TORONTO - The Toronto stock market looked to open little changed as investors considered a variety of earnings reports from the retail, energy and mining sectors.
The Canadian dollar slipped 0.07 of a cent to 91.25 cents US.
U.S. futures were tepid ahead of the end of the Federal Reserve's two-day interest rate meeting and a batch of economic data, including the latest read on growth in the American economy.
The Dow Jones industrial futures edged up two points to 16,469, the Nasdaq futures fell eight points to 3,555.8 while the S&P 500 futures were 0.8 of a point lower to 1,871.
There was positive employment news two days before the release of the U.S. government's employment report for April. Payroll firm ADP said that the private sector created 220,000 jobs during the month. Economists generally expected the economy created a total of about 210,000 jobs.
It was a heavy day for Canadian earnings news as Barrick Gold Corp. (TSX:ABX) posted a steep drop in its first-quarter adjusted net earnings to $238 million, or 20 cents per share, from $923 million, or 92 per share a year ago due to a decrease in metal prices and lower gold sales volume. Net earnings for the first quarter tumbled to $88 million, or eight cents per share, from of $847 million, or 85 cents per share. Revenues were $2.6 billion compared with $3.4 billion year-over-year.
Cenovus Energy (TSX:CVE) handed in operating earnings, which excluded some items, of $378 million or 52 cents a share in the first quarter, down three per cent from the same quarter last year. Net earnings were up 44 per cent to $247 million compared with $177 million in the same quarter in 2013.
Loblaw Companies Limited (TSX: L) is increasing its dividend and is reporting adjusted net earnings went up by 3.7 per cent to $139 million in the first quarter. Net earnings dropped 40 per cent to $103 million, or 37 cents per share, affected by an increase in interest expenses and other financing charges. Revenues were up 1.2 per cent to $7.29 billion. The grocer also boosted its dividend about 2.1 per cent to 24.5 cents a share.
Quebec-based pharmacy Jean Coutu (TSX:PJC.A) reports higher net earnings of $57.7 million, or 30 cents per share, in its fourth quarter, up from $53.5 million, or 25 cents per share, in the same period last year. Revenues were up slightly to $685.4 million compared with $682.7 million year-over-year.
In the U.S., Twitter shares plunged 12 per cent in pre-market trading in New York. The social networking site's quarterly earnings and revenue surpassed analyst expectations, but investors were disappointed about Twitter’s growth in users, which came in at 255 million monthly users, about two million lower than analyst consensus.
Meanwhile, the Fed was expected to stick to plans to reduce monthly bond purchases by $10 billion this month and provide further insight into the state of the world’s biggest economy.
Traders will also look for further indications of when the Fed might start to raise short-term interest rates, which have been near zero since the financial crisis.
On the commodity markets, June crude in New York was down $1.22 to US$100.06 a barrel.
June gold fell $8 to US$1,288.30 an ounce while July copper shed a penny to US$3.07 a pound.