Stocks got off on the wrong foot Wednesday amid little data.
The S&P/TSX composite index slipped 44.26 points to open Wednesday at 15,492.55
The Canadian dollar fell 0.05 cents to 91 cents U.S.
Canada's telecommunications regulator should ease restrictions on domestic television providers because of the competitive threat they face from online services like Netflix Inc, Quebecor Inc Chief Executive Pierre Dion told a hearing on Tuesday. For its part, Quebecor shares gained 33 cents to $28.79.
After months of staying largely silent on a deal he is trying to broker, billionaire William Ackman on Tuesday criticized Allergan Inc 's board of directors, urging them to "wake up" and at least listen to what potential purchaser Valeant Pharmaceuticals has to offer the Botox maker. Valeant shares dipped $1.19 to $130.54.
Canadian Tire said on Tuesday it will take the store's famous paper "money" into the digital era as it looks to better compete with deep-pocketed U.S. chains expanding their presence in Canada. Canadian Tire faded 65 cents a share to $113.72.
Raymond James started coverage on Chinook Energy with an "outperform" rating. Chinook Energy docked three cents to $2.12.
ON BAYSTREET
The TSX Venture Exchange fell 2.92 points to 985.77.
All but three of the 14 Toronto subgroups were negative early Wednesday, as metals and mining fell 1.1%, gold lost 1%, and energy slid 0.8%.
The three gainers were information technology, inching up 0.4%, utilities, up 0.1%, and financials, eking up 0.04%.
ON WALLSTREET
U.S. stocks were slightly lower Wednesday as investors reassessed the timing and pace of interest-rate hikes from the Federal Reserve amid rising Treasury yields.
The Dow Jones Industrials dropped 10.02 points to 17,003.85
The S&P 500 shed 2.60 points to 1,985.84. The NASDAQ lost 0.09 points to 4,552.20
Analysts at Pacific Crest cut Apple to sector perform, citing a lack of new “profit drivers” to maintain an outperform rating after the iPhone maker unveiled the latest version of its popular phone and a new Apple Watch wearable device on Tuesday. Shares rose 1%.
GT Advanced Technologies Inc. shares slid 11% after Apple said it won’t move toward broad use of sapphire cover screens, which GT provides.
Shares of Microsoft could grab investors’ attention on a report in The Wall Street Journal that the technology group is set to pay about $2 billion U.S. in a deal to buy the maker of the popular "Minecraft" videogame.
Land’s End Inc. shares rallied 12% after the clothing retailer posted better-than-expected sales and profit in its fiscal second quarter.
Krispy Kreme Doughnuts skidded 4.6% after the doughnut chain posted stronger sales, but adjusted profit missed forecasts.
Prices for 10-year U.S. Treasuries backtracked, raising yields to 2.53% from Monday’s 2.50%. Treasury prices and yields move in opposite directions.
Oil prices faded 55 cents to $92.20 U.S. a barrel.
Gold prices hiked $3.40 to $1,251.90 U.S. an ounce.
