Canadian Stocks Up, But Selling Of RIM Stock and Mixed U.S. Economic Reports Cap Gains; Focus on Nordion


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Canadian stocks are up around 20 points Monday afternoon, but down as much from session highs on selling in the most active stock Research In Motion (RIM.TO, RIMM) and the release of poor U.S. economic figures after the release of positive numbers earlier seemed to buoy traders and investors.

RIM is down 6.5% despite today announcing that the new BlackBerry World storefront (formally BlackBerry App World) for BlackBerry 10 will offer "one of the most robust music and video catalogs in mobile today." The official Blackberry 10 launch happens Wednesday and MidnightTrader will have live coverage of the event throughout that day.

In the U.S. the good news was out earlier #although Bank of Montreal said "there is some debate about whether or not the durables report was good"# and was followed with some bad news - U.S. pending home sales unexpectedly fell in December.

There are more industry sectors up than down, with gains for shares of financial and telecom companies overcoming declines among gold miners and technology stocks. Energy stocks are little changed.

In company news, shares of medical isotopes provider Nordion Inc. #NDN.TO, NDZ# are up about 7% at near $6.90 but off a day high $7.40 in today's Toronto trading after the company said it has hired Jefferies & CO. to assist in a review of its strategic alternatives.

NDZ today also said it filed an amended statement of claim late on Jan. 18 against Atomic Energy of Canada Ltd, seeking $243.5 million in damages for neglicence and breach of its isotope production facilities agreement. An arbitration panel four months ago rejected the company's orginal claims against AECL, which has supplied all of NDZ's raw materials from its aging Chalk River reactor.

NDZ also reported adjusted Q4 earnings of $0.34 a share, topping expectations by $0.08. Revenue was flat at $74.7 million but beat analyst estimates by $2.05 million. The company said it expects a 20% decline in sales during FY13.

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This article appears in: Investing , Commodities

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