CANADA STOCKS-TSX could open lower on mixed earnings results
TORONTO, Oct 29 (Reuters) - Toronto's main stock index could open lower on Thursday and add to recent losses, given a mixed bag of corporate earnings, but any fall may be offset by energy shares as oil prices headed higher.
If sentiment from the United States, where stock index futures pointed to a higher opening, spills into Canada, the TSX could possibly put an end to four straight sessions of losses.
The S&P/TSX composite index .GSPTSE closed down 248.21 points, or 2.25 percent, at 10,805.33 Wednesday. That left the index at its lowest level in nearly two months.
Here is some news that could affect the market:
BROOKFIELD PROPERTIES CORP (BPO.TO)
Brookfield Properties, one of New York's biggest landlords, said Thursday that third-quarter funds from operations fell from a year earlier, when it benefited from the sale of a Toronto office building. [ID:nN29257955]
TECK RESOURCES LTD (TCKb.TO)
Teck Resources said Wednesday that third-quarter profit rose 44 percent, helped by a C$311 million debt-related foreign exchange gain and higher coal sales volumes. [ID:nN28159071]
AGNICO-EAGLE MINES LTD (AEM.TO)
Agnico-Eagle Mines posted a $17 million net loss in the third quarter on Wednesday, as the gold miner absorbed a $23 million foreign exchange-related charge and suffered production problems at its new mines. [ID:nN28106314]
CANADIAN OIL SANDS TRUST (COS_u.TO)
Canadian Oil Sands Trust, which has the biggest stake in Syncrude Canada Ltd, said Wednesday its third-quarter earnings fell 59 percent as oil prices tumbled from last year's heights and production dipped. [ID:nN27105830]
TRANSALTA CORP (TA.TO)
TransAlta Corp said Wednesday it is selling C$375 million ($347 million) of stock to pay down debt it took on to finance its acquisition of Canadian Hydro Developers Inc KHD.TO. [ID:nN28317063]
WEST FRASER TIMBER CO LTD (WFT.TO)
Softwood lumber producer West Fraser Timber said it will permanently close the unprofitable Eurocan paper mill in British Columbia and cut 535 jobs. [ID:nBNG317606]
VECTOR CAPITAL, COREL CORP (CRE.TO)
The private equity firm that owns the majority of consumer
software maker Corel Corp (CRE.TO) has launched a bid to take
the company private, Vector said Wednesday. [ID:nN28323614]
SIERRA WIRELESS INC (SW.TO)
Mobile modem maker Sierra Wireless reported a quarterly loss on Wednesday as the cost of sales and research and development mounted and revenue inched lower. [ID:nN28194888]
MACDONALD, DETTWILER & ASSOCIATES LTD (MDA.TO)
MacDonald, Dettwiler & Associates, a real-estate data and space technology provider, said on Wednesday that quarterly profit rose even as revenue dropped, helped by an accounting gain. [ID:nN28306191
GOLD REBOUNDS
Gold prices rose back above $1,030 an ounce in Europe on Thursday as the dollar gave up gains against the euro. [GOL/]
OIL PRICES GET BOOST
Oil topped $78 on Thursday as the U.S., the world's biggest energy consumer, posted better-than-expected preliminary economic growth data, but gains were limited by the weakness of prompt fuel demand. [O/R]
RESEARCH ROUNDUP:
Following is a summary of research actions on Canadian companies reported by Reuters. For more, please double click [RCH/CA]
* Barclays raises Nexen Inc (NXY.TO) price target 16.7
percent to C$28 with "equal-weight" rating.
* Genuity cuts Agnico-Eagle Mines Ltd (AEM.TO) price target
6 percent to C$78 with "hold" rating.
* Goldman Sachs cuts TMX Group Inc (X.TO) price target 6.5
percent to C$29 with "sell" rating.
($1=$1.08 Canadian)
(Reporting by Frank Pingue; editing by Jeffrey Benkoe)
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