Canada's main stock index gave up strength shortly after the open as Canadian National Railway fell more than 2.5%, and Roots Corp. opened below its Initial Public Offering price.
The S&P/TSX Composite Index moved lower 43.38 points to open at 15,861.76
The Canadian dollar faded 0.19 cents to 78.89 cents U.S.
CN shares dropped $2.22, or 2.1%, to $103.24, while Roots backtracked $1.05, or 8.8%, to $10.95.
Air Canada's third-quarter profit handily beat analysts' estimates as the country's largest airline flew more passengers and kept a tight lid on costs.
Shares in the Maple Leaf airline soared 16 cents to $26.50.
The federal government encouraged Bombardier to make a deal with Airbus SE for its CSeries planes to thwart a potential venture with Chinese investors.
Bombardier shares dipped three cents, or 1%, to $2.85.
Hudson's Bay Co agreed to sell its Lord & Taylor flagship building in New York for $850 million to WeWork Cos, in what may be a step toward easing tensions with activist investor Jonathan Litt.
Bay shares squeezed ahead five cents to $12.03.
Raymond James cut the price target on Bellatrix Exploration to $3.75 from $4.00. Bellatrix shares dipped four cents, or 1.4%, to $2.93.
Canaccord Genuity cut the price target on Eldorado Gold to $2.25 from $3.25. Eldorado shares
RBC started coverage on Marathon Gold with outperform, $1.70 target price
The Bank of Canada today did as expected, and maintained its target for the overnight rate at 1%. The Bank Rate is correspondingly 1.25% and the deposit rate is 0.75%
ON BAYSTREET
The TSX Venture Exchange gained 1.52 points to 786
All but three of the 12 TSX subgroups lost ground in the first hour, as industrials fell 1%, materials were off 0.4%, and consumer staples eased 0.3%
Telecoms led the three gaining groups, up 0.6%, real-estate stocks were up 0.3%, and information technology inched up 0.1%.
ON WALLSTREET
U.S. stocks fell on Wednesday as another batch of corporate earnings reports hit the tape.
The Dow Jones industrial average ducked back 57.87 points from Tuesday’s all-time high to 23,383.89, with Boeing contributing the most to the losses.
The S&P 500 fell 8.88 points to 2,560.25, with industrials and telecommunications leading decliners. Chipotle Mexican Grill was the biggest decliner on the index, dropping 14% after its quarterly results missed the mark.
The NASDAQ slid 19.03 points to 6,579.40
Dow-component Boeing posted better-than-expected earnings and sales. The company also raised its full-year guidance. The stock traded 0.9% lower in early trade, however.
Chip maker Advanced Micro Devices saw its shares drop 9.6% despite beating the Street on earnings and revenue. The company said it expects a drop in revenue for the current quarter.
Visa, another Dow member, also reported stronger-than-expected results. The company said more customers made payments with the Visa network. Visa shares rose 1.1%.
In economic news, durable goods orders rose 2.2% in September, more than the expected increase of 1%.
Prices for the benchmark 10-year Treasury note dropped, raising yields to 2.45% from Tuesday’s 2.42%. Treasury prices and yields move in opposite directions.
Oil prices docked 29 cents a barrel to $52.18 U.S.
Gold prices dropped $2.10 an ounce to $1,276.20 U.S.
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