RTTNews - Bay Street stocks saw little direction on Wednesday morning, following the lead of markets in the U.S. and Europe.

The S&P/TSX Composite Index is up 8.05 points or 0.07% to 1,0293.95. Toronto's main index finished at a multi-month high on Tuesday.

Energy stocks are leading the gainers with 2% spike as crude oil has climbed above $63 on the NYMEX. Canadian Oil Sands (COS.UN.TO) is up 2.75%, Suncor (SU.TO) has gained 2.3% and Canadian Natural Resources (CNQ.TO) has added 1.75%.

On the downside, gold stocks are down 1.1%. Agnico-Eagle Mines (AEM.TO) has dropped 1.7% and Barrick Gold (ABX.TO) is down 1.5%.

In other corporate news, Laurentian Bank (LB.TO) has lost 2.75% after the company reported second quarter net income of C$21.2 million or C$0.76 per share, compared to C$25.1 million or C$0.93 per share in the second quarter last year.

TransAlta Corp. (TA.TO) has edged up 0.5%. The company priced an offering of $200 million of 6.45% senior notes due in 2014. The senior notes were priced at 99.823% for yield to maturity of 6.49%. The notes are rated stable by Standard & Poor's Rating Services.

Zarlink Semiconductor (ZL.TO) is up 1.1% despite reporting a net loss for the fourth quarter of US$50.3 million or US$0.41 per share, compared to a net loss of US$20.0 million or US$0.16 per share in the previous year quarter.

Meanwhile, beleaguered General Motors (GM) is on the brink of bankruptcy. This morning, GM indicated that its bondholders have rejected the embattled automaker's debt-for-stock offer.

In economic news across the border, industry data showed that existing home sales rose 2.9 percent to an annual rate of 4.68 million units in April from a downwardly revised rate of 4.55 million units in March. Despite the monthly increase, existing home sales were down 3.5 percent year-over-year.

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