The Toronto stock market was set to advance as traders get set to wade through a series of U.S. economic data.
The S&P/TSX composite index stumbled 122.45 points to conclude Tuesday at 13,349.77
The Canadian dollar subtracted 0.26 cents to 94.61 cents U.S. early Wednesday
On the corporate front, Descartes Systems Group says its long-time chief executive, Arthur Mesher, has retired as CEO and chairman of the board due to health and personal issues.
The company, which operates a global logistics system used by freight carriers, also said it expects revenue for its fiscal third quarter will be in a range of $38.5 million U.S. to $38.8 million U.S. versus expectations of $38.43 million. That would be up from $32.7 million U.S. a year earlier.
It’s also estimating income before income taxes being in the range of $4.1 million U.S. to $4.3 million U.S., against expectations of $4.42 million U.S.
Sears Canada Inc is laying off nearly 800 employees as it overhauls its repair services and parts businesses and makes further staffing cuts at its head office.
CIBC raised the price target on Alimentation Couche-Tard to $83 from $63 following the company's strong quarterly results
CIBC also raised the price target on Chorus Aviation to $3.75 from $3 as the company is committed to maintaining its yearly dividend
ON BAYSTREET
The TSX Venture Exchange dipped 0.66 points to finish Tuesday at 928.60
ON WALLSTREET
Investors are heading into the Thanksgiving holiday in a cheery mood as markets look to extend this year's record-breaking run.
Ahead of the opening bell, futures for the Dow Jones Industrials gained 21 points, or 0.1%, to 16,081. Futures for the S&P 500 notched higher 1.30 points, or 0.1% to 1,803.30, and futures for the NASDAQ gained six points, or 0.2% to 3,453.25
The main indexes in the U.S. have risen by 23% to 33% so far this year thanks to an economic recovery spurred on by the U.S. Federal Reserve.
Hewlett-Packard shares surged in pre-market trading, a day after the firm reported quarterly earnings and sales that beat expectations.
Airline investors were staying alert Wednesday morning as they wait on a judge to rule on various issues surrounding the merger between US Airways and American Airlines. The ruling is expected around 10 a.m. ET
As traders get set to wind down for the Thanksgiving holiday on Thursday when U.S. markets will be shuttered, they awaited the latest reading on jobless insurance claims, which are a proxy for layoffs. Claims are projected to rise slightly to 330,000 from the prior week.
At the same time, orders for durable goods are forecast to decline 1.9% and a key gauge of the manufacturing sector in the U.S. Midwest is expected to show slower expansion. The Chicago purchasing managers index is expected to drop to 59 in November from 65.9 in October.
The University of Michigan releases its latest reading on consumer-sentiment. It is expected to rise slightly to 73 during November.
And finally, the U.S. Conference Board will release its leading economic indicators report. That data gives an indication on where the American economy is heading over the next six months.
European bourses advanced with London's FTSE 100 index up 0.1%, Frankfurt's DAX gained 0.3% and the Paris CAC 40 was ahead 0.2%.
Earlier in Asia, Japan’s Nikkei 225 closed down 0.4%, Hong Kong’s Hang Seng climbed 0.5%, China’s Shanghai Composite rose 0.8% and South Korea’s Kospi was up 0.3%.
Oil prices dropped a dollar to $92.68 U.S. a barrel
Gold prices picked up $9.30 to $1,250.70 U.S. an ounce.
