Canadian stocks have recouped nearly 30 points in early losses
and then lost nearly 30 points in gains to stand narrowly higher
Mining and Health Care stocks are the biggest drag on equities
today, both slumping 0.5% as a group. Energy and Financial stocks
are holding on small gains. Weekend data out of China showing
inflation at a 10-month high during February while factory output
and consumer spending were weaker than forecast is weighing on
sentiment. A downgrade in Italy's credit rating by Fitch also was
seen as keeping a lid on stocks.
Technology issues are broadly higher, including a 10% rise for
Blackberry (BB.TO, BBRY) after AT&T (
) confirmed BlackBerry Z10 smartphone will hit store shelves in the
United States on March 22. Rival Verizon (
) has not yet set a date for beginning Z10 sales.
Overall, BBRY is expected to sell about 1 mln Z10s during the
quarter ending March 2, according to Scotiabank analyst Gus
Papageorgiou in a new research note today obtained by Reuters.
"Gross margins should begin to move higher as more Z10s enter the
mix," he wrote. "Next quarter will be the true test as BB10
launches in the U.S."
In other company news, shares of Com Dev International Ltd.
(CDV.TO) are now flat again after the maker of satellite equipment
reported a C$0.06 per share Q1 profit, up a penny from the same
quarter last year. Revenue climbed nearly 11%.
Also, the union representing flight attendants working for
Transat AT Inc. (TRZ-B.TO) said its members have signed off on the
tour operator's proposed cost-cutting program, intended to save
about $9 mln per year. TRZ-B shares are up nearly 5%.
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