Canadian Stocks Slightly Higher; Blackberry Rises 10% Ahead of U.S. Launch Later This Month


Canadian stocks have recouped nearly 30 points in early losses and then lost nearly 30 points in gains to stand narrowly higher early afternoon.

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 ( T ) confirmed BlackBerry Z10 smartphone will hit store shelves in the United States on March 22. Rival Verizon ( VZ ) 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%.

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: T , VZ

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