The Toronto stock market was little changed Monday as traders look to a heavy slate of earnings news in Canada and the U.S. coming out during the week.
The S&P/TSX composite index dipped 2.92 points to 14,497.47. The Canadian dollar was down 0.12 of a cent to 90.68 cents (U.S.).
U.S. indexes were positive with the Dow Jones industrials up 34.32 points to 16,442.86, the Nasdaq composite index was ahead 10.03 points to 4,105.54 while the S&P 500 index climbed 3.56 points to 1,868.41.
On Monday, traders will look to results coming in after the close from Rogers Communications. Rogers acquired additional wireless spectrum during the January auction for $3.3-billion, which will be needed to allow consumers to stream NHL games on their mobile devices. Rogers scored a $5.2-billion multi-year deal for the national rights to all NHL games last fall and its shares climbed 31 cents to $44.58.
Teck Resources also reports this week and its results will be impacted by falling commodity prices. Copper prices have tumbled 11 per cent this year and coal prices have fared even worse, falling from $300 (U.S.) a tonne in 2011 to about $120 a tonne. Teck shares slipped 21 cents to $24.10.
Meanwhile, shareholders in Canadian Pacific will be looking to see if the railway’s results justify the 36 per cent run-up in the stock price over the last 52 weeks. Traders will look to see how severe winter weather affected the railway in the quarter and how increased petroleum shipments have lifted the bottom line. CP shares were off five cents to $163.16.
In the U.S., on Monday toymaker Hasbro reported earnings ex-items of 14 cents per share, four cents ahead of estimates. Revenue edged up two per cent to $679.5-million from $663.7-million, but missed Wall Street’s estimate of $690.1-million.
The tech sector in particular will be in focus as traders take in earnings during the week from tech heavyweights including Amazon, Apple, Facebook, Microsoft and Netflix. The results are being released following a sharp correction in the tech sector that has seen the Nasdaq index drop about five per cent this month.
Elsewhere on the corporate front, the U.S. government said Friday that it needs more time to prepare its recommendation to president Barack Obama on TransCanada’s Keystone XL pipeline. The southern leg of the Alberta-to-Texas pipeline is already completed, but the northern stretch that crosses the Canada-U.S. border requires a presidential permit. TransCanada shares fell $1.45 to $49.85.
Junior wireless company Mobilicity says it has agreed to be purchased by Telus Corp. for $350-million (Canadian). However, the sale is subject to regulatory approval. Telus has twice tried to buy struggling Mobilicity, but both times the deal was rejected by Industry Canada. This time, however, Mobilicity says it believes the deal will satisfy the federal agency’s criteria and will not affect competition in the Canadian wireless sector. Telus was up eight cents to $38.50.
The gold sector was ahead 0.33 per cent while June bullion fell $4.70 to $1,289.20 (U.S.) an ounce.
The energy sector edged up 0.1 per cent as May crude in New York slipped four cents to $104.26 a barrel.
The metals and mining sector was the biggest decliner, down 0.4 per cent while May copper was down a cent at $3.04 a pound.