The Toronto stock market was basically unchanged at the open Wednesday as traders also took in some major deal making.
The S&P/TSX Composite Index began Wednesday’s session down 12.66 points to 12,124.28
The Canadian dollar hiked 0.12 cents, to 101.09 cents U.S.
Illinois-based SXC Health Solutions Corp. is paying $4.4 billion U.S. in cash and stock to acquire Catalyst Health Solutions, Inc. in a friendly deal between the two payment processing companies. SXCs headquarters is in Lisle, Ill., but it has multiple locations in the United States and Canada.
Elsewhere in corporate news, Canada's largest convenience store chain, Quebec-based Alimentation Couche-Tard Inc., has offered to purchase Scandinavian convenience and fuel retailer Statoil Fuel and Retail for $2.8 billion.
Statoil Fuel & Retail is the top Scandinavian convenience and fuel retailer with about 2,300 full-service or automated stations. Shares in Alimentation surged 15% at the outset.
Grocer Metro Inc. said second-quarter profit rose to $96.1 million or 94 cents per share, up 12% from a year ago and two cents better than expectations. Sales improved 4% to about $2.65 billion.
ON BAYSTREET
The TSX Venture Exchange dipped 2.59 points to 1,419.71, while the Nasdaq Canada index added 3.10 points to 409.72
Of the 14 Toronto subgroups, nine were higher, led by consumer staples, ahead 1.9%, health-care, better by 1.8%, and global base metals, 0.8% stronger.
The five laggards were weighed mostly by information technology, off 1.2%, gold, down 1%, and materials, suffering 0.7%.
ON WALLSTREET
In New York, stocks pulled back modestly Wednesday, as investors found new reasons to worry about further problems in Europe's economy. The latest round of earnings from tech companies may not be helping either.
The Dow Jones Industrials dipped 47.22 points to 13,068.30, as Wednesday got underway.
The S&P 500 shed 2.47 points to 1,388.31, and the Nasdaq subtracted 6.84 points to 3,035.98
Spain released data showing that Spanish banks held more problem loans than expected, sending its stock market down and causing other European markets to fall.
That news only added to worries over whether the government in Madrid may be forced to seek a bailout. On Wednesday, German two-year debt reportedly sold at a record-low yield, with investors fleeing to the perceived safety of Europe's largest economy amid the troubles elsewhere.
The yield on the German two-year note sat at 0.14% early Wednesday. Meanwhile, Spanish bond yields have been trending higher recently, with the 10-year note hovering just under 6%.
Several tech heavy-hitters released first-quarter earnings after Tuesday's closing bell.
Shares of IBM dropped after its earnings beat analysts' estimates but missed on sales. Intel's sales and earnings beat expectations, but the stock also fell Wednesday.
Still, earnings have largely been better than expected so far.
Of the 56 companies in the S&P 500 that have reported their quarterly results thus far, 44 have beaten analyst estimates, with seven matching and just five coming up short, according to experts.
U.S. stocks rallied Tuesday as worries about Europe eased and investors parsed the latest round of corporate results. The Dow and S&P 500 posted the best one-day gains since March 13; the Nasdaq had the best gains since December 20, 2011.
Yahoo reported profits on Tuesday that topped analyst estimates, sending shares up Wednesday as investors hope the turnaround strategy of new CEO Scott Thompson will work.
But after a busy day for tech earnings Tuesday, financials were back in the spotlight Wednesday.
Bank of New York Mellon reported its quarterly results before the opening bell, posting earnings and revenue in line with analyst expectations. PNC reported earnings of $1.44 U.S. a share, in line with expectations, on $3.73 billion U.S. in revenue.
First Republic Bank beat on revenue and reported earnings in line with expectations. The firm also announced that it was initiating a quarterly dividend of 10 cents U.S. a share.
Asset manager BlackRock posted earnings of $3.16 U.S. a share, beating analyst projections of $3.04 U.S., on $2.25 billion U.S. in revenue.
Oilfield services giant Halliburton also reported better-than-expected earnings, sending shares higher.
After Wednesday's close, investors will get the latest numbers from American Express , eBay and YUM! Brands
Analysts predict American Express will post earnings of $1 U.S. a share, while eBay's earnings are expected to come in at 56 cents U.S. per share. YUM! is expected to post earnings of 73 cents U.S. a share.
The price on the benchmark 10-year U.S. Treasury perked, pushing the yield down to 1.99% from Tuesday’s 2.01%. Treasury prices and yields move in opposite directions.
Oil for May delivery slipped 19 cents to $104.01 U.S. a barrel.
Gold futures for April delivery fell $8.50 to $1,642.60 U.S. an ounce.
