June 12, 2012 / 12:39 PM / 5 years ago

CANADA STOCKS-TSX may open higher, euro zone worries linger

June 12 (Reuters) - Toronto’s main stock index was headed for a higher open on Tuesday, though markets remained wary ahead of Sunday’s Greek elections and as investors assimilated news about the bailout plan for Spanish banks.

TOP STORIES

* Raising the stakes in Europe’s debt crisis, Austria’s finance minister said Italy, the euro zone’s third economy, may need a financial rescue because of its high borrowing costs.

* European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro.

* NetJets, a private jet-sharing company owned by Warren Buffett’s Berkshire Hathaway Inc, said on Monday it would buy up to 425 new business jets from Bombardier Inc and Cessna in a deal worth $9.6 billion to expand its North American and European fleet.

* Canadian fertilizer maker and farm products retailer Agrium Inc said it expects its second-quarter earnings to be at or near the top of its forecast range due to higher prices for some of its wholesale fertilizer products.

* Canadian Pacific Railway : The railroad, whose CEO and chairman both quit last month after a bitter proxy battle, said board member David Raisbeck has decided to resign, citing personal reasons. The vacancy caused by his departure would not be filled, the company said in a statement.

MARKET SNAPSHOT

* Canada stock futures traded up 0.26 percent

* U.S. stock futures , , were up around 0.4-0.6 percent

* European shares, were up

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 270.01; fell 0.27 percent

* Gold Futures : $1,589.8; fell 0.36 percent

* US Crude : $82.42; fell 0.34 percent

* Brent Crude : $97.32; fell 0.69 percent

* LME 3-month Copper : $7,395.25; fell 0.33 percent

ANALYST RECOMMENDATIONS

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

* Bankers Petroleum : RBC cuts price target to C$5 from C$7 on lower production forecast for the Patos Marinza field; rating sector perform

* CAE Inc. : RBC raises to outperform from sector perform citing solid operating performance and attractive valuations; ups target to C$13 from C$12

* Fortress Paper : Raymond James cuts price target to C$40 from C$46 to reflect reduction in its long-term dissolving pulp price assumption, rating outperform

* Open Range Energy : Canaccord Genuity cuts price target to C$1.20 from C$1.35 after company amends terms of acquisition agreement with Cequence Energy, rating hold

* Second Wave Petroleum : RBC cuts price target to C$1.50 from C$2.50, after company cuts capex program for 2012, rating sector perform

ON THE CALENDAR

* No major Canadian economic data is expected to be released

* Major U.S. data include import and export prices, and federal budget for May

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