Canada's main stock index climbed in Tuesday’s first hour, as strong euro-zone factory output figures overshadowed weaker-than-expected German ZEW sentiment.
The S&P/TSX composite index acquired 63.01 points to kick off Tuesday at 12,592.56
The Canadian dollar faded 0.49 cents to 98.46 cents U.S.
German analyst and investor sentiment edged up in May after a sharp drop in April, suggesting the euro-zone's largest economy is overcoming concerns over a flare-up in the bloc's debt crisis and is back on track to a timid recovery.
Raymond James cut the rating on Lone Pine Resources Inc. to underperforms from market perform and downs price target to 70 cents from $2.00 citing uncertainty on outcome of a strategic review, considers the stock as highly speculative. Lone Pine shares were unchanged at 91 cents.
The agency also cut the rating on Mercator Minerals Ltd to market perform from outperform and downs target price to 75 cents from $1.15 following first-quarter results citing a decrease in the company's net working capital. Mercator shares were also flat at 26 cents in the early going.
No major Canadian economic data is scheduled for release today.
ON BAYSTREET
The TSX Venture Exchange dropped 0.76 points to 956.44.
All but four of the 14 Toronto subgroups were higher in early morning trading, led by gold and health-care, up 1.4% each, while materials took on 0.8%.
The four laggards were weighed mostly by metals and mining stocks, taking a 1.4% punishment, information technology, sliding 0.7%, while global base metals skidded 0.3%.
ON WALLSTREET
Investors were in consolidation mode Tuesday.
The Dow Jones Industrials gained 59.14 points to begin Tuesday at 15,150.80
The S&P 500 index was up 9.02 points to 1,642.79, while the NASDAQ Composite increased 19.80 points to 3,458.59
Stocks have been on a tear this year, with all three indexes up roughly 15%.
Investors were largely focused on a handful of companies that were making news early Tuesday.
Sony's stock rose after hedge fund titan Dan Loeb said his firm, Third Point, had amassed a 6% stake, making it the largest shareholder. Loeb wants to spin off the Japanese company's movie and music division.
SolarCity reported a wider-than-expected loss and offered weak guidance, sending shares plunging. The selloff spilled into rival First Solar.
Shares of Take-Two Interactive jumped after the maker of Grand Theft Auto easily beat profit forecasts.
As earnings wind down, a few big names are still on deck this week, including Macy's, Wal-Mart, J.C. Penney and Cisco.
Of the 453 S&P 500 companies that have reported earnings results for the first quarter, 301 have beat analysts' estimates, 115 have missed, and 37 have met, according to S&P Capital IQ.
On the economic front, the U.S. Bureau of Labor Statistics reported declines in import and export prices for April, continuing declines from March.
Imports prices fell 0.5% last month and export prices decreased 0.7%.
Prices on the 10-year U.S. Treasury crept up, lowering yields to 1.90% from Monday’s 1.92%. Treasury prices and yields move in opposite directions
Oil prices doffed four cents to $95.13 U.S. a barrel.
Gold prices let go of $1.40 at $1,432.90 U.S. an ounce
