1
MORNING NEWS CALL
PROVIDED BY REUTERS Thursday, July 9, 2009
THURSDAY, JULY 9, 2009, CANADIAN EDITION
TOP STORIES
• IPC accepts sweetened US$1.65 bln bid from Validus
• June rains, penny pinching dampen U.S. retail sales
• EMC wins Data Domain as NetApp drops out
• G8 eyes climate, emerging powers seek concessions
• BoE surprises by keeping QE total steady
BEFORE THE BELL
Toronto's main stock index could open higher as data showed housing starts
rose 8 percent in June amid rising commodity prices. Wall Street is also seen
to open higher after a better-than-expected results by Alcoa late on Wednes-
day, giving a positive tone to the start of the second-quarter earnings season.
European stocks bounced back from the last session's 10-week lows, led by
mining and energy shares. The Bank of England surprised markets by an-
nouncing no expansion of its quantitative easing scheme as it left interest
rates unchanged at a record low of 0.5 percent for a fourth month running.
Asian markets were mixed, with Japan's Nikkei average falling to a seven-
week closing low, weighed down by exporters. Oil rose about US$1, halting a
six-session losing streak which has seen prices decline by 15 percent on con-
cerns about the timing of any economic recovery. Gold rebounded from the
last session's eight-week low, as the weak dollar prompted buying of the metal
as a currency hedge.
COMPANIES REPORTING EARNINGS
• Richelieu Hardware Ltd. (RCH). Expected to report Q2 earnings of 35 cents
a share, according to Reuters Estimates
STOCKS TO WATCH THIS MORNING
• Air Canada (ACa). The cash-strapped airline is finding some support from
lenders as it struggles to solve its financial Rubik's Cube, the company's CEO
said on Wednesday.
• Astral Media Inc. (ACMa). The company on Thursday reported third-quarter
earnings of 79 cents a share, on consolidated revenue of 232.5 m