Stock futures indicated a higher opening for Canada's main stock index on Tuesday, with investors focused on U.S. quarterly earnings.
The S&P/TSX composite index slipped 6.71 points to end Monday at 14,493.68, with Tuesday’s futures up 0.2%.
The Canadian dollar was off 0.02 cents to 90.78 cents U.S.
Activist investor William Ackman has teamed up with Canadian drug maker Valeant Pharmaceuticals International to make a joint run at buying wrinkle-treatment maker Allergan Inc , according to security filings.
Teck Resources said it would cut about 600 jobs, or 5% of its global workforce, after a sharp fall in quarterly earnings and revenue.
Cable, telecommunications and media company Rogers Communications reported a 13% drop in first-quarter profit on Monday, as a move to more customer-friendly pricing led to a slip in earnings at its major wireless phone arm.
In the economic docket, Statistics Canada reported that wholesale sales rose for a second straight month in February, up 1.1% to $50.7 billion. Sales in all sub-sectors increased, led by motor vehicle and parts, without which the rise would have been 0.8%.
ON BAYSTREET
The TSX Venture Exchange docked 1.56 points Monday to 997.21
ON WALLSTREET
The pharmaceutical sector is threatening to steal the show in New York Tuesday.
Ahead of the opening bell, futures for the Dow Jones Industrials eked ahead two points to 16,373. Futures for the S&P 500 were unchanged at 1,864.40, and futures for the NASDAQ poked ahead 4.50 points, or 0.1%, to 3,555.75.
Shares in Botox maker Allergan surged nearly 20% in pre-market trading after activist investor Bill Ackman and Valeant Pharmaceuticals said they were planning a joint bid to buy the company. This is after Allergan gained 6% on Monday.
In Europe, GlaxoSmithKline and Novartis announced a multi-billion-dollar deal that will see the firms swap some business units and combine others. Glaxo shares jumped in premarket trading while Novartis shares also rose before the opening bell.
AstraZeneca shares slipped in pre-market trading, losing their early gains in response to reports that Pfizer had looked at buying the company for £60 billion ($100 billion U.S). Some think an offer may yet come.
Wall Street has a big day of company results. Comcast shares rose before the open after the cable provider reported that its quarterly net income and revenue increased in the first quarter from a year earlier. The CEO attributed the gains to the Sochi Olympics, which were broadcast via NBC.
Aerospace company Lockheed Martin also reported a year-over-year gain in quarterly income.
AT&T and Yum Brands will release earnings after the close.
Shares in Netflix were higher after the company reported earnings that beat expectations. It also said it would increase its monthly fee for new customers in some countries later this quarter.
On the economic front, existing home sales numbers from March will come out this morning.
European markets were rising in midday trading, after returning from a long weekend.
Asian markets ended with mixed results, though the moves both up and down were relatively modest.
Oil prices dipped 46 cents to $103.91 U.S. a barrel
Gold prices edged up $1.60 to $1,290.10 U.S. an ounce.
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