Stock markets in Toronto took a dive early Tuesday after a long weekend as strong factory data from Germany and Britain failed to impress markets
The Toronto Stock Exchange's S&P/TSX composite index began Tuesday down 138.92 points, or 1.1%, at 12,464.33.
The Canadian dollar slipped 0.26 cents to 96.25 cents U.S.
Raymond James raised target price on First Quantum Minerals Ltd. to $22 from $21, saying the company's second-quarter results and a successful integration of the newly acquired IMN assets are continued proof of management's focus and abilities. First Quantum shares doffed 45 cents to $16.09
Raymond James cut the rating on HudBay Minerals to market perform from outperform to reflect the relative risk of company's operations, balance sheet, size, and liquidity. HudBay shares dropped a penny to $6.52.
The rating agency also raised the target price on Kelt Exploration Ltd. to $8 from $7.50 after the company announced $15.5-million acquisition at Fireweed which offsets Inga and an increase to its production guidance, capital spending and bank line. Kelt shares dropped 15 cents to $8.15
Lastly, James cut the target price on SNC Lavalin Group to $47 from $49 after the company badly missed second-quarter FY13 expectations mainly due to provisions on two lump-sum projects. The opening hour of trading saw SNC shares leap 58 cents to $40.96.
On the economic front, Statistics Canada reported that Canada's merchandise exports grew 1.4% and imports increased 0.6% in June.
As a result, our trade deficit with the world narrowed from $781 million in May to $469 million in June.
Markets in Toronto were closed Monday for a holiday.
ON BAYSTREET
The TSX Venture Exchange dumped 4.7 points to 918.86
All but one of the 14 Toronto subgroups were lower to begin a short week, weighed by gold stocks, sliding 4.1%, materials, down 2.7%, and the metals and mining group, off 1.6%.
Only information technology stocks held out against the negative tide, growing stronger by 1.5%.
ON WALLSTREET
Stocks aren’t exempt from the August doldrums.
The Dow Jones plummeted 88.30 points to begin Tuesday at 15,523.80
The S&P 500 index fell 6.36 points to 1,700.78. The NASDAQ doffed 18.33 points to 3,674.62
Still, investors are overall flying high. U.S. stocks have all rallied 19% to 22% so far this year.
The vast majority of large U.S.-traded companies have already reported quarterly results, but a few more are trickling in.
Shares of Molson Coors Brewing rose, after the brewer reported strong earnings and sales, helped by a 20% jump in beer volume.
Fossil stock also rallied on strong earnings.
And shares of Michael Kors rose sharply after the luxury retailer reported sales and earnings that blew past expectations.
But it wasn't all good news on the retail front. Shares of American Eagle Outfitters tumbled after the teen clothing retailer cut its outlook for the current quarter due to weak demand.
DISH Network reported a quarterly loss due to high costs associated with an acquisition of two of its satellites.
Disney earnings are due after the close.
In other corporate news, shares of The Washington Post rose after Amazon.com founder Jeff Bezos said he was buying the company's world-renowned newspaper business. Bezos is buying the company's flagship paper -- The Washington Post -- and other print properties for $250 million U.S.
Prices for the 10-year U.S. Treasury edged lower, raising yields to 2.66% from Monday’s 2.64%. Treasury prices and yields move in opposite directions.
Oil prices fell 55 cents to $106.05 U.S. a barrel.
Gold prices were down $21.50 at $1,280.80 U.S. an ounce.
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