October 19, 2012 / 12:27 PM / 5 years ago

CANADA STOCKS-TSX may open lower on earnings upset

Oct 19 (Reuters) - Canadian stock futures pointed to a lower open on Friday, as disappointing earnings reports from U.S. technology bellwethers Google and Microsoft sent jitters across the globe.

TOP STORIES

* European Union leaders agreed a single supervisor will take responsibility for overseeing euro zone banks from next year.

* General Electric Co posted an 8.3 percent rise in quarterly profit, as solid demand in the United States and Asia for its electric turbines and railroad locomotives helped to balance out Europe’s woes.

* Schlumberger Ltd, the world’s largest oilfield services company, reported a higher-than-expected quarterly profit, lifted by its strength outside the volatile North American market and its exposure to the offshore drilling boom.

* Baker Hughes Inc, the world’s third-largest oilfield services company, reported weaker-than-expected quarterly results as a slowdown in North American drilling activity hit prices.

* Rosneft is poised to secure a tighter grip on Russia’s oil industry by buying BP’s 50 percent stake in TNK-BP, the country’s third largest producing company.

MARKET SNAPSHOT

* Canada stock futures traded down 0.11 percent

* U.S. stock futures , , were down around 0.20 percent to 0.28 percent

* European shares, were down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 309.59; rose 0.14 percent

* Gold futures : $1,733.4; fell 0.57 percent

* US crude : $92.38; rose 0.3 percent

* Brent crude : $113; rose 0.52 percent

* LME 3-month copper : $8,123; fell 1.18 percent

CANADIAN STOCKS TO WATCH

* Astral Media Inc. : Broadcast regulator, Canadian Radio-Television and Telecommunications Commission, blocked BCE Inc’s C$3 billion takeover of the broadcaster on Thursday, declaring the deal would give too much power to BCE, already the country’s biggest telecoms company and owner of numerous TV and radio assets.

* Harry Winston Diamond Corp. : The diamond miner and luxury jeweler said on Thursday it had received various indications of interest regarding a potential purchase of its luxury brand business, but said it is not in active negotiations regarding any such transaction.

* Sun Life Financial : The insurer is committed to Britain, it said Friday after the Financial Times reported it had shelved plans to sell its British division.

ANALYST RECOMMENDATIONS

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

* Barrick Gold Corp : Jefferies raises price target of the U.S. listed share to $50 from $43 on valuation and citing company’s recent accretive expansion in copper mining.

* Gold miners: Jefferies raises price targets of the U.S. listed shares of Goldcorp Inc to $40 from $36 and Kinross Gold Corp to $9.25 from $8 on increased gold price estimates and the compression of stocks’ price multiple.

* First National Financial Corp. : National Bank Financial cuts target price to C$18 from C$19 to reflect elevated housing market concerns.

ON THE CALENDAR

* Major Canadian economic data includes inflation data

* Major U.S. events and data includes existing home sales data

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