Toronto stocks trailed yesterday’s close in Wednesday, falling as much as 1%, as heavily weighted energy and resource stocks tracked weaker commodity prices and led losses.
The S&P/TSX composite index jettisoned 92.15 points to open for business Wednesday at 14,284.09
The Canadian dollar faded 0.52 cents at 76.73 cents U.S.
National Bank Financial raised the rating on First Quantum Minerals to outperform from sector perform on improved valuation and near-term growth outlook.
First Quantum shares collapsed 63 cents, or 4.5%, in the first hour to $13.36.
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.
Lundin shares lost 14 cents, or 3%, to $4.50.
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.
Teck shares docked 41 cents, or 3.8%, to $10.27.
Exco Technologies reports Q3 earnings today, expecting that it made 27 cents. Exco shares nosed up six cents to $17.51.
MDC Partners also reports, expecting Q2 earnings of 19 cents per share. MDC shares acquired nine cents to $23.39.
Winpak reports, expecting Q2 earnings of 43 cents per share. Winpak shares gave back 26 cents to $43.25.
ON BAYSTREET
The TSX Venture Exchange faded 1.37 points to 613.31.
All but two of the 14 TSX subgroups were lower, as metals and mining capsized 2.7%, global base metals swooned 2.4%, and materials went south 2.1%.
The two gainers were information technology, progressing 0.6%, and industrials, stronger by 0.2%.
ON WALLSTREET
U.S. stocks traded lower on Wednesday as key tech earnings disappointed most investors.
The Dow Jones industrial average dropped 9.89 points to 17,909.40, with Boeing leading advancers and Apple the greatest laggard.
The S&P 500 docked 5.03 points to 2,114.18, with information technology leading five decliners and consumer discretionary the greatest advancer.
The NASDAQ index plummeted 44.33 points to 5,163.79.
Apple traded about 4.8% lower, after plunging more than 6%in the open. Shares tumbled almost 7% to below its 200-day moving average in after-hours trade on Tuesday. The firm's fourth-quarter revenue forecast fell short of forecasts and it missed some targets for iPhone sales.
Microsoft traded about 1.5% lower. The stock fell more than 3% in late trading after posting a $3.2-billion U.S. net loss for its fiscal fourth quarter ending June 30 following restructuring charges.
Boeing briefly gained more than 2.5% before paring gains to trade about 1.5% higher. The firm reported earnings that beat on both the top and bottom lines. The aircraft maker did reduce its full-year EPS guidance by 50 cents U.S. on both the high and low end, but that reduction was less than the 77-cent U.S. charge announced last week for a redesign of its tanker program.
Coca-Cola beat estimates by three cents U.S. with adjusted quarterly profit of 63 cents U.S. per share, with revenue also above Street estimates. Worldwide case volume was up 2%, more than analysts had been expecting.
American Express and Qualcomm are among the names reporting after the close.
In economic news, U.S. home prices rose 0.4% in May from April, up from 5.7% a year ago, FHFA said.
Existing home sales rose 3.2% from the previous month in June.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.31% from Tuesday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices plunged $1.07 a barrel to $49.79 U.S.
Gold prices fell $15.50 to $1,088 U.S. an ounce.
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