The Toronto Stock Exchange rebounded slightly Tuesday morning as traders took in rising commodity prices and mixed North American corporate earnings.
The S&P/TSX Composite Index added 21.12 points to approach noon hour at 12,010.07
The Canadian dollar gained 0.25 cents, to 101.17 cents U.S.
In Canadian corporate earnings news, mining giant Teck Resources Ltd. said it earned $218 million, or 37 cents per share, in the first quarter. After excluding the impact of debt refinancing and other items, adjusted profit was $504 million or 86 cents per share -- a penny short of analyst estimates.
Teck’s revenue for the quarter was $2.5 billion, also short of the consensus estimate of $2.6 billion but above the 2011 first-quarter revenue of $2.4 billion. Shares added 22 cents to $35.55.
High-tech manufacturer Celestica Inc. says its first-quarter revenue was nearly $1.7 billion U.S. Celestica’s net income was $43.2 million or 20 cents per share under International Financial Reporting Standards, up from $30 million or 14 cents per share. Shares rose 8.5% or 71 cents to $9.07.
Shares in Canadian National Railway added $1.47 to $80.86 after it boosted its earnings guidance for the year Monday after beating analyst forecasts with first-quarter profits that surged 16% to $775 million or $1.75 per share.
Rival railway Canadian Pacific saw shares rise 63 cents to $74.84 in Tuesday trading, a day after it boosted its dividend to 35 cents from 30 cents amid a fight with its largest shareholder, Pershing Square Capital Management, which is seeking to replace the railway’s chief executive.
Canfor Pulp Products Inc. reports first-quarter net income of $10.3 million or 13 cents per diluted share, down from $50.7 million or 71 cents per share in the same 2011 period. Revenue was $220 million, compared with 252.3 million in the prior-year period. Shares fell 8.9% or $1.27 to $12.92.
On the economic ledger, Statistics Canada said retail sales dipped 0.2% in February following a downwardly revised 0.2% gain in January and a flat reading in December. Disappointing sales for vehicles and parts proved the main factor.
Meanwhile, the Conference Board of Canada says its consumer confidence index reversed course in April as Canadians continue to worry about jobs and finances. After three consecutive months of increases, the index fell 4.5 percentage points to 75 in April.
ON BAYSTREET
The TSX Venture Exchange ducked back 0.50 points to 1,370.53, while the Nasdaq Canada index
dipped 1.43 points to 401.86
In all, 10 of the 14 Toronto subgroups were higher at noon. Industrials moved ahead 0.9%, while utilities strengthened 0.4% and telecoms were 0.3% better.
The three laggards were health-care and gold stocks, down 0.1% each, and metals and mining stocks, inching back 0.01%. Real estate issues were flat in mid-day Tuesday trade.
ON WALLSTREET
In New York, stocks were mostly higher Tuesday, as investors welcomed another batch of solid earnings results.
The Dow Jones Industrials added 98.35 points to break for lunch at 13,025.52, boosted by better-than-expected earnings from AT&T and 3M
The S&P 500 grew 6.05 points to 1,372.99, led by Hershey and Baker Hughes, which both also topped first-quarter earnings estimates.
The Nasdaq slipped 2.12 points to 2,968.33, dragged lower by declines Netflix and Apple
Shares of Netflix tumbled 13% Tuesday, a day after the company posted a first-quarter loss and issued a weak outlook.
Apple, the world's most valuable company, is set to release earnings after the market closes.
Shares of the iPhone and iPad maker have been struggling lately, and are down more than 11% since hitting an all-time high earlier this month.
One of the busiest weeks for corporate results continued, with several heavyweights weighing in with first-quarter numbers.
In addition to AT&T and 3M, Dow component United Technologies also posted a better-than-forecast rise in earnings.
Texas Instruments quarterly earnings dropped sharply, marking the fourth consecutive quarter of falling profits. But an upbeat outlook for growth boosted the chipmaker's stock.
Meanwhile, share of Big Lots plunged more than 20% after the company revised its first-quarter outlook for U.S. same-store sales, a key measure for retailers, lower from its March forecast.
Last month, the discount retailer estimated same-store sales would rise between 2% and 4% during the first quarter. Now, Big Lots said it expecting sales to be "slightly negative."
IBM boosted its quarterly dividend 13% to 85 cents U.S. per share, marking the 17th straight year of increases. The company's board also approved a $7-billion U.S. share buyback program.
Economically, home prices hit yet another post-bubble low, according to the February reading of the S&P/Case-Shiller Home Price Index. Prices were down 0.8% from January and 3.5% from a year earlier. The data came in slightly wider than the 3.4% annual decline expected by economists surveyed by Briefing.com.
The U.S. Census reported that new-home sales dropped 7.1% in March to an annual rate of 328,000. Economists were expecting sales to come in at an annual place of 318,000.
The March Consumer Confidence Index, which speaks to the public's degree of optimism, fell to 69.2 in April, from 70.2 the previous month. Economists were expecting a reading of 69.5.
The price on the benchmark 10-year U.S. Treasury eased, driving the yield up to 1.96% from Monday’s 1.93%. Treasury prices and yields move in opposite directions.
Oil for May delivery gained 58 cents to $103.69 U.S. a barrel.
Gold futures for June rebounded, gaining $11.00 to $1,643.60 U.S. an ounce.
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