February 11, 2013 / 1:35 PM / 4 years ago

CANADA STOCKS-TSX may rise on recent upbeat global data; investors eye Cameco

3 Min Read

Feb 11 (Reuters) - Canada's main stock index looked set to open higher on Monday, tracking its U.S. counterpart, as encouraging global economic data last week offset worries about political tensions in the euro zone.

Top Stories

* Cameco reported sharply lower quarterly profit on Friday after taking a C$168 million write-down on an Australian exploration project, and said the current quarter would likely produce weaker earnings as well.

* With the road ahead looking a bit smoother, G20 finance ministers will be happy to ignore the wreck in the rear-view mirror when they meet this week to steer a course for the world economy.

* U.S. regulators have dealt a major blow to Novo Nordisk's hopes for its new long-acting insulin Tresiba by demanding the Danish drugmaker conduct more clinical tests to assess potential heart risks.

* US Airways Group Inc and AMR Corp are nearing an $11 billion merger that would create the world's largest airline and could announce a deal within a week, after resolving key differences on valuation and management structure, people familiar with the matter said.

* Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a move that could potentially net the former chief executive a $2.51 billion windfall.

Market Snapshot

* Canada stock futures traded up 0.1 percent

* U.S. stock futures , , were up around 0.25 percent

* European shares, were down

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 300.8049; fell 0.25 percent

* Gold futures : $1,657; fell 0.54 percent

* US crude : $95.59; fell 0.14 percent

* Brent crude : $117.99; fell 0.77 percent

* LME 3-month copper : $8,259; fell 0.42 percent

Canadian Stocks to Watch

* Canadian National Railway Co : The railroad operator has halted a study into the feasibility of building a C$5 billion rail line to ship iron ore from northern Quebec to port, it said on Friday, as miners delay projects due to low prices.

Analyst Recommendations

Following is a summary of research actions on Canadian companies reported by Reuters.

* Teck Resources Ltd : Canaccord Genuity cuts price target to C$35 from C$39 after the company released a lower-than-expected operating outlook and said it anticipates the ongoing weakness in sea-borne coking coal markets to persist until at least mid-2013.

* Bank of Montreal : Barclays raises price target to C$61 from C$60, says it continues to benefit from M&I integration.

* Canadian banks: Barclays raises price target of Bank of Nova Scotia to C$58 from C$55 and of Royal Bank of Canada price target to C$61 from C$58 on expectations of a possible dividend increase given higher relative payout ratios.

* Norbord Inc : RBC raises target price to C$40 from C$36, says with a higher pricing outlook through 2013 and stable market conditions in the European panel business, the company is expected to outperform its building product peers.

On the Calendar

* No major Canadian economic data scheduled for release .

* No major U.S. events and data scheduled for release .

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