RTTNews - Toronto stocks will look to build on its modest rally from the prior session on Thursday, with early gains possible from the key energy and technology sectors.
Crude oil prices added to a recent gains, which will provide a spark for energy stocks. Light sweet crude for July rallied to $71.91, up 58 cents, in electronic trading.
The Information Technology Index could get a boost from Research in Motion (RIM.TO). The Blackberry maker saw its first quarter and full year estimates increased by JPMorgan Chase & Co. RIM is now expected to earn $0.96 per share in the quarter, up from $0.88, according to Bloomberg. Full-year expectations jumped to $4.06, up from $3.71.
Telecommunications carrier Telus Corp. (T.TO) announced a 2009 capital plan investing more than $250 million in Quebec. The investment is focused primarily on advanced wireless and wireline broadband infrastructure and includes healthcare related technology and applications. The company said that this investment is supporting more than 750 jobs.
lululemon athletica (LLL.TO) reported first-quarter net income of $6.52 million or $0.09 per share, compared to $8.48 million or $0.12 per share last year.
MDS (MDS.TO) reported a second quarter net loss of US$17 million or US$0.15 per share, compared to profit of US$13 million or US$0.11 per share in the year ago quarter.
Transat A.T. Inc. (TRZ-A.TO) reported second-quarter net income of C$42.19 million or C$1.27 per share, compared to C$41.72 million or C$1.25 per share last year.
Xceed Mortgage Corp. (XMC.TO) reported second quarter net income of C$46,000 or breakeven per share, compared to a loss of C$16.67 million or C$0.60 per share in the same quarter of last year. Revenues for the quarter were C$3.76 million, compared to C$4.82 million in the prior year quarter.
On the economic front, Statistics Canada reported industries operated at 69.3% of production capacity, down 5.6 percentage points from the previous quarter. It was the first time that industrial capacity use fell below the 70% level since the start of the data series in 1987.
Meanwhile, the U.S. Labor Department revealed that initial jobless claims, a closely-watched gauge of layoffs, came in at 601,000 for the week ended at June 6th. This was down 24,000 from the previous week's revised level of 625,000.
Meanwhile, a Commerce Department report showed that retail sales rose 0.5 percent in May following a revised 0.2 percent decrease in April. Economists had expected sales to increased by 0.5 percent compared to the 0.4 percent decrease originally reported for the previous month.
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