Talisman, Bonterra in focus
Canadian stocks opened lower on Thursday, as investors appeared iffy about maintaining near-record levels for indices on both sides of the border.
The S&P/TSX composite index dipped 15.82 points to open Thursday at 14,958.83
The Canadian dollar eked up 0.04 cents at 93.33 cents U.S.
Talisman Energy said on Wednesday it plans to sell its stakes in two oilfields in the Timor Sea off the coast of Australia as Canada's number-five independent oil producer continues to restructure its global petroleum properties. Talisman shares inched up 1.5 cents to $11.25.
Turquoise Hill Resources said it filed a notice of dispute with the Government of Mongolia, after tax authorities in that country claimed unpaid taxes and penalties related to the development of the Oyu Tolgoi copper and gold mine. Turquoise shares were unchanged at $3.66 in Thursday's first hour.
A backlash against a management-led buyout of Tuckamore Capital Management grew on Wednesday, with another large investor, JC Clark, stating that it plans to vote the shares it controls against the proposed deal. Tuckamore shares were also static, at 85 cents each.
CIBC raised the price target on Bonterra Energy to $74.00 from $68.00. Bonterra opened at $61.72, up 70 cents from Wednesday's close.
The TSX Venture Exchange dropped 1.25 points to 1,013.79
Nine of the 14 Toronto subgroups were down early on, with gold sinking 1.2\%, materials down 0.7\% and metals and mining slipping 0.2\%.
The five gainers were led by global base metals, edging up 0.2\%, while telecoms and information technology each battled up 0.1\%.
Stocks were tanking in Thursday's first hour, as the month of June and the first-half of a record-breaking year draws to a close.
The Dow Jones Industrials sputtered 102.27 points to 16,765.24.
The S&P 500 slumped 11.29 points to 1,948.24, and the NASDAQ composite ducked lower 25.33 points to 4,354.43
Trading volumes could take a hit during the middle of the day as investors turn their attention to the World Cup soccer game between the U.S. and Germany, but it's not off to a good start for investors.
There are a number of big name stock movers, including Barclays, Bed Bath & Beyond and Alcoa.
Shares of Barclays crumbled over 7\% after the New York Attorney General unleashed a lawsuit late Wednesday against the British bank alleging a lack of transparency in some of its alternative trading platforms.
The attorney general claims the bank misled investors -- even going as far as lying in marketing materials -- about how much high-frequency trading firms were operating in Barclays "dark pool" trading platform.
Camera maker GoPro has already shown it can withstand drops from space and close encounters with sharks. Now we'll see how the gadget company grapples with life on Wall Street.
Investors can start trading GoPro shares Thursday after the company completed its initial public offering. The consumer electronics company is set to debut on the Nasdaq under the ticker symbol "GPRO" later in the morning.
On Wednesday evening, GoPro priced shares at $24 U.S. apiece, the high end of the expected range of $21 to $24 U.S. This raised roughly $425 million U.S.
It's shaping up to be an ugly day for Bed Bath & Beyond. The houseware retailer tumbled 9\% on after earnings came in lower than expected and the retailer doesn't forecast it will get much better the rest of the year.
Philip Morris International was also stuck in reverse, losing almost 3\%, after the cigarette maker dimmed its forecast for the year due to currency troubles and economic challenges in Europe.
On the other hand, Alcoa bounced 4\% after unveiling a $2.85-billion U.S. cash-and-stock deal to acquire Firth Rixson, which makes jet-engine parts. The move should help Alcoa diversify amid anemic aluminum prices.
Investors will keep an eye on consumer discretionary stocks after the government said consumer spending inched up just 0.2\% in May, trailing forecasts for a 0.4\% rise. Spending for April was upgraded from a contraction to a 0.1\% increase. Personal income rose 0.4\%, as expected.
Also, new data showed unemployment claims dipped to 312,000 last week from an upwardly revised 314,000 the week before.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.52\% from Wednesday's 2.56\%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $1.04 to $105.46 U.S. a barrel.
Gold prices fell $4.20 at $1,318.40 U.S. an ounce.
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