Thursday, May 25, 2006, 4:15 PM EST (Thomson Financial Corporate
Services): Stocks surged today, making triple-digit gains on gold and
energy shares. U.S. shares were likewise higher, alongside strong GDP data.
In local corporate headlines, the latest results from the banking sector
were in focus.
* The S&P/TSX Stock Exchange Composite Index jumped 229.09 points, or
2.01%.
* Gold, energy, metals and mining shares rallied strongly on the
session. Crude oil finished solidly above US $71 a barrel, while gold
futures for June delivery rose more than US $11.50 an ounce.
* On the U.S. economic front, first-quarter growth domestic product was
revised upward to an annual rate of 5.3%, which was lower than expected;
analysts had predicted a 5.6% gain.
* In financials, Toronto-Dominion Bank fell after announcing quarterly
operating results were short of analysts' forecasts. Adjusted diluted
earnings per share came in at C $1.09 in the second quarter, compared to C
$1.00 a year ago. Provision for credit losses was C $16 million, down from
C $20 million.
* National Bank of Canada shares rose today, after the bank raised its
dividend following higher second-quarter net income of C $214 million, or C
$1.26 a share, compared with C $202 million, or C $1.15 a share, a year
earlier. Excluding certain items, the bank earned C $1.23 a share from C
$1.08 a share a year ago. Thomson First Call's mean estimate was C $1.20 a
share.
* ATS Automation Tooling Systems Inc. was one of the biggest decliners
in Toronto, dropping after reporting a wider fourth-quarter loss in
earnings on a large non-cash charge. The firm also announced it would delay
the commercialization of its spheral solar power initiative.
* In a major U.S. tech development, web search giant Yahoo Inc. and
online auctioneer eBay Inc. are teaming up, posing a new challenge to
Google and Microsoft. The alliance will allow the Silicon Valley companies
to draw upon each other's strengths in web advertising, payments and
communications to expand their operations even further.
* In a U.S. judicial development, former Enron chiefs Kenneth Lay and
Jeffrey Skilling each face more than 25 years in prison after a Houston
jury found them guilty of conspiracy to commit securities and wire fraud.
-- Michael.O'Brien@contractor.Thomson.com; Thomson Financial Corporate
Services
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SOURCE Thomson Financial Corporate Group
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