Canadian stock index futures pointed to a slightly higher open on Friday after Toronto's main stock index hit a one-week low on Thursday, with investors focused on results from major companies like Rogers Communications, Telus and Goldcorp.
The S&P/TSX composite index dropped 53.49 points to close Thursday at 12,721.79
The Canadian dollar docked 0.26 cents to 99.65 cents U.S. early Friday
Rogers Communications Inc posted a 30% rise in adjusted quarterly profit, helped by cost improvements and revenue growth in all its segments, and increased its annualized dividend.
Telus posted a 23% rise in quarterly profit on Friday, helped by strong growth in its wireless business.
Goldcorp Inc booked a lower-than-expected drop in adjusted quarterly profit on Thursday and said improved performance at two key mines positioned it for a strong year.
Enbridge reported an 8% fall in quarterly profit as it was hurt by a $105-million after-tax charge related to certain off-shore assets.
On the economic docket, Statistics Canada reported this morning that manufacturing sales hurtled 3.1% in December to $48 billion. The nation’s number crunchers called it the largest decline since May 2009.
The Canadian Real Estate Association (CREA), national home sales activity edged up on a month-over-month basis in January 2013. CREA reported that national home sales rose 1.3% from December to January. Actual (not seasonally adjusted) activity came in 5.2% under levels in January 2012.
ON BAYSTREET
The TSX Venture Exchange shed 7.72 points Thursday to 1,196.56
ON WALLSTREET
A handful of new economic reports are on tap Friday, along with corporate results from the tail end of earnings season.
Futures for the Dow Industrials jettisoned 12 points, or 0.1%, to 13,938. Futures for the S&P 500 lopped off 0.5 points to 1,518, and futures for the NASDAQ added 1.75 points, or 0.1%, to 2,769.
Burger King reported earnings that beat expectations. Shares rose more than 3% in pre-market trading. Meanwhile, Kraft Foods posted weaker-than-expected revenue, sending shares lower.
Shares of nutritional supplements company Herbalife surged more than 20% after activist investor Carl Icahn disclosed a 13% stake in the firm on Thursday.
Carnival shares slid 1% as the company's Triumph cruise ship docked and passengers were finally able to leave, just days after a fire and power outage left the ship and 3,000 passengers stranded at sea.
About 65% of the companies in the S&P 500 that had reported fourth-quarter earnings as of Thursday topped analysts' expectations, according to S&P Capital IQ. But the bulk of companies that have issued guidance for the first quarter have had negative outlooks.
Even after recent dips, the Dow is still within 1.6% of its all-time high, hit in October 2007, and the S&P 500 is about 4% shy of its record high, also set in October 2007. All three indexes are up between 5% and 7% for the year.
A monthly report from the New York branch of the Federal Reserve showed that manufacturing in the state picked up last month. The Census Bureau will publish data on industrial production later in the morning, while the University of Michigan will release a report on consumer sentiment.
European markets were flat to slightly weaker in morning trading, while Asian markets ended mixed.
Japan's Nikkei lost 1.2% and but Hong Kong's Hang Seng gained 0.13%. The Shanghai exchange was closed for the Lunar New Year holiday
Oil prices lost 73 cents to $96.58 U.S. a barrel
Gold prices faded $15.20 an ounce to $1,620.30 U.S.
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