By James Langton
(April 12 – 09:00 ET) – Traders will get some economic news tomorrow with the release of the retail sales numbers and the Producer Price Index. Friday brings the U.S. Consumer Price Index. But, today the data feed is sparse.
Statistics Canada is reporting that the March Help-wanted Index increased by 0.6% to 171. It notes that the rate of increase has slowed in recent months. Also the New Housing Price Index rose 0.4% from January to February. On an annual basis contractors’ selling prices for new houses increased 2.1%. This is the highest annual increase since May 1990, when it rose 3.8%.
In Europe, markets are very subdued. Telecoms are strong, but the indexes remain flat. London’s FTSE is down 2 points to 6377. In Paris the CAC 40 has gained 6 points to 6268. Germany’s DAX is up 15 points to 7457.
In M&A news, Unilever, globally the second-biggest food producer, is bulking up by buying SlimFast Foods Co. for US$2.3 billion. Alcan Aluminium Ltd. has reportedly dropped its bid to acquire French rival Pechiney SA for about US$7 billion, after European antitrust watchdogs voiced opposition. Media firm Nelvana Ltd. is buying privately-held Klutz for $74 million.
In Asia stocks were strong overnight. The Nikkei closed up 311 points to 20833. The Hang seng added 89 points to 16577.
In other business news CS First Boston is dropping its earnings estimates for Research in Motion a move that will undoubtedly attract attention. It is dropping its 2001 EPS estimate to 15¢ per share from 35¢, dropping revenue estimates by about $30 million too.
TLC Laser Eye Centers Inc. is reporting its results for the third quarter of fiscal 2000 ended February 29, 2000. Net revenues grew 19% year over year but the firm still posted a net loss of 5¢US per share in the quarter.