RTTNews - Toronto stocks could head to the downside on Wednesday morning in early trading as European stocks are down and U.S. futures are pointing lower. A drop in oil prices could hinder energy stocks.

Crude oil prices are down for a second straight session, moving further off a multi-month low. Light sweet crude for July is down $1.01 to $67.54 per barrel in electronic trading as investors await the Energy Department's inventory data later this morning.

In early metal trading, copper prices are down 2 cents to $2.2775 and gold is down $7.90 to $976.50.

Bombardier (BBD-B.TO) reported that its first quarter net income was US$158 million, compared to US$229 million for the same period last year. Earnings per share were US$0.09, compared to US$0.12 last fiscal year.

Agrium (AGU.TO: News ) announced that its offer to acquire all of the outstanding shares of CF Industries Holdings Inc. (CF) for US$40.00 in cash and one common share of Agrium for each CF share is its final price absent engagement by CF and demonstration of additional value.

Eldorado Gold (ELD.TO) announced that it has agreed to acquire 57.9 million shares of Sino Gold Mining Ltd from Gold Fields Ltd (GFI) in a private transaction in exchange for Eldorado shares.

Meanwhile, the Globe and Mail reported Toronto Dominion (TD.TO) is looking into the possibility a group of traders improperly passed rumors on to traders regarding Opti Canada (OPC.TO).

Automatic Data Processing said non-farm private employment fell by 532,000 jobs in May following a revised decrease of 545,000 jobs in April. Economists had expected a decrease of about 525,000 jobs compared to the decline of 491,000 jobs originally reported for the previous month.

Industry data released on Wednesday showed that mortgage application volume tumbled over 16% last week, including an adjustment for the Memorial Day holiday. On an unadjusted basis, the Index plunged 32.5%.

On Tuesday, the S&P/TSX Composite Index fell 15.27 points or 0.14% to settle at 10,588.79. The index had gained in five of the previous seven sessions to reach a eight-month high.

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