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General Market Commentary

Mixed Monday for equities

Mon Feb 2, 12:23 PM

Stocks started to come out of their funk by midday Monday, after digesting some more unfavorable economic news

The S&P TSX Composite Index was still in negative territory at lunch time, by 80.39 points, to 8,614.51

New York markets tumbled as investors stateside worried that a "bad bank" plan has not yet emerged from the White House. Such a plan would have the government take the riskiest banks and make them into one entity.

The TSX financial sector was down, with Royal Bank off 49 cents to $29.92 and CIBC down $1.70 cents to $44.93

The energy sector slipped. Canadian Natural Resources fell $1.79 to $42.10.

Petro-Canada shares were up 31 cents to $26.90 on a report that the Ontario Teachers' Pension Plan is pressing for a restructuring that could lead to a showdown with the board.

The base-metals sector moved down one per cent as Sherritt International dipped 17 cents to $2.50 while Teck Cominco Ltd. moved 12 cents lower to $4.62.

The industrial sector also pulled the TSX lower, as transportation giant Bombardier Inc. lost 33 cents to $3.47.

In corporate news, Aecon Group Inc. has agreed to acquire mechanical construction contractors Lockerbie & Hole Inc. for about $220 million. Lockerbie shareholders are to get $8 for each share, either in cash or Aecon stock. Aecon shares fell 56 cents to $9.69 while Lockerbie rose $1.65 or 27% to $7.80.

Maple Leaf Foods Inc.has confirmed a $27-million settlement of class-action lawsuits over last year's listeriosis outbreak which killed at least 20 people. The Toronto-based company says it will pay up to $125,000 for those with serious and long-lasting health effects. Its shares declined 18 cents to $10.72.

Canwest Global Communications Corp. shares backed off four cents to 49 cents after it said the company is reviewing strategic alternatives and looking at divesting non-core assets.

Canwest also said Monday that its bankers have limited borrowing under the Canwest Media division's $300-million senior credit facility. The revisions will limit borrowing under the credit line to $20 million until Feb. 27, in addition to $92 million already drawn on the facility.

The Canadian dollar was off its lows for the day, though still in the red, 0.83 cents to $80.70 cents U.S.

BAYSTREET

Of the 13 TSX sub-groups, 11 put the brakes on, industrials falling the most, 2.1%, metals and mining, off 1.8% and financials, down 1.5%.

The two sub-groups that were ahead included real estate, inching up 0.3%, while utilities were just a hint in the black.

The TSX Venture Exchange retreated 5.71 points to 876.92, while the NASDAQ Canada index actually raised itself 2.86 points to 551.67

ON WALLSTREET

The Dow Jones industrials index was still 66.58 points down at noon to 7,934.28. The Standard & Poor's 500 index lost 2.89 points to 822.99. The NASDAQ composite index charged ahead 8.21 points to 1,484.63

Economically speaking, the U.S. Commerce Department says personal consumption – the largest portion of total economic activity – dropped 1% in December. That was worse than the 0.9% decline economists had expected. And U.S. personal incomes sagged for a third straight month, down 0.2%.

Another report showed a slight improvement in manufacturing activity. The Institute for Supply Management's manufacturing index rose to 35.6 in January from a revised 32.9 in December.

Economists expected the index at 32.5. The number still reflects a recessionary environment.
In earnings news, toymaker Mattel Inc. said its fourth-quarter profit skidded 46%, worse than analysts' expectations. Its shares tumbled $2.20 or 15% to $11.99 U.S.

Health insurer Humana Inc. reported that its fourth-quarter profit dropped 28%, but its stock recovered from early lows to move up $2.96 to $40.88 U.S.

Treasury prices rose, lowering the yield on the benchmark 10-year note to 2.81% from 2.85% Friday. Treasury prices and yields move in opposite directions. Yields on the 2-year, 10-year and 30-year Treasurys all hit record lows last month.

U.S. light crude oil for March delivery fell $1.16 to $40.52 U.S. a barrel on the New York Mercantile Exchange.

COMEX gold for April delivery fell $14.40 to $914.00 U.S. an ounce.