News Column

TSX to open little changed

May 14, 2014



Possible Sears sale in news







Canadian stocks looked set to open flat to slightly higher on Wednesday

The S&P/TSX composite index improved 24.87 points to end the day at 14,679.81. June futures were up 0.04% Wednesday.

Sears Holding Corp. said it was looking to sell its 51% stake in Sears Canada Inc and could even put the whole Canadian department store operator up for sale.

Canaccord Genuity raised the rating on Entrec Corp to buy from hold

CIBC cut the rating on Inter Pipeline to sector perform from outperform

Canaccord Genuity and RBC raised the target price on Parex Resources

The Canadian dollar gained 0.03 cents to 91.75 cents U.S. early Wednesday.

ON BAYSTREET

The TSX Venture Exchange inched its way up 0.09 points Tuesday to 988.35

ON WALLSTREET

The past few days have seen investors push stock markets to all-time highs, but it looks like the pace could slow Wednesday.

Ahead of the opening bell, futures for the Dow Jones Industrials sagged 11 points to 16,664. Futures for the S&P 500 dropped three points, or 0.2%, at 1,891.30, and futures for the NASDAQ lost 6.25 points, or 0.2%, to 3,602.50

The Dow Jones industrial average and S&P 500 closed at record highs again Tuesday. The S&P 500 touched 1,900 for the first time ever, while the Dow closed at about 16,715. The NASDAQ underperformed its peers, closing down about 0.3%.

There are a number of quarterly results set for release that could sway investor sentiment. Macy's, Deere and SodaStream will report before the opening bell, while Cisco Systems and SeaWorld will report after the close.

Pinnacle Foods, which said Tuesday that it agreed to be bought by Hillshire Brands, will also report quarterly earnings before the bell.

Sony reported full-year results showing sales rose but the firm still recorded a loss for the year. The Japanese electronics giant said a big reason behind the jump in sales was favorable foreign exchange rates.

Sony shares pushed up by just over 1% in Tokyo trading.

Shares in Fossil fell in extended trading after the company reported a drop in quarterly profit.

In economic news, the U.S. government will publish its monthly producer price index.

European markets were generally weaker, while Asian markets were mixed.

Oil prices gained 31 cents to $102.01 U.S. a barrel

Gold prices gained $9.30 to $1,304.10 U.S. an ounce.


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Source: Baystreet Stock Market Update (Canada)


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