Canadian News
Bay Street Stocks Continue Downward Swing As RIM Falls On Downgrade - Canadian Commentary
11/2/2009 5:00 PM ET
(RTTNews) -
Toronto stocks finished at a two-month low on Monday, closing in the red for the sixth time in seven sessions. Tech stocks led the decliners after a downgrade for Research in Motion (RIM.TO).
The S&P/TSX Composite Index fell 32.4 points or 0.29% to settle at 10,878.35. The market had hit below 10,750 earlier in the session, the lowest mark since early September.
Tech stocks fell 2.3%. Research in Motion dropped 5.75% after the Blackberry-maker was downgraded to Sell from Buy at Citigroup.
Mining stocks lost 1%. HudBay (HBM.TO) declined 2.8% ahead of its quarterly earnings report, which is due tomorrow.
Inmet Mining (IMN.TO) added 1% after the company appointed Jochen Tilk, the company's President and Chief Operating Officer, to the position of President and Chief Executive Officer.
In other corporate news, Domtar (UFS.TO) has rallied 7.8% after the stock was upgraded to Overweight from Neutral at JPMorgan Chase.
Air Canada (AC.B.TO) risen 1.9% after the stock was upgraded to Buy from Hold at Genuity Capital Markets.
Cameco (CCO.TO) dropped 1.1% after announcing adjusted third quarter earnings declined to C$104 million, or C$0.26 per share, from C$127 million, or C$0.37 per share, in the year-ago quarter.
UTS Energy Corp. (UTS.TO) climbed 2.9% after the company agreed to sell 50% of its interest in Alberta oil sands to Exxon Mobil for C$250 million.
BPO Properties (CPP.TO), Catalyst Paper Corporation (CTL.TO), Constellation Software (CSU.TO),Killam Properties (KMP.TO), Morguard (MRC.TO), Red Back Mining (RBI.TO), Russel Metals (RUS.TO) and Talisman Energy (TLM.TO) are also on tomorrow's earnings docket.
by RTT Staff Writer
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