RTTNews - Bay Street stocks could give back some of yesterday's rally in early trading on Friday as Canadian GDP fell more than expected. Oil prices are modestly lower, which could weigh on energy stocks.
On the economic front, Statistics Canada reported that the Canadian Gross Domestic Product decreased 0.5% In May. GDP was expected to fall 0.4%, compared to a 0.1% drop in April.
Crude oil prices dropped 45 cents to $66.49 per barrel and gold fell $1.30 to $936.00 an ounce, while copper jumped 2.85 cents to $2.5925 a pound.
Eldorado Gold (ELD.TO) reported second quarter net income of US$25.9 million or US$0.07 per share, compared with US$25.2 million or US$0.07 per share in the year-ago quarter.
Sierra Wireless (SW.TO) reported second quarter net loss of US$5.87 million or US$0.19 per share, compared to net income of US$10.97 million or US$0.35 per share in the same quarter of last year. Analysts expected the company to report earnings of US$0.26 per share.
Norbord (NBD.TO) reported a second-quarter net loss of US$18 million or US$0.04 per share compared to a loss of US$36 million or US$0.24 per share in the second quarter of 2008.
MethylGene (MYG.TO) reported second quarter net loss of C$6.92 million or C$0.19 per share, compared to net loss of C$7.4 million or C$0.20 per share last year.
Manulife Financial (MFC.TO) is being sued by pension funds in Quebec and Ontario for C$500 million, according to the National Post.
On Thursday, the S&P/TSX Composite Index climbed 221.39 points or 2.11% to settle at 10,676.72. The rally took the main index away from a 12-day low.
Across the border, the U.S. Commerce Department revealed GDP fell at a pace of 1% for the second quarter. Economists had expected GDP to fall at a 1.5 percent pace. This follows a 6.4-percent contraction in the first quarter.
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