Canadian stocks closed lower on Friday, settling near the
session low. Most sectors were lower with Info Tech along with
Metal and Mining dragging down the broader market.
Smartphone maker Blackberry (BB.TO)was the most active share on
TSX closing down 16% with 11.5 million shares changing hands. Today
the company reported preliminary Q2 sales of $1.6 billion, of which
approximately 50% is expected to be service revenue. During Q2,
approximately 5.9 million BlackBerry smartphones were sold through
to end customers.
The company expects to report a quarterly loss in the range of
$250 million to $265 million, or $0.47 to $0.51 per diluted share,
excluding special inventory and restructuring provisions. Capital
IQ consensus is for a loss of $0.14 per share and revenue of $3.0
The company also announced its plans to cut its future
smartphone portfolio from six devices to four. Meanwhile, the
company's Special Committee of the board of directors continues to
evaluate all strategic alternatives for the company.
Metals and Mining stocks were under pressure as gold futures
staged a hefty correction today. The yellow metal shedded 2.7% of
their value just a day after futures soared on news the Fed would
not reign in its monetary stimulus. Despite gold's 2.7% price drop
today, over the week the metal added 1.8%. It closed Friday's
session at $1,332.50 an ounce on the Comex division of the New York
Mercantile Exchange. Yesterday, gold added 4.7%, the most
aggressive single session gains the metal has experienced since
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