Canadian Markets Market

Bay Street Likely Poised For A Mixed Open

Toronto stocks are likely to open mixed Thursday amid varied cues from the commodities prices. While lingering worries over the euro zone debt issues may weigh on sentiment, a mixed bag of earnings reports from a host of Canadian companies will likely to lead to stock specific action during the day.

Meanwhile, traders may book profits at higher levels capping major gains, after the main index had a smart run-up in the past three sessions.

On Wednesday, the S&P/TSX Composite Index gained 195.36 points or 1.63% to 12,195.37, taking its cumulative gains in the past three sessions to over 500 points or 4.25%.

The price of oil moved down for a third session on concerns over demand growth. Crude for June delivery shed $0.78 to $74.87 a barrel.

The price of gold was leveling off from its record high of $1,250 hit in the previous session, with gold for June delivery easing $5.0 to $1,238.10 an ounce.

In corporate news, HSBC Bank Canada, a subsidiary of HSBC Holdings Plc (HBC, HSBA.L), said its first-quarter net income attributable to common shares declined slightly to C$84 million from C$85 million in the prior year period. Basic earnings per share for the quarter stood at C$0.17, flat with last year.

Financial service company Grey Horse Corp. reported higher first quarter net income of C$0.07 per share, compared to C$0.03 per share in the year-ago quarter.

Petroleum and natural gas firm Crescent Point Energy said it would buy the remaining 79% stake in Shelter Bay Energy Inc., a private oil and gas producer, for about C$1.1 billion.

Natural gas explorer Open Range Energy turned to profit in first quarter, reporting net earnings of C$0.01 per share, compared to a net loss of C$0.05 per share in the previous year quarter.

Energy exploration company Arsenal Energy reported a narrower net loss for the first quarter at C$0.01 per share, compared to a net loss of C$0.03 per share in the year-ago quarter.

Oil field services company Canyon Services Group reported considerable growth in first quarter net income of C$0.25 per share, compared to net income of C$0.04 per share in the same period last year.

Oil exploring company Midnight Oil Exploration reported a narrower first quarter net loss of C$0.02 per share, compared to a loss of C$0.04 per share in the same period last year.

Oil and natural gas firm Crocotta Energy reported improved first-quarter funds from operations of C$0.06 per share, compared to C$0.04 per share in the prior year period.

Natural resources company Sprott Resource posted a wider first quarter net loss of C$0.06 per share, compared to C$0.01 per share in the previous year period.

Gold miner Allied Nevada Gold said it will place 13 million shares at $21.00 per share on bought deal basis to a syndicate of underwriters for aggregate gross proceeds of $273 million.

Gold and silver explorer Gammon Gold reported lower first-quarter net earnings of $0.01 per share compared to $0.02 per share in the same period in 2009. However excluding other items, net earnings were $0.09 per share compared to $0.04 per share. Analyst were expecting the company to report $0.06 per share for the quarter.

Gold producing company Aura Minerals reported first quarter net loss of $0.01 per share, compared to a loss of $0.07 per share in the prior year quarter. The company reaffirmed 2010 gold production guidance at 185,000 oz - 195,000 oz.

Mineral explorer European Goldfields reported a wider first quarter net loss of $0.03 per share, compared to $0.02 in the earlier period.

Base metals explorer FNX Mining swung to profit in first-quarter, reporting net earnings of C$0.02 per share, compared to a net loss of C$0.31 per share for the comparable period in 2009.

Metals exploring company Capstone Mining turned to profit in first quarter, reporting earnings of $0.07 per share, compared to a loss of $0.10 per share in the prior year quarter. The company announced the appointment of Gregg Bush as Chief Operating Officer, effective May 24, 2010.

Base and precious metals explorer Imperial Metals reported a narrower first quarter net loss of C$0.07 per share, compared to a loss of C$0.23 per share in the prior year quarter.

Precious metals explorer Greystar Resources reported first-quarter loss of C$0.07 per share, compared to C$0.08 per share in the same quarter a year earlier.

Silver streaming company Silver Wheaton reported a notably higher first-quarter net earnings of $0.13 per share, compared to $0.06 per share in 2009. Analysts were expecting the company to report earnings of $0.16 per share for the quarter.

Silver explorer Silvercorp Metals reported higher fourth-quarter net earnings of $0.06 per share, compared to earnings of $0.01 per share, in the same quarter last year. Net earnings improved primarily due to higher metal production and higher realized selling prices. For fiscal 2011, the company expects a 13% increase in silver production to 5.3 million ounces, generating revenues of $140 million. The company envisages 2011 capital expenditure of $13 million.

Apparels maker Gildan Activewear reported a notably higher second quarter net earnings of $0.40 per share, compared to $0.06 per share last year. Analysts were expecting the company to report earnings of $0.36 per share. The company now projects full year sales revenues of approximately $1.3 billion, reflecting an increase of about 25% from fiscal 2009.

Natural and organic food products company SunOpta Inc. swung to profit in first quarter, reporting net earnings of $0.07 per share, compared to a loss of $0.03 per share in the same period last year. Analysts were expecting the company to post earnings of $0.04 per share for the quarter.

Packaging and tissue products company Cascades Inc. reported breakeven for the first quarter, compared to net earnings of C$37 million or C$0.38 per share last year.

Communications services provider TeraGo Inc. reported first-quarter net loss of C$0.13 per share, compared to net loss of C$0.14 per share last year.

Pharmaceutical company Aeterna Zentaris reported a narrower first-quarter net loss of $0.09 per share, compared to a loss of $0.23 per share in the year ago period. Analysts were expecting the company to report loss of $0.12 per share this quarter.

Bio-pharmaceutical company YM BioSciences reported a wider third quarter net loss of C$0.09 per share from C$0.06 per share last year.

Industrial software services provider Matrikon Inc. said that it will be acquired by Honeywell International Inc.(HON) for C$145 million