The Toronto stock market was little changed Monday, surrendering most early gains as profit-taking hit Research In Motion's share price while mining and energy stocks failed to benefit from higher commodity prices.
The S&P/TSX Composite Index was in the red 0.72 points to close out Monday at 12,815.91
The Canadian dollar dipped 0.06 cents to 99.35 cents U.S.
The Canadian corporate earning season kicks into gear this week with some of Canada's biggest companies reporting.
Canadian Pacific Railway and grocer Metro Inc. report earnings results on Tuesday while Potash Corp. of Saskatchewan and Canadian Oil Sands hand in numbers on Thursday.
Elsewhere on the corporate front, RIM unveils its new BlackBerry 10 product line in New York on Wednesday. Its stock has been on a tear lately amid optimism about the new lineup, rising 50% in January and 12% last week alone. However, its stock fell $1.34, or 7.6%, to $16.27 Monday morning on profit-taking.
The gold sector was down as Barrick Gold Corp. shed 26 cents to $32.76 while Kinross Gold Corp. faded 22 cents to $8.36.
The mining sector also helped depress the TSX as March copper on the New York Mercantile Exchange rose one cent to $3.66 U.S. a pound. Thompson Creek Metals shed nine cents to $4.10 and Capstone Mining declined two cents to $2.47.
The energy sector was off as Imperial Oil lost 13 cents to $44.95.
The telecom sector gained with BCE Inc. ahead 21 cents to $44.57.
Financials also supported the TSX as Royal Bank rose 51 cents to $62.61 while Bank of Montreal gained 38 cents to $64.53.
ON BAYSTREET
The TSX Venture Exchange lurched lower 9.36 points to 1,217.88
All but four of the 14 Toronto subgroups were lower on the day, weighed down mostly by information technology, shedding 2.6%, global base metals, down 1.2%, and gold, shining 1% less brightly.
The four gainers were led by telecoms, up 0.9%, financials, advancing 0.5%, and utilities, ahead 0.1%.
ON WALLSTREET
U.S. stocks barely budged Monday, despite upbeat economic and corporate news, as investors were reluctant to push prices higher following four weeks of gains.
The Dow Jones Industrial Average dropped 14.05 points, to end the session at 13,881.90
The S&P 500 slipped 2.78 points to 1,500.18. The tech-heavy NASDAQ Composite tacked on 4.59 to 3,154.30
U.S. stocks have been grinding higher so far in 2013. 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 100 points shy of 14,000, and the S&P 500 is 5% from its record high.
Caterpillar, the biggest seller of construction equipment in the world, said the U.S. economy will continue to improve this year, but warned that "growth is expected to be relatively weak." Despite an uncertain outlook for the global economy, Caterpillar said 2013 could be a record year for the company.
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.
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.
Also on the corporate front, shares of Apple were in focus. On Friday, Apple lost its title as the world's most valuable company to Exxon.
Shares of Hess rose 5% after the oil and gas company said it would sell more assets as it exits the refining business. The company also disclosed that activist investor Elliot Associates is interested in buying up to $800 million U.S. worth of Hess stock.
The Federal Trade Commission took action against Fortune Hi-Tech Marketing, a seller of health and beauty products, for operating an alleged pyramid scheme.
The news weighed on shares of Herbalife Ltd, which has been labeled a pyramid scheme by hedge fund manager Bill Ackman, who placed a $1-billion U.S. bet the company's stock would become worthless. Shares of Nu Life, which sells anti-aging products and has a similar business model to Herbalife, also sank.
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
The National Association of Realtors said its index of pending home sales fell 4.3% in December.
Prices on the 10-year U.S. Treasury sagged, hiking yields to 1.97% from Friday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices improved 39 cents to $96.27 U.S. a barrel.
Gold prices fell back $1.70 to $1,654.10 U.S. an ounce.
