Canadian Stocks Recover Early Losses, Now Flat Again After Hitting Near 18 Month Highs Monday


Canadian stocks have recovered from a negative open and from being around 35 points lower mid-morning and are now little changed, having jumped to a near 18 month high Monday.

All sectors were lower, with the biggest percentage loss going to Info Tech as Research in Motion (RIM.TO) gives back a small piece of its 10% advance yesterday in Toronto trading. The U.S. markets were closed for the Martin Luther King Jr. holiday Monday so its U.S.-listed shares ( RIMM ) are - in playing catch up - nearly 10% higher having hit new 52 week highs.

Over the weekend RIM CEO Thorsten Heins said the smartphone company would consider licensing its new Blackberry 10 operating system to other firms if the opportunity presents itself. The stock also is finding some support from a Scotia Capital upgrade today to Outperform from Sector Perform.

In economic news, Canadian retail sales edged 0.2% higher to $39.4 billion during November, marking the fifth month in a row sales rose, according to StatisticsCanada. Higher sales at motor vehicle and parts dealers as well as electronics and appliance stores more than offset declines at most store types. In volume terms, retail sales rose 0.8%.

In other company news, shares of Canadian National Railway Co. (CNI, CNR.TO) are down more than 1% from 52 week highs on the TSX and from near 52 week highs on the NYSE after the rail carrier gave a FY13 profit forecast falling short of analyst projections. It said earnings this year should grow in the high-single digits, a marked slowdown from recent years. The guidance implies full-year earnings of around C$6.11 a share, trailing the Thomson Reuters consensus forecast of C$6.22. Q4 earnings were in-line with Street projections at C$1.41 a share, up $0.09 from year-ago levels. Revenue rose 7% to C$2.5 billion.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: RIMM

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