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.

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   Continued...