Caution prevails on global markets ahead of a decision by the U.S. Federal Reserve on possible new stimulus measures. Meanwhile, the U.S. Commerce Department reports on goods and services trade balance in July on Tuesday. Economists expect a deficit of US$44.2 billion. Here at home, the Canada Mortgage and Housing Corp. will report on housing starts in August. Economists expect to see 204,000 annualized starts. And Statistics Canada will report on international merchandise trade in July with economists expecting a deficit of C$1.4 billion.
Here are the stocks we're watching today:
*Navidea Biopharmaceuticals Inc. saw its shares drop by 35 per cent in after-hours trading to $2.27 on word the U.S. Food and Health Administration didn't approve the company's new drug application for its Lymphoseek cancer-detection agent. Navidea company officials have vowed to expedite a new drug application for the FDA to review.
*Nordion Inc., the Ottawa-based health sciences company, says it'll suspend its quarterly dividend after it was unsuccessful in arbitration related to the Atomic Energy of Canada Ltd.'s cancellation of constructing new nuclear reactors. Nordion may be responsible for a portion of AECL's costs. Nordion's shares closed down C$3.82 at $6.64 on the TSX in after-hours trading as low as $5.38.
*Jaguar Mining Inc., the Brazilian-based gold producer, named mining veteran David M. Petroff as its new chief executive, replacing interim leader John Andrews. The company's shares are up by 11 per cent to $1.28. Last month, Jaguar reported a quarterly loss of $16.4 million, or 19 cents per share, reversing a year-ago profit.
*Palo Alto Networks Inc., the Santa Clara, Calif.-based network security company, saw its fiscal fourth quarter loss narrow as the company's revenues improved but the company's shares are down 9.6 per cent in after-hours trading to $64.86.
*Sonocco Products Co., the Hartsville, S.C.-based provider of consumer and protective packaging and supply chain services, lowered its third quarter profit outlook citing problematic operations at several of its North American uncoated recycled paperboard mills. The company pegged its base earnings at 51 cents to 53 cents per share, down from 66 cents earned in the same period one-year ago and from a previous management forecast range of 62 cents to 66 cents per share.