July 19, 2012 / 12:43 PM / 5 years ago

CANADA STOCKS-TSX may open higher, buoyed by upbeat earnings

3 Min Read

July 19 (Reuters) - Toronto's main stock index looked set to open higher on Thursday, tracking global markets, as strong earnings from some global bellwether companies allayed fears of the economic slowdown biting into profits.

Top Stories

* IBM raised its full-year earnings target, even as it posted a quarterly revenue shortfall, reflecting its ability to manage costs as global technology spending sputters.

* Canada's oil and gas explorer Nexen Inc's second-quarter profit fell 57 percent as it took a charge on a failed exploration well in the Gulf of Mexico.

* Spain's five-year borrowing costs hit new euro-era highs at an auction, sending the euro lower, as it struggles to convince investors it can control its finances, while France sold bonds of similar maturities at yields below 1 percent.

* Canadian trucking company Vitran Corp posted a wider second-quarter loss on weakness in its less-than- truckload (LTL) shipping business in the United States.

* Nokia made a slightly smaller loss than expected and ended the second quarter with more cash than investors feared, despite losing market share to Apple and Samsung Electronics.

Market Snapshot

* Canada stock futures traded up 0.68 percent

* U.S. stock futures , , were up around 0.42 percent

* European shares, were up

Commodity Price Moves

* Thomson Reuters-Jefferies CRB Index : 301.57; rose 0.83 percent

* Gold futures : $1,581.8; rose 0.73 percent

* US crude : $91.16; rose 1.44 percent

* Brent crude : $107.08; rose 1.83 percent

* LME 3-month copper : $7,798; rose 2.11 percent

Analyst Recommendations

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

* Cogeco Cable : NBF cuts price target to C$40 from C$51 and downgrades to sector perform from outperform, Canaccord Genuity cuts price target to C$42 from C$55 and downgrades to hold from buy, on its plan to acquire Atlantic Broadband

* Colabor : NBF raises price target to C$8 from C$7.50 and rates sector perform, after it reported second quarter results in line with the expectations

* Mainstreet Equity : Canaccord Genuity ups target to C$34.50 from C$29 and rates buy, after it reported better-than-expected third quarter results

On the Calendar

* Major Canadian economic data include wholesale trade data

* Major U.S. events and data includes initial claims, lead indicator and existing home sales data

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