Closing Bell TSX closes up BlackBerry plunges as Fairfax revises investment proposal

TORONTO — The Toronto stock market registered a minor gain Monday amid a huge plunge in BlackBerry (TSX:BB) shares after its largest shareholder said it won’t be taking the tech company private.Here are the closing numbersTSX — 13,361.73 +24.27 0.18%S&P 500 — 1,767.93 +6.29 0.36%Dow — 15,639.12 +23.57 0.15%Nasdaq — 3,936.59 +14.55 0.37%The S&P/TSX composite index rose 24.27 points to 13,361.73 led by gains in beaten-down mining stocks.U.S. indexes also racked up small gains as traders hoped that a heavy slate of economic data coming out this week will offer some clues about when the Federal Reserve will start to wind up stimulus that has supported a strong rally on stock markets.BlackBerry shares tumbled $1.34 or 16.56% to $6.75, its lowest level in a decade, after Fairfax Financial (TSX:FFH) said it will lead a group that will inject US$1 billion into the smartphone company. BlackBerry will stay as a public company. “The fact that the share price is so depressed is really, again, a reflection of the fact there is very little confidence at this point in the story from the market in terms of BlackBerry’s ability to really turn things around in short order,” said Craig Fehr, a Canadian markets specialist at Edward Jones in St. Louis.“It’s going to be more of a show-me story. BlackBerry is going to have to prove that their new strategy is viable.”Fairfax had announced in late September that it would lead a consortium to pay US$9 per share for BlackBerry, a proposed deal that was subject to many conditions.Under this new arrangement, Thorsten Heins will be replaced as BlackBerry CEO on an interim basis by John Chen, who will also be the chairman of the BlackBerry board.The Canadian dollar rose 0.09 of a cent to 95.99 cents US.New York’s Dow Jones industrials climbed 23.57 points to 15,639.12, the Nasdaq was up 14.55 points to 3,936.59 and the S&P 500 index added 6.29 points to 1,767.93.The most important data of the week comes out Friday — October employment data for Canada and the U.S.Economists looked for Canadian job creation to come in at a modest 10,000 with an uptick in the jobless rate from 6.9% to 7%.In the U.S., job creation is expected to come in at only 125,000 for October while the unemployment rate is forecast to rise 0.1 of a point to 7.3%. Analysts say the numbers will be affected by the partial U.S. government shutdown of last month since the data would include private sector workers who were laid off.“Without question, the headline number itself will be less critical because it is going to be distorted by the government shutdown to some degree,” added Fehr.“But I think the broader trend is what the market is going to latch onto.”On Thursday, the U.S. government will release the first look at third quarter economic growth. Gross domestic product was expected to rise by an annualized rate of 1.9%, down from 2.5% in the second quarter, partly because of the uncertainty caused by brinkmanship in Washington over extending the government’s borrowing limit.On Tuesday, the Institute for Supply Management releases its latest snapshot of the American service sector, which is expected to show slightly slower expansion. The ISM index is expected to come in at 54, down from 54.4 in September.The communique from last week’s meeting of the Federal Reserve left the impression that the central bank could decide to start winding up its $85 billion in monthly asset purchases as soon as December.Gold stocks led TSX gainers as December bullion moved ahead $1.50 to US$1,314.70 an ounce. The gold index was up just over 3% as Kinross Gold (TSX:K) moved up 24 cents to C$5.24 while Goldcorp (TSX:G) improved by 75 cents to $26.09.The base metals sector also provided major support, ahead 1.17% while December copper lost five cents to US$3.25 a pound. Lundin Mining (TSX:LUN) rose 17 cents to C$4.78 and Teck Resources (TSX:TCK.B) was up 37 cents to $28.57.BlackBerry pushed the TSX tech sector down 2.3%. But elsewhere in the sector, Celestica (TSX:CLS) rose 26 cents to $11.52.December crude on the New York Mercantile Exchange gained a penny to US$94.62 a barrel and the energy sector was slightly lower.Meanwhile, investors will take in plenty of earnings reports this week including WestJet (TSX:WJA) on Tuesday, pipeline company Enbridge (TSX:ENB) and auto parts giant Magna International (TSX:MGA) on Wednesday. Thursday is the heaviest day for earnings as traders will hear from Tim Hortons (TSX:THI), BCE (TSX:BCE), Canadian Tire (TSX:CTC.A), Canadian Natural Resources (TSX:CNQ) and insurance giants Sun Life Financial (TSX:SLF), Manulife Financial (TSX:MFC) and Great West Lifeco (TSX:GWO). TOP STORIES‘I’ve seen this movie before’: BlackBerry’s interim chief no stranger to turnaroundsBlackBerry shares will plunge to US$3, analyst says as sale plans cancelledSAC Capital to plead guilty in insider trading case, pay US$1.8-billionVancouver home sales climbing, prices stalledWHAT’S ON DECK TUESDAYECONOMIC NEWSUNITED STATES10 a.m.Non-manufacturing ISM index (Oct): Economists are expecting a reading of 54, about the same as last month CORPORATE NEWSUNITED STATESDelphi Automotive PLC Q3 earnings: Analysts expect 94¢ a share FirstEnergy Q3 earnings: Analysts expect 92¢ Twenty-First Century Fox Inc Q1 earnings: Analysts expect 35¢ IntercontinentalExchange, Inc. Q3 earnings: Analysts expect US$1.82 The Mosaic Company Q3 earnings: Analysts expect 56¢ Sempra Energy Q3 earnings: Analysts expect US$1.24 CANADAAgrium Incorporated Q3 earnings: Analysts expect 56¢ a share Allied Nevada Gold Corp Q3 earnings: Analysts expect 5¢ Cineplex Inc Q3 earnings: Analysts expect 49¢ Enbridge Income Fund Q3 earnings: Analysts expect 38¢ Endeavour Silver Corp Q3 earnings: Analysts expect 1¢ Fortuna Silver Mines Inc Q3 earnings: Analysts expect 2¢ Franco-nevada Corp Q3 earnings: Analysts expect 20¢ Iamgold Corporation Q3 earnings: Analysts expect 5¢ Indigo Books & Music Inc Q3 earnings: Analysts expect a loss of 18¢ Ritchie Bros Auctioneers Inc Q3 earnings: Analysts expect 10¢ Transcanada Corp Q3 earnings: Analysts expect 58¢ Westjet Airlines Ltd Q3 earnings: Analysts expect 47¢ read more

Police blotter Drivers charged around Norfolk

Several drivers are facing impaired charges after being stopped by Norfolk OPP in recent days.A 48-year-old has been charged after police were called to a Lynedoch Road, Charlotteville, address.Around 11:43 p.m. on July 14 police were contacted after a suspicious vehicle entered a driveway and the driver remained inside.As a result the Norfolk County driver has been charged with operation while impaired-alcohol and drugs and operation while impaired-blood alcohol concentration 80 plus.The accused is scheduled to appear in the Ontario Court of Justice located in Simcoe at a later date.On he same day, a 49-year-old driver caught officers attention as they were patrolling along Highway 24 in Charlotteville around 9 p.m.The vehicle was stopped and the driver has been charged with operation while impaired-blood alcohol concentration 80 plus.A 29-year-old driver from Niagara Falls has been charged after a collision was narrowly avoided on Highway 24 in Charlotteville around 9:47 p.m. on July 14.The driver was stopped and charged with operation while impaired by alcohol and drugs and operation while impaired-blood alcohol concentration 80 plus.A day earlier, a 19-year-old suspended driver was charged after allegedly going through a RIDE program on Cedar Drive in Turkey Point.Police were conducting a program in the area of Cedar Drive and Turkey Point Road at about 11:30 p.m. when a vehicle was stopped and checked for driver sobriety.As a result of investigation, police have charged a Norfolk County man with driving while under suspension and  with having open container of liquor.Impaired driver taken off roadwayOn Friday, July 12 at around 1:25 a.m. a vehicle was stopped by police on Norfolk Street South in Simcoe.A 35-year-old Norfolk County man has been charged with operation while impaired by alcohol and drugs and operation while impaired- blood alcohol concentration 80 plus.Driver in poor standings faces chargesAn Automatic Licence Plate Recognition vehicle, which detects licence plates in poor standing, alerted police of a vehicle on Erie Boulevard, Long Point, on July 12 around 1:48 p.m.A 55-year-old man from Cambridge was charged with driving while under suspension and drive motor vehicle – no currently validated permit.Suspended driver chargedA 47-year-old has been charged after police noticed their vehicle travelling along Gilbert Road in Woodhouse on July 12 around 10:50 p.m.The Norfolk County resident has been charged with driving while under suspension, use plate not authorized for vehicle, operate a vehicle without insurance, and fail to surrender permit for motor vehicle.Stolen vehicle stoppedOn July 12 around 2 p.m. police stopped a vehicle that caught their attention on Colborne Street South in Simcoe.As a result the driver and passenger were taken into custody without incident.A 33-year-old Norfolk County woman was charged with possession of methamphetamine, possession of cocaine, possession property obtained by crime over $5,000, driving while under suspension (two counts), and failing to comply with probation order.A 37-year-old Hamilton woman was charged with possession property obtained by crime over $5,000 and possession of cocaine. read more