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The U.S. dollar strengthened Friday against the Canadian dollar, rising to a seven-month high after sales at Canadian retailers fell in October for a third straight month. Meanwhile, consumer-price index climbed 1.3%, leaving inflation well below the Bank of Canada’s 2% target. The dollar rose to C$1.3334, up 0.6% from C$1.3229, putting it on track for its largest daily drop against the dollar in just under a month. Canadian yields fell, with the 10-year down 3.3 basis points at 1.136%. Earlier in the week, the Bank of Canada revised down its growth and inflation forecasts, and pushed back its expectations for the closing of the country’s productivity gap. The BOC’s downbeat tone bolstered expectations that the central bank could cut its benchmark interest rate in the near future. “They’ve already been talking about a soft economy this week, and the low CPI means they have the ability to do so without worrying about inflation,” said Colin Cieszynski, chief market strategist at CMC markets. “That’s why the loonie is plunging today.”

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From:: Stock Market News

Shares of Twilio Inc. plunged 7% in premarket trade Friday, the morning after it priced its follow-on offering. Twilio said late Thursday that the offering would encompass 7 million shares of Class A common stock at $40 a share, which is 9.4% below Thursday’s closing price. Twilio will offer 641,222 shares and selling stockholders will sell 6.36 million. Twilio will not receive proceeds from the shares sold by stockholders. Underwriters have a 30-day option to purchase up to 1.05 million additional shares at the public offering price.

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From:: Stock Market News

Coach Inc.’s stock rose 3.5% in premarket action, while Burberry Group PLC’s shares gained 7.7% in London trading, following a report Friday that the two luxury fashion companies could merge in a $20 billion deal. Coach is working with Evercore on a possible Burberry merger, said a report by Betaville citing sources. Betaville is a news website focused on deals and dealmakers.

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From:: Stock Market News

McDonald’s Corp. shares are up 3.5% in Friday premarket trading after the fast-food giant reported third-quarter results that beat estimates. The company had net income of $1.28 billion, or $1.50 per share, compared with $1.31 billion, or $1.40 per share, for the same period last year. The FactSet consensus was $1.48 per share. Revenue totaled $6.42 billion, down from $6.62 billion, but exceeding the $6.28 billion FactSet estimate. Global same-restaurant sales increased 3.5%, and same-restaurant sales in the U.S. grew 1.3%. McDonald’s reported negative same-restaurant sales in China due to protests surrounding issues in the South China sea, and year-over-year strong comparisons. McDonald’s stock is down 6.4% for the year to date, while the S&P 500 Index is up 4.8% for the same period.

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From:: Stock Market News

Shares of Stone Energy Corp. lost half their value in premarket trade Friday, after the oil and gas company announced a restructuring support agreement (RSA) with certain convertible note holders as the company prepares for a bankruptcy filing. The RSA contemplates the company will file for chapter 11 on or before Dec. 9, the company said in a statement issued late Thursday. “The execution of the RSA is the culmination of months of hard work to right-size our balance sheet in response to a sustained period of low oil and natural gas commodity prices,” said Chief Executive David Welch.

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From:: Stock Market News

Honeywell Inc. said Friday it has net income of $1.24 billion, or $1.60 a share, in the third quarter, compared with $1.26 billion, or $1.60 a share, in the year-earlier period. The FactSet consensus was for EPS of $1.60. Sales rose 2% to $9.804 billion from $9.611 billion. compared with the FactSet consensus of $9.786 billion. Chief Executive Dave Cote sad the company is on track for double-digit earnings growth in the fourth quarter and for 8% to 9% growth in 2016. The defense company funded about $250 million in restructuring in the quarter and expects to achieve more than $175 million of benefits in 2017. The company is now expecting 2016 sales of $39.4 billion to $39.6 billion and adjusted per-shares earnings of $6.60 to $6.64. The FactSet consensus is for 2016 sales of $39.6 billion and EPS of $6.61. Shares were last up 1.7% premarket, and are up 5% in the year so far, slightly ahead of the S&P 500 , which is up 4.8%.

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From:: Stock Market News

Shares of General Electric Co. shed 0.7% in premarket trade Friday, after the industrial giant reported third-quarter sales that fell short of estimates, offsetting a profit that beat expectations. Earnings for the quarter ended Sept. 30 fell to $1.99 billion, or 22 cents a share, from $2.51 billion, or 25 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 32 cents, above the FactSet consensus of 30 cents. Revenue rose 4% to $29.3 billion from $28.0 billion, but missed the FactSet consensus of $29.6 billion, as misses by the power and aviation businesses offset a beat by healthcare. GE said it was increasing its stock buyback program by $4 billion, and narrowed its 2016 operating EPS outlook to $1.48 to $1.52 from $1.45 to $1.55, compared with the FactSet consensus of $1.49. The stock has lost 6.7% year to date through Thursday, while the Dow Jones Industrial Average has gained 4.2%.

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From:: Stock Market News

Honeywell Inc. said Friday it has net income of $1.24 billin, or $1.60 a share, in the third quarter, compared with $1.26 billion, or $1.62 a share, in the year-earlier period. Excluding a 7 cents per share restructuring charge, per-share earnings came to $1.67, ahead of the FactSet consensus of $1.60. Sales rose 2% to $9.611 billion from $9.804 billion, below the FactSet consensus of $9.786 billion. Chief Executive Dave Cote sad the company is on track for double-digit earnings growth in the fourth quarter and for 8% to 9% growth in 2016. The defense company funded about $250 million in restructuring in the quarter and expects to achieve more than $175 million of benefits in 2017. The company is now expecting 2016 sales of $39.4 billion to $39.6 billion and adjusted per-shares earnings of $6.60 to $6.64. The FactSet consensus is for 2016 sales of $39.6 billion and EPS of $6.61. Shares were down 0.9% premarket, but are up 5% in the year so far, slightly ahead of the S&P 500 , which is up 4.8%.

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From:: Stock Market News

Shares of Reynolds American Inc. soared 18% ahead of the bell on Friday after British American Tobacco PLC launched a bid to buy its U.S. peer. BAT, which already owns 42.2% of Reynolds, has offered $56.50 a share for the remaining Reynolds shares, valuing the deal at $47 billion. The price marks a 20% premium over Reynolds’s $47.17 closing price on Thursday. “We always expected this deal to happen eventually, but we are surprised by the timing,” analysts at Citigroup said in a note. “It is true that BAT is doing this deal while borrowing rates are low, but it could have bought RAI before RAI bought Lorillard, when the share price was 57% lower,” they added. Reynolds bought Lorillard last year for $25 billion. Shares of British American Tobacco were up 3% in London and 3.1% in U.S. premarket trade.

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From:: Stock Market News