The Toronto stock market was little changed midday Wednesday amid expectations that the U.S. Federal Reserve will indicate it won't be cutting back on its key stimulus of asset purchases until next year.
The S&P/TSX composite index dipped 3.62 points to greet noon at 13,436.99
The Canadian dollar recovered 0.07 cents to 95.60 cents U.S.
The TSX gold sector led advancers, as Barrick Gold Corp. gained 47 cents to $21.18.
The base metals segment rose as December copper jumped four cents to $3.32 U.S. a pound. First Quantum Minerals rose 41 cents to $19.18 ahead of the release of earnings after the close.
Uranium miner Cameco Corp. reports quarterly net income of $211 million, up from $79 million a year earlier thanks to higher sales volumes and prices at its uranium business as well as lower exploration expenses.
Adjusted earnings quadrupled to $208 million, or 53 cents per share, triple analyst estimates of 17 cents per share and its shares gained $1 to $20.
Maple Leaf Foods Inc. lost 28 cents to $15.02 as it said overall third-quarter profit was down sharply, falling to $15.5 million, or nine cents per share, from $26 million, or 16 cents per diluted share, in the third quarter of 2012.
The company cited tough market conditions and unusual expenses related to an ongoing reorganization.
The meat and bakery products company recorded a loss of two cents per share from continuing operations, compared with a year-earlier profit of six cents per share from continuing operations.
In other corporate news, Telus shares added six cents to $36.64 after Ottawa rejected the telecom company's second attempt to purchase financially challenged wireless carrier Mobilicity.
The Globe and Mail reported that Industry Canada confirmed that it provided a confidential answer to Mobilicity about a potential transaction that the small carrier was trying to complete while under court protection from its creditors.
Wi-LAN Inc., which generates revenue by licensing technology patents, says it's exploring a broad range of strategic alternatives in light of its current low share price.
That includes a possible sale of the company, a new dividend policy or other business models. Wi-LAN's announcement comes less than a week after its shares plunged nearly 23% following an unfavourable jury decision in a legal battle with Apple Inc.
Wi-Lan shares jumped 13 cents, or 4.2%, to $3.23.
ON BAYSTREET
The TSX Venture Exchange ditched 2.63 points to 965.81
ON WALLSTREET
Stocks were flat Wednesday but remain near record highs.
The Dow Jones Industrials sifted off 18.27 points at noon ET to 15,662.10
The S&P 500 index slid 4.47 points to 1,767.48. The NASDAQ dropped 13.04 points to 3,939.30. The Dow and S&P 500 closed at record highs Tuesday.
General Motors soared as it reported narrower losses in Europe and improving profit margins in North America. Chrysler reported double-digit gains in profit and sales for the quarter. The automaker is not publicly traded, but has announced plans for an initial public offering.
Yelp shares plunged 6% after the review site reported a wider-than expected quarterly loss and announced plans to sell more stock.
LinkedIn spooked investors with lackluster guidance. Shares of the social media company fell nearly 8%.
But shares of Facebook, which will report earnings after the market closes, were up slightly.
Baidu shares rallied after China's largest search engine posted strong earnings and sales, and said earnings in the current quarter would easily top forecasts.
Sprint reported a quarterly profit but shares were slightly lower. Cable giant Comcast reported declines in quarterly sales and profit, but earnings topped expectations. Comcast's stock was modestly lower.
Shares of Electronic Arts jumped about 10% after the video game maker's quarterly earnings beat expectations. But shares of rival gaming company Take-Two Interactive, which is most well-known for its Grand Theft Auto franchise, fell even though the company reported sales and profits that easily topped forecasts.
Investors expect the Fed to say at 2 p.m. Wednesday that it will continue its $85-billion U.S. monthly bond buying program. There are hopes that this stimulus, commonly known on Wall Street as quantitative easing or QE, will last through at least the end of this year because of the fallout from the government shutdown.
Private sector employers added just 130,000 jobs in October -- their lowest level of job growth since April, according to a report by payroll processor ADP.
Prices for the 10-year U.S. Treasury gained, dropping yields to 2.48% from Tuesday’s 2.51%. Treasury prices and yields move in opposite directions.
Oil prices dropped 86 cents to $97.34 U.S. a barrel.
Gold prices improved $7.90 to $1,353.40 U.S. an ounce.
Related Stories
