The Toronto Stock Market stayed relatively flat Tuesday as it was dragged down by dropping commodity prices and earnings reports from a number of big-name companies, including food distributor George Weston Limited and airline WestJet
The S&P/TSX composite index inched up 8.68 points to greet noon Tuesday at 12,462.80
The Canadian dollar gained 0.18 cents noon time to 99.50 cents U.S.
Meanwhile, commodity prices appeared to weaken, with July copper down two cents at $3.29 U.S. a pound.
In earnings news, Canada’s second-largest airline reported its “best ever” quarter. Calgary-based WestJet says its first-quarter net income rose by a third to $91.1 million or 68 cents per share from $68.3 million or 49 cents per share in the same 2012 period. Total revenue was up 8.6% at $967.2 million from $891 million a year ago. However, it shares were down $1.43 at $23.29.
Food processor and distributor giant George Weston Ltd. reported an almost 34% increase in is first-quarter net earnings, due to foreign currency translation and amendments to its defined benefit pension plan among other things.
The majority owner of supermarket chain Loblaw Companies Ltd and Weston Foods says net income attributable to common shareholders was $162 million or $1.19 per share.
That was up 33.9% from $121 million or 87 cents per share in the same period a year ago. Sales improved 3.7% to $7.49 billion from $7.22 billion. However, the company’s adjusted earnings missed analyst expectations by two cents per share and the stock was down 36 cents at $80.73.
Yellow Media Ltd. reported a big turnaround in its first-quarter bottom line compared with a year ago when the publisher of print and digital media directories took a massive $2.9-billion goodwill impairment.
Its net income in the three months ended March 31 was $53.5 million or $1.91 per share, compared with a net loss of $2.87 billion or $102.93 per share in the same 2012 period. Its stock jumped ahead 67 cents to $9.95.
But it wasn’t all positive news from the corporate sector.
Oil firm Husky Energy said its first-quarter profit was down from a year ago, as the price for its heavy crude oil came under pressure.
The company said it earned $535 million or 54 cents per diluted share, down from $591 million or 60 cents per diluted share a year ago. The market reacted by driving down shares 19 cents to $29.73.
Brewer Molson Coors says net profit plummeted by more than half to $36.5 million U.S. in the first quarter. The decrease was largely attributable to weakness in core North American markets and additional costs involving an acquisition in central Europe, which boosted net sales by nearly 20% to $828.5 million U.S. The underlying pre-tax income of its Canadian business decreased 18.9% to $37.3 million U.S. on lower beer volumes.
ON BAYSTREET
The TSX Venture Exchange fell 3.32 points midday to 964.06
Nine of the 14 Toronto subgroups were positive by lunch hour, led by consumer staple and discretionary stocks, each up 0.6%, while health-care were stronger by 0.4%.
The five laggards were weighed by gold, down 2.6%, while materials and information technology sank 1.1%.
ON WALLSTREET
Investors pushed the S&P 500 and the Dow Jones Industrial Average to new record trading highs.
The Dow Jones Industrials gained 49.71 points, to greet noon Tuesday at 15,018.60
The S&P 500 index moved higher 3.99 points to 1,621.49 – above Tuesday’s all-time high close -- while the NASDAQ Composite shed 1.66 points to 3,391.31
Stocks have had a remarkable run this year, with all three indexes logging gains of 14% to 15% this year.
Shares of DirecTV popped after the company reported better-than-expected earnings.
Molson Coors Brewing, meanwhile, reported sales and profits that fell short of forecasts.
First Solar's stock plunged after the company missed earnings estimates.
OfficeMax widely missed earnings forecasts and said revenue this year would come in below analysts' estimates. At the same time, the office supply company issued a special dividend of $1.50 U.S. a share.
Also, Walt Disney Company, which reports earnings after the close, inked a deal with Electronic Arts to co-develop Star Wars video games.
Whole Foods and Kraft spin-off Mondelez are among the other companies set to report results after the market close..
Prices on the 10-year U.S. Treasury fell, raising yields to 1.79% from Monday’s 1.77%. Treasury prices and yields move in opposite directions
Oil prices sank 62 cents to $95.54 U.S. a barrel.
Gold prices moved lower by $21.40 at $1,446.60 U.S. an ounce
