Stocks in Toronto opened lower on Tuesday, with energy stocks weighing as oil prices fell on rising worries about a supply glut.
The S&P/TSX composite index eased 16.54 points to open Tuesday at 13,774.36
The Canadian dollar plunged 0.42 cents at 75.57 cents U.S.
Restaurant Brands International, the company formed last year out of Burger King's takeover of Canadian coffee chain Tim Hortons, said third -quarter profit soared from the preceding quarter, helped by new restaurants and lower costs.
Net profit attributable to shareholders rose to $49.6 million, or 24 cents per share, from $9.6 million, or five cents per share, in the second quarter. Revenue fell 2% to $1.02 billion in the three months ended Sept. 30.
Restaurant Brands shares vaulted $2.31, or 4.6%, to $52.48.
Short interest in U.S- traded shares of Valeant Pharmaceuticals International stood at their highest in nearly a year in the first half of October, indicating bearish investors were stacking up against the stock even before a negative report torpedoed the shares last week.
Valeant shares gained $2.66, or 1.8%, to $148.00.
National Bank Financial cut the target price on Capital Power Corporation to $26 from $27 following the company’s third-quarter results.
Capital Power shares slid 20 cents, or 1%, to $19.00
Acadian Timber Corp reports Q3 numbers today, expecting earnings of 30 cents per share. Acadian shares dropped a penny to $19.30.
Ballard Power Systems projects a Q3 loss of four cents per share. Ballard shares faded three cents, or 1.5%, to $2.00.
ON BAYSTREET
The TSX Venture Exchange faded 4.34 points to 546.87
Eight of the 13 TSX subgroups began the session lower, as energy capsized 2%, industrials sank 1.4%, and the metals and mining group lost 1%.
The five gainers were led by gold, up 0.7%, consumer staples, ahead 0.3%, and consumer discretionaries, up 0.2%.
ON WALLSTREET
U.S. stocks traded mostly lower Tuesday, under some pressure from economic reports and ahead of major quarterly earnings.
The Dow Jones industrial average demurred 32.74 points to 17,590.31,
The S&P 500 fell 3.77 points to 2,067.41,
The NASDAQ index moved lower 1.67 points to 5,033.03.
Traders will also be closely watching Apple's third quarter earnings report, due after the bell. Shares in the tech giant came under pressure on Monday, falling over 3% after news that supplier Dialog Semiconductor reported preliminary earnings and guidance that missed expectations, according to Street Account.
Ahead of Apple, drug makers Pfizer, Merck and Bristol-Myers were among a slew of firms that posted results.
Other major earnings included Comcast, which matched Street estimates with quarterly profit of 80 cents per share, while revenue was above estimates. Comcast added 320,000 high-speed internet customers during the quarter, and 156,000 cable customers.
DuPont earned an adjusted 13 cents U.S. per share for the third quarter, three cents above estimates. Revenue was well short, however, as a strong dollar and other factors impacted the bottom line. DuPont said it was "not pleased" with the quarter's results.
Alibaba beat estimates on both the top and bottom lines, highlighted by what the company calls a strong outperformance in mobile use.
Twitter, Gilead Sciences, Shutterfly, Owens-Illinois, Panera Bread, Equity Residential, KKR and TransUnion all report after the close.
On the economic slate, durable goods orders showed a decline of 1.2% in September, following a negative read in August.
The S&P/Case-Shiller 20-City Composite showed U.S. home prices rose 5.1% from the year-ago period in August, matching analyst expectations.
Consumer confidence came in at 97.6 for October, missing expectations.
The Federal Reserve also begins its two-day meeting at which it is expected to hold off on an interest rate rise. The central bank releases its post-meeting statement at 2 p.m. ET Wednesday, and it is expected to leave the door open for the chance of a December rate hike.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.02% from Monday’s 2.06%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.02 a barrel to $42.96 U.S.
Gold prices hiked $4.61 to $1,167.65 U.S. an ounce.
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