Business
Stocks take a pummeling
Stocks take a pummeling
About this update from Teck Resources Limited Class A
[{"type":"text","content":"\nStocks take a pummeling\n\nObama signs stimulus bill\n Feb. 10, 2009 (Baystreet.ca) -- 04:35 pm EST\nStock markets and the Canadian dollar were deep into negative territory Tuesday as investor pessimism about the global economy deepened along with concerns about the survival of General Motors Corp.The S&P TSX Composite Index fell without a parachute, 317.88 points to close the day's trading at 8,360.22. The latest turbulence to hit markets comes after a weekend meeting of G7 finance ministers and central bankers failed to reassure investors, while a report from Moody's Investors Services highlighted risks to the European banking system.The Toronto financial sector was the major decliner, extending last week's losses on unrelenting concerns about the stability of the financial system. Royal Bank moved down $1.25 to $28.55, while Manulife Financial dropped $1.76 to $15.77. The insurer's stock has plunged $3.59 or 18.5% after the company said Thursday that it lost $1.87 billion in the fourth quarter. That was even worse than the $1.5-billion loss estimated in early December.The TSX energy sector dropped as EnCana Corp. declined $2.69 to $51.42 U.S. in Toronto and Suncor Inc. gave back $1.50 to $23.03The base metals sector sagged as Sherritt International stepped back 17 cents to $2.75.Teck Cominco Ltd. said that one-time charges and a sharp drop in commodity prices dragged the debt-strapped mining giant into a loss of $607 million or $1.28 a share for the fourth quarter. The results reversed year-earlier profits of $280 million or $1.12 a share.Teck's quarterly revenue rose to $1.7 billion from $1.5 billion and its shares fell 51 cents to $4.41.Cameco Corp., the world's largest uranium miner, says its well-established customer base and growing demand for nuclear energy will help it weather the economic downturn and ongoing problems at its flooded Cigar Lake mine in Saskatchewan. Its shares were down $1.08 to $18.12.The gold sector ran up, with Goldcorp Inc. ahead $1.44 to $40.56 and Barrick Gold advanced $1.30 to $48.Research In Motion Ltd. continued to be a weight on TSX, losing $3.09 to $56.96 after RIM said co-CEO's Bastille and Lizards and two former executives have settled allegations of stock option back dating with the U.S. Securities and Exchange Commission. Total monetary penalties of $1.4 million U.S. are to be paid...