Closing Bell TSX little changed as BlackBerry Ltd reports surprise 23M Q1

TORONTO — The Toronto stock market was barely changed Thursday as traders continued to digest the latest policy announcements from the U.S. Federal Reserve.Here are the closing numbersTSX — 15,112.22+2.97 0.02%S&P 500 —  1,959.48+2.50 0.13%Dow — 16,921.46+14.84 0.09%Nasdaq — 4,359.33 -3.51 -0.08%The S&P/TSX composite index inched up 2.97 points to settle at 15,112.22, adding to its record close on Wednesday which came six years to the day of the previous record set in June 2008, just before the Great Recession sent stocks tumbling. The loonie gained 0.23 of a cent to 92.40 cents US.Wall Street was also muted as markets assessed Wednesday’s Fed statement, which hinted that the central bank wasn’t too worried about inflation but gave no signs on when it might start raising interest rates. The Dow Jones industrials rose 14.84 points to 16,921.46, the Nasdaq dipped 3.51 points to 4,359.33, while the S&P 500 index added 2.50 points to 1,959.48. Andrew Pyle, senior wealth adviser at Scotia McLeod in Peterborough, Ont., said both Bay Street and Wall Street seem to be pulling back a bit as traders realize that the Fed statement did not necessarily warrant sending stocks higher. “The reaction to the Fed announcement was a knee-jerk reaction,” Pyle said. “If we look at what the Fed is producing in terms of material behind its decision, the markets should not have rallied to the extent that it did. The fed officials are still looking at tightening policy, they’re still tapering, quantitative easing and, going into 2015, there is going to be less stimulation for stock markets.”As expected, the Fed also announced it would continue to reduce its monthly bond buyback program by US$10 billion to US$35 billion a month starting in July, on signs of a steadily growing U.S. economy.On Thursday, the Conference Board said its index of leading indicators for the American economy increased 0.5% last month, the fourth consecutively monthly increase for the measure, which attempts to gauge the economy’s future health. In corporate news, BlackBerry (TSX:BB) posted a surprise US$23-million profit in its first quarter, which beat analyst expectations and showed that efforts the company has made to revamp its smartphone business are making headway.BlackBerry CEO John Chen said the Waterloo, Ont., company plans on launching a new keyboard smartphone called the BlackBerry Passport in September. It will also continue to dedicate more resources to serving business and public sector customers after a failed attempt to compete with Apple’s iPhone in the consumer market. Shares in BlackBerry gained more than 9% or 84 cents to close at $9.84 in Toronto.Meanwhile, commodity markets were higher amid growing geopolitical instability. Traders bought into gold, sending the price of August bullion up $41.40 to US$1,314.10 an ounce.Pyle said traders are moving into the precious metal as many expect continued volatility in the stock markets going into the summer due to fighting in eastern Ukraine between pro-Russian insurgents and government forces and the situation in Iraq. U.S. President Barack Obama said he was dispatching up to 300 U.S. military advisers to help quell the insurgency in Iraq. Though not specifically mentioning airstrikes, Obama also said he was leaving open the possibility of “targeted and precise military action” in the future.The July crude contract added 46 cents to US$106.05 a barrel while July copper added two cents to US$3.08 a pound.TOP STORIESAs investors cheer BlackBerry results, CEO Chen touts next phase of turnaround‘The short trade is over’: What analysts are saying about BlackBerry’s earnings beatCanadians are getting richer and their mortgage debt is shrinkingWhy investors should hold off on celebrating the TSX’s new closing record for nowAmerican Apparel CEO Dov Charney suspended as board seeks to fire him over alleged misconductWHAT’S ON DECK FRIDAYCANADA8:30 a.m.Consumer Price Index (May): Economists expect Retail Sales (April): Economists expect CORPORATE NEWSUNITED STATESDarden Restaurants  Q4 earnings: Analysts expect 94¢ a share CarMax, Inc. Q1 earnings: Analysts expect 67¢ a share read more

Alabama company recalls 6800 tractortrailer hitches after Ohio crash that killed 2

Alabama company recalls 6,800 tractor-trailer hitches after Ohio crash that killed 2 men by Tom Krisher, The Associated Press Posted Sep 10, 2015 8:27 am MDT Last Updated Sep 10, 2015 at 9:00 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email DETROIT – An Alabama company that made a tractor-trailer hitch involved in a deadly Ohio crash last year is bowing to government pressure and will recall 6,800 hitches.Fontaine Fifth Wheel of Trussville, Alabama, agreed to the recall in August, according to documents posted Thursday by the National Highway Traffic Safety Administration.The safety agency began investigating the hitches in June, 17 months after a 12-ton semi-trailer came loose from its tractor and plowed into oncoming traffic near Cincinnati. Two men driving pickup trucks were killed in the crash on U.S. 50.Fontaine says in documents filed with the agency that the hitch locking mechanisms can be damaged over time by truck operators who don’t follow proper coupling and maintenance procedures.Fontaine will replace the defective hitches with a different model. read more

Amid ongoing political tensions situation in Burundi not suitable for credible elections

The overall political situation, along with the Government’s decision to revise the Constitution,  has hampered economic development, said Michel Kafando, the Special Envoy of the Secretary-General for Burundi.At the same time, though Burundi has made some progress, human rights violations are still being reported and the humanitarian situation remains a worry.The environment is “not suitable” for the conduct of credible elections, planned for 2020, he added.Presenting the Secretary-General’s latest report on the situation in the country, Mr. Kafando highlighted the efforts made at the inter-Burundian dialogue and said the region had decided to continue those talks, with strong commitments from the African Union and other regional partners.“Dialogue remains indispensable, as the process sought to bring Burundians closer together with a view to building a strong nation,” he added.Also at the Security Council meeting, Jürg Lauber (Switzerland), the Chair of the Burundi Configuration of the Peacebuilding Commission, said that the Configuration would align its work with subregional, regional and international efforts, focusing on the East African Community’s mediation initiative, a path to peaceful elections, socioeconomic dialogue with the Government and partners, as well as humanitarian and national reconciliation initiatives.Noting that he would visit Burundi in the coming weeks, Mr. Lauber pledged to focus on five key issues:  mediation efforts of the East African Community; the path leading to the conduct of free, fair and democratic elections in 2020; socioeconomic dialogue with the Government and its international partners; the humanitarian situation; and efforts towards national reconciliation.He also informed the 15-member Security Council that the Peacebuilding Fund had approved three new projects for Burundi worth $6.5 million and outlined several conclusions based on the Configuration’s recent work, which underscored the importance of the regionally-led dialogue, the 2020 elections, humanitarian efforts, improving socioeconomic development, the swift signing of Memoranda of Understanding – both between the Government and the Office of the UN High Commissioner for Human Rights (OHCHR), and between the Government and the African Union – and the deployment of observers to provide a more accurate picture of human rights and civil society developments in Burundi. read more