Canada's main stock index drooped at the open on Tuesday, as investors remain wary about upcoming earnings from key U.S. and Canadian companies.
The S&P/TSX Composite Index fell 20.90 points to begin the day at 12,773.35
The Canadian dollar subsided 0.08 cents to 100.64 cents U.S.
Inmet asked its shareholders to reject First Quantum Minerals Ltd's $5.1-billion hostile offer, terming the bid inadequate. Inmet shares gave back a penny to $70.93, while First Quantum shares dipped 13 cents to $21.20
CIBC cut the price target on Canadian Natural Resources Ltd. to $34 from $35 on valuation changes due to the changing macro sentiment. Canadian Natural Resources shares sank 44 cents to $30.00
National Bank Financial raised CI Financial to outperform from sector perform, saying the company remains positioned to deliver strong AUM growth given superior fund performance and its strong distribution platform. CI shares docked a cent to $26.04
On the economic beat, Statistics Canada reported this morning that retail sales ran their winning streak to five straight months in November, improving 0.2% to $39.4 billion, as higher sales at motor vehicle and parts dealers as well as electronics and appliance stores more than offset declines at most store types.
StatsCan added that, in volume terms, retail sales rose 0.8%.
ON BAYSTREET
The TSX Venture Exchange, however, gained 5.03 points to 1,241.63
All but two of the 14 Toronto subgroups stepped back at the outset, weighed mostly by information technology, subsiding 0.9%, while consumer discretionaries fell 0.4%, and industrials fell 0.3%.
The two gainers were global base metals, up 0.5%, while the metals and mining group took on 0.1%.
ON WALLSTREET
U.S. stocks opened little changed Tuesday as investors start the holiday-shortened week with an eye on corporate earnings.
The Dow Jones Industrial Average shed 5.11 points to begin the day at 13,644.60
The S&P 500 slid 1.34 points to 1,484.64. The Nasdaq Composite stepped back 6.64 points to 3,128.06
Shares of DuPont rose after the company reported better-than-expected earnings and issued an upbeat outlook.
Verizon reported a wider quarterly loss ahead of the open, but shares gained ground. Wireless carriers are expected to have a rough quarter as profit margins get dinged by high subsidies paid to Apple for the iPhone 5.
Johnson & Johnson shares edged lower after the company reported earnings and sales that were roughly in line with estimates. Google and IBM are on tap to report after the market close.
Overall, S&P 500 companies are expected to report earnings growth of 3.8% for the last three months of 2012, according to S&P's Capital IQ.
Investors will also get another look at the strength of the housing recovery Tuesday, with data on existing home sales due from the National Association of Realtors at 10 a.m. ET.
Prices on the 10-year U.S. Treasury note demurred, raising yields to 1.87% from Friday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 14 cents to $95.70 U.S. a barrel.
Gold prices inched higher $1.50 to $1,688.50 U.S. an ounce.
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