Equities in Toronto opened Wednesday on the downside, a day after upbeat U.S. economic data boosted world stocks
The S&P/TSX composite index faded 40.20 points to begin trading Wednesday at 14,617.82
The Canadian dollar reversed 0.02 cents to 92.08 cents U.S.
Valeant Pharmaceuticals International Inc raised the cash component of its offer for Botox-maker Allergan Inc, valuing the U.S. firm at $49.44 billion. Valeant shares faded $4.04, or 2.9%, to $137.00
National Bank of Canada, the country's sixth-largest lender, said quarterly profit fell 13% as the year-earlier period included a $102-million benefit. National shares gave back 98 cents, or 2.1%, to $46.05.
National Bank Financial raised the rating on 5N Plus Inc to outperform from sector perform. 5N shares hiked 24 cents, or 5.1%, to $4.95.
RBC raised the rating on Parkland Fuel to outperform from sector perform. Parkland shares added 30 cents to $21.25.
ON BAYSTREET
The TSX Venture Exchange eked up 0.88 points to 986.61.
All 14 Toronto subgroups tripped out of the gate, as global base metals dipped 1.3%, metals and mining fell 1%, and health-care were 0.9% less robust.
ON WALLSTREET
Stocks are off to a slow start after hitting record highs Tuesday.
The Dow Jones Industrial Average sank 47.14 points to open at 16,628.36.
The S&P 500 erased 3.36 points to 1,908.55, and the NASDAQ composite index retreated 14.95 points to 4,222.12
The S&P hit a record high on Tuesday, and investors are watching to see if the five-year bull market can continue its steady march upward.
DSW, a discount shoe outlet, lost a quarter of its market cap in early trading, as earnings came in at the lower end of expectations and same-store sales growth fell 3.7% from the year before.
Michael Kors reported results before the opening bell, and profits were a bit better than expected. The stock is flat in early trading. Kors shares are up more than 17% since the start of the year as the brand seems to be winning the battle for upper middle-class purse consumers.
Toll Brothers reported surprisingly strong earnings before the open, bouncing back from a disappointing start to the year because of the winter weather.
Revenue was closer in line with expectations. Shares were up 3% in early trading, before falling back.
A handful of other homebuilder stocks are also seeing some small gains as well, including D.R. Horton, Lennar and PulteGroup
Prices for 10-year U.S. Treasuries hiked, sharply lowering yields to 2.46% from Tuesday’s 2.52%. Treasury prices and yields move in opposite directions
Oil prices dropped 49 cents to $103.62 U.S. a barrel.
Gold prices slid three dollars to $1,262.50 U.S. an ounce.
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