A day after a plunge in shares of Valeant Pharmaceuticals pushed markets lower, Canada's main stock index futures pointed to a higher open as oil prices rose on technical buying.
The S&P/TSX composite index fell 137.73 points, or 1%, to end Wednesday at 13,704.19
The Canadian dollar gained 0.09 cents to 76.20 cents U.S. early Thursday
Rogers Communications Inc reported a 39.8% jump in quarterly profit, helped by higher revenue from its media and wireless business. Rogers said net income rose to $464 million, or 90 cents per basic share, in the third quarter, from $332 million, or 64 cents per basic share, a year earlier. Revenue rose 4% to $3.38 billion.
Teck Resources swung to a quarterly loss due to a $2.2-billion asset impairment charge in its steel-making coal and other businesses.
The company reported a net loss attributable to shareholders of $2.1 billion or $3.73 per share, in the third quarter. That compared with earnings of $84 million, or 14 cents a share, a year earlier. Excluding one-time items, Teck earned five cents per share. Analysts had expected earnings of one cent. Revenue fell 6.6% to $2.1 billion, but still beat market estimates of $1.96 billion.
RBC raised the target price on Ithaca Energy to $1.30 from $1.20 given a strengthening balance sheet ahead of Reserve Based Lend re-determination process.
National Bank Financial cut the target price on TMX Group to $49.00 from $50.00 to reflect heightened earnings uncertainty.
Corus Entertainment reports Q4 earnings, looking for 29 cents per share
Precision Drilling expects a Q3 loss of 11 cents per share
On the economic front, Statistics Canada reported that retail sales rose for the fourth consecutive month, advancing 0.5% to $43.6 billion in August.
The increase was led by higher sales at motor vehicle and parts dealers.
Excluding this sub-sector, retail sales were flat. Sales increased in four of 11 sub-sectors, representing 56% of retail trade.
Meanwhile, the number of recipients of employment insurance dropped in August, by 7,900 compared with July, down 1.4% to 536,800.
On a year-over-year basis, the number of EI beneficiaries increased by 35,600 or 7.1%.
ON BAYSTREET
The TSX Venture Exchange dropped 6.36 points Wednesday to 544.44
ON WALLSTREET
U.S. stock futures are inching higher ahead of the open. But the mood could change depending on whether investors cheer or boo the latest quarterly results.
Ahead of the opening bell, futures for the Dow Jones added 77 points, or 0.5%, to 17,133, futures for the S&P 500 gained 7.25 points, or 0.4%, to 2,015.75, and futures for the NASDAQ moved higher 21 points, or 0.5%, to 4,420.25
A number of important earnings are coming through this morning from 3M, Caterpillar, Dunkin' Brands, McDonald's and Southwest Airlines.
United Continental is also reporting this morning. These are the first results since the new interim CEO took over after CEO Oscar Munoz suffered a heart attack and took a medical leave of absence.
After the closing bell, AT&T will post its first results since merging with DirecTV. Google will issue its first results as Alphabet. And the markets will hear from Amazon and Microsoft.
In Europe, the parent company for Mercedes-Benz cars -- Daimler -- reported record sales in the third quarter and strong growth in China. Many other automakers have experienced slower sales in China as the economy slows and the government cracks down on officials who make lavish purchases.
Solid earnings reports on Wednesday afternoon from Texas Instruments and eBay boosted their stock prices in after-hours trading. Both were up nearly 10%.
European markets are mixed in early trading.
Chinese stock markets closed the day with gains, but most other Asian markets took a dip.
Oil prices gained 68 cents to $45.88 U.S. a barrel
Gold prices ducked 67 cents to $1,166.51 U.S. an ounce.
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