CJ: TSX set to gain after Research in Motion reports record quarterly results
TORONTO - The Toronto stock market is expected to find strength today from better-than-expected earnings results from Research in Motion (TSX:RIM).
The BlackBerry maker says it earned a record US$796.7 million in its most recent quarter, up 68 per cent from a year ago, while revenue increased 31 per cent.
RIM also says it expects to resolve its security concerns with countries such as the United Arab Emirates and India, which want access to encrypted data on BlackBerrys — a demand that threatens to undermine RIM's reputation for highly secure communications.
In New York, stock futures pared their gains after the Organization for Economic Co-operation and Development said the global economy is off to a weaker start in the second half than expected.
The price of oil was unchanged at US$74.57 a barrel in early trading, while the price of gold added $3.80 to US$1,277.60 an ounce.
The Canadian dollar was unchanged at 97.41 cents US.
