Stocks in Toronto were a mite hesitant to move soon after the opening bell, despite a boost from the Chinese central bank's 255-billion-yuan injection into the market that calmed investor worries about a credit crunch in that country’s economy.
The S&P/TSX composite index inched up 5.36 points to begin the Tuesday session at 13,995.65
The Canadian dollar gained 0.28 cents, to 91.08 cents U.S.
Fertilizer company Agrium Inc said its fourth-quarter earnings from continuing operations will be at the lower end of its guidance due to lower sales prices. Agrium shares dropped off $1.40, or 1.3%, to $102.97.
CIBC raised the price target on Raging River Exploration to $9.75 from $8.25, based on better-than-expected production results, viewing the company as one of the most attractive in the space. Raging River shares gained 27 cents, or 3.8%, to $7.40.
CIBC cut the price target on Strategic Oil and Gas to 65 cents from 95 cents, citing the company's lower-than-expected fourth-quarter production figures and its lower 2014 volume outlook, but adding it has yet to deliver consistent results out of its key growth play.
Strategic shares were unchanged at 53 cents.
On the Canadian economic calendar, manufacturing sales stayed hot, jumping 1.0% in November to $50.5 billion, their sixth advance in seven months. Wholesale sales were unchanged in November at $50.4 billion.
ON BAYSTREET
The TSX Venture Exchange erased 4.37 points to 979.74.
Nine of the 14 Toronto subgroups were higher in the first hour of trading, led by global base metals and financials, each up 0.4%, while consumer discretionary issues added 0.3%.
The five laggards were weighed mostly by materials, down 1.4%, gold, off 1.1%, and health-care, listing 0.7% lower.
ON WALLSTREET
Stocks were decidedly mixed as investors returned from a long weekend to assess what the immediate future holds for earnings and the U.S. economy in general.
The Dow Jones Industrial Average faded from the dizzy heights of recent week, dropping 23.42 points to begin Tuesday at 16,435.14
The S&P 500 index inched higher 3.08 points to 1,841.78. The NASDAQ acquired 14.86 points to 4,212.44. Markets were shuttered Monday in the U.S. for Martin Luther King Day.
BlackBerry shares jumped in early trading amid ongoing hopes the smartphone maker's new CEO John Chen will turn the company around.
Stocks have been off to a rocky start in 2014. After last year's spectacular rally, investors are looking for signs the economy will be strong enough to keep the rally going. But with little economic data on the agenda this week, investors are turning their attention to the latest quarterly reports from big U.S. corporations.
Tuesday morning kicked off with results from Johnson & Johnson, Verizon and Delta. Those three companies all posted earnings that topped forecasts.
IBM will report its results after the closing bell. A spate of company earnings will follow later this week from heavyweights such as Microsoft and Netflix.
Overall, earnings are expected to be up 5.9% in the fourth quarter for the companies in the S&P 500, according to FactSet Research. A few weeks ago, the forecast was for earnings growth of 6.3%, but the estimate was revised lower this week due to disappointing reports, including lower profits in the energy sector.
Prices for 10-year U.S. Treasuries were flat, keeping yields at Friday’s 2.83%. Treasury prices and yields move in opposite directions.
Oil prices improved 63 cents to $95.00 U.S. a barrel.
Gold prices docked $12.60 to $1,239.30 U.S. an ounce.
