(RTTNews) - Bay Street was on pause Tuesday morning following big losses in the previous session as market players braced for the latest interest rate decision from the Bank of Canada. Quarterly earnings from around the world have been pouring in, and early returns suggest another mixed bag of results.

Bay Street stocks plunged more than 300 points on Monday, following the lead of U.S. and European markets. The key mining, energy and financial sectors posted significant declines to lead the way.

The S&P/TSX Composite Index fell 311.50 points or 3.3% to move at 9,126.15. The finish was the lowest since April 8 for Toronto’s main index, which had reached a three-month high last week.

Across the border, five Dow components are out with earnings news Tuesday morning.

Caterpillar Inc. (CAT) reported first-quarter net loss of $112 million or $0.19 per share, compared to a profit of $922 million or $1.45 per share in the first quarter of 2008.

DuPont (DD) reported financial results for the first quarter, posting net income of $0.48 billion or $0.54 per share, compared to $1.19 billion or $1.31 per share in the prior year period. For the second quarter 2009, the company anticipates revenue growth to be limited by continuing weak demand in non-agriculture markets.

In Canada, Teck Cominco Ltd. (TCK, TCK.B.TO) announced first quarter net earnings of C$241 million, or C$0.50 per share, compared to C$345 million or C$0.78 per share in the prior year quarter.

Adjusted net earnings for the quarter declined to C$270 million from C$326 million in the year-ago quarter.

Canadian National Railway Company (CNR.TO) on Monday reported an improved first quarter earnings, helped by a gain on the sale of Weston subdivision. Owing to current economic conditions, transportation volumes decreased in almost all markets resulting in overall 4% decline in revenues year-on-year. However, revenues as well as earnings topped Street expectations. Separately, the company also announced its dividend for the second quarter.

Quebecor World Inc. (IQW.TO) said that it has filed a plan of reorganization and disclosure statement with the U.S. Bankruptcy Court.

Duluth Metals Limited (DM.TO, DM_U.TO) announced the acquisition of 5,142 acres of prospective mineral leases within the Duluth Complex; 2,528 acres were acquired from State of Minnesota and the remaining 2,614 acres are leased private mineral rights. All acres are located in Lake or St. Louis Counties, Minnesota.

Later this morning, the Bank of Canada makes its latest interest rate decision. Economists expect the BoC to hold steady at 0.5 percent.

For comments and feedback: contact editorial@rttnews.com

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

Posted in Categories: Releases, Stocks.

Subscribe by RSS Subscribe by Email