Bay Street Stocks Could Extend Slump; Railroads In Focus

(RTTNews) - Canadian stocks will look to snap back from a two-month low on Tuesday, but early signals are pointing to another lackluster session amid concerns that the global economic recovery has yet to take hold.

Railroads could provide a measure of support after billionaire investor Warren Buffett’s Berkshire Hathaway acquired major US company Burlington Northern Santa Fe, giving a shot in the arm to the entire industry.

On the commodity front, crude oil has dropped 87 cents to $77.26 and copper is down 3.95 cents to $2.9055. Meanwhile, gold is up $3.50 to $1,057.50.

Kinross Gold (K.TO) posted a net loss of US$21.5 million or US$0.03 per share for the third quarter, compared to net earnings of US$64.7 million or US$0.10 per share in the prior year quarter.

Iamgold Corp. (IMG.TO) said it secured an approval to proceed with the $9 million deep sulphide feasibility Study from the Societe D’Exploitation Des Mines D’Or De Sadiola, the owner of the Sadiola Gold Mine in Mali, West Africa.

Talisman Energy (TLM.TO) reported third quarter net income of C$30 million or C$0.03 per share, compared to C$1.43 billion or C$1.38 per share last year.

MDS Inc. (MDS.TO) said the company along with Danaher Corp. (DHR) have each received a second request for information from the Federal Trade Commission regarding the sale of MDS Analytical Technologies.

Ritchie Bros. Auctioneers (RBA.TO) reported third-quarter net income of US$12.892 million or US$0.12 per share compared to US$11.934 million or US$0.11 per share last year.

Across the border, Burlington Northern Santa Fe (BNI) announced it will be acquired by Berkshire Hathaway (BRKa) for $100 per share in cash and stock.

On Monday, the S&P/TSX Composite Index dropped 32.4 points or 0.29% to settle at a two-month low of 10,878.35. The market had hit below 10,750 earlier in the session.

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