CANADA STOCKS-TSX may open higher as Americans embark voting

Tue Nov 6, 2012 8:35am EST

Nov 6 (Reuters) - Canadian stock futures rose on Tuesday, tracking global markets, but Toronto shares were seen holding to a narrow range ahead of a U.S. presidential election that will shape the fate of the world's largest economy.

TOP STORIES

* After a long and bitter White House campaign, Americans began casting their votes on Tuesday with polls showing President Barack Obama and Republican challenger Mitt Romney neck-and-neck in an election that will be decided in a handful of states.

* Hundreds of thousands of Greeks began a crippling 48-hour strike to protest against a new round of wage and pension cuts that parliament is expected to approve narrowly a day later.

* The European Commission has set dire economic forecasts for Spain until 2014, a newspaper reported, shooting down the targets set out by Madrid and potentially pushing it closer to seeking euro zone aid.

* NYSE is hoping ambitious cost cuts will help offset lower trading levels, in the latest sign of growing pressure on the world's top trading firms.

MARKET SNAPSHOT

* Canada stock futures traded up 0.23 percent

* U.S. stock futures , , were up around 0.14 percent to 0.36 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index < .TRJCRBTR>: 293.45; rose 0.25 percent

* Gold futures : $1,690.1; rose 0.47 percent

* US crude : $85.9; rose 0.29 percent

* Brent crude : $108.28; rose 0.51 percent

* LME 3-month copper : $7,666.5; rose 0.22 percent

CANADIAN STOCKS TO WATCH

* MacDonald, Dettwiler and Associates Ltd. : The Canadian satellite maker reported a slight decrease in third-quarter earnings from operations on Monday, as revenue declined due to lower levels of space robotics activity.

* Niko Resources Ltd. : The oil and gas producer said one more of its wells in Trinidad turned out to be dry, adding to its recent disappointments in India and Indonesia.

* Potash Corp. : Israeli officials plan to meet executives of Potash Corp in the next week before deciding on whether to allow the fertiliser producer's proposed $13.5 billion takeover of Israel Chemicals to move forward.

* Yellow Media Inc. : The telephone directory publisher reported a third-quarter profit, but lower print segment sales hurt revenue.

ANALYST RECOMMENDATIONS

Following is a summary of research actions on Canadian companies reported by Reuters.

* Churchill Corp. : CIBC cuts target price to C$8 from C$9 citing the company's revised expectations for revenues and margins in 2013 given market uncertainty, competition, project delays, and margin pressures.

* Fortress Paper Ltd. : Canaccord Genuity cuts target price to C$9 from C$13 on the company's weak third-quarter results, operational challenges and weak dissolving pulp prices.

* TVA Group Inc. : RBC raises price target to C$9 from C$8 after the company reported better-than-expected third-quarter results.

ON THE CALENDAR

* Major Canadian economic data includes Ivey PMI

* Major U.S. events and data includes Redbook

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