Closing Bell Gold stocks CPR earnings boost TSX US markets mixed on

TORONTO — The Toronto stock market snapped a three-session losing run to finish modestly higher Wednesday amid a mixed bag of earnings and a strong showing by gold miners.Here are the closing numbersTSX — 11,492.51 +25.56 0.22%S&P 500 — 1,337.89 -0.42 -0.03%Dow — 12,676.05 +58.73 0.47%Nasdaq — 2,854.24 -8.75 -0.31%The S&P/TSX composite index closed up 25.56 points to 11,492.51, with the main index held back by disappointing earnings from energy and base metal mining companies. The TSX Venture Exchange rose 5.86 points to 1,172.32.However, analysts said no one should be surprised by the weak showing from resource companies.“I think people should have expected that given commodity prices moving lower, and given some earlier announcements, that they shouldn’t have expected good results out of there,” said Sadiq Adatia, chief investment officer at Sun Life Global Investment.A rapidly slowing Chinese economy would have provided a good indication of earnings growth, Adatia added.The Canadian dollar was ahead 0.5 of a US cent to 98.5 US cents.U.S. markets were mixed.The Dow Jones industrials ran ahead 58.73 points to 12,676.05, helped along by better-than-expected earnings reports from manufacturing giants Boeing and Caterpillar.The Nasdaq composite index lost 8.75 points to 2,854.24 in the wake of an earnings disappointment from Apple Inc. after the close Tuesday while the S&P 500 index dipped 0.42 of a point to 1,337.89.The gold sector led advancers, up about 2.8% as bullion advanced US$31.90 to US$1,608.10 an ounce. Barrick Gold Corp. gained 73 cents to C$34.49. Barrick and Goldcorp Inc. report quarterly earnings results Thursday.The industrials sector also provided lift amid earnings from the country’s two big railways.CN Rail reported adjusted earnings per share came in at $1.50, beating analyst estimates by two cents. But chief executive Claude Mongeau acknowledged that there could be an economic slowdown in the United States in the second half of this year and said he’s also keeping an eye on China’s economy. Despite the positive report, CN shares slipped 48 cents to $86.83.Canadian Pacific Railway Ltd. said adjusted earnings were 90 cents per share, beating analyst expectations by seven cents and its shares climbed $3.91 or 5.2% to $78.97.The energy sector was ahead 0.13% as the September crude contract on the New York Mercantile Exchange rose 47 cents to US$88.97 a barrel.But Cenovus shares fell 95 cents to C$31.15 as its profits dropped 40% in the second quarter to $396 million as it faced weaker oil and gas prices.The metals and mining sector led TSX losses, down 1.77% while copper prices closed up two cents to US$3.37 a pound.Teck Resources slid $2.14 or 7.28% to C$27.27 as it reported an adjusted profit of $312-million, or 53 cents per share, in the second quarter compared with $663-million, or $1.12 per share, in the same period in 2011. The slide came amid a weakening of base metal prices during the quarter. Quarterly revenues were $2.6-billion, compared with $2.8-billion a year ago.Teck also warned of tough times ahead due to economic uncertainties in Europe and the United States and less robust growth rates in emerging markets including China.The consumer staples sector was also weak, reflecting lower earnings at grocer Loblaw Cos. Ltd.The company reported quarterly net earnings of $159-million or 56 cents a share, down almost 19% compared to the same period in 2011 and missing estimates by five cents and its shares lost 47 cents to $31.45.In the U.S., Apple shares were down 4.3% to US$574.97 after the company reported its slowest growth in more than two years. Quarterly net income was $8.8-billion, or $9.32 per share, up 21% from a year ago. Analysts expected earnings of $10.37 per share. Revenue was $35-billion, lower than expectations for $37.5-billion.Caterpillar shares rose 1.44% to US$82.60 after posting net income of US$1.7-billion, or $2.54 a share, up from $1.02-billion, or $1.52, a year earlier. The world’s largest maker of construction and mining equipment beat expectations by 24 cents. Caterpillar also raised its full year earnings forecast.Aircraft maker Boeing topped analyst estimates, turning in net income of US$967-million or $1.27 a share, higher than the $1.13 that had been forecast. Boeing also boosted its full-year outlook and its shares rose 2.78% to US$74.03.The eurozone debt crisis has cast a shadow over markets this week on elevated concerns that Spain, Europe’s fourth-biggest economy, will need a bailout as the country is forced to pay ever higher amounts to fund its debt. Yields on the country’s key 10-year Treasuries have remained above the sever% level, which is considered unsustainable.There was some good news on that front Wednesday as the yield on the Spain’s 10-year government bond fell to 7.37% from 7.53% late Tuesday. That’s a positive sign that investors are slightly less worried about Spain’s ability to repay its debts.Markets had faltered mid-morning after the U.S. Commerce Department said sales of new homes plunged 8t% last month to an annual rate of 350,000, much lower than the 373,000 pace that economists expected. It was the slowest pace in five months and the steep decline suggested a weaker job market could make the housing recovery slow and uneven.Here’s the news investors were watching today:Apple stock ripe for the picking: analystsCanadian housing heading for 25% crash: Capital EconomicsThe ultimate earnings roundup: Loblaw, Suncor, CN Rail and more‘Europe is sleepwalking toward a disaster of incalculable proportions:’ EconomistsNew York Times scraps its BlackBerry appON DECK THURSDAYECONOMIC NEWSCANADA8:30 a.m.Survey of employment, payrolls and earnings (May) UNITED STATES8:30 a.m.Weekly jobless claims: Economists expect 380,000 claims Durable goods orders (June): Economists expect 0.3% rise 10 a.m.Pending home sales (June): Economists expect 0.3% rise from month before and 12.1% rise year over year CORPORATE NEWSCANADABarrick Gold Q2 earnings: Analysts expect $1.03 a share Potash Corp Q2 earnings: Analysts expect $1.02 Goldcorp Q2 earnings: Analysts expect 52¢ TransCanada Q2 earnings: Analysts expect 51¢ Imperial Oil Q2 earnings: Analysts expect 87¢ Agnico-Eagle Q2 earnings: Analysts expect 34¢ Canfor Q2 earnings: Analysts expect 4¢ Lundin Mining Q2 earnings: Analysts expect 9¢ MacDonald Dettwiler Q2 earnings: Analysts expect 90¢ Tembec Q3 earnings: Analysts expect loss of 1¢ UNITED STATESAmazon.com Q2 earnings: Analysts expect 2¢ The Dow Chemical Co Q2 earnings: Analysts expect 64¢ Dr Pepper Snapple Group Q2 earnings: Analysts expect 82¢ Starbucks Q3 earnings: Analysts expect 45¢ Exxon Mobil Corp Q2 earnings: Analysts expect US$1.98 Sprint Nextel Corp Q2 earnings: Analysts expect loss of 40¢ 3M Co Q2 earnings: Analysts expect US$1.65 The McGraw-Hill Co Q2 earnings: Analysts expect 76¢ Expedia Inc Q2 earnings: Analysts expect 71¢ The Hershey Co Q2 earnings: Analysts expect 61¢ INTL Paper Co Q2 earnings: Analysts expect 46¢ Kimberly-Clark Q2 earnings: Analysts expect US$1.28 Occidental Petroleum Q2 earnings: Analysts expect US$1.70 read more

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