The Toronto stock market endured another day of losses Friday because of economic worries.
The S&P/TSX composite index dropped 65.65 points to greet noon at 14,523.24
The Canadian dollar nicked higher 0.04 cents to 91.93 cents U.S.
Markets in Canada will be closed Monday for Victoria Day
In earnings news, auto parts maker Martinrea International Inc. reported quarterly net income of $16.7 million or 20 cents per share, down from $19.9 million or 24 cents per share in the same 2013 period. Revenue for the three months was up 12.4% from $769.1 million in the same prior-year period.
And private equity firm Onex Corp. reported a first-quarter consolidated net profit of $99 million, up from a net loss of $271 million in the same quarter last year.
Revenues were up 3% to $6.5 billion from $6.325 billion year-over-year. Onex says it's increasing its quarterly dividend 33% to five cents, up from 3.75 cents.
July copper was unchanged at $3.15 U.S. a pound
On the economic slate, Statistics Canada reported that investors in this country acquired $7.9 billion of foreign securities in March, the largest such outflow of funds since November 2012. Meanwhile, foreign investors reduced their holdings of Canadian securities by $1.2 billion, the first monthly divestment this year.
ON BAYSTREET
The TSX Venture Exchange gained 1.67 points to 976.32
All but two of the 14 Toronto subgroups were lower, weighed mostly by metals and mining issues, down 0.9%, energy, down 0.8%, and information technology, sliding 0.7%.
The two gainers were real-estate, up 0.5%, and telecoms, which inched up 0.1%
ON WALLSTREET
After hitting new highs earlier in the week, stocks were under pressure for a third day Friday as worries about the economic recovery grow.
The Dow Jones Industrial Average eked up 1.54 points by noon ET at 16,448.35
The S&P 500 inched up 0.44 points to 1,871.29, and the NASDAQ composite index let go of 8.91 points to 4,060.38
The major indexes are just below their closing levels from a week ago, a dramatic turnaround from Tuesday when they were hitting new record highs.
While the overall market was treading water, a number of well-known stocks were making moves.
Darden Restaurants announced plans to sell its Red Lobster chain to private equity firm Golden Gate Capital $2.1 billion U.S. The company, which also owns Olive Garden, plans to use the proceeds to pay down debt. But the stock fell more than 3% on the news.
Shares of WWE plunged nearly 45% after the company unveiled a new television distribution agreement with Comcast-owned NBCU late Thursday.
WWE expects the deal to result in losses ranging from $35 million U.S. to $52 million U.S. over the next two years, depending on how many people sign up to watch the Raw and Smackdown broadcasts.
General Motors agreed to pay a $35 million U.S. to settle a federal probe into the company's decision to delay a recall of vehicles with faulty ignition switches for 10 years. The company has been hit with a string of high-profile recalls lately, and investors seemed to take the news in stride. GM shares were up slightly.
J.C. Penney shares surged about 15% as the retailer posted quarterly sales that beat expectations and revealed a smaller-than-expected loss.
Luxury retailer Nordstrom shares also soared on better-than-expected earnings.
Verizon shares were up about 2% after Warren Buffett's investment firm, Berkshire Hathaway, revealed it had purchased a stake worth nearly $530 million U.S. in the company.
Two companies began trading for the first time Friday.
TrueCar, a website that offers users guaranteed pricing on cars, priced its initial public offering of stock at $9 U.S. a share, well below the expected range. But the stock rose more than 10% once it started trading.
Jumei International Holdings, the largest online seller of beauty products in China, rose nearly 15% in its debut. That's after the company boosted the size of its IPO and priced the stock above the range at $22 U.S. a share.
Strong demand for Jumei could be a sign that investors will have a similarly big appetite for Chinese e-commerce king Alibaba once it begins trading later this year.
Prices for 10-year U.S. Treasuries sagged, upping yields to 2.51% from Thursday’s 2.50%. Treasury prices and yields move in opposite directions
Oil prices gained 62 cents to $102.12 U.S. a barrel.
Gold prices nicked up 10 cents to $1,293.70 U.S. an ounce.
