Stocks in Toronto slid from the lofty perch of previous sessions, as investors surveyed the market and based decisions accordingly.
The S&P/TSX composite index was down 22.98 points to open for business Wednesday at 15,596.23.
The Canadian dollar was up 0.49 cents at 91.79 cents U.S.
Spanish energy company Repsol SA's talks to buy Canadian producer Talisman Energy are in difficulty, three sources familiar with the matter said, with Talisman's North Sea assets the stumbling block. Talisman stock retreated 48 cents, or 4.1%, to $11.21 soon after the opening bell.
Allergan Inc said that it has scheduled a special shareholders meeting for Dec. 18, when activist investor Bill Ackman, who supports a hostile bid for the company by Valeant Pharmaceuticals, will attempt to oust most of its board. Valeant stock dipped $1.02 to $127.20.
Barrick Gold is eliminating its entire corporate development team and more cuts are in the works as the world's top gold miner looks to trim costs, three sources familiar with the situation said on Tuesday. Barrick shares gave back a dime to $19.85.
Taseko Mines is suing the Harper government for damages, escalating its court actions after Ottawa's rejection earlier this year of the company's proposal to build a copper and gold mine in British Columbia. Taseko shares were static at $2.41.
CIBC initiated coverage on Acadian Timber Corp. with a sector perform rating and price target of $15.00. Acadian shares fell 13 cents to $13.71.
ON BAYSTREET
The TSX Venture Exchange sagged 0.36 points to 1,015.
All but one of the 14 Toronto subgroups were lower soon after the bell, with global base metals and industrials each down 0.4%, and materials off 0.3%.
ON WALLSTREET
Equities faded slightly soon after the opening bell, with the S&P 500 inching below 2,000, a day after it closed over that milestone for the first time.
The Dow Jones Industrials faded 8.48 points to open at 17,098.22
The S&P 500 slid 1.75 points to 1,998.27. The NASDAQ subtracted 7.19 points to 4,563.45.
With no major U.S. economic reports on tap, earnings reports from Tiffany & Co., Express Inc. and other companies were instead in focus.
Tiffany lifted its full-year earnings forecast after reporting a 16% rise in second-quarter profit. Tiffany jumped nearly 4%, faring best among S&P 500 stocks.
Michaels Cos. Inc. jumped 8.6% after the arts and crafts retailer reported better-than-expected fiscal second-quarter results in its first report as a public company.
Express leapt 13% after the clothing retailer lifted its full-year profit guidance, but Yingli Green Energy Holding Co. Ltd. sank 8.4% after the solar-energy company reported a $46-million U.S. loss for the second quarter.
Prices for 10-year U.S. Treasuries sagged, lowering yields to 2.37% from Tuesday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices were up 26 cents to $94.12 U.S. a barrel.
Gold prices tacked on $1.30 to $1,286.50 U.S. an ounce.
