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Bay Street Set For Subdued Session -- Canadian Commentary

Canadian stocks are poised for a quiet session Monday, having dropped to 6-month lows last week. Falling oil prices have hurt the energy sector, while concerns about the nation's housing bubble impacted financials.

WTI light sweet crude oil was up 10 cents at $44.91 a barrel, having slipped to its lowest since November.

Gold for August was down $4 at $1252 an ounce, the lowest in three weeks.

NOVADAQ Technologies Inc. (NVDQ, NDQ.TO) announced a definitive arrangement with Stryker Corp. pursuant to which Stryker has agreed to acquire all of the issued and outstanding shares of NOVADAQ for $11.75 per share in cash, or $701 million.

Land & Buildings Investment Management, LLC said it has issued a letter to the board of directors of Hudson's Bay Co. (HBC.TO), calling on the department store operator to evaluate all strategic alternatives to maximize shareholder value. Land & Buildings is a holder of about 4.3 percent of Hudson's Bay shares.

Magna International (MGA.TO) will produce BMW's new 5-series plug-in hybrid.

Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) announced its board has elected John Paulson to serve as a director, effective June 14, 2017. Paulson is the president of Paulson & Co., Inc., a New York-based investment firm.

by RTTNews Staff Writer

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