Stocks slightly in green
Tuesday, January 29, 2013 10:18 AM EST Stocks slightly in green CP out with earnings Canada's main stock index edged higher on Tuesday, as investors looked to the outcome from the U.S. Federal Reserve two-day meeting to gauge the health of the world's largest economy, and as earnings rolled in from at least one of Canada’s heavyweight industrials. The S&P/TSX Composite Index gained 21.88 points to open Tuesday at 12,837.79 The Canadian dollar reclaimed 0.16 cents to 99.54 cents U.S. In company news, Canadian Pacific Railway reported a 93% fall in fourth-quarter profit, but said it expects 2013 adjusted earnings per share to rise more than 40%. CP shares spiked $3.73, or 3.3%, to $116.50 Susquehanna raises target price of Agrium's U.S. listed shares to $135 from $130 after the company raised its fourth-quarter earnings estimate above its previous outlook. Agrium shares sank 43 cents to $113.72 National Bank Financial cut the rating on Progressive Waste Solutions to sector perform from outperform and says the REIT model would not be favourable for the company and would limit its ability to grow through acquisition. Progressive shares shed 51 cents to $21.84. ON BAYSTREET The TSX Venture Exchange regained 8.75 points to 1,228.63 All but four of the 14 Toronto subgroups were higher to start the session, led by gold, up 1.4%, materials, 0.9% stronger, and global base metals, ahead 0.6%. The four laggards were weighed by information technology, sinking 1%, health-care, 0.2% less hale, and financials, poorer by 0.1%. ON WALLSTREET Stocks were mixed Tuesday, after economic data and a slew of corporate earnings failed to impress investors. The Dow Jones Industrial Average gained but 5.06 points, to commence trading at 13,887. The S&P 500 tacked on 2.32 points to 1,502.50. The tech-heavy NASDAQ Composite slid 20.33 to 3,133.96 After their recent four-week winning streak, investors say stocks, which are hovering around five-year highs, may be due for a pullback. Ford was a major drag on the broader market. The car company posted higher fourth-quarter income and sales, boosted by strong results in North America. But worse-than-expected weakness from Europe weighed on Ford's shares, which slid more than 3%. Drug companies fared better. Shares of Pfizer inched higher on better-than-expected quarterly results, as did rival Eli Lilly and Co, which also reported fourth-quarter earnings and sales that topped expectations. Glass maker Corning's stock jumped after the company delivered earnings and sales ahead of forecasts. Shares of data storage equipment maker EMC plunged after the company's earnings outlook fell short of estimates. Shares of Apple gained more than 1%, after the company announced a new iPad with more storage. Yahoo shares rose after the company posted earnings that beat expectations late Tuesday. Amazon.com results are due after the closing bell. On the economic front, while the Case-Shiller 20-city home price index beat expectations, investors were also waiting for data from the Conference Board's monthly Consumer Confidence Index due out at 10 a.m. ET. Case-Shiller reported that home prices in 20 major U.S. cities were up 5.5% in November compared to a year earlier, their biggest jump in more than six years. Tuesday also marks the start of the Federal Reserve's first monetary policy meeting of the year. At the conclusion of the two-day meeting Wednesday afternoon, investors will look for clues from the central bank's statement for when the bond buying program could end. Prices on the 10-year U.S. Treasury moved a bit higher, dropping yields to 1.96% from Monday’s 1.97%. Treasury prices and yields move in opposite directions. Oil prices hiked 75 cents to $97.19 U.S. a barrel. Gold prices strengthened $8.50 to $1,661.40 U.S. an ounce.
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