Stock futures pointed to a higher opening for Canada's main stock index as oil prices rose after data showed U.S. inventories had risen for a sixth week and weakness spread through the physical market
The S&P/TSX composite index sank 48.49 points to close Wednesday at 13,661.82
The Canadian dollar sank 0.16 cents to 75.89 cents U.S. early Thursday
Air Canada reported a better-than-expected quarterly profit, helped by lower fuel costs. Lower costs boosted the company's operating margin by 6.5 percentage points during the third quarter. On an adjusted basis, the company earned $2.50 per share in the quarter, higher than the average analyst estimate of $2.21. The company's net income rose 35% to $437 million, or $1.48 per share. Operating revenue rose nearly 6% to $4.02 billion, above analysts' estimate of $3.94 billion.
Canadian Natural Resources cut its 2015 capital expenditure estimate for the fifth time this year, as the company responds to a slump in oil and gas prices. The company reduced its capital expenditure estimate by an additional $65 million to $5.44 billion. The petroleum producer said net loss was $111 million, or 10 cents per share, in the third quarter, compared with a profit of $1.04 billion, or 94 cents per share, a year earlier. Revenue fell 34% to $3.11 billion.
Crescent Point Energy Corp reported a third-quarter loss, compared with a profit a year earlier, hurt by a slump in oil prices. The company posted a net loss of $201.4 million, or 40 cents per share, in the three months ended Sept. 30. It earned $258.1 million, or 60 cents per share, a year earlier.
Enbridge reported a 15.7% rise in quarterly adjusted profit, helped by increased throughput as producers moved more oil by pipelines than on rail. Its adjusted earnings rose to $399 million, or 47 cents per share, in the third quarter ended Sept. 30, from $345 million, or 41 cents per share, a year earlier.
Magna International reported a 7% drop in quarterly sales, hurt by a strong U.S. dollar. However, the company raised the low end of its 2015 sales forecast to $31.3 billion from $30.9 billion. The company kept the top end of the guidance unchanged at $32.6 billion. Its revenue fell to $7.66 billion in the third quarter ended Sept. 30, from $8.25 billion a year earlier. Net income attributable to Magna fell 3.5% to $470 million, or $1.13 per share.
Ivey PMI data is on the economic radar.
ON BAYSTREET
The TSX Venture Exchange nicked up 0.88 points Wednesday to 542.16
ON WALLSTREET
U.S. stock futures are heading for a positive open.
Ahead of the opening bell, futures for the Dow Jones gained 51 points, or 0.3%, to 17,838, futures for the S&P 500 picked up 6.25 points, or 0.3%, to 2,101, and futures for the NASDAQ increased 11.25 points, or 0.2%, to 4,720.75.
Facebook posted an attractive 11% earnings boost. It announced that most people are now using Facebook on their mobile phones, cementing its domination of the coveted mobile market. Its stock is up more than 4% in pre-market trading.
Qualcomm is suffering pre-market with its shares down 6%. It posted better than expected results Wednesday, but investors were shaken after it announced a weak outlook for the current quarter and said it would no longer issue guidance about its annual earnings.
Whole Foods reported its same-store sales were negative last quarter, sending its stock down 6% in pre-market.
AstraZeneca, Crocs, Ralph Lauren, Martha Stewart, Time and tech firm Symantec are posting earnings before the bell. After the close, Dreamworks Animation, Walt Disney , TripAdvisor, Weight Watchers , Kraft Heinz , and Shake Shack will report.
Weekly U.S. unemployment data is out this morning., a day ahead of the government's monthly jobs report.
European markets are down in early trading, while Asian markets ended mixed with the Nikkei and Shanghai Composite ending with strong gains.
Oil prices were down 0.09 cents to $46.23 U.S. a barrel
Gold prices gained 36 cents to $1,10.826 U.S. an ounce.
