(RTTNews) - Toronto stocks have dropped notably in Monday afternoon deals and the main index in on target for its lowest finish in two months.

The S&P/TSX Composite Index has plunged 124.92 points or 1.15% to 10,784.25. This extended the previous drop from the previous session.

Technology stocks have dropped 2.8%. Research in Motion (RIM.TO) has dropped 6.8% after it was downgraded to Sell from Buy at Citigroup.

Domtar (UFS.TO) has rallied 6.2% after the stock was upgraded to Overweight from Neutral at JPMorgan Chase.

Air Canada (AC.B.TO) has gained 3.9% after the stock was upgraded to Buy from Hold at Genuity Capital Markets.

Cameco (CCO.TO) has dropped 3.1% after announcing adjusted third quarter earnings declined to C$104 million, or C$0.26 per share, from C$127 million, or C$0.37 per share, in the year-ago quarter.

Mining stocks are down 2%. First Quantum (FM.TO) has dropped 3.2%, HudBay (HBM.TO) has declined 3.1% and Teck Resources (TCK.B.TO) is down 2%.

Inmet Mining (IMN.TO) appointed Jochen Tilk, the company’s President and Chief Operating Officer, to the position of President and Chief Executive Officer. The stock is up 2.5%.

In other corporate news, UTS Energy Corp. (UTS.TO) has gained 3.4% after the company agreed to sell 50% of its interest in Alberta oil sands to Exxon Mobil for C$250 million.

Amerigo Resources (ARG.TO) has slipped 1.4% after the company reported third quarter net earnings of US$3.2 million or US$0.02 per share, compared to a net loss of US$10.4 million or US$0.11 per share in the previous year quarter.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved

Posted in Categories: Canada, Economy, Releases, USA.

Subscribe by RSS Subscribe by Email