Business
Stocks take pasting
Stocks take pasting
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nStocks take pasting\n\nAll TSX subgroups lower\n\n May 4, 2010 (Baystreet.ca) -- The Toronto stock market was lower Tuesday, led by declines in commodity stocks as investors unnerved over the European debt crisis pushed the U.S. dollar higher, which helped to depress prices for oil and metals.The S&P/TSX composite index slumped 163.18 points, or 1.3%, by midday to 12,033.33. The TSX energy sector lost ground with Canadian Natural Resources down $1.46 to $77.48.The U.S. Energy Department's Energy Information Administration is scheduled to release last week's supply data Wednesday.In Canada's oilpatch, Suncor Energy Inc. beat earnings expectations as the company benefited from higher energy prices and its 2009 takeover of Petro-Canada. The Calgary-based company handed in earnings of $716 million, or 46 cents a share for the three months ended March 31. That compared with a net loss of $189 million or 20 cents a share for the first quarter of 2009 and its shares were ahead 60 cents at $35.28.The base metals sector dropped some of its strength as July copper on the Nymex declined six cents to $3.22 U.S. a pound. Teck Resources moved down $1.17 to $37.63 and HudBay Minerals gave back 52 cents to $12.27.Financials also weighed on the TSX with CIBC down 73 cents to $73.87.Among gold issues, Barrick Gold Corp. advanced 81 cents to $44.14.In other earnings news, Loblaw Co. Canada's largest grocery retailer said it earned $137 million or 50 cents per share during the last quarter -- better than the 44 cents a share that analysts expected and up from $109 million or 40 cents per share a year ago.Loblaws revenue was up 3.1% compared with the same time last year, rising to $6.9 billion from $6.7 billion -- thanks largely to the acquisition of T&T Supermarket Inc., a chain that caters to ethnic Chinese customers. Loblaws shares rose 79 cents to $38.59.WestJet Airlines Ltd. said it earned $13.8 million or 10 cents per diluted share in the first quarter on revenue of $619.8 million. Rising fuel costs helped drive down profit by 63% from a year ago. Earnings missed expectations of 15 cents a share and its shares fell 43 cents to $13.22.News and information giant Thomson Reuters reported that its net income was $134 million (U.S.) or 15 cents per share in the first quarter with $3.14 billion (U.S.) of revenue. The profit was down $59 million fr...