TSX Flat As Markets Await Word On U.S. Election -- Canadian Commentary

(RTTNews) - Canadian stocks nudged higher Tuesday, but shares of troubled drug maker Valeant plunged on weak guidance.

Markets were cautious as U.S. voters went to the polls to elect a new president today.

The results of the election will be seen later tonight. Hillary Clinton is expected to defeat outsider Donald Trump, but the tycoon has a puncher's chance.

The S&P/TSX Composite Index was up 4.39 points or 0.03 percent, to 14,656.84.

Valeant Pharmaceuticals (VRX, VRX.TO) trimmed its forecast for fiscal 2016 earnings, adjusted EBITDA and revenues after reporting third quarter net loss on hefty impairment charge.

The stock was downgraded at Moody's.

Valeant shares plunged 21 percent.

Iamgold (IMG.TO) shares rose after strong third quarter results.

Dec. WTI oil gained 9 cents, or 0.2%, to settle at $44.98/bbl.

The Energy Information Administration expects U.S. crude oil production for 2016 and 2017 to fall by less than previously expected, the agency said today.