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Stocks Open Higher
Canada's main stock index opened higher on Tuesday as gains in the world's second-biggest convenience store operator Alimentation Couche-Tard Inc lifted consumer staples sector.
The S&P/TSX Composite Index gained 63.08 points, on top of Monday’s all-time record close, to begin Tuesday’s trade at 16,515.42
The Canadian dollar slid 0.12 cents at 76.13 cents U.S.
Alimentation Couche-Tard topped analysts' quarterly profit estimate on Monday as the world's second-biggest convenience store operator benefited from higher fuel sales and its acquisitions.
The chain’s shares shot higher $3.92, or 6.9%, to $60.92.
Canada Pension Plan Investment Board and Silicon Valley-based investor TCV are buying a stake in Sportradar, valuing the Swiss sports data group at 2.1 billion euros, including debt.
Intercity bus company Greyhound Canada said it would stop services in three western provinces in the country and eliminate 415 jobs there as it loses riders to low-cost airlines and subsidized passenger services.
TD Securities cut the target price on Altagas to $32.00 from $37.00. Altagas shares gained 31 cents, or 1.1%, to $27.99.
Raymond James raised the target price on Precision Drilling to $7.25 from $5.75. Precision shares picked up 23 cents, or 4.9%, to $4.97.
Canaccord Genuity raised the target price on Suncor Energy to $64.00 from $58.00. Suncor shares acquired 87 cents, or 1.6%, to $54.88.
On the economic docket, the value of building permits issued by Canadian municipalities increased 4.7% to $8.2 billion in May. This followed a 4.7% drop in April, the only month this year where municipalities reported a total value below the $8-billion mark.
ON BAYSTREET
The TSX Venture Exchange regained 0.86 points to 740.56
Seven of the 12 TSX subgroups were higher in the first hour, consumer staples leading the fray, up 2%, energy better by 1.7% and information technology up 0.5%.
The five laggards were weighed the most by gold, down 0.5%, materials, sliding 0.3%, and real-estate, hesitating 0.2%.
ON WALLSTREET
Stocks opened higher on Tuesday as the latest corporate earnings season got underway.
The Dow Jones Industrials leaped 133.27 points, to start Tuesday’s session at 24,909.86, as Chevron and United Technologies outperformed.
The S&P 500 gained 7.82 points to 2,791.99, with energy rising 0.8%
The NASDAQ hiked 67.81 points to 7,756.20
Earnings for the first calendar quarter rose 24% on a year-over-year basis. Wall Street is expecting similar results for calendar second quarter. Analysts expect S&P 500 second-quarter earnings to have grown by 20%
More than 20 companies in the S&P 500 have already released their quarterly results, including PepsiCo. The soft drink and snacks maker posted better-than-expected earnings, sending its shares higher by more than 2%. PepsiCo also said it expects “substantially higher” earnings growth for fiscal fourth quarter.
Pepsi is not the only company to have beaten expectations thus far. One analyst said in a note Tuesday that 86% of the companies that have already reported exceeded their quarterly earnings expectations, posting 24.1% year-over-year growth.
Citigroup, J.P. Morgan Chase, Wells Fargo and Delta Air Lines are all scheduled to report earnings later this week.
Tesla shares rose more than 2% after Bloomberg News reported the company is planning to build a massive plant in China. The report says the plant will have the capacity to build 500,000 vehicles per year.
Prices for the benchmark for the 10-year U.S. Treasury stayed put, keeping yields at Monday 2.86%.
Oil prices gained 63 cents to $74.48 U.S. a barrel.
Gold prices lost $5.50 to $1,254.10 U.S. an ounce.
