The Toronto stock market was set for a positive open Wednesday amid disappointing news from the oil sector and ahead of the latest reading on American retail sales.
The S&P/TSX composite index was higher by 40.87 points to close Tuesday at 12,789.02
The Canadian dollar dropped one-10th of a cent to 99.68 cents U.S. early Wednesday
Talisman Energy Inc. recorded $367 million U.S. or 37 cents per share in quarterly net income, beating forecasts of 16 cents a share. But the gain was mainly due to disposal of some assets and the company continued to feel the effects of low natural gas prices. Talisman posted revenue of $1.6 billion, which was $300 million less than what was expected.
Thomson Reuters posted $497 million U.S. of adjusted earnings, or 60 cents per share in the latest quarter, compared with $445 million U.S. or 54 cents per share in the fourth quarter of 2011. Net income attributable to common shareholders was $372 million U.S., compared with a year-earlier loss of $2.6 billion U.S.
Thomson’s overall revenue, including discontinued operations, fell to $3.4 million from $3.6 billion, a five per cent decline. However, revenue from continuing operations was up two per cent from $3.3 billion U.S.
Traders are also taking in earnings during the day from Sun Life Financial along with gold producers Kinross Gold and Agnico-Eagle Mines
ON BAYSTREET
The TSX Venture Exchange acquired 2.74 points to 1,198.94
ON WALLSTREET
With the Dow Jones Industrials near an all-time high, investors head into Wednesday looking at economic data and the latest round of corporate earnings.
Futures for the Dow took on 13 points, or 0.1%, to 13,986. Futures for the S&P 500 gained 26 points, or 0.2%, to 1,518.80, and futures for the NASDAQ acquired eight points, or 0.3%, to 2,768.75.
The Dow is just 1.2% away from its record high set in October 2007. The S&P 500 has also had a solid run, coming within 4% of its record high, also set in October 2007.
On the corporate front, Deere reported quarterly earnings that topped expectations before the opening bell, sending shares higher. Earnings from Thomson Reuters also beat estimates, and Cisco Systems is up after the bell.
Meanwhile, shares of Groupon jumped 6% after Sterne Agee upgraded the company to buy from neutral and gave the stock a $9 price target. Comcast shares climbed 8% after news late Tuesday that the cable company will buy out General Electric's 49% stake in NBCUniversal. GE shares were up 4%.
Trulia shares climbed 16% after reporting better-than-expected sales, and shares of Cliffs Natural Resources dropped 13% after the mining company announced plans to sell stock and was downgraded by several analysts.
European markets were mixed in quiet morning trading. French bank Societe Generale fell sharply after reporting a deeper fourth quarter loss than analysts were expecting.
Asian markets ended mixed. Japan's Nikkei closed down 1% one day ahead of the release of new GDP figures and the Bank of Japan's latest policy announcement. Markets in Shanghai and Hong Kong remained closed for the Lunar New Year holiday
Oil prices moved higher 27 cents to $97.78 U.S. a barrel
Gold prices dropped two dollars an ounce to $1,647.60 U.S.
Related Stories
