RTTNews - Canadian stocks will look to recover some of yesterday's notable losses on Thursday morning. Financial stocks will be in focus with some of the big six banks reporting quarterly earnings.
Toronto-Dominion (TD.TO) reported net income for the second quarter was C$577 million or C$0.68 per share, compared to C$841 million or C$1.12 per share in the year ago quarter.
National Bank (NA.TO) announced second quarter net income of C$261 million or C$1.53 compared to C$229 million or C$1.41 in the second quarter of 2008.
CIBC (CM.TO) announced a second quarter net loss of C$90 million or C$0.24, compared to a loss of C$1.41 billion or C$3.00 in the year ago quarter.
Energy stocks could move higher as crude oil has gained about a half-percent in electronic trading. As expected, the Organization of Petroleum Exporting Countries announced it has decided to leave production unchanged following a meeting in Vienna.
In other corporate news, telecom equipment maker Nortel Networks Corp. (NT.TO) said Wednesday that it will seek a buyer for its majority stake in LG-Nortel, the company's South Korean joint venture with LG Electronics.
Transportation supply company Descartes Systems Group (DSG.TO) reported first quarter net income of US$2.21 million or US$0.04 per share, compared to US$1.05 million or US$0.02 per share in the same quarter of last year.
In economic news, the Globe and Mail reported Canadian governments may spend more than C$13 billion on bailouts of beleaguered automakers General Motors and Chrysler.
Meanwhile, the earnings for the average Canadian employee climbed 2.4% year-over-year in the month of March.
Across the border, the U.S. Department of Labor revealed that initial jobless claims came in at 623,000 for the week ended May 23. This was down 13,000 from a revised mark of 636,000 in the previous week.
Meanwhile, a Commerce Department report showed that durable goods orders jumped 1.9 percent in April following a downwardly revised 2.1 percent decrease in March. Economists had expected orders to edge up 0.5 percent compared to the 0.8 percent drop that had been reported for the previous month.
Yesterday, the S&P/TSX Composite Index fell 143.74 points or 1.39% to finish the day at 10,142.16. Tuesday's close was the highest for the index since October 3.
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