Stock futures pointed to a lower opening for stocks in this country, as Canadians gathered to commemorate war veterans on Remembrance Day, due to a drop in oil prices over worries of a persisting global supply glut.
The S&P/TSX Composite finished Thursday in negative territory 15.73 points to 14,744.18
The Canadian dollar fell 0.24 cents to 74.03 cents U.S. early Friday.
Hudson's Bay Co cut its revenue forecast for the full year, saying comparable sales did not improve in the second half as expected. The company said on Thursday it expected sales of $14.5 billion-$14.9 billion, down from the $14.9 billion-$15.9 billion it estimated in September.
Valeant Pharmaceuticals International says it may change its name to help boost its reputation, board member and top investor William Ackman told CNBC on Wednesday. A name change would be the latest effort by the company to break from its past, after hiring a new chief executive, overhauling the board and exploring billions of dollars in asset sales to pay down a $30-billion debt load.
CIBC cut the rating on CAE Inc to sector perform from outperform, reflecting relative valuation and the company’s significant outperformance relative to the broader market.
Canaccord Genuity raised the target price on Canadian Energy Services to $8.00 from $6.25, saying impressive third-quarter results reflect multiple levers for EBITDA expansion in a tough market.
Barclays cut the target price on Crescent Point Energy to $22.00 from $23.00, as the company reiterated 2016 and preliminary 2017 guidance.
CIBC raised target price on Manulife Financial to $23.00 from $19.00, to reflect higher earnings expectations and a higher valuation multiple.
Barclays raised the target price on Sun Life Financial to $51.00 from $45.00, considering a potential for additional earnings growth.
ON BAYSTREET
The TSX Venture Exchange fell behind 9.57 points Thursday to 743.63
ON WALLSTREET
U.S. stock index futures indicated a slightly lower open on Friday as traders continued to digest the presidential election result and awaited comments from Federal Reserve Vice Chairman Stanley Fischer.
Ahead of the opening bell, futures for the Dow Jones Industrials faded 39 points, or 0.2%, to 18,747. Futures for the S&P 500 dipped 8.5 points, or 0.4%, to 2,158.75. NASDAQ futures dropped 36 points, or 0.8% to 4,707.75. However, the three major indexes were on track to post weekly gains of at least 3%.
On the earnings front, J.C. Penney posted quarterly results and its stock fell about 8% in the pre-market.
On the data front, Friday will see consumer sentiment released at 10 a.m. ET, while Fischer is due to speak at 8:30 a.m. ET on U.S. monetary policy and the global economy.
European markets were slightly higher, while the Shanghai Composite entered a technical bull market although other Asian markets stuttered.
Oil prices eased 91 cents to $43.75 U.S. a barrel
Gold prices fell $7.70 at $1,258.70 U.S. an ounce.
