The Toronto stock market had trouble finding traction in the first hour of trading Friday morning, as jobs numbers rolled in on both sides of the border.
The S&P/TSX composite fell 54.09 points to open Friday at 12,445.67
The Canadian dollar took on 0.13 cents to 100.46 cents U.S.
Thomson Reuters reported a 15% fall in operating profit because of declining revenue and higher costs at its division that serves the financial industry. Shares fell 18 cents to $28.25
Valeant Pharmaceuticals reported an 81% drop in third-quarter profit and the company cut its profit forecast for the current quarter. Shares shed 27 cents to $56.26
Some 330 workers at a Quebec-based rail-car factory belonging to Bombardier Inc. went on strike on Thursday over outsourcing and pension fund issues. Shares docked a penny to $3.75
The main unit of media and telecom company Cogeco Inc reported a lower quarterly profit, hit by an increase in corporate taxes in Ontario and faster depreciation. Cogeco stock lost 26 to $37.34
Inmet Mining Corp.reported a 19% rise in third-quarter profit, helped by higher copper sales volume from its Spanish Las Cruces mine.
Inmet shares galloped ahead 5%, or $2.63, to $55.24
Maple Leaf Foods says it is buying distressed hog producer Puratone Corporation to secure hog supplies as farmers struggle to manage heavy losses. Shares in the food giant gave back two cents to $11.10.
On the economic front, Statistics Canada reported Canada's job market stalled in October after two months of strong hiring
The economy added 1,800 jobs in the month, even lower than the negligible forecast rise of 5,000 jobs in economists’ polls, while the unemployment rate held steady at 7.4%
ON BAYSTREET
The TSX Venture Exchange slid 2.65 points to 1,318.64
The 14 Toronto subgroups were evenly split between gainers, losers and those groups on the fence. Metals and mining was strongest of the half-dozen gainers, up 0.7%, while industrials and utilities each rang 0.3% higher.
The six laggards were weighed mostly by gold, down 2.2%, while materials skidded 1.5%, and energy proved 0.6% less energetic.
The consumer staples and information technology group were both flat in the first hour of trading.
ON WALLSTREET
U.S. stocks opened mixed Friday after the government reported the U.S. economy added more jobs than expected in October.
The Dow Jones Industrials dipped 27.37 points to 13,205.20, while the S&P 500 moved higher by 1.83 to 1,429.42, and the Nasdaq Composite Index was off 4.59 points at 3,015.47
Shares of Starbucks jumped Friday, one day after the coffee shop operator reported strong same-store sales growth and increased its dividend.
LinkedIn's stock soared after the social media company topped Wall Street's expectations.
Shares of Priceline surged after the online travel site beat earnings forecasts. The good news spilled over to other online travel sites, with shares of TripAdvisor, which also reported earnings Thursday, moving higher.
Verizon said that Hurricane Sandy may have a "significant" impact on its fourth-quarter results. The company said it is working to restore communications services to affected customers, but that it could take some time.
The monthly jobs report showed that the U.S. economy added 171,000 jobs last month. Economists expected 125,000 jobs. The unemployment rate ticked up to 7.9% from 7.8% in September, in line with expectations.
The monthly jobs report has taken on increased importance amid the economic downturn. President Obama and Republican rival Mitt Romney have also been focusing much of their campaigns on who can create more jobs. The report comes just four days before the elections.
The price on the benchmark 10-year U.S. Treasury sagged, raising the yield to 1.75% from Thursday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices docked 86 cents to $86.23 U.S. a barrel.
Gold prices fell off $19.50 per ounce to $1,696.20 U.S.
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