Business
Stocks slump in early trading
Stocks slump in early trading
About this update from Gildan Activewear Inc.
[{"type":"text","content":"\nStocks slump in early trading\n\nRetail numbers fail to cheer\n Feb. 10, 2009 (Baystreet.ca) -- 11:07 am EST\nThe jitters continued at the opening bell Thursday, over whether the stimulus package for the U.S. economy will work as effectively, and as soon, as intended. The S&P TSX Composite Index tripped and fell 102.44 in the first half-hour to 8,635.45 The TSX energy sector stubbed its toes, as shares in Nexen Inc. were down 42 cents to $17.01 after the company recorded a quarterly loss of $181 million, reversing year-earlier profits of $194 million. Nexen said quarterly results were hurt by approximately $318 million in impairment charges related to its properties in the North Sea and the Gulf of Mexico. EnCana Corp.reported that fourth-quarter earnings slipped to $1.07 billion U.S. from $1.08 billion recorded a year ago. Earnings per share remained flat at $1.43. Quarterly cash flow fell to $1.3 billion from year-earlier levels of $1.9 billion. Full-year earnings grew to $5.9 billion, up from profits of $3.96 billion recorded in 2007 and its shares were off 62 cents to $52.50. The financial sector was down with Royal Bank down 38 cents to $29.97. Shares in Sun Life Financial Inc. declined $1.17 to $21.83 after it said quarterly earnings slid to $129 million or 23 cents per share, down from year-earlier profits of $555 million or 97 cents per share. Quarterly revenue came in at $4.7 billion, down from $5.4 billion reported during the same period in 2007. Full-year earnings shrank to $785 million or $1.37 per share from 2007 profits of $2.2 billion or $3.85 per share. Manulife Financial Corp. lost $1.87 billion in the fourth quarter - even worse than the $1.5-billion loss estimated in early December. The big life insurer said Thursday its full-year earnings dropped to $517 million, down 88% from $4.3 billion in 2007 and its shares moved 54 cents lower to $18.82. Gildan Activewear Inc. shares plunged $3.29 or 25% to $9.26 after it reported it earned $4.3 million U.S. in its most recent quarter as sales sagged 26.5% from a year earlier to $184 million U.S.The sock and T-shirt maker, which keeps its accounts in U.S. dollars, said the profit in its seasonally slow first quarter compared with a year-ago profit of $27.9 million. Yellow Pages Income Fund units rose 25 cents to $5.47 as the company said that fourth-quarter profit...