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TMCNet:  Slight slip at opening

[January 15, 2013]

Slight slip at opening

(Baystreet Stock Market Update (Canada) Via Acquire Media NewsEdge) Corus, Encana in focus Markets in Toronto opened mixed on Tuesday, after U.S. Federal Reserve Chairman Ben Bernanke painted a cautiously optimistic outlook for U.S. growth while urging lawmakers to raise the debt ceiling to avoid default.



The S&P/TSX Composite Index doffed 10.41 points to begin Tuesday at 12,592.68 Aurizon Mines Ltd said that it was reviewing the unsolicited takeover proposal it received from rival gold miner Alamos Gold Inc and advised its shareholders to hold off on taking any action at this time.

Corus Entertainment Inc. Monday reported a fall in quarterly revenue, hurt by lower sales at its television segment.

Natural gas company Encana Corp. quashed speculation on Monday that it may be up for sale following the unexpected retirement of its CEO.

Mining firm Encanto Potash Corp. said on Monday that it is in talks with India's Rashtriya Chemicals and Fertilizers Ltd, but has not struck any agreement for future potash sales.

Yoga retailer Lululemon Athletica Inc. said on Monday it expected growth slowed sharply at its established yoga-wear shops for the quarter that includes the crucial holiday shopping season.

Rogers Communications said it would buy Hamilton, Ontario-based Mountain Cablevision Limited and some wireless spectrum licenses from Shaw Communications for about $700 million.

Economically speaking, figures released this morning by the Canadian Real Estate Association (CREA), national home sales activity was little changed on a month-over-month basis in December 2012, holding it in line with levels reported in August when demand first geared down in the wake of tighter mortgage lending rules.

The number of home sales processed through the MLS Systems of real estate Boards and Associations in Canada edged down 0.5% on a month-over-month basis in December 2012.

ON BAYSTREET The TSX Venture Exchange eked higher by 0.98 points to 1,230.51 All but three of the 14 Toronto subgroups started off on the wrong foot, with information technology stocks stumbling 1.3%, while global base metals and industrials slid 0.4%.

The three gainers were gold, up 1%, while materials gained 0.4%, and energy stocks were stronger by 0.1%.

ON WALLSTREET U.S. stocks opened lower Tuesday as investors parsed through a series of uninspiring economic reports ahead of more corporate results.

The Dow Jones Industrial Average tripped 29.03 points to 13,478.30 The S&P 500 fell 5.61 points to 1,465.07. The Nasdaq Composite pointed down 19.43 points to 3,098.07 Homebuilder Lennar reported earnings that beat expectations, although shares fell 0.5%.

Goldman Sachs and JPMorgan Chase will report results Wednesday, while Intel, Bank of America and General Electric are due later in the week.

Overall, S&P 500 companies are expected to report earnings growth of 2.4% for the last three months of 2012, according to observers.

Excluding the financial sector, however, growth for these firms is expected to be just 0.2%.

Dell shares rose 2%, extending the previous day's rally that was sparked by reports of the PC maker considering a buyout.

Shares of Facebook edged higher in anticipation of its mystery announcement, scheduled to take place at 1 p.m. ET at the company's headquarters in Menlo Park, Calif.

On the economic front, U.S. producer prices for December came in lower than expected, falling 0.2%. And the index measuring manufacturing activity in New York state came in negative for the sixth straight month in January, according to the New York Federal Reserve Bank.

Later in the morning, the Census Bureau will release data on business inventories for November.

Prices on the 10-year U.S. Treasury note spiked, lowering yields to 1.81% from Monday's 1.86%. Treasury prices and yields move in opposite directions.

Oil prices dipped six cents to $94.08 U.S. a barrel.

Gold prices improved $8.40 an ounce to $1,677.80 U.S.

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