The Toronto stock market was little changed Wednesday amid a mixed slate of earnings news and hopes that the European Central Bank will cut interest rates to help a weak economy recover.
The S&P/TSX composite index ended Wednesday up 18.70 points to 13,380.41
The Canadian dollar was positive 0.32 cents at 95.97 cents U.S.
On the earnings front, autoparts company Magna International's quarterly revenue was up 13% to $8.3 billion U.S. However, net income fell from last year, dropping to $319 million U.S. or $1.39 per diluted share from $390 million a year ago amid restructuring charges.
The results beat analyst expectations and its shares rose $1.21 to $90.19.
Oil and gas producer Talisman Energy Inc. posted a quarterly $45 million U.S. loss from operations, or four cents per share, up from a loss of $36 million or four cents per share a year earlier. Its shares slipped 34 cents to $12.48.
Enbridge Inc. says its adjusted earnings in the third quarter rose to $278 million or 34 cents a share, which was up 4% from a year earlier but a penny short of analyst estimates. Enbridge shares gained 76 cents to $46.56.
Molson Coors Brewing's quarterly net income dropped to $121.8 million U.S. on large European charges, but its profit increased 7.7% to $268.1 million U.S, beating analyst expectations.
Total sales decreased 2% to $1.17 billion U.S. In New York, its shares rose 85 cents to $57.03
Among gold plays, Kinross Gold gained 10 cents to $5.28.
The base metals sector gained while December copper slipped two cents to $3.25 U.S. Taseko Mines was ahead 11 cents to $2.24.
On the economic beat, Statistics Canada reported that building permits in Canada moved up 1.7% in September to $6.5 billion, the seventh monthly advance since the beginning of the year.
Western University’s Ivey Purchasing Managers Index for October stood at 62.8. The corresponding Ivey PMI figure for September 2013 was 51.9, for October 2012, 58.3 and for October 2011, 54.4.
ON BAYSTREET
The TSX Venture Exchange slid 4.38 points to conclude Wednesday at 941.23
Of the 10 TSX subgroups, six were higher, led by materials, up 0.5%, while consumer discretionaries and financials each picked up 0.4%.
The four laggards were weighed mostly by health-care, sagging 1.8%, while energy was 0.5% less energetic, and telecoms were down 0.1%.
ON WALLSTREET
The Dow rose to an all-time high Wednesday as investors focused on mostly solid corporate earnings.
The Dow Jones Industrials vaulted 128.66 points to conclude Wednesday at 15,746.90. Microsoft and Chevron were the best performing blue-chips in the Dow 30. Nike and Home Depot were among the few Dow components that were lower.
The S&P 500 index gained 7.52 points to 1,770.49. The NASDAQ dipped 7.92 points to 3,931.95
Health insurer Humana reported better than expected earnings before the bell.
Time Warner topped earnings forecasts and reaffirmed its guidance for the year.
Of the 374 companies in the S&P 500 that have reported earnings so far, 69% have topped analysts' expectations, according to S&P Capital IQ.
Tesla shares plunged after the electric car maker's third-quarter results were not as strong as investors were hoping for.
It's been a bumpy ride for Tesla. At its peak in September, the stock had quadrupled in price. That prompted many investors to take profits in October.
Shares of teen apparel retailer Abercrombie & Fitch tumbled 13% after the company warned of weak sales and said it was closing its lingerie chain Gilly Hicks.
Shares of OpenTable surged 12% after the online restaurant reservations company reported record revenues late Tuesday.
Shares of eBay gained on rumors that activist investor Carl Icahn is considering a stake in the online auction company. Icahn recently increased his investment in Apple and sold a big chunk of his position in Netflix.
CBS reported strong quarterly sales after the market closed.
Shares of Whole Foods sank on a disappointing outlook. SolarCity, the renewable energy firm chaired by Tesla CEO Elon Musk, reported a smaller-than-expected loss and sales that topped forecasts.
Investors will also keep tabs on Twitter once the market closes. The social media site, which has more than 230 million users, is widely expected to price its initial public offering this evening and begin trading on Thursday.
The IPO market has been booming as stocks trade near all-time highs. The S&P 500 has gained 24% so far this year, extending a bull market that started in March 2009.
Barracuda Networks, which provides cloud computing and network security services, priced its IPO at $18 U.S. a share, the low end of its price range. But the stock jumped more than 20%. Avianca Holdings and Arc Logistics Partners also went public Wednesday but did not fare as well.
Investors are zeroing in on the economy as they attempt to gauge when the Federal Reserve will begin to slow the pace of its $85-billion-U.S.-per month stimulus program.
Prices for the 10-year U.S. Treasury nicked up, lowering yields to 2.64% from Tuesday’s 2.66%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.46 to $94.83 U.S. a barrel.
Gold prices picked up $9.70 to $1,317.80 U.S. an ounce.
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