Jan 23 Canada's main stock index looked set to
extend the previous session's losses on Thursday as
weaker-than-expected manufacturing data from China overshadowed
strong economic figures from the euro zone.
* The global economy started 2014 on a disjointed note, with
the euro zone's private sector in better shape than expected and
China's vast manufacturing industry contracting for the first
time in six months.
* Carl Icahn has taken a stake in eBay Inc and is proposing a
spinoff of its fast-growing PayPal division. The e-commerce
company rebuffed the overture, setting the stage for a potential
battle with the activist investor.
* Top U.S. weapons maker Lockheed Martin Corp reported a
lower-than-expected profit after charges linked to U.S. defense
budget cuts and workforce reductions, but said it expected
higher earnings this year.
* Lenovo Group Ltd said it would buy IBM Corp's server
business for $2.3 billion as the Chinese PC company grabs
another piece of the computing world in a long-awaited deal.
* Nokia reported a 22 percent fall in sales at its core NSN
network equipment division, highlighting the problems facing
management once it completes the sale of its former flagship
phones business to Microsoft for 5.4 billion euros.
* Canada stock futures traded down 0.27 percent.
* U.S. stock futures were down.
* European shares were down.
COMMODITY PRICE MOVES
* Thomson Reuters-Jefferies CRB Index : 282.7671;
rose 0.58 percent
* Gold futures : $1,239.3; rose 0.02 percent
* U.S. crude : $96.98; rose 0.26 percent
* Brent crude : $107.89; fell 0.35 percent
* LME 3-month copper : $7,272.75; fell 0.26 percent
CANADIAN STOCKS TO WATCH
* Barrick Gold Corp : The company said on Wednesday
that it had agreed to sell its Kanowna gold mine in Western
Australia to Northern Star Resources Ltd for A$75 million to
focus on its lower-cost mines.
* Saputo Inc : Australia's Murray Goulburn
Co-operative Co Ltd agreed to sell its 17.7 percent stake in
Warrnambool Cheese and Butter Factory Co Holdings Ltd to rival
bidder Saputo, bowing out of the hotly contested bidding battle.
Following is a summary of research actions on Canadian
companies reported by Reuters.
* Ithaca Energy Inc Imperial Capital raises price
target to C$3.30 from C$3.05, says the company is close to a
substantial increase in free cash flow generation once its well
at Stella starts producing.
* WesternZagros Resources Ltd : Wood Co cuts target
price to C$1.60 from C$2.68, driven mainly by the failed K-3
exploration well and the company's recent announcement that it
is to relinquish three plays in the Garmian license area.
ON THE CALENDAR
* Major Canadian economic data include retail sales.
* Major U.S. events and data includes jobless claims, Markit
manufacturing PMI, home sales and lead indicators.