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Stocks up in early trading as Goldcorp (T.G), Imperial Oil (T.IMO) report earnings

Stockhouse Editorial
0 Comments| May 1, 2014

TORONTO _ The Toronto stock market was higher Thursday morning amid a heavy slate of corporate earnings and tepid manufacturing data from China.

The S&P/TSX composite index gained 26.84 points to 14,678.71. The Canadian dollar was down 0.13 of a cent to 91.02 cents US.

U.S. indexes were slightly higher amid mixed economic data.

Consumer spending rose 0.9 per cent during March, the largest monthly gain since April 2009. The U.S. Commerce department also revised up its estimate of the spending increase in February to 0.5 per cent from 0.3 per cent.

But other data showed that the number of Americans applying for unemployment benefits rose 14,000 to 344,000 last week, the highest level since February.

That was unwelcome news a day before the U.S. government releases its non-farm payrolls report for April.

The Dow Jones industrials were ahead 14.32 points to 16,595.16, the Nasdaq climbed 3.58 points to 4,118.14 and the S&P 500 index edged up 0.52 of a point at 1,884.47.

Transportation company Bombardier Inc. (TSX: T.BBD.BStock Forumposted first-quarter net income of $115 million, or earnings per share of six cents, compared with $148 million, or eight cents, in the same period of 2013. Ex-items, earnings were eight cents a share, which was in line with expectations and its shares fell 26 cents or 5.9 per cent to $4.15.

Manulife Financial Corp. (TSX: T.MFC, Stock Forum) first-quarter net profit jumped 50 per cent to $818 million, or 42 cents per share. Core earnings, excluding one-time items, were up at $719 million, or 37 cents, compared with $619 million, or 32 cents, year-over-year. Analysts had expected 39 cents a share but its shares ticked 28 cents higher to $20.86.

Imperial Oil Ltd. (TSX: T.IMOStock Forumlost 86 cents to $52.66 as the energy company earned a first-quarter net profit of $946 million, or $1.11 per share, up 19 per cent from $798 million, or 94 cents per share, in the same quarter in 2013. Revenue and other income increased to $9.22 billion compared with $8.01 billion year-over-year.

Goldcorp Inc. (TSX: T.GStock Forumearned US$98 million or 12 cents a share in its latest quarter as increased gold sales offset lower prices. That's down from $309 million or 33 cents per share a year ago. Ex-items, profit was $209 million or 26 cents per share, compared with an adjusted profit of $253 million or 31 cents per share in the first quarter of 2013 and its shares added five cents to $27.12.

Shares in Catamaran Corp. (TSX: T.CCT, Stock Forumsurged 13.2 per cent to $47.13 as the provider of pharmacy benefit management services and technology said quarterly revenue increased 53 per cent to $4.9 billion. Net income increased 23 per cent to $63.4 million.

Commodity prices were lower while a survey of Chinese manufacturers shows activity grew weakly in April.

The government-sanctioned China Federation of Logistics and Purchasing said Thursday its monthly purchasing managers index stood at 50.4 points, up marginally from March's 50.3 points. Any reading above 50 indicates expansion.

The showing comes as investors wonder if China can maintain growth at the official target of 7.5 per cent.

July copper edged a penny lower to US$3.02 a pound and the base metals sector rose 0.45 per cent.

The June crude contract in New York fell 55 cents to US$99.19 a barrel and the energy sector drifted 0.12 per cent lower.

The gold sector fell almost one per cent while June bullion fell $16 to US$1,279.90 an ounce.


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