After some fluctuating up and down, Canada's main stock market,
the Toronto Stock Exchange, is back near where it started, down
around 50 points with most sectors lower.
Metals & Mining stocks are especially hard hit today,
falling 2% as a group. Among the losers, Golden Minerals (AUM.TO,
AUMN) is down 12% and has hit new 52 week lows after the miner late
Friday said its FY12 net loss widened to $92 million from $63
million during the prior year. The FY12 loss includes a $58.5 mln
non-cash charge associated with goodwill impairment plus another
$10 mln in depreciation and amortization costs and $7.9 mln for
project expenses at its Velardena operations.
Also, IAMGold (IMG.TO, IAG) is down about 4% and has also hit
new 52 week lows after announcing plans to reduce its spending by
$100 mln per year. The plan includes several cost-cutting
initiatives aimed at reducing mine operating costs and exploration
expenditures as well as trimming corporate and administrative
But on the plus side, Aurizon Mines (ARZ.TO, AZK) is up 4% after
receiving a $796 mln buyout offer from Hecla Mining (
). AZK shareholders have the choice of receiving either C$4.75 per
share in cash or C$3.11 per share in cash plus 0.34462 of a HL
AZK previously rejected a $780 mln takeover bid from Alamos Gold
(AGI.TO, AGI), another Canadian mining company in January. HL
shares are down nearly 13% and nearer to year lows this
Much of the decline for tech issues today is the result of a 20%
tumble by DragonWave, Inc. (DWI.TO, DRWI) after the networking
equipment company trimmed its Q4 revenue forecast, now expecting
just $30 mln in quarterly sales after Nokia (
) cut back on its purchases during the three months ended Feb. 28.
Analysts, on average, are expecting about $42.29 mln in
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