Business
Record day in bad way
Record day in bad way
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nRecord day in bad way\n\nAIG, economics factor in\n Mar. 2, 2009 (Baystreet.ca) -- 04:41 pm EST\nNorth American stock markets closed at multi-year lows Monday after insurer American International Group Inc. stunned investors with the biggest quarterly corporate loss in U.S. history.Toronto's S&P/TSX composite index dropped 435.51 points or about 5.3% to 7,687.51, its worst level since the fall of 2003.The Toronto energy sector is also a major weight on the TSX. Suncor has dropped 9.8% after being downgraded to Market Perform from Outperform by Raymond James. Canadian Natural Resources has plunged 14.3%, Encana is off 7.1% and Canadian Oil Sands is down 6.3%. On one of the few bright notes, Masters Energy has surged 36.7% after the company announced it has agreed to be sold to Zargon Energy Trust for $1.83 per share. Mining stocks are down as Teck Cominco plunged 10.7% and First Quantum is down 9.1%. Materials and gold stocks are lower as the precious metal has dropped on the Comex. Goldcorp is down 4.5% and Kinross down 2.5%. Financials are down with the big six banks seeing significant declines. Scotiabank is down 7.8% and CIBC has lost 7.4% to lead the decliners.In corporate news, Nortel Networks Corp. is flat after the company announced financial results for the fourth quarter, posting a loss of $2.13 billion U.S. or $4.28 U.S. per share, compared to a loss of $0.84 billion U.S. or $1.70 U.S. per share in last year period. Adjusted earnings for the period fell to $179 million U.S. or $0.36 U.S. per share from $193 million U.S. or $0.39 U.S. per share in previous year quarter.Petrominerales has dropped 6.5% after the company announced its net income decreased to $20.28 million U.S., or $0.20 U.S. per share, from $23.49 million U.S., or $0.23 U.S. per share, in the year-ago quarter.Livingston International Income Fund has declined 4.5% after the company announced further cost-cutting steps, including company-wide salary and hours reduction, elimination of salary increases and voluntary resignation incentive. CanWest Global Communications has lost 15.5% after the company received a deadline extension to renegotiate the terms of some of its debt.The Canadian dollar lost 0.87 cents to 77.44 cents US a day before the Bank of Canada makes its next announcement on interest rates.Economists say it could cut by half a point, whic...