Markets in Toronto opened slightly higher on Monday as weak-than-expected U.S. payrolls data weighed on investor sentiment, reviving speculation about the timeline of the U.S. Federal Reserve's monetary policy tapering.
The S&P/TSX composite index inched up 9.35 points to open the week at 13,756.87, after hitting a 2 1/2-year high on Friday.
The Canadian dollar advanced 0.22 cents to 91.89 cents U.S.
Goldcorp Inc launched a bid to buy fellow gold miner Osisko Mining Corp for $2.6 billion in cash and stock to gain access to Osisko's Malartic mine in Quebec. Goldcorp shares fell 78 cents to $24.51.
A possible recovery in the European car market could send vehicle-parts whiz Magna International’s share price higher in 2014, following a 64% jump last year, according to Barron's latest edition published on Sunday. Magna shares galloped $2.49 to $92.79.
TransCanada Corp.’s CFO said the company will start its 700,000-barrel-per-day Gulf Coast crude oil pipeline project in the next 10 days. TransCanada shares gained 15 cents to $48.18.
ON BAYSTREET
The TSX Venture Exchange faded 0.42 points to 966.13
ON WALLSTREET
American stock indices all edged higher in early trading on the eve of a slew of earnings reports
The Dow Jones Industrial Average gained but 14.57 points to start Monday at 16,451.62
The S&P 500 index inched up 1.02 points to 1,843.39. The NASDAQ strengthened 3.49 points to 4,178.16
JPMorgan Chase and Wells Fargo are scheduled to report Tuesday morning, while other big banks Bank of America, Citigroup, Goldman Sachs andMorgan Stanley are also on tap to report their results.
General Electric and Intel are up later in the week, too.
Yoga apparel retailer Lululemon cut its fourth quarter earnings guidance, saying that traffic and sales have declined since the beginning of January. The stock tanked on the news.
SodaStream shares plunged after the company said profits for 2013 will fall short of expectations, due in part to weak holiday sales in the United States.
Shares of Beam shot up after the spirits maker announced it was being acquired by Japan's Suntory for $16 billion U.S. Beam, most well-known for its Jim Beam brand of bourbon, said the transaction was expected to close in the second quarter of 2014. Suntory is agreeing to pay $83.50 U.S. per share -- a 25% premium over Beam's closing price on Friday.
Twitter shares surged after analysts at Goldman Sachs praised the stock in a research report.
Shares in automakers may also be moving this week as Detroit hosts the North American International Auto show. Major automakers such as General Motors and Ford use the event to showcase their newest vehicles and innovations.
Investors are still digesting Friday's jobs report, which showed a big slowdown in job creation in the final month of 2013. Many experts are now saying colder-than-normal temperatures in December hit hiring.
Despite the lousy jobs report, stocks managed to end higher Friday as investors generally believe the economy will continue to improve in 2014.
Prices for 10-year U.S. Treasuries nicked higher, lowering yields to 2.85% from Friday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices fell 53 cents to $92.19 U.S. a barrel.
Gold prices gained $1.30 to $1,248.20 U.S. an ounce.
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