Bay Street Stocks Drop Amid Earnings Reports

(RTTNews) - Canadian stocks are moderately lower on Tuesday as some disappointing earnings results have weighed on the market. With the decline, the main index extended notable losses from yesterday.

The S&P/TSX Composite Index has lost 58.63 points or 0.52% to move at 11,176.33.

Mining stocks are down 2.9%. Inmet (IMN.TO) has dropped 5.1% after the company reported third quarter net income of C$61.55 million or C$1.10 per share, compared to C$75.06 million or C$1.55 per share last year.

Industrials are off 1.4%. Canadian Pacific Railway Limited (CP.TO) has lost 2.2% after the company announced third-quarter net income of C$195.4 million or C$1.16, up from C$170.7 million or C$1.10 a year earlier.

In other corporate news, QLT (QLT.TO) is down 0.5% after the company reported its third-quarter net income plummeted to $8.92 million or $0.16 per share from $146.93 million or $1.97 per share last year.

Rogers Communications (RCI.A.TO) has added 3.3% after the company reported third quarter net income of C$485 million or C$0.79 per share, compared to C$495 million or C$0.78 per share in the prior year quarter.

Vitran Corp. (VTN.TO) is down 0.2% after the company reported third-quarter net income of US$0.3 million or US$0.02 per share, compared to net income of US$2.1 million or US$0.15 per share in the year ago quarter. Net Interest expense for the quarter increased to US$2.58 million,from US$2.16 million in the same quarter last year.

Globex Mining Enterprises (GMX.TO) has lost 6% after the company said it has acquired the Raymor “A” Gold Zone located in Dalquier township Quebec, around 8 kms north of the town of Amos.

Kinross (K.TO) has lost 4.75% after the company lowered its 2009 production expectations to 2.2 million gold ounces.

In economic news, data from Stats Canada showed the number of Canadians receiving regular Employment Insurance benefits in August fell 2.4% from July, the second consecutive monthly decline.

On Monday, the S&P/TSX Composite Index dropped 147.25 points or 1.29% to settle at 11,234.88. Earlier, the main index jumped above the 11,500 mark and challenged a monthly high.

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