Canadian stocks opened lower on Friday, stumbling into a long weekend.
The S&P/TSX composite index dropped 54.92 points to open at 14,533.97
The Canadian dollar nicked higher 0.03 cents to 91.92 cents U.S.
Markets in Canada will be closed Monday for Victoria Day
Canadian Imperial Bank of Commerce said on Thursday it will take a non-cash goodwill impairment charge of $420 million on its Caribbean unit due to challenging economic conditions in the region. CIBC shares docked 53 cents to $96.76.
Canaccord Genuity and Raymond James raised their target prices on Air Canada, whose shares took on 31 cents, or 3.9%, to $8.22.
CIBC raised the rating on Stantec to outperform from sector perform. Stantec shares gained 89 cents to $66.47.
NBF cut the rating on Strategic Oil & Gas to underperform from sector perform. Strategic shares were unchanged at 46 cents
On the economic slate, Statistics Canada reported that investors in this country acquired $7.9 billion of foreign securities in March, the largest such outflow of funds since November 2012. Meanwhile, foreign investors reduced their holdings of Canadian securities by $1.2 billion, the first monthly divestment this year.
ON BAYSTREET
The TSX Venture Exchange gained 1.25 points to 975.90
All but three of the 14 Toronto subgroups were lower at the outset, with metals and mining stocks down 1.6%, global base metals off 1.2%, and information technology down 0.9%.
The three gainers were telecoms and industrials, each inching up 0.1%, and real-estate, clearing breakeven by only 0.01%.
ON WALLSTREET
After speeding to new highs early in the week, stocks shifted in to reverse over the past two days and are now in idling in neutral.
The Dow Jones Industrial Average fell 18.03 points to begin the week’s last session at 16,428.78
The S&P 500 dipped 3.62 points to 1,867.23, and the NASDAQ composite index let go of 17.35 points to 4,051.94
The major indexes are just below their closing levels from a week ago, a dramatic turnaround from Tuesday when they were hitting new record highs.
Declining Treasury yields, concerns about the global economy and a broad sense of fear in the markets has contributed to pushing stocks down.
While the overall market was treading water, a number of well-known stocks were making moves.
Darden Restaurants announced plans to sell its Red Lobster chainto private equity firm Golden Gate Capital $2.1 billion U.S. The company, which also owns Olive Garden, plans to use the proceeds to pay down debt. But the stock fell more than 3% on the news.
Shares of WWE were body slammed, plunging nearly 45% after the company unveiled a new television distribution agreement with Comcast owned NBCU late Thursday.
WWE expects the deal to result in losses ranging from $35 million to $52 million U.S. over the next two years, depending on how many people sign up to watch the Raw and Smackdown broadcasts.
J.C. Penney shares surged as the retailer posted quarterly sales that beat expectations and revealed a smaller-than-expected loss.
Luxury retailer Nordstrom shares also rose on better-than-expected earnings.
Verizon shares were up about 2% after Warren Buffett's investment firm, Berkshire Hathaway, revealed it had purchased a stake worth nearly $530 million U.S. in the company.
Two companies are set to begin trading for the first time Friday.
TrueCar, a website that offers users guaranteed pricing on cars, priced its initial public offering of stock at $9 U.S. a share, well below the expected range.
Prices for 10-year U.S. Treasuries sagged, upping yields to 2.51% from Thursday’s 2.50%. Treasury prices and yields move in opposite directions
Oil prices gained 31 cents to $101.81 U.S. a barrel.
Gold prices fell $2.10 to $1,291.50 U.S. an ounce.
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