Canadian stocks opened slightly higher on Tuesday as markets returned from an extended weekend.
The S&P/TSX composite index gained 25.54 points to begin a short week at 14,540.28
The Canadian dollar slumped 0.24 cents to 91.71 cents U.S.
Markets were closed Monday in Canada for Victoria Day
Activist investor William Ackman said on Monday that Allergan Inc's CEO has a "disabling" conflict of interest because a takeover of his company by Valeant Pharmaceuticals International Inc would likely mean the loss of his job. Valeant shares climbed $2.90, or 2.1%, in the first hour to $140.52.
Barrick Gold Corp has met with Chilean officials and is keen to move forward with its suspended Pascua-Lama gold and copper project, in which it has already invested more than $5 billion, Chile's new mining minister told Reuters. Barrick shares took on 15 cents to $18.21
National Bank Financial initiated rating on Grenville Strategic Royalty at outperform. Grenville shares inched up four cents to 55 cents.
On the economic front, Statistics Canada reported that wholesale sales decreased 0.4% to $50.5 billion in March. Lower sales were recorded in three of the seven sub-sectors, which together accounted for 51% of wholesale sales.
The motor vehicle and parts sub-sector recorded the largest decline in March. Excluding this sub-sector, sales edged up 0.1% to $42.3 billion.
ON BAYSTREET
The TSX Venture Exchange gained 0.57 points to 977.12
All but four of the 14 Toronto subgroups were higher Tuesday, led by health-care, up 1.2%, industrials, up 0.7%, and materials, gaining 0.4%
The four laggards were weighed mostly by global base metals, down 0.4%, financials, down 0.2%, and telecoms, off 0.1%.
ON WALLSTREET
U.S. stocks kicked off the day slightly lower as Staples, Dick's Sporting Goods and other retailers slumped on lackluster earnings reports.
The Dow Jones Industrial Average slid 63.86 points to begin Tuesday at 16,448
The S&P 500 was off 6.38 points to 1,878.70, and the NASDAQ composite index dipped 20.97 points to 4,104.85
U.S. stocks hit record highs last week, but have since been in a bit of a holding pattern.
There's virtually no data for traders to digest on Tuesday, but the bulls were dealt a bit of a blow by fresh signs that traditional U.S. retailers are struggling.
Office supply retailer Staples slumped over 10% on lousy earnings and a warning that results in the current period are likely to fall short of expectations. That news also weighed on rival Office Depot, which fell 2%.
Dick's Sporting Goods tumbled 14% after revealing sub-par golf and hunting sales that sparked weaker than expected results. Dick's also spooked investors by dimming its sales and earnings outlook for the entire year.
It wasn't much better for regular clothing, either. Shares of Urban Outfitters fell 5% after the retailer revealed a profit drop that was driven by higher expenses. T.J. Maxx and Marshall’s parent TJX slid 4% on an earnings and sales miss.
Another struggling retailer, Target, announced the departure of Canadian chief Tony Fisher, who will be replaced by Mark Schindele. The move comes just weeks after Target dismissed CEO Gregg Steinhafel and amid concerns about continued losses in the company's Canadian division.
The lone positive was Dow component Home Depot, which rallied 2% after upgrading its outlook. The rosier view offset concerns over the home improvement retailer's first-quarter profits and sales.
Department store J.C. Penney lost ground amid reports it was downgraded by analysts at Wells Fargo.
Prices for 10-year U.S. Treasuries enjoyed slight gains, lowering yields to 2.53% from Monday’s 2.54%. Treasury prices and yields move in opposite directions
Oil prices slid 12 cents to $102.49 U.S. a barrel.
Gold prices added $1.20 to $1,295.00 U.S. an ounce.
