Futures Stumble to Begin Short Week

Apple, Walmart in Focus

Stock futures pointed to a lower open for Canada's main equity index on Tuesday, as oil prices slipped on lingering concerns over the impact of the coronavirus outbreak in China on oil demand.

The TSX Composite Index remained positive 27.19 points to close Friday and the week at 17,838.74, a gain on the week of nearly 183 points, or 1.04%.

The Canadian dollar slid 0.14 cents early Tuesday at 75.40 cents U.S.

March futures tumbled 0.3% early Tuesday.

Markets were shuttered Monday for Family Day.

Air Canada missed analysts' estimates for quarterly profit, as the airline spent more on maintaining older aircraft in its fleet amid the grounding of Boeing's 737 MAX jet.

Alstom shares fell after the French firm agreed to buy the rail division of Bombardier for up to 6.2 billion euros, in a deal likely to be scrutinized by regulators and unions.

RBC raised the price target on Bombardier to C$3.50 from C$2

CIBC raised the price target on Canopy Growth to $35.00 from $30.00

CIBC raised the price target on CI Financial to $26.00 from $25.00

Canaccord Genuity starts coverage on Pembina Pipeline with a buy rating, with a price target of $58.00

On the economic beat, Statistics Canada said Tuesday manufacturing sales declined for the fourth consecutive month, down 0.7% to $56.4 billion in December.


The TSX Venture Exchange docked 0.51 points to 570.49 Friday, a weekly loss of 3.7 points, or 0.6%.


U.S. stock index futures fell Tuesday morning after Apple said Monday it does not expect to meet its second-quarter forecast for revenue.

Futures for the Dow Jones Industrials dropped 151 points, or 0.5%, early Tuesday to 29,244.

Futures for the S&P 500 hiked 13.5 points, or 0.4%, at 3,367.50.

Futures for the NASDAQ Composite backed off 55.75 points, on 0.6%, to 9,576.50.
Walmart added to the pressure, falling 0.3% after reporting earnings that fell short of Street expectations.

Apple cautioned it does not expect to meet its quarterly revenue forecast, citing slowed production and weakened demand in China as a result of the coronavirus outbreak. The most valuable company in the U.S. initially said it expected to report net sales between $63 billion to $67 billion in its fiscal second quarter.

The company has not provided an updated forecast for its fiscal second-quarter revenue on Monday. Shares of Apple traded about 2.6% lower in the pre-market.

The revenue warning appeared to dent market sentiment, as investors continue to assess the potential economic fallout of China’s fast-spreading coronavirus.

China’s National Health Commission on Tuesday reported an additional 98 deaths nationwide, with 1,886 new cases of the coronavirus. As of Feb. 17, the commission said there had been a total of 72,346 confirmed cases and 1,868 deaths.

On the data front, Empire State manufacturing figures for February and the National Association of Home Builders survey for February will both be released during morning trade.

Overseas, in Japan, the Nikkei 225 slumped 1.4% Tuesday, while in Hong Kong, the Hang Seng Index fell 1.5%,

Oil prices sank $1.06 to $50.99 U.S. a barrel.

Gold prices advanced $4.70 to $1,591.10 U.S. an ounce.