Slight jump at open
Monday, January 28, 2013 10:9 AM EST Slight jump at open Caterpillar hikes Canadian stock index futures experienced a higher open on Monday, after recent global economic data suggested the world's biggest economies are on their way to recovery. The S&P/TSX Composite Index added 25.13 points to begin Monday at 12,841.76 The Canadian dollar dipped 0.32 cents to 99.09 cents U.S., Nordion said it has initiated a review of its strategic alternatives, almost four months after it suspended its dividend as an arbitration panel rejected its claim for damages from its main supplier. Nordion shares opened higher by 87 cents, or 13.5%, to $7.30. Oil and gas producer Nexen Inc. and China's CNOOC said they have mutually agreed to extend the closing date of CNOOC's takeover of the company by 30 days to March 2. Nexen shares opened a penny better to $27.15 Silver Standard Resources Inc. says it expects construction at its San Luis mine in central Peru to begin this year, as it works to wrap up an agreement with a local land-owning community. Silver Standard shares opened lower by six cents to $12.34. ON BAYSTREET The TSX Venture Exchange hesitated 0.62 points to 1,226.62 Nine of the 14 Toronto subgroups gained ground soon after the opening bell, with health-care growing 1.4%, information technology ticking higher 0.9%, and telecoms beaming 0.6% above Friday’s close. The five laggards were weighed by global base metals, down 0.4%, while gold sagged 0.2%, and consumer staples slid 0.1%. ON WALLSTREET Stocks fell marginally early Monday, as investors pondered strong durable goods orders and better-than-expected earnings from manufacturing giant Caterpillar. The Dow Jones Industrial Average dropped 3.16 points, to begin the day and week at 13,892.80 The S&P 500 slipped 0.10 points to 1,502.86. The tech-heavy NASDAQ Composite tacked on 6.77 to 3,156.48 U.S. stocks have had quite a January, with four straight weeks of gains so far this year. The Dow finished Friday at its highest level since October 2007, while the S&P 500 closed above the 1,500 mark for the first time since December 2007. The Dow is now just 2% away from its all-time high, and the S&P 500 is off about 5% from its record high. Caterpillar's fourth-quarter earnings topped analyst expectations, sending shares of the company up more than 1% in premarket trading. As the biggest seller of construction equipment in the world, with major operations in China, Caterpillar is considered a bellwether for the global economy. Yahoo earnings are up after the bell. The company's fourth-quarter results are a big test for CEO Marissa Mayer, who shocked the world last summer by taking the top spot at Yahoo. The results will be a look into Yahoo's new business strategy -- the results of which Mayer began laying out in an all-staff meeting in September. Also on the corporate front, shares of Apple will be in focus Monday, with shares edging slightly higher. The iPhone and iPad maker's stock is down almost 20% this year. On Friday, Apple lost its title as the world's most valuable company to Exxon as shares closed at a one-year low. Of the 141 companies in the S&P 500 that have reported earnings so far, 67% have reported results above analyst expectations, according to Thomson Reuters. Overall, fourth-quarter earnings are expected to grow 2.8% from a year ago. On the economic front, the U.S. Census Bureau said durable goods orders rose 4.6% in December. Analysts were looking orders to rise just 1.6% last month, following a 0.7% uptick in November. Following the opening bell, the National Association of Realtors will have released pending home sales for December. Prices on the 10-year U.S. Treasury sagged, hiking yields to 1.99% from Friday’s 1.95%. Treasury prices and yields move in opposite directions. Oil prices progressed 73 cents to $96.61 U.S. a barrel. Gold prices fell $1.30 to $1,655.30 U.S. an ounce.
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