Source: The Canadian Press

The Toronto stock market could find some lift at the open from market heavyweight Potash Corporation of Saskatchewan Inc. (TSX:POT) after the fertilizer giant more than doubled its profits in the fourth quarter.

However, lower oil prices could depress the energy sector as crude headed lower.

The Canadian dollar was down 0.08 of a cent to 100.39 cents US.

U.S. futures indicated a higher open amid a slew of earnings reports with the Dow Jones industrial futures up 22 points to 11,958, the Nasdaq futures rose five points to 2,324 while the S&P 500 futures gained 1.1 points to 1,295.

Potash Corp. shares were up about 3.5% in pre-market trading in New York after the world’s biggest producer of potash, the nutrient used in fertilizer, said its net income was $482.3 million in the fourth quarter, or $1.61 per share, seven cents better than analysts forecast.

That compared to $239.2 million, or 79 cents per share a year ago.

Sales were $1.8 billion, an increase from $1.1 billion in the comparable period and above analyst expectations of about $1.65 billion.

The March crude contract on the New York Mercantile Exchange declined 23 cents to US$87.10 a barrel.

Prices had moved higher Wednesday, the first significant move higher for oil in a week after prices tumbled on signs the Organization of Petroleum Exporting Countries, which produce about 40% of the world’s crude, could raise production to bring down the price of oil.

Metal prices advanced with the March copper contract on the Nymex ahead five cents to US$4.32 a pound while the February gold contract on the Nymex inched up a dime to US$1,333 an ounce.

On the U.S. earnings front, Caterpillar shares were up about 2.8% in pre-market trading after the company more than quadrupled its fourth-quarter profit as stronger demand helped increase global sales of mining and construction equipment. It generated US$968 million net income, or $1.47 per share while its revenue jumped 62% to US$12.8 billion.

Analysts surveyed by FactSet expected Caterpillar to report quarterly earnings per share of US$1.27 on revenue of US$11.7 billion.

Procter & Gamble Co., the world’s largest consumer products maker, reported quarterly net income of $3.33 billion, or $1.11 per share, compared with $4.66 billion, or $1.49 per share last year. Revenue rose 2%to US$21.3 billion. Analysts expected US$1.10 per share on US$21.51 billion but its shares were off 2.5% in pre-market trading.

Overseas, Japan’s Nikkei 225 stock average closed 0.7% higher even as credit ratings agency Standard & Poor’s downgraded its view on Japan’s debt amid concerns over its elevated borrowings.

South Korea’s Kospi added 0.2% while Hong Kong’s Hang Seng fell 0.3% and the Shanghai Composite Index climbed 1.5%.

London’s FTSE 100 index added 0.34%, Frankfurt’s DAX gained 0.53% while the Paris CAC 40 was ahead 0.31%.

In other corporate news, Methanex Corp. (TSX:MX) is reporting fourth quarter net income of $27.9 million or 30 cents per diluted share. That compared with net income before unusual item of $10.6 million or 11 cents per diluted share for the third quarter of 2010.

Celestica Inc. (TSX:CLS) reported fourth-quarter revenue and adjusted profit that topped analyst expectations, although the global manufacturing company’s net income slipped from a year before due to restructuring and stock-based compensation charges. Net income was US$25.6 million, or 11 cents per share, compared to $31.1 million, or 13 cents per share in the same period a year ago.

And Nintendo’s nine-month profit tumbled 74% as weaker sales of the Wii console and a strong yen battered its bottom line. The lacklustre results announced Thursday led the creator of the Super Mario franchise to slash sales expectations for its video game devices.