Canada’s largest stock market lost early momentum and was little changed by late morning Wednesday amid a slew of earnings news and lacklustre moves in commodity prices.
The S&P/TSX composite index had dropped 3.43 points to greet noon at 12,785.59
The Canadian dollar poked ahead 0.05 cents to 99.82 cents U.S.
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. Its shares erased early losses and gained 24 cents to $12.80.
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 5% decline. However, revenue from continuing operations was up 2% from $3.3 billion U.S. Its shares were down 93 cents to $29.79.
Vancouver-based heavy-equipment dealer Finning International Inc. posted adjusted earnings that missed analyst estimates — coming in at 55 cents per share, two cents short of the consensus. Quarterly revenue slipped to $1.78 billion — about 2% below a record $1.81 billion set a year earlier and nearly $100 million below the consensus estimate. Its shares were off five cents at $26.31.
Traders are also taking in earnings during the day from Sun Life Financial along with gold producers Kinross Gold and Agnico-Eagle Mines
March copper backed off from early gains and was unchanged at $3.74 U.S. a pound. Still, the base metals sector was up and First Quantum Minerals gained 29 cents to $20.39.
The financials sector rose while Bank of Nova Scotia advanced 24 cents to $58.82.
The energy sector was flat while Imperial Oil gave back 36 cents to $42.30.
The information technology declined with BlackBerry down 41 cents at $14.84 while CGI Group dropped 86 cents to $27.47.
The gold sector fell as Eldorado Gold shed 10 cents to $10.92.
ON BAYSTREET
The TSX Venture Exchange remained positive 6.64 points – off its highs of the morning -- to 1,205.58
Eight of the 14 Toronto subgroups were still higher at noon. Health-care posted the best showing, ahead 1.1%, while global base metals marched 0.6%, and financial improved 0.3%.
The half-dozen laggards were weighed down mostly by information technology, down 3.1%, gold, off 0.8%, and materials, sliding 0.5%.
ON WALLSTREET
U.S. stocks were mixed Wednesday as investors weighed more earnings reports and the latest figures on retail sales.
The Dow Jones Industrial Average fell 54.45 points to 13,964.20
The S&P 500 index crawled up 0.14 points to break for lunch at 1,519.57. The tech-heavy NASDAQ Composite gained 4.16 points to 3,190.65
Consumer-oriented stocks were the main drag on the Dow after the government said retail sales slowed in January. McDonalds fell 1.5% and Coca Cola was down 1.1%.
General Electric was the best performing blue chip. Shares rose 3% after the industrial conglomerate said late Tuesday it would sell its remaining stake in NBCUniversal to cable companyComcast. Shares of Comcast rose 6%, making it the top gainer on the NASDAQ
Stocks have had a strong run so far this year. The Dow is about 1% 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. But the farm equipment maker said economic uncertainty and government policy are "undermining business confidence and restraining growth."
Cisco Systems reports results after the close.
Overall, 65% of the companies in the S&P 500 that have reported fourth-quarter earnings have beat analysts' expectations, according to S&P Capital IQ. But the bulk of companies that have issued guidance for the first quarter have had a negative outlook.
Shares of Groupon jumped 5% after Sterne Agee upgraded the company to "buy" from "neutral" and gave the stock a $9 price target.
Trulia shares climbed 19% after reporting better-than-expected sales.
Shares of Cliffs Natural Resources dropped 13% after the mining company announced plans to sell stock and was downgraded by several analysts.
Meanwhile, the latest economic data were not encouraging. The Census Bureau reported that retail sales inched up 0.1% in January, following a 0.5% rise in the previous month.
The sales growth was in line with expectations, but underscores the limited pricing power U.S. companies have as the economy remains weak, according to some experts.
Prices on the 10-year U.S. Treasury fell back, raising yields to 2.01% from Tuesday’s 1.98%. Treasury prices and yields move in opposite directions.
Oil prices slipped 12 cents to $97.39 U.S. a barrel.
Gold prices deducted $3.70 to $1,645.90 U.S. an ounce.
Related Stories
