Jan 22 Canada's main stock index looked set to
extend previous session's losses on Wednesday as investors turn
cautious ahead of the Bank of Canada's rate decision. However,
losses could be capped after the International Monetary Fund's
upgrade of world forecasts lifted sentiment.
* United Technologies Corp, the world's largest maker of
elevators and air conditioners, reported a rise in
fourth-quarter profit that topped Wall Street estimates, helped
by stronger performances across its businesses.
* British unemployment plunged to within a whisker of the
Bank of England's level for considering an increase in interest
rates, data showed, but the central bank stressed it would be in
no rush to act.
* Coach Inc said sales in North America fell further in the
final quarter of 2013 as it lost share in the handbag business
to fast-growing rivals such as Michael Kors Holdings Ltd and
* Textron Inc, the maker of Cessna aircraft and Bell
helicopters, reported a 17 percent rise in quarterly profit as
sales of its Citation business jets picked up after five
straight quarters of decline.
* Mohamed El-Erian, heir apparent to Pimco co-founder Bill
Gross, will step down as chief executive and co-chief investment
officer, raising questions about the future course of Pacific
Investment Management Co, the world's largest bond fund manager.
* IBM Corp missed revenue expectations for the fourth
consecutive quarter as the world's biggest technology services
company grappled with weakening demand for its servers and
storage equipment, particularly in growth markets like China.
* Canada stock futures traded down 0.02 percent
* U.S. stock futures , , were mixed
around -0.06 percent and 0.03 percent
* European shares, were down
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 279.6562;
rose 0.24 percent
* Gold futures : $1,242.3; was unchanged 0 percent
* US crude : $95.44; rose 0.49 percent
* Brent crude : $107.38; rose 0.61 percent
* LME 3-month copper : $7,297.5; fell 0.57 percent
CANADIAN STOCKS TO WATCH
* BlackBerry Ltd : The company said on Tuesday it
intends to divest the majority of its real estate holdings in
Canada, as it seeks to bolster its balance sheet and turn around
* Saputo Inc : The company said it has secured
majority control of Australia's Warrnambool Cheese and Butter
Factory Co Holdings Ltd, putting pressure on rival bidder Murray
Goulburn Co-operative Co to concede defeat.
* Penn West Petroleum Ltd : The oil company looking
to cut costs and debt to boost profits and raise a sagging share
price, said on Tuesday it expects lower output in 2014 as it
sells or shuts in wells.
Following is a summary of research actions on Canadian
companies reported by Reuters.
* Aecon Group Inc : Canaccord Genuity raises to buy
from hold, says mega projects in Canadian infrastructure
brighten sector outlook
* Bombardier Inc : CIBC cuts target price to C$5
from C$5.75, attributable to disappointing third-quarter
results, a slow flight test program and delay to the CSeries EIS
* Gran Tierra Energy Inc : Canaccord Genuity raises
price target to C$9.50 from C$9, sees increased degree of
confidence in previous risked value after the company moved the
Bretaña field in Peru from a resource category to a reserve
* IAMGOLD Corp : Canaccord Genuity cuts to hold from
buy based on weak fourth-quarter results and a high 2014 cost
* Potash Corp : Goldman Sachs raises price target to
$32 from $24 on the company's 4.1 percent dividend yield,
favorable cost outlook, earnings ballast from a less negative
ON THE CALENDAR
* Major Canadian economic data includes BoC rate decision
* Major U.S. events and data includes redbook