Stock futures pointed to a lower opening for Canada's main stock index as a fall in gold prices and disappointing U.S. corporate earnings, especially from Apple, weighed on investors' sentiment
The S&P/TSX composite index fell into negative territory 49.31 points to close Tuesday at 14,376.24
The Canadian dollar sank 0.31 cents to 76.94 cents U.S. early Wednesday
National Bank Financial raised the rating on First Quantum Minerals to outperform from sector perform on improved valuation and near-term growth outlook.
National Bank Financial cut the price target on Lundin Mining to $6.50 from $7.00 based on lower copper and nickel price assumptions in 2015/2016.
National Bank Financial then cut the price target on Teck Resources to $11.50 from $12.50 as the company announced that it will implement temporary shut downs at all six of its coal operations in third-quarter in response to market conditions.
Exco Technologies reports Q3 earnings today, expecting it made 27 cents
MDC Partners also reports, expecting Q2 earnings of 19 cents per share
Winpak reports, expecting Q2 earnings of 43 cents per share
ON BAYSTREET
The TSX Venture Exchange faded 2.29 points Tuesday to 614.68.
ON WALLSTREET
U.S. stock futures show the Dow Jones industrial average and S&P 500 are also in negative territory, though the moves aren't as dramatic.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 61 points, or 0.3%, to 17.805, futures for the S&P fell 9.75 points, or 0.5%, to 2,104.75, and futures for the NASDAQ shed 64.25 points, or 1.4 %, to 4,602.25.
Apple is set for a big drop at the open after it sold fewer iPhones than expected in the last quarter, and offered a weak outlook for the current three-month period. The stock was down 5% in pre-market trading.
Microsoft is down about 4% pre-market after the firm reported a huge quarterly loss, mostly due to an $8.4-billion writedown of its Nokia acquisition last year.
Shares in Yahoo are also declining by about 2% ahead of the open after reporting earnings Tuesday.
Shares in Chipotle could tumble at the open after the restaurant chain said growth had slowed dramatically in the past year. The chain's shares slid roughly 5% in extended trading.
Meanwhile, shares in AT&T and DirecTV could move up a bit Wednesday after the chairman of the Federal Communications Commission said he is ready to give a “thumbs-up” to their $49-billion U.S. merger.
Another barrage of earnings reports are expected today. Among the companies reporting before the open are Coca-Cola and Boeing.
American Express and Qualcomm are reporting after the close.
The National Association of Realtors will release monthly data on existing home sales at 10 a.m. ET. The association reported existing home sales in May were up 5.1%, with much of the gain due to demand from first-time home buyers.
At 10:30 a.m., the U.S. Energy Information Administration will release new data on crude oil inventories. Oil futures are trading around $50 U.S. per barrel, down 1.4%.
European markets are mostly declining in early trading. Asian markets ended with mixed results.
Oil prices lost 72 cents at $50.14 U.S. a barrel
Gold prices slid $14.70 at $1,088.30 U.S. an ounce.
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