Canadian Stocks May Slide After Murky Fed Statement -- Canadian Commentary

By RTT News, 
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(RTTNews.com) - Canadian stocks may slip a bit from record highs on Thursday, as investors on both sides of the border mull over yesterday's conflicting remarks from the U.S. Federal Reserve.

The Fed gave mixed signals on the condition of the U.S. jobs market Wednesday, trumpeting recent improvements but warning of considerable slack in the labor market.

The initial reading on the Fed statements generated positive sentiment, but a rally in global equities has run out of steam this morning amid concerns about valuations and Argentina's finances.

Meanwhile, data from Statistics Canada showed Real gross domestic product rose 0.4 percent in May, a fifth consecutive monthly increase, as auto makers cranked out new vehicles.

Energy stocks may struggle as U.S. crude oil futures dipped below $100 for the first time in a few weeks.

Suncor Energy (SU.TO) said its net income during the second quarter dropped sharply as it took huge charges related to its holdings in Canadian oil sands and in Libya. The company hiked it dividend by 22 percent.

Bombardier Inc. (BBD_A.TO, BBD_B.TO, BDRBF.PK) reported that its second-quarter net income declined to $155 million or $0.08 per share, from $180 million or $0.10 per share for the same period the previous year.

Shaw Communications Inc.(SJR, SJR.B.TO) agreed to acquire a 100% interest in ViaWest, Inc from Oak Hill Capital Partners and other shareholders for an enterprise value of US$1.2 billion.

Goldcorp Inc. (G.TO, GG) reported Thursday that its second-quarter net earnings were $181 million or $0.22 per share, compared to net loss of $1.93 billion or $2.38 per share a year ago.

Kinross Gold Corp (KGC, K.TO) Wednesday reported second-quarter net earnings of $46 million or $0.04 per share. This compares with a loss of $2.5 billion or $2.17 per share last year.

Barrick Gold Corp. (ABX, ABX.TO) said second-quarter net loss of $269 million or $0.23 per share, compared to a net loss of $8.56 billion or $8.55 per share in the prior year quarter.

Maple Leaf Foods (MLF.TO) trimmed its second-quarter loss to $12 million, or 13 cents a share.

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This article appears in: News Headlines

Referenced Stocks: ABX , GG , KGC , SJR , SU

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