177,900 U.S. in the third quarter, up $7,000 from the previous quarter.
In other housing news, the Treasury Department said 650,000 troubled borrowers have been put into trial loan modifications under the Obama administration's foreclosure rescue plan.
At 9:30 a.m. ET, the Senate Budget Committee began a hearing on bipartisan proposals to cut the deficit and help ensure long-term fiscal stability.
Sprint Nextel said Monday that it plans to cut between 2,000 and 2,500 jobs in an attempt to reduce costs.
The European Commission has objected to Oracle's proposed takeover of Sun Microsystems, which could threaten the deal.
Treasury prices spiked, lowering the yields for the benchmark 10-year note to 3.46% from Monday's 3.47%. Prices and yields move in opposite directions.
The price of a barrel of oil subsided 18 cents to $79.25 U.S.
Gold prices were flat at $1,102 U.S. an ounce.