June 25, 2012 / 12:42 PM / 5 years ago

CANADA STOCKS-TSX may open lower, Spain adds to Europe worries

June 25 (Reuters) - Toronto’s main stock index was set for a lower open, tracking global markets, as worries over uncertainty in the euro zone crimped investor appetite, ahead of the EU summit later this week.

TOP STORIES

* Spain formally requested euro zone rescue loans to recapitalise its debt-laden banks on Monday as the euro and shares fell on investor scepticism about this week’s EU summit.

* European leaders will discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund at a summit on June 28-29, according to a document prepared for the meeting.

* BlackBerry maker Research in Motion is considering splitting its business in two, separating its struggling handset manufacturing division from its messaging network, The Sunday Times reported.

* Anheuser-Busch InBev, the world’s biggest brewer and maker of Budweiser and Stella Artois beers, is in talks to buy the 50 percent of Corona beer maker Grupo Modelo that it does not already own, said a person familiar with the matter - in a potential deal that could top $10 billion.

* Samsung Electronics Co expects sales of its new Galaxy S III, launched at the end of last month as a main rival to Apple’s iPhone, to top 10 million during July, making it the South Korean group’s fastest selling smartphone.

MARKET SNAPSHOT

* Canada stock futures traded down 0.97 percent

* U.S. stock futures , , were down around 0.8 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jeffries CRB Index : 268; rose 0.01 percent

* Gold Futures : $1,568.6; rose 0.16 percent

* US Crude : $79.08; fell 0.85 percent

* Brent Crude : $90.15; fell 0.89 percent

* LME 3-month Copper : $7335; rose 0.34 percent

CANADIAN STOCKS TO WATCH

* Thomson Reuters Corp : The news and information provider said it has acquired privately held Zawya Ltd, an online service supplying business information in the Middle East and North Africa.

* Coeur d‘Alene Mines Corp. : The precious metals producer said it would evaluate strategic options for a silver and gold mine in Argentina due to high operating costs, and will recognize a charge in the second quarter.

* FirstService Corp. : The property manager said a subsidiary opted out from a property services agreement with a United States government-backed entity as the business turned unprofitable.

* Canadian National Railway Co and Canadian Pacific Railway Ltd : The Canadian government will probably have to impose new rules on railways and their customers after four months of negotiations failed to find a formula to get grain shippers and other customers the service levels they demand.

ANALYST RECOMMENDATIONS

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

* Shaw Communications : Macquarie raises to neutral from underperform ahead of the company’s third-quarter results announcements

* SXC Health Solutions : CIBC starts with sector performer rating and price target of C$105; sees increased profitability as the industry works to reduce specialty pharmacy costs and as a wave of branded drugs comes off patent

* CML HealthCare : CIBC starts with sector performer rating and price target of C$10.75; says company is well positioned in the diagnostic testing field but sees government funding as a constraint

* Newalta Corp : National Bank Financial cuts price target to C$16 from C$17 as it sees lower commodity prices and activity levels

* Nordion Inc : CIBC starts with sector performer rating and price target of C$11; says company faces limited competition and solid market share as the radioactive isotope market has significant barriers to entry

ON THE CALENDAR

* No major Canadian economic data scheduled for release

* Major U.S. events and data includes new home sales data, Chicago Fed index, and Dallas Fed manufacturing 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