Equities in Canada’s largest centre opened modestly higher on Tuesday, as better-than-expected quarterly results from Valeant Pharmaceuticals International Inc helped offset declines in tech stocks.
The S&P/TSX Composite Index gained 17.84 points to begin a short week at 15,275.81
The Canadian dollar continued its slide, losing 0.05 cents to 78.81 cents U.S.
Markets were closed Monday in Toronto for the Civic Holiday.
Valeant Pharmaceuticals International Inc reported a 7.8% fall in quarterly revenue, hurt by declines in volume and pricing of its generic and neurology products.
Valeant shares hike $2.28, or 11.9%, to $21.43.
An attorney representing opponents of TransCanada Corp's proposed Keystone XL pipeline grilled the company's representatives during hearings in Nebraska on Monday, in proceedings that mark the last big hurdle for the long-delayed project.
TransCanada shares gave back two cents to $64.09.
CIBC cut the price target on Black Diamond Group to $1.75 from $2.75. Black Diamond shares jettisoned 10 cents, or 5.4%, to $1.83.
National Bank of Canada cut the target price on Element Fleet Management to $11.50. Element shares took on 11 cents, or 1.2%, to $9.59.
Canaccord Genuity cut the price target on Medical Facilities Corp. to $14.50 from $17.00. Medical Facilities gained eight cents to $12.60.
ON BAYSTREET
The TSX Venture Exchange poked up 1.66 points to 767.34
All but three of the 12 TSX subgroups were positive to start Tuesday, with health-care blossoming 3.2%, consumer discretionary stocks ahead 0.6%, and gold up 0.5%.
The two laggards were information technology, sliding 0.6%, and energy, down 0.2%. Financials were unchanged in the first hour.
ON WALLSTREET
U.S. stocks opened slightly lower on Tuesday as investors awaited quarterly results from Disney.
The Dow Jones Industrials eased 3.62 points to 22,114.80, with Microsoft contributing the most losses. The 30-stock index was also on track to snap a streak of nine straight record closes.
The S&P 500 dropped 2.26 points to 2,478.65, with health-care leading decliners, a day after posting its first record close since late July.
The NASDAQ lost 8.02 points to 6,375.76
Defense stocks Lockheed Martin and Northrop Grumman bucked the lower trend Tuesday, hitting record highs shortly after the open.
Disney is scheduled to release its earnings after the close Tuesday. Investors will be looking for clues about the company's cable business, especially ESPN.
As of Friday morning, calendar second-quarter earnings had grown 10.1%. S&P Capital IQ originally forecast earnings to grow by 6.2%.
Michael Kors and Ralph Lauren both posted better-than-expected earnings, sending their stocks higher by 18% and 8%, respectively.
Prices for the benchmark 10-year Treasury note backtracked slightly, raising yields to 2.27% from Monday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices fell 35 cents to $49.04 U.S. a barrel
Gold prices gained $2.80 to $1,267.50 U.S. an ounce.
