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 (
) are - in playing catch up - nearly 10% higher having hit new 52
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.
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