Business
Stocks dangle in Toronto
Stocks dangle in Toronto
About this update from Precision Drilling Corporation
[{"type":"text","content":"\nStocks dangle in Toronto\n\nEnergy, industrials weigh on TSX\n Oct. 22, 2009 (Baystreet.ca) -- Toronto stocks have dropped slightly on Thursday, extending the slump from the final hour of the previous session. Energy stocks have seen some weakness as crude oil moves lower. \n\nJust before the lunch break, the S&P/TSX Composite index had slumped 18.15 points to 11,423.87. \n\nCrude oil has lost ground, as Canadian Oil Sands has lost 1.6% and Canadian Natural Resources is down 1.1%. \n\nHarvest Energy Trust has soared 33.2% after the oil and natural gas company announced it has agreed to be acquired by state-run Korea National Oil Corp. in a deal worth about $4.1 billion, including the assumption of debt. \n\nHusky Energy has declined 3.1% after the company reported third-quarter net earnings of $338 million or $0.40 per share compared with $1.27 billion or $1.50 per share in the same quarter last year.\n\nPrecision Drilling Trust has slipped 1.1% after the company reported third quarter net income of $72 million or $0.25 per unit, compared to $82 million or $0.61 per unit last year.\n\nIn corporate news, Potash has climbed 1.75% after the company reported third-quarter net earnings of $248.8 million U.S. or $0.82 U.S. per share, compared to $1.2 billion U.S. or $3.93 U.S. per share, in the same quarter last year.\n\nCorus Entertainment has dropped 2.5% as the company announced its fourth-quarter net income was $18.7 million or $0.23 per share, compared to net income of $17.4 million or $0.21 per share last year.\n\nCangene Corp. has rallied 13.8% after the company reported full-year net income of $59.9 million or $0.86 per share, compared with $29.6 million or $0.42 per share a year earlier. \n\nPinetree Capital has slipped 1.2% after the company announced it acquired approximately 2.55 million common shares of U308 Corp.\n\nOn the economic front, Canadian retail sales data increased 0.8% in August, according to data released Thursday morning. A rise of 0.1% is forecast, compared to a revised drop of 0.5% in July. Excluding autos, sales rose 0.5% after falling a revised 0.7% in July.\n\nThe Canadian dollar skidded 0.25 cents to 95.42 cents U.S. \n\nON BAYSTREET \n\nOf the 14 TSX subgroups, eight were moving forward. Global base metals were up 0.9%, followed by consumer discretionaries, which advanced 0.7%, and metals and mining...