The Toronto stock market made a series of small gains to begin Wednesday as traders made their way through a series of U.S. economic data on the eve of Thanksgiving.
The S&P/TSX composite index improved 12.62 points to kick off Wednesday at 13,362.39
The Canadian dollar handed back 0.47 cents to 94.40 cents U.S.
Descartes Systems Group’s 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.
Descartes shares started out Wednesday down 91 cents, or 6.2%, to $13.74
Sears Canada is laying off nearly 800 employees as it overhauls its repair services and parts businesses and makes further staffing cuts at its head office. Sears shares trailed Tuesday’s close by eight cents to $18.90.
CIBC raised the price target on Alimentation Couche-Tard to $83 from $63 following the company's strong quarterly results. Couche-Tard shares gained $1.25 to $77.42
CIBC also raised the price target on Chorus Aviation to $3.75 from $3 as the company is committed to maintaining its yearly dividend. Chorus shares sang six cents higher to $3.58.
ON BAYSTREET
The TSX Venture Exchange inched ahead 1.95 points to 930.55
Nine of the 14 TSX subgroups gained ground in the first hour, led by gold, up 0.8%, industrials, up 0.5%, and financials, up 0.4%.
The five laggards were weighed mostly by utilities, down 1.2%, metals and mining, off 0.9%, and energy, sliding 0.5%.
ON WALLSTREET
Investors are heading into the Thanksgiving holiday in a cheery mood as markets look to extend this year's record-breaking run.
The Dow Jones Industrials added 25.07 points from Tuesday’s all-time high, to 16,097.90
The S&P 500 index gained 4.76 points to 1,807.51. The NASDAQ added 18.06 points to 4,035.81
These indexes have climbed between 23% and 33% so far this year thanks to a slowly recovering economy, solid corporate earnings and bond purchases by the U.S. Federal Reserve.
U.S. markets will be closed Thursday for Thanksgiving and will shut at 1 p.m. ET on Friday.
On the corporate front, Hewlett-Packard shares surged after the PC and printer maker reported quarterly earnings and sales that beat expectations.
Airline investors are staying alert as they wait on a judge to rule on various issues surrounding the merger between US Airways and American Airlines
In economic news, claims for first-time unemployment benefits stateside fell more than expected last week. Orders for durable goods fell in October, but the decline was more modest than forecasts.
Later in the morning, the University of Michigan and Thomson Reuters will release their consumer sentiment index.
Prices for 10-year U.S. Treasuries lost some strength, raising yields to 2.74% from Tuesday’s 2.70%. Treasury prices and yields move in opposite directions.
Oil prices were down $1.34 cents to $92.34 U.S. a barrel.
Gold prices added $5.40 to $1,246.80 U.S. an ounce.
