RTTNews - Bay Street stocks could see some strength in early trading on Tuesday as traders play catch-up after a three-day holiday weekend. Canadian markets were closed Monday for Victoria Day as stocks gained around the globe.
Resource stocks could receive a boost with commodities gaining in NYMEX trading. Crude touched a multi-month intraday high of $60.48 in overnight trading after a sharp rally in yesterday's session.
In early metal trading, gold has added $2.60 to $923.10 per ounce and copper has added 3.3 cents to $2.098.
In corporate news, agriculture giant Viterra (VT.TO) announced it has proposed to acquire ABB Grain Ltd. in a transaction valued at about C$1.4 billion. ABB's board has unanimously recommended shareholders accept the offer.
Rogers Wireless (RCI.TO) and Research In Motion (RIMM: News , RIM.TO), Sunday launched the BlackBerry Curve 8900 smartphone in Canada.
Coeur d'Alene Mines Corp. (CDM.TO) announced a one-for-ten reverse split of its common stock, which was approved by Coeur stockholders at the Annual Meeting of Stockholders on May 12, 2009. The reverse split will be effective from May 26, 2009.
Meanwhile, Toronto-Dominion Bank (TD.TO) is reportedly expected to submit a bid along with Goldman Sachs for Florida lender BankUnited Financial Corp., according to the Wall Street Journal.
Across the border, Home Depot (HD) reported adjusted first-quarter net income of $587 million or $0.35 per share, down from $697 million or $0.41 per share earned in the same quarter of last year. Wall Street expected earnings of $0.29 per share.
In economic news, the U.S. Commerce Department announced that housing starts dropped 12.8 percent in April to an annual rate of 458,000 units. The result for March was revised to a rate of 525,000 units, a decline of 8.5 percent from the previous month. Analysts had expected starts to rise to a pace of 540,000 units from the rate of 510,000 units that was originally reported for March.
Friday, the S&P/TSX Composite Index lost 86.35 points or 0.87% to settle at 9,762.85. The index lost more than 4.5% for the week, moving off a seven-month high.
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