Stock futures pointed to a lower opening for Canada's main stock index as commodity prices fell on concerns about the pace of economic growth in China.
The S&P/TSX composite index pared its gains to 9.31 points to finish the day and the week at 13,838.10
The Canadian dollar lost 0.17 cents to 77.24 cents U.S. early Monday
Valeant Pharmaceuticals International, under fire for massive price hikes of its two heart drugs, reported a better-than-expected quarterly profit, boosted mainly by strong performance in its U.S. dermatology business.
Net income attributable to the company fell to $49.5 million, or 14 cents per share, for the third quarter, from $275.4 million, or 81 cents per share, a year earlier.
Cash earnings, or profit adjusted for one-time items, were $2.74 per share, above the average analysts' estimate of $2.70 per share. Revenue rose to $2.79 billion from $2.06 billion a year earlier, topping analysts' expectation of $2.78 billion.
Bombardier Inc plans to sell a minority stake in its rail unit via an initial public offering in Germany have been put on the back burner and any listing may now only occur in the second quarter of next year, said four sources familiar with the matter.
Canadian Oil Sands recommended its shareholders reject Suncor Energy’s hostile takeover bid. Canadian Oil Sands asked its shareholders to reject the "undervalued, opportunistic and exploitive" Suncor offer. Following the hostile offer, Canadian Oil Sands adopted a poison pill to thwart Suncor's bid.
Toronto-Dominion Bank has begun laying off staff in Canada and the United States as part of a company-wide initiative to cut costs, according to two sources familiar with the matter. It started the process by hiring Boston Consulting Group to examine ways to drive efficiencies.
BMO cut the target price on Tourmaline Oil to $38.00 from $40.00, believe that investors should begin considering increased exposure to oil-leveraged equities but would continue to focus on companies with strong balance sheets that are able to generate growth without the help of rising commodity prices.
ON BAYSTREET
The TSX Venture Exchange gave back 0.41 points Friday to 556.30
ON WALLSTREET
U.S. stock futures are sinking ahead of the open.
Ahead of the opening bell, futures for the Dow Jones dropped 56 points, or 0.3%, to 17,059, futures for the S&P 500 fell seven points, or 0.4%, to 2,018.50, and futures for the NASDAQ sank 15.5 points, or 0.4%, to 4,419.25
Shares in Weight Watchers are soaring after Oprah Winfrey announced she is buying a 10% stake in the company, joining the board and planning to take part in the Weight Watchers diet program.
Morgan Stanley, Halliburton and Hasbro are some of the companies posting quarterly earnings before the markets open.
Then after trading finishes for the day, IBM, Six Flags and Sonic will report.
Shares in Deutsche Bank are rising by about 2.5% in Europe after the German bank announced it is overhauling and simplifying its management structure.
China's economy has posted its slowest growth since the financial crisis, with gross domestic product expanding by 6.9% in the third quarter compared to the same period last year, according to official data.
The growth was slightly better than economists expected, but it marks a deceleration from the 7% expansion seen in the first half of the year.
Chinese government officials are aiming for annual growth of around 7%.
European markets are mixed in afternoon trading, while Asian markets ended with mixed results.
Oil prices sank 0.8 cents to $46.46 U.S. a barrel
Gold prices slid 60 cents to $1,176.70 U.S. an ounce.
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