North American stocks are pointing to a lower start Thursday, with the struggling U.S. housing market in focus.

U.S. luxury home builder Toll Brothers said its fiscal second-quarter net income fell to US$36.7 million, or 22 cents a share, from US$174.9 million, or $1.06 a share, a year ago. The firm was unwilling to provide an earnings outlook.

U.S. new-home figures are due out at 10:00 ET.

In today’s economic news, Statistics Canada reported that Canadian corporations posted a record $63.8 billion in operating profits in the first quarter of 2007, up 2.9% over the previous quarter.

Rising commodity prices boosted earnings in the petroleum and coal products and primary metal manufacturing industries. These industries accounted for about half of the overall profit gain.

The Canadian dollar opened at US92.42¢, up 0.01 of a cent.

South of the border, durable-goods orders rose 0.6% in April, according to a U.S. government report that also showed capital spending by businesses grew again.

In M&A news, Canadian billionaire Jim Balsillie, the co-CEO of Research In Motion, has reached a tentative agreement to buy the Nashville Predators. Terms of the deal were not disclosed.

In today’s earnings news, TD Bank Financial Group reported a 19% rise in quarterly profit, earning $879 million or $1.20 per share in its second quarter ended April 30, up from $738 million or $1.01 per share in the year-ago period.

GM narrowed its expected financial exposure related to Delphi’s bankruptcy to US$7 billion and said it could take a US$1 billion charge in the second quarter.

Crude-oil futures held below US$66 a barrel in electronic trade, and gold futures slipped $1.20 to US$661.40 an ounce.

In Asia, Chinese shares fell slightly after former U.S. Federal Reserve Chairman Alan Greenspan warned of an eventual “dramatic correction” in China’s red-hot stock markets.

The benchmark Shanghai composite index declined 0.5% to 4,151.13. The smaller Shenzhen composite fell 0.7% to 1,215.17.

Hong Kong and South Korea took the day off to mark Buddha’s birthday.

Toronto stocks moved ahead Wednesday, its fifth consecutive day of record closes, on positive days in the key energy, materials, and financials sectors.

The S&P/TSX composite index gained 30.32, or 0.21%, to 14,142.51.

Bank of Montreal reported a quarterly gain in earnings if 3.1% despite reporting significant losses in natural gas trading. The earnings gain exceeded analysts expectations, which boosted the stock $1.32, or 1.92%, to $70.20.

The S&P TSX Venture Exchange moved ahead 4.24 points, or 0.13%, to 3,278.92.

In New York, markets moved down as investors were shaken by comments from former U.S. Federal Reserve chairman Alan Greenspan suggesting Chinese stock markets were due for a significant correction.

The Dow Jones industrial average fell 14.30 points, or 0.11%, to 13,525.65, the Nasdaq composite index lost 10.97, or 0.42%, to 2,577.05, and the S&P 500 gave up 1.84, or 0.12%, to 1,522.28.