Business
Mini-tumble for stocks
Mini-tumble for stocks
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nMini-tumble for stocks\n\nMetals weigh on TSX\n\n May 4, 2010 (Baystreet.ca) -- Canadian stocks experienced a downward open Tuesday amid mixed cues from the commodities prices.The S&P/TSX composite index slumped 58.48 points in the first hour of trading to 12,124.40Also, speculation that the $146-billion U.S. aid package for Greece will not suffice the debt crisis in the country may weigh on sentiment.Meanwhile, the price of gold rose for a sixth straight session, as traders bet bullion as a safe haven buying amid a volatile currency market.Mining stocks may extend losses after Australia proposed new regulations Monday to levy 40% tax on resource companies effective 2012. Gold stocks may be in play amid continued upsurge in the price of gold and merger deals announced by gold companies. In M&A space, gold mining company Lihir Gold announced that Newcrest Mining increased its offer price by 6.4% to acquire all its share for A$9.5 billion. Gold company Agnico-Eagle Mines announced that it has entered in to definitive deal to buy precious metals explorer Comaplex Minerals Gold producer Yamana Gold reported lower net income of $0.11 per share compared to $0.12 per share last year, despite a 62% growth in revenues. The company attributed this to lower foreign exchange gains as well as unrealized losses on derivatives. Analysts expected the company to earn $0.11 per share for the quarter. Integrated energy company Suncor Energy swung to profit in first-quarter, reporting net earnings of $0.46 per share compared with a net loss of $0.20 per share in the prior year period. Uranium producer Cameco Corp.reported improved first-quarter net earnings at $0.36 per share, up from $0.22 per share in the first quarter of 2009. The company announced a quarterly dividend of $0.07 per share.Financial news and information provider Thomson Reuters reported lower first-quarter net earnings of $0.15 per share, compared to $0.23 in the year ago quarter. On an adjusted basis, earnings from continuing operations declined to $0.36 per share, from $0.40 per share in the year-ago quarter. Analysts were expecting the company to report adjusted net earnings of $0.32 per share.Airlines operator WestJet Airline reported that its first-quarter net earnings descended to $0.10 per share, from $0.29 per share last year. The company said its load factor was 81.7%, ...