Markets in Toronto remained positive midday Tuesday as information technology prices strengthened.
The S&P/TSX composite index remained positive 18.83 points to greet noon ET at 12,613.10
The Canadian dollar dipped 0.36 cents to 96.67 cents U.S.
Aimia Inc. reported a second-quarter net loss of $415.2 million or $2.43 per share late Monday, which compared to a profit of $35 million or 19 cents per share a year ago.
Excluding several items, Aimia's revenue for the quarter was $540.3 million, up from $7.1 million a year ago.
Iamgold fell to a second-quarter loss of $28.4 million U.S. from a profit a year earlier as the company took impairment charges related to its investments.
The Toronto-based gold miner, which reports in U.S. dollars, reported a loss of eight cents per share, compared to a profit of $52.9 million or 14 cents per share during the same quarter last year. Revenue was down 17 per cent to $301.1 million.
Onex Corp. reported a second-quarter net loss of $718 million U.S. or $5.38 per share compared to a net loss of $172 million or $1.75 per share during the prior year.
Torstar Corp. flagship newspaper the Toronto Star has begun charging a fee for non-subscribers who access its web site more than 10 times a month. The plan will cost $9.99 a month plus HST after that, but will be free for most home subscribers.
ON BAYSTREET
The TSX Venture Exchange fell 2.57 points to 924.43
All but five of the 14 Toronto subgroups were lower by lunch time. Gold stocks tumbled 1.3%, while the consumer staples and metals and mining groups each fell 0.9%.
Information technology led the five gainers, progressing 2.3%, while consumer discretionary stocks gained 0.6%, and financials took on 0.5%.
ON WALLSTREET
J.C. Penney's stock was in the spotlight Tuesday after Bill Ackman resigned from the retailer's board.
The Dow Jones Industrial Average was off its lows of the morning, but still down 16.94 points to 15,402.70
The S&P 500 index was negative 1.65 points to 1,687.82. The NASDAQ was lower by 4.43 points to 3,655.52.
Ackman has been demanding the ouster of CEO Myron Ullman and chairman Thomas Engibous. In its statement, Penney's board reiterated its "overwhelming support" for the two leaders. Shares of J.C. Penney initially rose on the news but quickly fell into the red.
The stock was down nearly 3%, making it one of the biggest losers in the S&P 500.
Airline stocks were big losers after the Justice Department filed a lawsuit to block the $11-billion U.S. merger between American Airlines and U.S. Airways arguing that it would lead to higher fares for consumers. Shares of American Airline's bankrupt parent company AMR Corp. plunged more than 25% while U.S. Airways shares also tumbled.
Other airline stocks, including Delta, United Continental, JetBlue and Southwest also declined.
Eli Lilly shares rose after the company said its experimental lung cancer drug increased the survival rate of patients in a late-stage trial.
Shares of Yum! Brands sank after the restaurant operator said same-store sales at its KFC locations in China dropped 13% versus last year as the company continues to struggle in the wake of a food safety scandal.
On the economic front, retail sales were up 0.2% in July, rising for a fourth straight month, but the gain was "softer than anticipated," according to one observer.
Prices for the 10-year U.S. Treasury dropped, raising yields to 2.71% from Monday’s 2.60%. Treasury prices and yields move in opposite directions.
Oil prices moved higher by seven cents to $106.18 U.S. a barrel.
Gold prices faded $14.20 to $1,320 U.S. an ounce.
