Nov 14 Canada's main stock index looked set to
open higher on Wednesday after slipping to a two-month low in
the previous session, as U.S. stock futures rose following some
positive company results.
Stock market gains might be capped by persistent worries
about the U.S. "fiscal cliff" and the protracted Greek debt
* Corporate America is raising the volume of its plea that
the U.S. government avert a year-end "fiscal cliff" that could
send the nation back into recession, but chief executives aren't
pushing the panic button just yet.
* Police and protesters clashed in Spain as millions of
workers went on strike across Europe to protest spending cuts
they say have made the economic crisis worse.
* Metro Inc reported higher earnings as sales rose, helped
by an extra week in the quarter and a recent acquisition.
* Telecoms group Vimpelcom, with assets in Russia, Italy and
various emerging markets, said its third-quarter net profit
nearly tripled, year-on-year, due to higher operating profit and
forex gains, beating expectations.
* Output from euro zone factories in September took its
steepest fall since January 2009, dragged down by German
industry's loss of resilience after three years of crisis in
* Canada stock futures traded up 0.12 percent
* U.S. stock futures , , were up
around 0.23 percent to 0.45 percent
* European shares, were down
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 291.21;
rose 0.22 percent
* Gold futures : $1,722; fell 0.13 percent
* US crude : $85.3; fell 0.09 percent
* Brent crude : $108.28; rose 0.02 percent
* LME 3-month copper : $7,644.25; fell 0.47 percent
CANADIAN STOCKS TO WATCH
* Excellon Resources Inc : The miner cut its
fourth-quarter silver production forecast due to a blockade at
its La Platosa mine in Mexico that halted production.
* Hemisphere GPS Inc : The navigation systems maker
said it will exit non-agriculture-related business and cut 38
percent of workforce.
* Iamgold Corp : The gold miner reported a 56
percent rise in quarterly profit, helped by higher derivative
gains, and also cut its 2012 capital expenditure forecast on
delays in expansion at two of its mines in Africa.
Following is a summary of research actions on Canadian
companies reported by Reuters.
* AuRico Gold Inc : Canaccord Genuity raises target
price to $11 from $9.50 after the miner posted
better-than-expected third-quarter results and indicated that
its Young Davidson mine is ramping up ahead of schedule.
* Potash Corp : Canaccord Genuity cuts to hold from
buy and cut price target to $43 from $48, says the potash market
will continue to struggle in the near term creating volatility
for buyers and investors.
* Quebecor Inc : National Bank Financial raises
target price to C$43 from C$41, RBC raises target price to C$45
from C$43 and CIBC raises target price to C$43 from C$41 on
strong third-quarter results.
* SouthGobi Resources Ltd : CIBC cuts price target
to C$6 from C$6.50 as the company reported higher-than-expected
third-quarter loss and weak coal markets.
* Surge Energy Inc : CIBC cuts price target to
C$9.50 from C$10.50 citing the company's weak third-quarter
production results and its lowered production guidance for 2012
ON THE CALENDAR
* No major Canadian economic data scheduled for release
* Major U.S. events and data includes retail sales, ex
autos, producer prices, PPI and business inventories and FOMC