RTTNews - Toronto stocks will look to rebound in early trading on Thursday morning after three straight negative sessions. Traders will ponder data showing the Canadian consumer price index was unexpectedly higher in the month of May.
In economic news, consumer prices inched higher by 0.1% in May, down from the 0.4% increase in April. Economists were looking for consumer prices to slip 0.2%. Core prices excluding energy and food advanced 2.0% over the 12 months to May, up from the 1.8% rise posted in April.
Investors are looking forward to the quarterly earnings report from Research in Motion (RIM.TO) after the closing bell. The Blackberry-maker is expected to report earnings of US$0.94 per share, up from US$0.84 a year ago. Revenues are expected to climb 52.3% to $3.41 billion.
Crude oil prices were slightly higher in electronic trading, adding 9 cents to $71.12 per barrel. Gold also gained modestly, rising $2.40 to $938.40 per ounce. Copper fell 2.8 cents to $2.2415.
Detrout Gold (DGC.TO) was initiated at Speculative Buy with a price target of C$17.50 by Laurentian Bank Securities.
Iamgold (IMG.TO) increased its production outlook to 910,000 to 920,000, up 30,000 to 40,000 from its previous expectations.
Teck Resources (TCK.B.TO) said that it has agreed to sell one-third interest in Teck's Waneta Dam in southeastern British Columbia to BC Hydro for C$825 million.
Evertz Technologies Limited (ET.TO) posted fourth quarter net income of C$20.8 million or C$0.28 per share, compared to C$21.1 million or C$0.28 per share in the last year quarter.
WestJet Airlines (WJA.TO) said that the WestJet Pilots Association ratified the 2009 pilot agreement, effective July 1. About 89% of the pilots voted in favor of the agreement.
Across the border, a Labor Department report showed that initial jobless claims rose to 608,000 from the previous week's revised figure of 605,000. Economists had expected jobless claims to edge up to 604,000 from the 601,000 originally reported for the previous week.
The S&P/TSX Composite fell 241.29 points or 2.34% to settle at 10,066.11 on Wednesday. This marked the lowest finish since May 22.
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