Stock slide continues , commodities, earnings, international, stocks, currencies

October 4, 2011 7:15 AM41 commentsViews: 21

Stock slide continues , commodities,earnings,international,stocks,currencies

TORONTO (eMediaWorld) October 4, 2011 Toronto’s resource-heavy main stock index gave back even more ground early Tuesday after increased risk aversion on Greek debt default worries battered global equities and commodities.

The S&P/TSX composite index tumbled another 350.72 points, or 3.1%, to open Tuesday’s trading at 10,901.12

The Canadian dollar backslid another 0.35 cents to 94.47 cents U.S.

Among Canadian stocks to watch, pharmacy chain Jean Coutu Group reported a 53% rise in second-quarter profit, as it gained from the disposal of shares in Rite Aid Corp, a national chain of drugstores in the United States.

Mercator Minerals increased output of copper and molybdenum at its Mineral Park Mine in Arizona in the third quarter, helped by the completion of a second phase of expansion at the mine.

Enbridge Inc. said on Monday it plans to spend $100 million to add 50,000 barrels per day of new capacity on its Wisconsin to Ontario Line 5 oil pipeline.

Shoppers Drug Mart Corp. said Domenic Pilla has been appointed as its president and CEO, effective November 1.

ON BAYSTREET

The TSX Venture Exchange shed 53.74 to 1,335.66, while the Nasdaq Canada index gained 4.52 points to 406.01

All but one of the 14 Toronto subgroups began the day in the red, with energy off 4%, metals and mining slipped 3.5%, and real-estate going south 3.4%.

Only information technology issues held out against the tide, picking up 0.6%.

ON WALLSTREET

In New York, stocks tumbled lower Tuesday, as investors continue to fret about Greece’s ability to meet its debt obligations, and ahead of Federal Reserve Chairman Ben Bernanke’s testimony on the outlook for the economy.

The Dow Jones Industrials collapsed 220.50 points, or 2.1%, soon after the open to 10,434.80.

The S&P 500 was negative 21.84 points to 1,077.39, while the Nasdaq dropped 30.85 points to 2,304.98.

On Tuesday afternoon, Apple is holding an event where it is widely expected to unveil the iPhone 5.

Shares of UBS were up 2.6% in premarket trade after the Swiss bank said it expects to post a “modest” profit for the third quarter despite a rogue trading incident that cost the bank $2.3 billion U.S.

Shares of American Airlines parent company AMR bounced back 10% in premarket trade Tuesday after plunging 32% Monday on numerous reports that the company was facing a threat of bankruptcy. AMR is one of the few major U.S. airlines that did not go through bankruptcy in the last decade, but it is forecast to report its fourth straight year of losses in 2011.

Meanwhile, shares of United Continental — which were hit hard Monday — were up 1.8% in premarket trade.

Shares of Yahoo were up almost 3% in premarket trade the day after the struggling online media company and ABC News announced they are teaming up to share news content, reporting resources and original videos.

YUM! Brands, the owner of KFC, Pizza Hut and Taco Bell, will report earnings after the closing bell.

On Monday, stocks kicked off the fourth quarter with a huge selloff, as worries about Greece’s solvency remained in the spotlight.

Greece has slashed spending, reduced wages and raised taxes in an attempt to bring its debt under control. But the debt-ridden nation will miss key deficit targets for this year and next, according to the draft budget announced by the Greek cabinet.

Economically speaking, Fed chairman Ben Bernanke will be discussing the outlook for the economy in front of the Joint Economic Committee of Congress Tuesday morning.

The price on the benchmark 10-year U.S. Treasurys rose, lowering the yield to 1.75% from Monday’s 1.79%. Treasury prices and yields move in opposite directions.

Oil for October delivery surrendered $2.20 to $75.41 U.S. a barrel.

Gold futures for December delivery shaved $6.60 to $1,651.10 U.S. an ounce.

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