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By Malcolm Morrison, The Canadian Press
TORONTO - The Toronto stock market could be in for a slightly higher session supported by the financial sector after two more of the big Canadian banks beat analysts expectations in their latest earnings reports.
Bank of Montreal (TSX:BMO.TO - News) reports a higher second-quarter net income of .1 billion, up 12 per cent from a year ago. Earnings per share in ray ban made in china the quarter were .60, up from .40 year-over-year. Adjusted earnings per share were .63, up 13 per cent from the same quarter last year and 10 cents ahead of estimates. The bank is raising its dividend by two cents to 78 cents per common share.
And after the close Tuesday, National Bank (TSX:NA.TO - News) reported second-quarter net income of 2 million, down 13 per cent from a year ago. On an adjusted basis, earnings were .05 a share, a penny higher than analyst estimates. However, revenue of .28 billion missed expectations of .34 billion. It also said its quarterly dividend will be going up by four per cent.
The results follow a string of better than expected reports from the banks over the past week. CIBC (TSX:CM.TO - News) posts results on Thursday.
The Canadian dollar was unchanged at 92.07 cents US.
U.S. futures were positive amid a quiet day for economic news as the Dow Jones industrial futures gained 21 points to 16,675, the Nasdaq fake raybans futures climbed 6.2 points to 3,727.5 while the S&P 500 futures were ahead three points to 1,912.2.
New York markets finished positive Tuesday amid improving consumer confidence figures, but Toronto registered a loss led by the gold sector as bullion prices closed at their lowest level in almost three months.
Elsewhere on the corporate front, Valeant Pharmaceuticals (TSX:VRX.TO - News) has added more cash to its offer to buy Botox maker Allergan in a bid that could now be worth more than billion. The Quebec-based drugmaker said Wednesday it will now offer US.30, up from its previous bid, and a portion of cheap ray bans for sale its stock for each Allergan share. It also promises a contingent value right shareholder payment based on future sales of a potential eye treatment.
Valeant made its initial bid along with activist investor Bill Ackman. The ray ban outlet online investor’s Pershing Square Capital Management LP holds a 9.7 per cent stake in Allergan.
Meanwhile, Nestle says it is paying .4 billion in cash to Valeant for the rights to sell lip and wrinkle treatment Restylane and other skin products in the U.S. and Canada. The other products are Perlane, Emervel, Dysport and Sculptra, used to reduce wrinkles or address other issues in different areas of the face. Nestle already had the rights to the products outside the U.S. and Canada.
On the commodity markets, July crude in New York slipped seven cents to US4.04 a barrel.
July copper was unchanged at US.18 a pound while June gold was also unchanged at
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