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Stocks up slightly at open(Baystreet Stock Market Update (Canada) Via Acquire Media NewsEdge) Valeant, CIBC in focus Equities nudged ahead on markets in Toronto on Wednesday, as signs of a slowing Chinese economy and worries about Ukraine offset some positive European economic data. The S&P/TSX composite index took on 2.35 points to begin Wednesday at 14,558.32 The Canadian dollar slipped 0.11 cents U.S. to 90.58 cents U.S. Valeant Pharmaceuticals said the company and activist investor Bill Ackman made an unsolicited $47-billion bid to buy Botox maker Allergan as it seeks to become one of the world's five biggest drug companies. Valeant shares slipped $1.41 to $147.97. Canadian Imperial Bank of Commerce and two private equity consortia are exploring offers for global asset manager Russell Investments, according to several people familiar with the matter. CIBC shares dipped 44 cents to $95.87. Contract electronics manufacturer Celestica Inc's quarterly profit more than tripled. Celestica shares inched ahead nine cents to $12.15. In the economic docket, Statistics Canada reported that retail sales moved higher 0.5% to $41.0 billion in February. Gains were reported in seven of 11 sub-sectors, representing 56% of total retail sales. ON BAYSTREET The TSX Venture Exchange added 2.64 points to 1,007.52 Nine of the 14 Toronto subgroups were lower in the first hour, as metals and mining and their cousins among global base metal stocks sank 0.3% each, likewise, utilities. The five gainers were led by gold, up 0.7%, industrials, winning 0.6%, and consumer staples, 0.5% to the good. ON WALLSTREET U.S. stocks kicked off Wednesday's trading session on a hesitant note as investors take a wait-and-see approach ahead of high profile earnings reports from Apple and Facebook later today. The Dow Jones Industrial Average backtracked 14.71 points to 16,499.66 The S&P 500 slipped 3.48 points to 1,876.07, and the NASDAQ composite index dipped 25.09 to 4,136.37. The bulls are sifting through the latest quarterly results in an effort to send the S&P 500 to a seventh consecutive day of gains. On the upside, Dow Chemical reported a double-digit increase in net earnings per share compared to this time last year. Aircraft maker Boeing flew higher after exceeding profit forecasts and announcing an 8% revenue increase. Both stocks are up over 2% in early trading. Procter & Gamble, a producer of household consumer goods like Crest, Tide and Gillette, also had solid quarterly gains, although its stock fell in early trading. There was mixed news late yesterday when a slew of earnings came in just after the closing bell. Gilead Sciences shares rose after it blew past earnings estimates, while Amgen failed to live up to analysts' expectations. The biotech sector has taken a beating in recent weeks after experiencing a run up early in the year. Shares of Yum! Brands were rising after the parent of KFC and Taco Bell beat earnings expectations with especially good growth in Asia. They have also announced the return of the infamous KFC "Double Down" sandwich. Despite bad weather that caused thousands of flight cancellations, Delta Air Lines beat expectations with soaring profits. Investors bid up the airline to all-time high on the upbeat results. Apple, Facebook and Zynga are reporting after the close, along with consumer-focused companies Crocs and Cheesecake Factory U.K.-based chip designer ARM Holdings reported record revenue and profit in the first quarter, but results were slightly weaker than analysts were expecting. Its shares fell in London and in pre-market trading in New York. Stocks could be influenced later in the morning by reports on U.S. manufacturing activity and new home sales. Prices for 10-year U.S. Treasuries gained strength, sending yields lower to 2.70% from Tuesday's 2.73%. Treasury prices and yields move in opposite directions. Oil prices eked up 13 cents to $101.88 U.S. a barrel. Gold prices took on $2.60 at $1,283.70 U.S. an ounce. © 1998 - 2014 Baystreet.ca Media Corp. All rights reserved. |