Stock futures pointed to a lower opening for Canada's main stock index as commodity prices slipped after the U.S. Federal Reserve hinted at a possible U.S. rate hike in December.
The S&P/TSX composite index soared 163.56 points, or 1.2%, to end the session Wednesday at 13,863.16.
The Canadian dollar dipped 0.14 cents to 75.63 cents U.S. early Thursday
Barrick Gold reported adjusted net earnings of $131 million, or 11 cents a share in the third-quarter, compared to $222 million, or 19 cents a share in the same period a year ago. Analysts expected the miner to earn seven cents a share. On a net basis, Barrick swung to a third-quarter loss of $264 million, or 23 cents a share.
Bombardier reported a huge quarterly loss tied to impairment charges, and it outlined a plan that will see the Quebec government invest $1 billion in its long-delayed CSeries jet program. It reported a third-quarter loss of $4.6 billion or $2.20 a share. That compared with net income of $74 million or three cents a share, a year earlier. The quarterly loss was tied largely to impairment charges on the CSeries and its Learjet 85 p
Cenovus Energy Inc raised its cost savings target for the year by 43%, hoping to weather a steep plunge in crude prices through operating and administrative cuts and reduced capital spending. It reported a third-quarter operating loss of $28 million, or three cents per share. That was less than analysts’ average estimate of a loss of four cents per share. It had forecast 2015 capital spending of $1.8- $1.9 billion, almost 40% lower than its 2014 spending levels.
Potash Corp of Saskatchewan cut its full-year earnings forecast and said it expects to sell less potash in the year than expected due to weak demand and prices. It lowered its full-year profit forecast to $1.55- $1.65 per share from $1.75-$1.95. Analysts had estimated $1.74 per share. In the third-quarter, excluding non-cash charges, mainly in phosphate, it earned 37 cents per share.
Revenue fell 6.8% to $1.53 billion. Analysts on average were expecting a profit of $37 per share on revenue of $1.45 billion.
Suncor Energy on Wednesday reported a third-quarter loss due to unrealized foreign exchange losses and posted lower operating profits as the slump in global crude prices dragged on. It reported a net loss of $376 million, or 26 cents per share. Its operating profit, which excludes one-time items, fell to $410 million, or 28 cents per share, in the third quarter, from $1.306 billion, or 89 cents per share, in the year-ago period.
On the economic slate, Statistics Canada’s industrial product price index declined 0.3% in September, mainly due to lower prices for energy and petroleum products, while the raw materials price index rose 3% in the same month, led by higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange gained 3.67 points Wednesday to 546.15
ON WALLSTREET
U.S. stock futures are taking a dip and there's a general negative mood in the markets.
Ahead of the opening bell, futures for the Dow Jones sank 68 points, or 0.4%, to 17,634, futures for the S&P 500 dipped 8.5 points, or 0.4%, to 2,076, and futures for the NASDAQ moved lower 26 points, or 0.6%, to 4,647.75
Shares in Allergan are rising by about 10% pre-market based on reports that Pfizer is talking with the Botox-maker about a potential takeover bid. Reports in the Financial Times and Wall Street Journal cite unnamed sources.
Allergan did not immediately respond to requests for comment.
Earlier this year, Allergan combined with Actavis. The group has a market value of well over $110 billion U.S.
Pfizer has a market value around $220 billion.
It's another busy morning for earnings, with reports from Sony, Nokia, Aetna, Time Warner Cable and MasterCard coming through before the opening bell.
Afternoon reports include Expedia, LinkedIn and Starbucks.
Shares in Deutsche Bank are falling by 3% in Germany after the firm reported a massive six-billion-euro ($6.6 billion U.S.) loss in the third quarter and announced plans to shed 35,000 jobs.
PayPal stock is dropping by about 6% pre-market as Wall Street expresses disappointment over the company's latest earnings results.
Hanes stock could shoot up by over 10% at the open after the company beat earnings expectations.
Economically speaking, the U.S. Bureau of Economic Analysis is releasing an estimate for gross domestic product growth in the third quarter. In the second quarter, GDP growth reached 3.9%, up from a weak first quarter of 0.6% growth.
At the same time, the U.S. Department of Labor will release weekly jobless claims.
At 10 a.m. the National Association of Realtors is set to give an update on pending home sales from September.
European stock markets are all declining in early trading. The FTSE 100 in London is leading the way with a 1% drop.
Asian markets closed the day with mixed results.
Oil prices skidded 47 cents to $45.47 U.S. a barrel
Gold prices dipped $1.85 to $1,154.25 U.S. an ounce.
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