With European policy makers voicing assurances that they will do everything possible to ensure the euro will continue to be the region's common currency, investor sentiment was given a lift to end the week. Meanwhile here at home, Statistics Canada will report on the consumer price index for July with economists expecting to see an annual rise of 1.6 per cent. South of the border, all eyes will be on the University of Michigan's August consumer sentiment index due this morning.
As we head into the weekend, here are the stocks we're watching:
*Danier Leather Inc. announced a net loss of $2.1 million, or 45 cents per share, during its 2012 fiscal fourth quarter. But total company sales during the quarter increased by 3 per cent to $27.5 million and comparable store sales rose by 6 per cent. Leather never goes out of style.
*The J. M. Smucker Co., the Orrville, Ohio-based maker of fruit spreads, ice cream toppings, beverages, and other food products, reported its fiscal first quarter earnings for 2013 this morning showing its net income declined to $110.86 million from $111.52 million in the same quarter last year. However, net income rose to $1 from 98 cents per share and sales for the quarter rose to $1.37 billion from $1.19 billion in the prior year quarter.
*Aeropostale Inc., the New York-based teen apparel retailer, lost ground in after-hours trading on Thursday after it released a weaker-than-expected profit forecast for the current quarter. Following the flat results, investment bank Brean Murray & Co. lowered its price target on Aeropostale from $21 to $18 but it maintained its "buy" rating as it's believed the clothing company is on the right track to drive growth once business stabilizes.
*ScanSource Inc., the Greenville, S.C.-based distributor of specialty technology products, forecast lower earnings for its first quarter of fiscal 2013 during its fourth quarter 2012 report. The company's profit is in the range of 58 cents to 60 cents per share in the current quarter on sales of $740 million to $760 million. The distributor did generate record sales for its security and North American communications business units in the current quarter.
*Western Wind Energy Corp., the Vancouver-based renewable energy development firm, saw its second quarter net earnings rise to $2.38 million, or 4 cents per share, compared to a loss of $1.23 million, or minus-2 cents per share, one year ago. The west coast company's operating revenues increased by an impressive 1,276 per cent to $14.4 million. Recently however, the decision was made by Western Wind's board of directors to renew itself by selling the company and all of its assets and it has picked financial advisor Rothschild to lead the effort.