Business
Lower opening for TSX
Lower opening for TSX
About this update from Velan Inc.
[{"type":"text","content":"\nLower opening for TSX\n\nMetals slump at opening\n Jan. 12, 2010 (Baystreet.ca) -- Bay Street endured a slack opening Tuesday, as traders locked in their profits, capitalizing the recent run-up. Canadian stocks have been moving higher in 2010, since gathering a triple-digit gain in the first session of the year.\n\nThe S&P/TSX Composite Index tumbled 80.12 soon after the opening bell to 11,867.01. \n\nThe main index had added nearly 2% since the New Year, falling only on two of the six trading sessions. Yesterday, the index rallied past the 12,000 mark for the first time since September 2008, only to end flat on profit taking. The index closed the previous session at 11,947.13, trimming 6.7 points. \n\nA fall in the prices of oil and commodities may weigh on the resource-heavy Bay Street. \n\nIn corporate news, discount retailer Dollarama Inc. said some of its shareholders, including Bain Capital LLC, will be divesting nearly 12 million shares at $21.50 to a group of banks.\n\nEmulex Corp. posted second-quarter preliminary non-GAAP earnings per share of $0.16 - $0.17 exceeding the high end of guidance of $0.10 - $0.12.\n\nMatrikon Inc. announced a flat first-quarter earnings of $0.09 per share. Similarly, Velan Inc. posted third quarter earnings of $0.34 per share, compared to $0.34 per share in the prior-year quarter.\n\nForestry plantation operator Sino-Forest Corp. said its wholly-owned subsidiaries acquired China-based engineered wood product maker, Homix Limited, for $7.1 million.\n\nFour companies lining up to take a potential stake in struggling entertainment company CanWest Global Communication face roadblocks to reaching a deal, the Globe and Mail reported Tuesday.\n\nSatellite component maker COM DEV International reported a dip in its fourth-uarter earnings at $0.01 per share, compared to $0.07 per share in the year-ago quarter.\n\nAmerican Creek Resources announced that it had appointed Robert Edwards as Chief Financial Officer effective January 1, 2010.\n\nIn economics news, Statistics Canada said today that the country's merchandise exports jumped 1.1%, while imports rose 3.9% in November. This had pushed the nation's deficit to $344 million in November from a surplus of $503 in the earlier month. In another report, it said home prices rose 0.4% in November, indicating growth in the housing market.\n\nThe Canadia...