Stockhouse @ the Bell: Stocks surge on durable goods

Wed Aug 27, 5:29 PM

Word on Wall Street

"When we think about some of the details [of the durable-goods report], the basis for optimism isn't that great, but the market's reaction shows the market may be ready to embrace better news," said Tony Crescenzi, a market analyst at Miller Tabak & Co., in an interview with MarketWatch.

Selected expected U.S. earnings releases for Thursday
(Consensus Estimates vs. Last Year)
ATA Inc. (NASDAQ: ATAI) Q1 $0.07 vs. NA
Del Monte Foods (NYSE: DLM) Q1 $-0.04 vs. $0.03
Dell (NASDAQ: DELL) Q2 $0.36 vs. NA
DSW (NYSE: DSW) Q2 $0.10 vs. $0.15
PetSmart (NASDAQ: PETM) Q2 $0.28 vs. $0.36
Tiffany & Co. (NYSE: TIF) Q2 $0.54 vs. $0.45

Selected expected Canadian earnings releases for Thursday
(Consensus Estimates vs. Last Year)
RBC (TSX: T.RY) Q3 US$1.03 vs. $0.99
TD Bank (TSX: T.TD) Q3 US$1.37vs. $1.49

After-Hours News

TiVo Inc. (NASDAQ: TIVO)
After Wednesday's close, TiVO reported that it saw a Q2 profit as subscriber acquisition costs declined sharply. The company said it earned $2.94 million, or three cents a share, in the latest three months. It posted a loss of $17.7 million, or 18 cents a share, in Q2 2007. Analysts polled by FactSet Research were expecting a loss of two cents a share. Subscriber acquisition costs dropped to $135 per subscriber from $758. Service and technology revenue fell to $53.5 million from $56.5 million. In Q3, TiVo expects to post a loss in the range of $7 million to $9 million on service and technology revenue of $49 million to $51 million.

Energold Drilling (TSX: V.EGD)
Energold reported, after Wednesday's close, record Q2 2008 results. Gross drilling revenue for Q2 was $11.4 million, up 91% from $6 million in Q2 2007. Net income from continuing operations for Q2 was $2.4 million, up 54% from $1.5 million. The company ended the quarter with a very strong balance sheet, with a fully consolidated working capital position of $43.6 million. Consolidated group cash and cash equivalents at the end of the quarter were $20.4 million.

Today In The Markets

Financials, energy stocks send TSX up; durable goods data helps lift NY

DJIA 11,502.51 89.64
NASDAQ 2,382.46 20.49
S&P500 1,281.66 10.15
S&P/TSX 13,530.65 231.58
S&P/TSX Venture 1,949.92 7.32

TORONTO, NEW YORK (CP) - The Toronto stock market finished sharply higher Wednesday as banks reacted positively to CIBC's (TSX: CM.TO) earnings report and investors snapped up energy stocks on stronger crude oil prices.

Financials also helped take New York indexes higher, as did a much better showing in durable goods orders in July. Toronto's S&P/TSX composite index moved up 231.58 points to 13,530.65. The TSX Venture Exchange was up 7.32 points to 1,949.92 while the Canadian dollar moved up 0.15 to 95.53 cents US.

The Dow Jones industrials rose 89.64 points to 11,502.51 after the U.S. Commerce Department reported that durable goods orders jumped a bigger-than-expected 1.3 per cent in July, led by gains in aircraft. Economists had expected a gain of just 0.1 per cent. The Nasdaq composite index moved up 20.49 points to 2,382.46 while the S&P 500 index was up 10.15 points to 1,281.66.

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