Bay Street Stocks Drop More Than 1.6%

(RTTNews) - Canadian stocks finished at a 3 1/2-week low on Tuesday as traders considered the latest results from earnings season and awaited more reports tomorrow.

The S&P/TSX Composite Index dropped 181.34 points or 1.61% to close at 11,053.54. The market finished at its lowest level since October 2.

Financial stocks are down 3.1%. Toronto-Dominion (TD.TO) fell 3.6% after a report that TD Ameritrade’s fourth quarter earnings to translate into a contribution of C$59 million to fourth quarter net income for its Wealth Management segment.

Ryan Bank (RY.TO) fell 3.5%, CIBC (CM.TO) lost 3.4%, Scotiabank (BNS.TO) declined 3.1%.

Mining stocks declined 3%. Inmet (IMN.TO) dropped 4.4% 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 declined 2.5%. Canadian Pacific Railway Limited (CP.TO) lost 4.9% after the company announced third-quarter adjusted earnings for the quarter plunged to C$144 million or C$0.85 per share from C$184 million or C$1.19 per share a year ago.

Rival Canadian National Railway (CNR.TO), which reported a drop in third-quarter earnings a week ago, is dropped 2.7%.

In other corporate news, QLT (QLT.TO) fell 1.3% 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.

lululemon athletica (LLL.TO) gained 8.8% after the company announced it raised its third-quarter earnings outlook to a range of $0.17 - $0.19 per share, from the previous range of $0.11 - $0.13 per share. The Company’s improved guidance reflects stronger than anticipated net revenues for the quarter.

Rogers Communications (RCI.B.TO) gained 5.4% 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.

Globex Mining Enterprises (GMX.TO) declined 3.3% 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) plunged 6.3% after the company lowered its 2009 production expectations to 2.2 million gold ounces.

Nexen (NXY.TO) is scheduled to report earnings before the opening bell tomorrow. Earnings of $0.15 per share are expected, a sharp drop from $1.68 a year earlier.

Sierra Wireless (SW.TO), Canadian Oil Sands (COS.UN.TO), Cash Store Financial Services (CSF.TO), Agnico-Eagle Mines (AEM.TO), Maple Leaf Foods, OPTI Canada and MacDonald, Dettwiler and Associates Ltd. (MDA.TO) are also on Wednesday’s earnings calendar.

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

For comments and feedback: contact editorial@rttnews.com

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