Early signals are pointing to a rough open for Canadian stocks Monday morning after US stocks futures tumbled and European shares pulled back sharply as traders booked profits from a recent rally.
On Friday, Toronto's main index closed with its seventh daily gain in eight sessions. The index posted its best close since January 6. The S&P/TSX Composite Index added 94.28 points or 1.00% to end at 9,437.65.
Financials led the way on Friday and will remain in focus this morning after Bank of America Corp. (BAC) joined the growing ranks of major banks to beat earnings expectations. Moments ago, the company reported first-quarter 2009 net profit of $4.2 billion.
Energy stocks may suffer after the price of oil dropped almost $3 to $47.55 a barrel on demand concerns.
Elsewhere, news from Silicon Valley may impact tech stocks, as Oracle Corp. (ORCL) announced a definitive agreement to acquire Sun Microsystems Inc. (JAVA: News ) common stock for $9.50 per share in cash. This transaction is valued at approximately $7.4 billion, or $5.6 billion net of Sun's cash and debt.
Meanwhile in Canada, Agrium Inc. (AGU.TO) said it has sent a letter to CF Industries Holdings Inc. (CF) stockholders, urging to withhold votes for CF's three director nominees, namely Stephen Furbacher, David Harvey, and John Johnson, up for election at CF's 2009 Annual Meeting of Stockholders on April 21.
Agrium urged CF Industries' stockholders to send a message to CF Industries board that they should engage with Agrium to negotiate a mutually beneficial transaction.
Energy Savings Income Fund (SIF-UN.TO: News ) said it agreed to extend the 30-day exclusivity period with Universal Energy Group, Ltd. regarding potential acquisition of Universal Energy by Energy Savings Income.
Angle Energy Inc. (NGL.TO: News ) disclosed the closing of a new syndicated banking facility. The banking syndication is lead by the Canadian Imperial Bank of Commerce and includes Alberta Treasury Branch.
The revolving credit facility expands the company's borrowing capacity to $80 million from the previous level of $70 million.
Friday, Yukon-Nevada Gold Corp. (YNG.TO: News ) announced that it has appointed Robert Baldock, to its board, pursuant to the resignation of Lynn Patterson as chairman to the board and as a director of the company, due to health reasons.
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