Stock futures pointed to a lower opening for Canada's main stock index on Monday
The S&P/TSX composite index shot higher 174.71 points, or 1.3%, to close Friday at 14,227.68. Monday’s futures sagged 0.3%.
The Canadian dollar took on 0.26 cents to 88.85 cents U.S. early Monday.
Valeant Pharmaceuticals International Inc, embroiled in a bitter fight to take over Botox-maker Allergan Inc, posted a better-than-expected quarterly profit, helped by strong sales in all its markets.
Canadian Pacific Railway Ltd said it had ended talks to buy number-three U.S. railroad operator CSX Corp.
CIBC raised the target price on Fairfax Financial Holdings to $450.00 from $425.00, with an underperform rating.
Global Hunter Securities resumed coverage on Xtreme Drilling and Coil Services with an accumulate rating, and a price target of $3.70
Economically speaking, wholesale sales edged up 0.2% to $53.1 billion in August. Statistics Canada noted that gains in three sub-sectors -- machinery, equipment and supplies, more than offset declines elsewhere. Excluding the motor vehicle and parts sub-sector, which recorded the largest decline, wholesale sales rose 1.0%.
ON BAYSTREET
The TSX Venture Exchange jumped 18.20 points Friday to 810.13.
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ON WALLSTREET
Investors are expected to be on edge as they await earnings from multinational giants this week.
Ahead of the opening bell, futures for the Dow Jones Industrials eased 88 points, or 0.5%, to 16,221. Futures for the S&P 500 fell back 4.5 points, or 0.2%, to 1,876.50, and futures for the NASDAQ dipped 1.50 points to 3,802.50.
Apple, IBM and Chipotle will report quarterly results at the close.
IBM said that in addition to releasing results, it will also make "a major business announcement." Bloomberg reported that IBM was about to pay Abu Dhabi's GlobalFoundaries $1.5 billion U.S. to take its unprofitable chip making unit off its hands.
As for Apple, it's launching Apple Pay Monday, allowing customers to pay for items with their iPhone 6s.
Firms reporting before the markets open include toy-maker Hasbro, newspaper publisher Gannett and drug company Valeant
European markets are all declining in early trading after a slew of major European firms reported disappointing earnings. Many of the main indexes were down by about 1%.
Adidas shares jumped 5% on a Wall Street Journal report that a consortium of investors was interested in buying its Reebok unit. Lufthansa fell 1.3% as it was forced to cancel 1,500 flights due to a pilots' strike.
Asian markets all closed with gains, inspired by a Friday market rally in the U.S.
Oil prices added 17 cents to $82.92 U.S. a barrel
Gold prices gained seven dollars to $1,246.00 U.S. an ounce.
