VANCOUVER, BC (June 2, 2011) Dominion Lending Centres Clearlease Reports Bay Street stocks may edge up at open Thursday amid flat commodities prices and recent batch of corporate earnings reports that came in mostly encouraging. Also, value buying at lower levels as the main index fell sharply in the previous session on downbeat economic data from south of the border might help trader sentiment.
U.S. stock futures were pointing to a marginally higher open amid weekly jobless claims data.
On Wednesday, the S&P/TSX Composite Index plummeted 274.99 points or 1.99 percent to 13,527.88.
The price of crude oil was flat as traders await cues from the official inventories data due out later during the session. Analysts expect crude oil inventories to dip by 1.90 million barrels, while gasoline stocks are seen adding 1.20 million barrels last week. Crude for July inched up $0.01 to $100.30 a barrel.
The price of gold was little changed near $1,540 as the U.S. dollar turned weak after a slew of downbeat economic data. Gold for August edged down $2.70 to $1,540.50 an ounce.
In corporate news from Bay Street, Canadian Western Bank (CWB.TO) said its second-quarter net income increased 17 percent to C$44.44 million or C$0.53 per share from C$37.88 million or C$0.48 per share last year.
Gold miner Barrick Gold (ABX.TO) and its wholly-owned subsidiary, Barrick Canada Inc. said that about 729 million commons shares of Equinox Minerals (EQN.TO) have been deposited to the offer made by Barrick to acquire all the shares of Equinox at C$8.15 per share.
Network and logistics technology solutions provider Descartes Systems (DSG.TO) reported higher first quarter net income of $2.15 million or $0.03 per share, compared to $0.19 million or breakeven per share last year. Analysts were expecting the company to report earnings of $0.12 per share for the quarter.
Real estate developer Melcor Developments (MRD.TO) reported lower first quarter net income of C$3.94 million or C$0.13 per basic share compared to C$6.90 million or C$0.23 per basic share in the year ago quarter.
Aerospace industry components supplier Magellan Aerospace (MAL.TO) reported nearly a two-fold jump in its first quarter net income at C$7.22 million or C$0.14 per share from C$3.79 million or C$0.07 per share in the prior year.
Industrial wood products company Stella-Jones (SJ.TO) reported a much improved first quarter net of $8.5 million compared to $5.8 million a year ago.
Asset management company Sprott Inc. (SII.TO) reported a 64 percent jump in its first quarter net income at $10.60 million or $0.07 per share, compared to $6.4 million or $0.04 per share a year ago.
In economic news from south of the border, the U.S. Labor Department said that initial jobless claims fell to 422,000 from the previous week’s revised figure of 428,000. Economists had been expecting jobless claims to edge down to 420,000 from the 424,000 originally reported for the previous week.
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About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
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