SH@theBell: Stock markets stung by oil ticker shock

Fri May 9, 6:19 PM

Word on Wall Street

"Stocks are starting out on the back foot as more carnage in the financial sector grabs the headlines, following AIG's sizable loss and news from Citigroup that as much a $400 billion in assets will be wound down as part of its recapitalization plan," said analysts at Action Economics Friday morning, in an interview with MarketWatch.

Selected expected U.S. earnings releases for Monday
(Consensus Estimates vs. Last Year)
ActivIdentity (NASDAQ: ACTI) Q2 $-0.10 vs. $-0.08
American Technology Corp. (NASDAQ: ATCO) Q2 $-0.03 vs. $-0.03
BankUnited Financial (NASDAQ: BKUNA) Q2 $-0.35 vs. $0.64
Century Casinos (NASDAQ: CNTY) Q1 $0.03 vs. $0.06
Imperial Sugar (NASDAQ: IPSU) Q2 $-0.24 vs. $0.55
Radian Group (NYSE: RDN) Q1 $-2.13 vs. $1.22

Selected expected Canadian earnings releases for Monday
(Consensus Estimates vs. Last Year)
Russel Metals (TSX: RUS.TO) Q1 NA vs. $0.46

After-Hours News

FedEx (NYSE: FDX)
After Friday's close, the package-delivery operator cut its expectations for fourth-quarter earnings, citing higher fuel prices and a weakened economy. FedEx said it now expects earnings for the quarter to be $1.45 to $1.50 a share, compared to its previous forecast of $1.60 to $1.80.

Today In The Markets

TSX stalls even as oil prices hit new highs; AIG losses, high crude send NY down

DJIA 12,745.88 -120.90
NASDAQ 2,445.52 -5.72
S&P500 1,388.28 -9.40
S&P/TSX 14,521.19 -86.80
S&P/TSX Venture 2,564.01 24.56

TORONTO, NEW YORK (CP) - The Toronto stock market closed lower Friday as energy stocks failed to respond to another runup in crude prices to another record breaking high, while oil prices along with a huge loss at insurer American International Group Inc. depressed New York markets.

Toronto's S&P/TSX composite index moved down 86.8 points to 14,521.19. The TSX Venture Exchange added 24.56 points to 2,564.01 while the Canadian dollar moved up 1.12 cents to 99.44 cents U.S. after Statistics Canada reported the economy cranked out more than 19,000 jobs last month.

New York's Dow Jones industrial average fell 120.9 points to 12,745.88 after AIG posted a first-quarter loss of US$7.81 billion and revealed plans to raise US$12.5 billion in new capital. Its shares fell $3.87 to US$40.28 as the news increased anxiety about the financial sector in general. The Nasdaq composite index lost 5.72 points to 2,445.52 and the S&P 500 index shed 9.4 points to 1,388.28.