TORONTO -- The Toronto stock market looked to open lower Thursday amid a strong earnings report from Canadian Pacific Railway and mixed corporate data from the U.S.

The TSX registered a solid 145-point runup Wednesday to a record high as strong Chinese economic growth data sent resource stocks higher.

The Canadian dollar was little changed, down 0.01 of a cent to 93.05 cents US.

U.S. futures were lower with the Dow Jones industrials down 36 points to 17,021 after the blue chip index also hit a fresh record high Wednesday. The Nasdaq futures lost 22.2 points to 3,900.3 while the S&P 500 futures were down 8.5 points to 1,966.3.

Canadian Pacific (TSX:CP) posted second quarter net income of $371 million, or $2.11 per diluted share, up 48 per cent from a year ago and beating estimates by a penny. Revenues were ahead 12 per cent to $1.68 billion while the key operating ratio was 65.1 per cent, a 680 basis point improvement.

In the U.S., Morgan Stanley handily beat profit and revenue estimates for the second quarter. The bank said earnings rose 47 per cent to US$1.9 billion, or 94 cents a share. Adjusted per-share earnings came to 91 cents, compared with a FactSet consensus estimate of 55 cents. Revenue totalled $8.6 billion, compared to $8.52 billion, in the year-ago quarter, and $8.5 billion on an adjusted basis. The FactSet consensus was for revenue of $8.22 billion and the bank's shares were up two per cent in pre-market trading.

It was a much different story at toymaker Mattel. Its shares tumbled 10 per cent in pre-market trading after the company reported a profit of $28.3 million, or eight cents a share, down from $73.3 million, or 21 cents, a year earlier. Net sales fell 9.1 per cent to $1.06 billion, weighed down by sluggish sales of its iconic Barbie brand.

Late Wednesday, West Fraser Timber Co. Ltd. (TSX:WTF) said net income in the latest quarter was $74 million or 87 cents per share, compared with $109 million or $1.27 per share in the comparable 2013 period. Revenue rose to $1.05 million from $900 million in the second quarter of 2013 and from $809 million in the first quarter of this year as increased shipments in its lumber operations were offset by lower prices.

In other corporate developments, Loblaw Companies Ltd. (TSX:L) says Galen Weston will become president of the retailer as part of broader changes that shake up its management structure. The move has Weston replacing Vicente Trius effective immediately, with the company saying that Trius plans to return to Brazil for "family reasons." Weston was formerly executive chairman of the company, which is a longtime family business and a subsidiary of George Weston Ltd. Loblaw posts financial results on July 24.

Oil prices shot up for a second day with the August contract on the New York Mercantile Exchange up $1.40 to US$102.60 a barrel. Prices ran ahead $1.24 Wednesday in the wake of data showing a much larger than expected drawdown of U.S. inventories last week.

Copper prices continued to decline with the September contract in New York down a cent to US$3.20 a pound. August bullion edged up 90 cents to US$1,300.70 an ounce.