Business
TSX tails off
TSX tails off
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\nTSX tails off\n\nTelecoms weigh market down\n\n Apr. 28, 2010 (Baystreet.ca) -- Canadian stocks are likely to witness a mixed reaction Wednesday morning amid varied cues from the commodities prices.The S&P/TSX Composite Index fell 43.54 points in the first hour of trading to 12,103.20Meanwhile, renewed worries over the Greece debt situation may overshadow positive economic data from the U.S., the country's largest trading partner.Gold stocks may be in focus after Barrick Gold reported earnings that beat estimates by a notable margin. Also, the recovery in the prices of gold is likely to help lift sentiment.In corporate news, Barrick reported adjusted first quarter net income of $0.75 per basic share, versus $0.34 per basic share in the last year quarter. Analysts were expecting the firm to report earnings of $0.63 per share for the quarter.Integrated energy company Husky Energy reported improved first quarter net earnings of $0.41 per share, compared to $0.39 per share in the same period of 2009. The company declared a quarterly dividend of $0.30 per share.Electrical equipment maker Hammond Power Solutions posted lower first quarter net earnings of $0.19 per share, compared to $0.36 per share in the previous year quarter.Canadian stock market operator TMX Group reported higher first-quarter net income of $0.66 per share, up from $0.58 per share in the year ago quarter. It has also declared a dividend of $0.38 on each common share outstanding.Information technology services provider CGI Group said its second-quarter net earnings increased to $0.28 per share from $0.25 per share in the prior year period. Analysts were expecting the company to report earnings of $0.27 per share for the quarter.Property management company FirstService Corp. reported a narrower net loss of $0.02 in the first-quarter, compared to $1.65 per share last year. Analysts were expecting the company to report earnings per share of $0.17.In economic news, yesterday, the S&P slashed Greece's sovereign debt rating by three notches to "BB+". The agency also cut Portugal's credit rating by two steps to "A-", raising speculation that the debt crisis in the euro-zone is extending. Furthermore, the rating agency said its outlook on Greece is "negative", indicating the agency might downgrade the rating again.The Canadian dollar regained...