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

Thu Jul 19, 2012 8:41am EDT
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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.


* 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   Continued...