Shrugging off record-high gold prices, North American stocks fell Tuesday amid renewed concerns over the health of European banks
Today on Stockhouse
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Stockhouse’s Peter Kennedy writes about a junior explorer that could be poised to fall.
While Peter Krauth of Money Morning provides suggestions on how to buy silver.
Top Bullboards post: “They have the gold and the reserve field is now showing a good expansion. We will see in coming drill assays how many more ounces of gold they can produce above the 150,000 mark they now are mining. This will boost the reserves without any doubts in investors’ minds. The stock is heading to higher ground where other companies with the same production levels are. Most of those gold stocks on the company website are priced for 150,000 to 200,000 oz production per year. The YNG stock is truly undervalued and the market now is going to price it to a valuation that they feel it is worth with the ramping up of gold production exceeding 150,000 in the near future. It is easily worth $3 to $4 a share at current gold price levels per ounce.” From trader2day on the Yukon-Nevada Gold (TSX: T.YNG, Stock Forum) board.
Top Bullboard: Bayfield Ventures (TSX: V.BYV, Stock Forum) collected the most posts and the third-most reads on a day its stock popped more than 35%.
Top blog: coffintrader suggests members keep an eye on these two rare earth juniors in the WallStreet Investing blog.
For news about small stocks that made big moves in Tuesday’s trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.
Word on Wall Street
"Just as the glass appeared half-full last week, the glass is looking more like half-empty today," John Stoltzfus, an analyst at Ticonderoga Securities, wrote in a note and reported by MarketWatch. "In Europe, investors are focusing on the concerns over implications for the region's economic health, financial sector and earnings coming from further austerity and fiscal reform," he said about reports that European banks might have more risky debt on their books than previously thought.
| Selected expected U.S. earnings releases for Wednesday |
| (Consensus Estimates vs. Last Year) |
|
| Men's Wearhouse (NYSE: MW) |
Q2 |
$0.77 vs. $0.71 |
|
| Navistar International (NYSE: NAV) |
Q3 |
$1.28 vs. $ - 0.42 |
|
| Pep Boys (NYSE: PBY) |
Q2 |
$0.19 vs. $0.15 |
|
| Spartech (NYSE: SEH) |
Q3 |
$0.27 vs. $0.18 |
|
| United Natural Foods (NASDAQ: UNFI) |
Q4 |
$0.40 vs. $0.36 |
|
| Selected expected Canadian earnings releases for Wednesday |
| (Consensus Estimates vs. Last Year) |
|
| Transcontinental (TSX: T.TCL.A) |
Q3 |
$0.39 vs. $0.31 |
|
| Viterra (TSX: T.VT) |
Q3 |
$0.27 vs. $0.51 |
|
|
Today In The Markets
Record-high gold not enough to offset TSX loss; European bank worries resurface
|
| DJIA |
10,340.69 |
-107.24 |
 |
|
| NASDAQ |
2,208.89 |
-24.86 |
|
|
| S&P500 |
1,091.84 |
-12.67 |
|
|
| S&P/TSX |
12,101.98 |
-42.94 |
|
|
| S&P/TSX Venture |
1,594.96 |
+29.00 |
 |
|
TORONTO-NEW YORK (The Canadian Press) - The Toronto stock market closed in the red Tuesday as a record-high gold price wasn't enough to offset some fresh concerns about the health of European banks and weakness in other commodities.
The S&P/TSX composite index lost 42.94 points to 12,101.98.
The TSX Venture Exchange rose 29 points to 1,594.96.
On Wall Street, stock markets took a hit from the renewed uncertainty overseas. The Dow Jones industrial average fell 107.24 points to 10,340.69, while the Nasdaq composite index was down 24.86 points to 2,208.89. The S&P 500 lost 12.67 points to 1,091.84.
Please click here for the complete U.S. and Canadian market summaries.
After-Hours News
The Pep Boys - Manny, Moe & Jack (NYSE: PBY, Stock Forum)
The Pep Boys - Manny, Moe & Jack, the nation's leading automotive aftermarket service and retail chain, tabled results for the thirteen weeks (second quarter) and twenty-six (first half) weeks ended July 31, 2010. Sales for the quarter increased by 3.3%, to $504.9 million from $488.9 million a year earlier. Net earnings for the second quarter increased to $10.6 million ($0.20 per share) from $7.7 million ($0.15 per share) recorded in the same period last year.
Nemaska Exploration Inc. (TSX: V.NMX, Stock Forum)
Nemaska Exploration Inc. released the results of metallurgical testing of a mini-bulk sample taken from its Whabouchi Lithium/Beryllium project in the James Bay region of Northern Ontario. "I am very pleased with results to date,’’ said Nemaska President and CEO Gary Pearse. “ I look forward to seeing more results from the metallurgical work and to getting the results from our scoping study which will examine the preliminary costs of putting this deposit into production,’’ he said. “Our next steps will be to look for strategic partners to assist us in getting this product to market. Everything we have seen to date from this project suggests that we have the makings of Canada's next lithium mine.".
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