RTTNews - Toronto stocks could struggle to find direction in early trading on Friday morning. Higher commodity prices may be offset by somewhat lackluster guidance from Research in Motion (RIM.TO) and a larger-than-expected drop in retail sales.
RIM reported first quarter earnings of $1.12 per share, up from the $0.84 last year and better than analysts' expectations. The company expects to report second quarter EPS between $0.94 and $1.03, compared to the $0.97 expected by analysts.
Oil is up 75 cents to $72.12 in electronic trading, adding to yesterday's modest gains. Gold added $3.40 to $938 per ounce and copper jumped 2 cents to $2.302 a pound.
In economic news, retail sales in Canada declined 0.8% in April. Sales were expected to fall 0.2%, compared to a 0.3% rise last month.
Yamana Gold (YRI.TO) declared a second quarter dividend of $0.01 per share for shareholders on record June 30, payable July 14.
In other corporate news, a group led by Bombardier (BBD-B.TO) has been awarded a contract to modernize 156 passenger rail cars by Companhia do Metropolitano de Sao Paulo, the state-owned transit operator that runs the Sao Paulo metro system in Brazil's largest city.
Stellar Pharmaceuticals (SLX.TO) announced that its second quarter revenues will exceed C$1 million, an increase of about 55% over revenues reported for the same quarter in 2008. The company also expects that it will be profitable for the period.
Greystar Resources (GSL.TO:) announced the resignation of Chief Financial Officer Pauline Pasetka. Executive Vice President Frederick Felder has been appointed acting CFO until a replacement is identified.
On Thursday, the S&P/TSX Composite Index added 55.39 points or 0.55% to move at 10,121.50. With the gain, the market moved off of a three-week low.
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