Calm On Bay Street Before Barrage Of U.S. Economic News -- Canadian Commentary

By RTT News, 
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(RTTNews.com) - Canadian stocks are likely to open slightly higher, with investors reacting positively to some strong earnings reports.

However, weak crude oil prices and lingering geopolitical worries could limit the market's upside.

With the U.S. Federal Reserve slated to come out with its monetary policy statement tomorrow, and a slew of market moving U.S. economic data, including second quarter GDP report, due during the course of this week, the mood is likely to be cautious at times.

Investors will be tracking a slew of Canadian earnings reports for direction.

Energy stocks may extend losses, tracking falling crude oil prices.

On Monday, the S&P/TSX Composite Index ended down 9.82 points at 15,445.22.

Seaspan Corporation (SSW.TO) reported second-quarter net earnings of $20.00 million or $0.07 per share, compared to $127.15 million or $1.35 per share, previous year.

Talisman Energy Inc. (TLM.TO: Quote) has incurred a net loss of $237 million, or $0.24 a share in the second quarter of 2014, as against a profit of $97 million, or $0.06 a share, in the prior-year period, driven mainly by a $171 million movement relating to cash settlements and non-cash mark-to-market loss on commodity derivatives.

WestJet Airlines Ltd. (WJA.TO) reported second-quarter net earnings to C$51.8 million, up from C$44.7 million last year. Earnings per share rose to C$0.40 from C$0.34 a year ago.

Calfrac Well Services Ltd. (CFW.TO) posted second-quarter net loss of C$12.90 million, compared with C$14.58 million last year. Loss per share narrowed to C$0.14 from C$0.16 in the year-ago period.

Alacer Gold Corp. (ASR.TO) has reported adjusted Net Profit of $9.4 million, or $0.03 per share for the second quarter.

Firstservice Corp. (FSV.TO) has reported adjusted EPS of $0.74 for the three months ended June 2014, up from $0.57 in the same quarter last year.

George Weston Limited (WN.TO) will be in focus after reporting a 51.4 percent rise in adjusted operating income for the second quarter this year.

Norbord Inc. (NBD.TO) reported earnings of $11 million or $0.21 per share for the second quarter of 2014 compared to $7 million or $0.13 per share in the prior quarter and $53 million or $1.00 per share ($0.99 per share diluted) in the second quarter of 2013.

Timmins Gold Corp. (TMM.TO) reported second quarter earnings of $3.2 million or $0.02 per share, compared to $1.0 million or $0.01 per share in the same quarter last year.

In commodities, crude oil futures are notably lower ahead of inventories. Crude oil futures for September are down $0.91 or 0.90 percent at $100.77 a barrel.

Natural gas is up marginally at $3.768 per million btu.

Gold futures for December are up $5.10 or 0.39 percent at $1,310.90 an ounce as traders look ahead to U.S. Federal Reserve's interest rate call, due on Wednesday.

Silver for September is up $0.121 or 0.59 percent at $20.688 an ounce. Meanwhile, copper is down $0.018 or 0.56 percent at $3.225 per pound.

Standard & Poor's is due to release the results of its S&P/Case-Shiller house price survey at 9 am ET. Economists expect a 0.4 percent month-over-month increase in the house price index following the 0.2 percent increase in the previous month. Annually, prices are estimated to increase an unadjusted 9.9 percent.

At 10 am ET, the Conference Board is scheduled to release the results of U.S. consumer confidence survey for July at 10 am ET. The consensus estimate calls for an increase in the consumer confidence index to 85.5 from 85.2 in June.

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This article appears in: News Headlines

Referenced Stocks: SSW , TLM

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