Stocks in Toronto opened fairly flat Thursday, despite a kick-start from health-care stocks, amid a bustling day for earnings releases.
The S&P/TSX composite index eked up 1.23 points to open Thursday at 14,308.35
The Canadian dollar reacquired 0.16 cents at 76.90 cents U.S.
Loblaw said its revenue rose to $10.54 billion in the second quarter ended June 20 from $10.3 billion a year earlier, helped by strong sales in its food retail business. Loblaw posted a profit of $186 million, or 44 Canadian cents per share, compared with a loss of $456 million, or $1.13 per share.
Loblaw gained $1.03, or 1.6%, to $68.58.
Precision Drilling reported a bigger quarterly loss, hurt by lower drilling activity in North America. The company posted a loss of $29.8 million, or 10 cents per share, in the second quarter ended June 30, bigger than the $7.2 million, or two cents, it reported a year earlier. The company's revenue fell nearly 30% to $334.5 million.
Drilling shares ballooned 35 cents, or 5.2%, to $7.06.
Rogers Communications Inc reported a 10% slip in second-quarter net income on Thursday, as the Canadian telecom, cable and media company made progress in its strategy of attracting value over volume in its wireless business. Toronto-based Rogers said it had net income of $363 million, or 70 cents a share, in the April-June quarter, compared with $405 million, or 79 cents a share, a year ago. Its revenue rose almost 6% to $3.4 billion.
Rogers shares gained 87 cents, or 2%, to $44.70.
Teck Resources reported a 21% fall in quarterly profit and cut its 2015 coal production forecast due to falling demand from China and increased supply from Australia. Net profit attributable to shareholders fell to $63 million, or 11 cents per share, for the quarter, from $80 million, or 14 cents per share, a year earlier.
Teck shares gained seven cents to $10.48.
Valeant Pharmaceuticals International Inc reported a net loss attributable to the company was $53 million, or 15 cents per share, in the second quarter ended June 30, compared with net profit of $125.8 million, or 37 cents per share, a year earlier.
Valeant shares vaulted $11.21, or 3.6%, to $323.46.
On the economic side of things, Statistics Canada reported that retail sales rose 1.0% to $43.0 billion in May. After steep declines in December and January, retail sales increased for the third time in four months to reach a new high.
The agency also reported that Canadians drawing regular employment insurance benefits increased 4,800 in May over April to 527,100, an increase of 0.9%.
ON BAYSTREET
The TSX Venture Exchange dipped 0.05 points to 608.71.
The 14 TSX subgroups were evenly split among winners and losers, health-care the healthiest of the former half, picking up 1%, while energy charged up 0.8%, and telecoms took on 0.7%.
The seven laggards were weighed mostly by utilities, down 1.2%, while financials and real-estate were each poorer by 0.4%.
ON WALLSTREET
U.S. stocks opened mixed on Thursday as investors focused on a slew of mostly lackluster earnings reports.
The Dow Jones industrial average fell 39.55 points to 17,811.49, with American Express leading decliners and McDonald's jumping more than 1% to lead advancers.
The S&P 500 squeezed higher 0.54 points to 2,114.69, with consumer discretionary leading five sectors higher and utilities leading decliners.
The NASDAQ index eked up 6.81 points to 5,178.58.
Caterpillar fell 2%after reporting earnings per share in-line with estimates but revenue that missed. The firm also cut its revenue forecast for the year. The heavy equipment maker cited currency impact and a soft economic environment, but said it is controlling costs and will be in position to take advantage of improving conditions when they occur.
The company's shares fell more than 3% in pre-market trade, weighing on the Dow futures.
3M beat estimates by two cents with quarterly profit of $2.02 U.S. per share, but revenue fell shy of forecasts. The firm noted a mixed economic environment, but said it was nonetheless able to expand profit margins.
General Motors earned an adjusted $1.29 U.S. per share for the second quarter, 21 cents U.S. above estimates, but revenue was well below forecasts, largely because of currency impact. GM did post a record North American profit, and said its second half of 2015 will be stronger than the first half.
Under Armour jumped more than 6% after it reported quarterly profit of seven cents per share, two cents above estimates, with revenue well above forecast. The athletic apparel brand saw strong demand for both its Stephen Curry-branded shoes and its training apparel.
McDonald's posted quarterly adjusted earnings of $1.26 U.S. a share, topping estimates, while revenue was slightly higher than estimates. However, global comps declined.
American Express reported after the close Wednesday that it earned $1.42 U.S. per share, 10 cents above estimates. Revenue missed expectations, but the company benefited from job cuts and other cost savings.
After the closing bell, Amazon.com, Starbucks and Visa post results.
In economic news, weekly jobless claims came in at 255,000, their lowest level since 1973.
Leading indicators are also due this morning.
Prices for 10-year U.S. Treasuries gained slightly, lowering yields to 2.32% from Wednesday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices added 24 cents a barrel to $49.43 U.S.
Gold prices recovered $2.80 to $1,094.30 U.S. an ounce.
