July 6, 2012 / 12:18 PM / 5 years ago

CANADA STOCKS-TSX may may open higher, jobs eyed

4 Min Read

July 6 (Reuters) - Toronto's main stock index looked set to open slightly higher after Thursday's share price fall, while focus remains on U.S. and Canadian jobs figures that are expected to show tepid growth.

Top Stories

* U.S. employers likely quickened the pace of hiring last month but not enough to allay worries that Europe's debt crisis is shifting the economy into low gear.

* Italy's cabinet approved spending cuts worth 4.5 billion euros ($5.57 billion) this year, heading off an impending sales tax increase

* The head of the International Monetary Fund expressed concern about a deterioration in the global economy, saying the outlook has become more worrying as developed and big emerging nations show signs of slowing down.

* Soaring sales of the Galaxy smartphone drove record quarterly profit of $5.9 billion at Samsung Electronics, although the South Korean tech giant is sweating over how Europe's debt crisis is denting demand in its biggest market for televisions and home appliances.

* Canadian oil and gas producer Pengrowth Energy Corp cut its monthly dividend by 43 percent to 4 Canadian cents on weak oil and gas prices, its first cut since November 2009.

Market Snapshot

* Canada stock futures traded up 0.06 percent

* U.S. stock futures , , were down in the range of -0.05 to -0.015 percent

* European shares, were down

Commodity Price Moves

* Thomson Reuters-Jeffries CRB Index : 290.93; fell 0.79 percent

* Gold Futures : $1645; fell -0.87 percent

* US Crude : $85.49; fell 1.98 percent

* Brent Crude : $99.17; fell 1.52 percent

* LME 3-month Copper : $7628; fell 0.87 percent

Canadian Stocks to Watch

* Sandvine Corp. : The network equipment maker posted a wider-than-expected quarterly loss as revenue fell 24 percent.

* Research In Motion Ltd. : Investors in the BlackBerry maker should not re-elect one-time lead director John Richardson to the board of the struggling company at Tuesday's annual meeting, proxy advisory firm Glass Lewis said. The advice repeats a long-standing Glass Lewis concern that Richardson failed to properly oversee the provision of stock options to RIM employees, which were erroneously back-dated over an eight-year period.

* Air Canada and WestJet Airlines Ltd. : Air Canada and WestJet flew fuller planes in June, while smaller regional carrier Porter Airlines reported slightly emptier flights than a year earlier.

Analyst Recommendations

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

* Copper Mountain : Canaccord Genuity cuts target price to C$6.25 from C$6.80 to reflect the brokerage's cut in its copper price forecast for 2012

* Genivar Inc : Canaccord Genuity cuts price target to C$22 from C$24 after the company bought the UK based design and engineering firm WSP Group

* Richelieu Hardware : NBF raises target price to C$36.50 from C$35 after the company posted solid quarterly results

* Tuscany International : NBF cuts target price to C$1.25 from C$1.35 and removes from Action List on Latin America E&P Cash Flow Review

* Westjet Airlines : CIBC raises target price to C$20.75 from C$18.50, and Canaccord Genuity to C$25 from C$24; says company is still on track to achieve its growth targets

On the Calendar

* Major Canadian economic data includes Ivey PMI index

* Major U.S. events and data includes ECRI weekly index

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below