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This Feb. 11, 2011 file photo shows the Comcast logo on one of the company's vehicles, in Pittsburgh. (Gene J. Puskar/AP)
This Feb. 11, 2011 file photo shows the Comcast logo on one of the company's vehicles, in Pittsburgh. (Gene J. Puskar/AP)

At midday: TSX advances amid mixed earnings, M&A activity Add to ...

The Toronto stock market was higher late morning Thursday amid a mixed slate of earnings reports from the insurance, retail manufacturing and resource sectors.

The S&P/TSX composite index was up 35.66 points to 13,936.15.

A major decliner was Bombardier Inc. Its shares tumbled 43 cents or 10.65 per cent to $3.61 as the company reported that it had $129-million (U.S.) of quarterly adjusted net income, or seven cents per share, which was four cents below estimates.

It also said that delays in first deliveries of its delayed CSeries aircraft will add about $1-billion (U.S.) in development costs and capitalized interest.

“Obviously, there’s not much confidence,” said Ian Nakamoto, director of research at 3MACS.

“People are taking a more jaundiced view, saying OK this quarter is fine in terms of the cash flow generation but you missed your earnings, what’s it going to be like in the next year?”

The Canadian dollar was up 0.06 of a cent to 90.99 cents (U.S.).

New York indexes chalked up minor gains as January retail sales data missed expectations.

The Dow Jones industrials rose 5.67 points to 15,969.61 as sales fell 0.4 per cent against the 0.3 per cent decline that economists had expected.

The Nasdaq rose 14.6 points to 4,215.89 while the S&P 500 index was up 1.97 points to 1,821.23.

There was also major acquisition activity as Comcast Corp. confirmed that it plans to buy Time Warner Cable for about $45.2-billion (U.S.) in stock in a deal that would combine the top two cable TV companies in the United States.

On the earnings front, Manulife Financial Corp. says it had $685-million or 35 cents a share of core earnings in the fourth quarter, three cents short of expectations, and its shares fell 27 cents to $20.64.

The gold sector rose 2.1 per cent while April bullion was $1.80 higher to $1,296.80 (U.S.) an ounce.

Barrick Gold Corp. lost $2.83-billion (U.S.) in its latest quarter as the gold miner slashed it reserve estimates and said it expected production this year to fall from 2013. It beat on revenue expectations and its shares gained 70 cents to $21.51 (Canadian).

The consumer discretion sector also helped lift the TSX as Canadian Tire Corp. earned quarterly net income of $191-million or $2.35 a share, up from $162.8-million a year earlier. Revenue was $3.328-billion, compared with $3.166-billion and its shares gained $3.03 to $97.78.

The energy sector was up 0.1 per cent as March crude on the New York Mercantile Exchange was down 14 cents to $100.23 (U.S.) a barrel.

Shares in Cenovus Energy Inc. lost 71 cents to $28.93 as the oilsands producer reported $212-million or 28 cents a share of operating earnings, compared with a year-earlier operating loss of $188-million or 25 cents per share. Cenovus also says its quarterly dividend will rise 10 per cent to 26.62 cents per share.

The base metals sector led decliners, down 2.6 per cent on the TSX as March copper dipped two cents to $3.23 (U.S.) a pound. Teck Resources blamed lower prices for a lower adjusted fourth-quarter profit of $227-million, or 40 cents a share. Teck shares fell $1.70 or 6.1 per cent to $26.16 (Canadian).



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