The Trading Floor

[Arctec]

CANADA

Nortel (NT) dominated headlines by saying the restatement of its 2003 results won't be completed by July. It doesn't know how long it will take to finish restating 2003 results. The company is currently in default of regulatory rules for filing financial statements.

BCE's (BCE) bid to block Manitoba Telecom's (MBT) purchase of Allstream (ALR.B) was denied by the Ontario Supreme Court. The court ruled there is no conflict of interest.

Base metal producers were softer after U.S. broker Morgan Stanley, cut its metal price forecasts on concerns about slower growth in China. Alcan (AL), Inco (N) and Falconbridge (FL) all closed down.

Is Telus' (T) $1.1 billion unsolicited takeover bid for Microcell Telecommunications (MT.B) too low? Billionaire investor Craig McCaw, thinks so. McCaw built the first nationwide cell-phone business in the U.S.

Metallica Resources (MR) sold off after the company provided an update to its Cerro San Pedro gold-silver heap-leach project in Mexico.