Business
Stocks slump at open
Stocks slump at open
About this update from Martinrea International Inc.
[{"type":"text","content":"\nStocks slump at open\n\nCommodities weigh on markets\n Mar. 24, 2010 (Baystreet.ca) -- Bay Street stocks may struggle to extend gains Wednesday amid weak commodities prices and continued negative news flows from the eurozone.\n\nThe S&P/TSX Composite Index settled 40.22 points soon after the opening bell to 12,004.32. \n\nAlso, the main index was hovering near its calendar-year high and could attract profit taking at higher levels.\n\nToday, Fitch Ratings downgraded Portugal by one notch to AA- and said the country's prospects for recovery were weaker than its peers in the euro zone. The news fueled concerns that debt problems may not be contained to Greece. The euro slipped to a 10-month low versus the dollar, putting pressure on the prices of commodities.\n\nIn corporate news, oil fields services provider Black Diamond Group reported lower earnings of $4.2 million for the fourth quarter, compared to $5.9 million in the year-ago quarter. Looking ahead, the company expects new project deployments and the expanded fleet and operating platform to be accretive to earnings in the next two quarters.\n\nOil and gas company Twin Butte Energy reported a narrower net loss for the fourth quarter of $0.01 per share, compared to a net loss of $0.09 per share in the year-ago quarter. \n\nOil and natural gas explorer Rock Energy reported fourth-quarter funds from operations of $0.20 per share, compared to $0.21 per share in the previous year.\n\nWestFire Energy reported improved net income for the fourth quarter of $0.43 per share, compared to $0.06 per share for the year-ago quarter.\n\nWealth management company AGF Management said its profits more than doubled to $30.6 million in the first quarter from a year ago.\n\nBiopharmaceutical company Æterna Zentaris swung to profit in the fourth quarter, reporting net earnings of $0.19 per share versus a loss of $0.27 per share a year ago. Analysts were expecting loss per share of $0.18 for the quarter. \n\nRival Theratechnologies reported a narrower net loss of $0.07 per share in the first quarter, compared to a loss of $0.18 per share in the year-ago quarter. \n\nPharmaceutical company Ondine Biopharma said its fourth-quarter loss narrowed to $0.01 per share from $0.03 in the prior year.\n\nMetal parts maker Martinrea International reported adjusted net profit of $0.10 per share for the fo...