March 7 Canadian stocks looked set to open
higher on Wednesday, after falling about 1.8 percent in the
previous session, on investor hopes that Greece will muddle
through its debt woes and global growth will hold up relatively
FACTORS TO WATCH
* Canadian equity futures pointed to a higher open.
* U.S. stock index futures rose, a day after Wall Street
suffered its worst selloff in three months and ahead of a
private employment report expected to show the U.S. economy
added jobs in February.
* European shares were higher, led by banks as jittery
investors awaited a deal on Greece's debt swap and a key U.S.
jobs report later this week.
COMMODITY PRICE MOVES
* The Thomson Reuters-Jefferies CRB index, a global
commodities benchmark, was little changed in early trade.
* Brent crude gained after China said it would boost energy
imports this year, though the marker oil held well below a near
four-year high set last week as Iran's offer of talks with major
powers eased concerns about supply disruption.
* Gold prices snapped three days of losses to rise in
Europe, helped by a recovery in the euro versus the dollar,
which eased negative currency effects on the precious metal, and
by demand for physical gold at lower prices from Asia.
* Copper steadied following the previous day's sharp falls,
bouncing off near three-week lows as the euro gained, but the
metal remained near the bottom of its recent trading range on
lingering uncertainty about demand from top consumer China.
CANADIAN STOCKS TO WATCH
* PetroBakken Energy Ltd : The oil firm's
fourth-quarter production rose about 16 percent, helped by
increased output from its Cardium unit and it raised its 2012
exit production forecast.
* Wi-LAN Inc. : The patent licensing firm hiked its
quarterly dividend and said it would buy back shares this year,
even as it forecast lower first-quarter revenue.
* First Quantum Minerals Ltd. : The miner's
fourth-quarter net earnings fell about 83 percent, hurt by lower
copper volumes and prices and the company expects to produce
270,000 to 290,000 tonnes of copper and 170,000 to 190,000
ounces of gold this year.
* Enbridge Inc. : The company said it had restarted
a segment of a key oil pipeline that supplies 318,000 barrels
per day of Canadian crude to the Midwest after a fire forced it
to shutdown over the weekend.
* Air Canada : The airliner said a union
representing mechanics, baggage handlers and cargo agents in
Canada have decided to go on a strike from March 12.
* Linamar Corp. : The auto parts maker reported a 26
percent jump in quarterly earnings on Tuesday on the back of
increased consumer demand in the United States and higher sales
from new and expanded facilities in Europe and Mexico.
* Nordion Inc. : The medical isotope provider said
on Tuesday that its quarterly performance had been "lower than
expected," as it reported a net loss and lower earnings on an
* SunOpta Inc. : The organic food processor posted a
quarterly loss, as it took a write-downs charge on some of its
assets and inventories.
* Sandvine Corp. : The network equipment maker
adopted a shareholder rights plan with a 20 percent trigger, but
said it was not aware of any takeover proposal.
Following is a summary of research actions on Canadian
companies reported by Reuters.
* Aecon Group Inc. : CIBC raises price target to
C$15 from C$13.50; Canaccord Genuity raises target price to C$15
* Bank of Nova Scotia : CIBC raises price target to
C$60 from C$59
* Cathedral Energy : CIBC raises price target to C$9
* Crew Energy : Canaccord Genuity raises target price
to C$24.25 from C$21.75
* Eastern Platinum : Barclays raises price target to
C$0.60 from C$0.58
* Evertz : Canaccord Genuity cuts price target to
C$15.50 from C$16
* Hemisphere GPS : Canaccord Genuity cuts target to
C$1.40 from C$1.50, rating buy
* Uranium One : Canaccord Genuity cuts price target
to C$3.50 from C$3.60