Canadian stocks were looking to snap back from losses in the previous session Wednesday morning, but early signals were pointing to a lackluster start despite hopeful rhetoric from US President Barack Obama, who noted signs of progress for the world's biggest economy.

We will recover from this recession, Obama said. But it will take time, it will take patience.

On Tuesday, the S&P/TSX Composite Index fell 109.12 or 1.21% end the session 8,849.39. Overall, the index has been trending sharply higher for the past two weeks, paring some of its massive yearly losses.

AutoCanada Income Fund (ACQ_U.TO: News ) reported a net loss for the fourth quarter of C$67.1 million, compared to net earnings of C$5.5 million in the prior year quarter. Revenue decreased 7.3% to C$182.4 million from C$196.7 million in the year-ago quarter.

TerraVest Income Fund (TI_U.TO: News ) reported a fiscal 2008 net loss of C$22.22 million or C$1.20 per Unit, compared to a net loss of C$19.92 million or C$1.13 per Unit in the prior year.

NovaBay Pharmaceuticals Inc. (NBY,NBY.TO: News ) said it signed agreement with Galderma S.A. to develop and commercialize NovaBay's proprietary Aganocide compounds.

Oil and gas company Premier Oil Plc (PMO.L) announced its proposed acquisition of Oilexco North Sea Ltd., or ONSL, the principal operating subsidiary of Oilexco (OIL.V) for $505 million cash and a rights issue to raise about £171 million.

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