TORONTO (Bloomberg) — Canadian stocks rose for the first time in three days, led by Research In Motion Ltd., as better- than-estimated results from Hewlett-Packard Co. signalled that some technology company earnings may withstand a recession.

Research In Motion had the steepest gain in almost two months, helped by anticipation of a new BlackBerry phone being introduced this week. Manulife Financial Corp. rallied from near a four-year low, leading finance shares higher. Pipeline company TransCanada Corp. fell on plans to sell additional stock and a decline in oil prices.

The Standard & Poor's/TSX Composite Index gained 0.5 percent to 8,835.76 in Toronto, rallying from a three-week low. Canada's main stock benchmark alternated between gains and losses as oil rallied before erasing gains.

Almost two stocks fell for every one that rose.

"The big news is RIM's move," said Duncan Stewart of Duncan Stewart Asset Management in Toronto. "RIM's gotten pounded lately. It may be a snap-back rally. RIM looks like it may have hit a bottom."

The broader market may not be at a bottom yet, he said, because oil prices may fall further. The S&P/TSX, which gets almost three-quarters of its value from energy, mining and finance shares, fell 42 percent before yesterday from a June peak as commodities slid and global credit losses mounted.

Hewlett-Packard posted a fourth-quarter profit before one- time items of $1.03 a share, beating the $1 average of analyst estimates compiled by Bloomberg. Sales rose 19 percent to $33.6 billion, also exceeding projections. The shares gained 14 percent in New York.

Research In Motion jumped 12 percent to C$58, the steepest gain since September 19. The stock has the most compelling valuation in six years and sentiment on it is "unrealistically dour," Scotia Capital's Toronto-based analyst Gus Papageorgiou said in a note to clients.

A successful launch of its Storm handset in the US on November 21 will remove the largest risk hanging over the stock, Papageorgiou said, reiterating his "sector outperform" rating and a share target of C$160. The stock is trading almost two-thirds below its June 19 peak on concern the company's profit growth will be hurt by a recession and competition from Apple Inc.'s iPhone, and increased marketing spending on new handsets.

Manulife, Canada's biggest insurance company, climbed 6.2 percent to C$22.36, the most in two weeks. The stock fell 13 percent this month before yesterday after sliding 37 percent in October, on concern that the company may have to raise fresh capital to cover losses from the global equity market slump.