Bay Street Could See Lackluster Open As Traders Ponder Earnings Reports - Canadian Commentary

(RTTNews) - Bay Street stocks could see a lackluster opening on Tuesday morning as traders digest an assortment of earnings reports from both sides of the border. U.S. futures are showing little direction, while European stocks are up slightly.

Canadian Pacific Railway Limited (CP.TO) announced third-quarter net income of C$195.4 million, up 14% from C$170.7 million in the year ago quarter. Earnings per share were C$1.16, an increase of five per cent from C$1.10 in third-quarter 2008. Revenues for the quarter were C$1.09 billion, down from C$1.26 billion in the prior year quarter.

QLT (QLT.TO) reported its third-quarter net income plummeted to $8.92 million or $0.16 per share from $146.93 million or $1.97 per share last year. Income from continuing operations for the quarter dipped to $2.24 million or $0.04 per share from $12.14 million or $0.16 per share in the previous year.

Rogers Communications Inc. (RCI.A.TO) reported third quarter net income of C$485 million or C$0.79 per share, compared to C$495 million or C$0.78 per share in the prior year quarter.

Vitran Corp. Inc. (VTN.TO) reported third-quarter net income of US$0.3 million or US$0.02 per share, compared to net income of US$2.1 million or US$0.15 per share in the year ago quarter. Net Interest expense for the quarter increased to US$2.58 million,from US$2.16 million in the same quarter last year.

In economic news, Stats Canada reported the number of people receiving unemployment benefits fell 2.4% or 19,100 in August, falling for the second straight month.

On the commodity front, crude oil added 24 cents to $78.92 per barrel, while gold fell $2.10 to $1,040.70 and copper was little changed at $3.0075.

On Monday, the S&P/TSX Composite Index dropped 147.25 points or 1.29% to settle at 11,234.88. Earlier, the main index jumped above the 11,500 mark and challenged a monthly high.

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