Business
Bay St. could extend slump
Bay St. could extend slump
About this update from Discovery Harbour Resources Corp.
[{"type":"text","content":"\nBay St. could extend slump\n\nRailroads in focus\n Nov. 3, 2009 (Baystreet.ca) -- Canadian stocks will look to snap back from a two-month low on Tuesday, but early signals are pointing to another lackluster session amid concerns that the global economic recovery has yet to take hold.\n\nMinutes after the open, the S&P/TSX composite index was off 81.56 points to 10,796.79. \n\nRailroads could provide a measure of support after billionaire investor Warren Buffett's Berkshire Hathaway acquired major U.S. company Burlington Northern Santa Fe, giving a shot in the arm to the entire industry.\n\nOn the commodity front, crude oil has dropped in price. Meanwhile, gold gained strength. \n\nKinross Gold posted a net loss of $21.5 million U.S. or $0.03 U.S. per share for the third quarter, compared to net earnings of $64.7 million U.S. or $0.10 U.S. per share in the prior-year quarter.\n\nIamgold Corp. said it secured an approval to proceed with the $9-million deep sulphide feasibility Study from the Societe D'Exploitation Des Mines D'Or De Sadiola, the owner of the Sadiola Gold Mine in Mali, West Africa.\n\nTalisman Energy reported third-quarter net income of $30 million or $0.03 per share, compared to $1.43 billion or $1.38 per share last year. \n\nMDS Inc. said the company, along with Danaher Corp., have each received a second request for information from the Federal Trade Commission regarding the sale of MDS Analytical Technologies.\n\nRitchie Bros. Auctioneers reported third-quarter net income of $12.892 million U.S. or $0.12 U.S. per share compared to $11.934 U.S. million or $0.11 U.S. per share last year.\n\nThe Canadian dollar lost 0.10 cents to 92.65 cents U.S. \n\nON BAYSTREET \n\nAll but one of the 14 TSX subgroups were lower, weighed mostly by metals and mining stocks, off 2.5%, global base metals, down 2.3% and energy stocks, trailing yesterday's close by 1.6%. \n\nOnly a 0.6% surge by industrials averted unanimity. \n\nThe TSX Venture Exchange skidded 1.26 points to 1,288.36, while the Nasdaq Canada index nipped upwards 3.82 points to 613.89. \n\nON WALLSTREET\n\nIn New York, stocks slid at Tuesday's open, as investors remained on edge at the start of the Federal Reserve's two-day policy meeting.\n\nThe Dow Jones Industrials fell back 64.47 points to start the day at 9.724.97. The S&P 500 index faded 6.49 points to 1,036.39...