Canadian Stocks Slide Despite Upbeat Earnings -- Canadian Commentary

(RTTNews) - Canadian stocks were lower for a second session Thursday, easing from record highs seen earlier this week. Amid concerns about the global economy, traders booked profits after a run-up in financials and industrials.

The S&P/TSX Composite Index was down 49.02 points to 15,781.20, having pulled up shy of the 16,000 mark. A number of upbeat earnings headlines prevented a bigger retreat.

Canadian Imperial Bank of Commerce (CM.TO) said first quarter that surged up 60% from last year. CIBC also raised its dividend on strong guidance. Shares rose 1 percent.

Gildan Activewear Inc. (GIL.TO) said fourth quarter rose 10% compared to the same period last year. The stock was up 1.8 percent.

Loblaw Companies (L.TO) announced a profit for its fourth quarter that advanced 8% compared to the same period last year. Shares rose 3 percent.

Iamgold Corp. (IMG.TO) turned to profit in the fourth quarter. Shares slipped 1 percent.

Saba Software Inc., a cloud-based talent management company, is buying Halogen Software Inc. (HGN.TO).

In economic news, Canada's average weekly earnings of non-farm payroll employees were $971 in December, an increase of 1.0% from November and 1.2% from 12 months earlier.