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Equities Take Thumping Early Tuesday

Nov 14, 2017 (Baystreet.ca via COMTEX) --

Stocks in Canada's largest centre moved lower in early trade on Tuesday as energy stocks weighed with lower oil prices and financials and mining companies also slipped.

The S&P/TSX Composite Index reversed 70.61 points to open Tuesday at 15,955.65

The Canadian dollar shed 0.31 cents to 78.48 cents U.S.

Brookfield Property Partners LP on Monday made an unsolicited bid to buy the 66% stake in mall owner GGP Inc it does not already own for $14.8 billion.

Brookfield Property units dipped 11 cents to $28.55.

Reports say Bombardier is in advanced talks with EgyptAir over a potential $1.1 billion order for CSeries jets.

Bombardier shares gained eight cents, or 2.6%, to $3.14.

Cenovus Energy has reached a deal to sell its Weyburn oil facility for $940 million, completing its main divesture plans. Moreover, CIBC raised the price target on Cenovus Energy to $16 from $14.50

Cenovus shares gave back 27 cents, or 1.9%, to $13.66.

Credit Suisse cut the price target ARC Resources to $21.00 from $23.00. ARC faded 42 cents, or 2.5%, to $16.45.

ON BAYSTREET

The TSX Venture Exchange slumbered 4.21 points to 798.54

All but one of the 12 TSX subgroups were negative in the first hour, as energy tailed off 1.7%, health-care ailed 0.9%, and materials slid 0.6%.

Only real-estate held out against the negative tide, eking up 0.1%.

ON WALLSTREET

Blue-chip stocks fell more than 100 points on Tuesday as shares of General Electric slumped for a second straight day.

The Dow Jones industrial average jettisoned 134.36 points to 23,305.34,

The S&P 500 dropped 13.6 points to 2,571.24, with materials as the biggest declining sector. TJX was among the worst performers in the index, falling 3.6%.

The NASDAQ Composite eased 34.14 points to 6,723.45

GE shares fell 4.9% to a five-year low and have fallen more than 10% over the past two days, after the company unveiled a massive restructuring plan and slashed its dividend by 50% at an investor meeting.

Analysts across Wall Street remained "unsettled" by what they heard as GE's turnaround plan disappointed them.

Dow-component Home Depot reported earnings and revenue that beat expectations. Same-store sales -- a key metric for retailers -- crushed estimates, but the stock traded 0.9% lower.

TJX Companies, the parent company of TJ Maxx, posted earnings per share that were in line with expectations, while revenue missed. But the company's stock fell after its same-store sales for the quarter remained flat. Analysts expected a gain of 2.3%.

In economic news, the U.S. producer price index rose 0.4% in October. Economists expected an increase of 0.1%.

Prices for the benchmark 10-year Treasury note gained ground Tuesday, lowering yields to 2.38% from Monday's 2.4%. Treasury prices and yields move in opposite directions.

Oil prices sank 55 cents a barrel to $56.21 U.S.

Gold prices slid 30 cents an ounce to $1,278.60 U.S.

********************************************************************** As of Friday, 11-10-2017 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated an UPTREND on 06-07-2012 for CVE @ $32.45. As of Friday, 11

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