July 23, 2012 / 12:48 PM / 5 years ago

CANADA STOCKS-TSX may open lower on Spain fears, Nexen to jump

July 23 (Reuters) - Toronto’s main stock index looked set to open lower, tracking global markets, as Spain sparked concerns that it might need a full sovereign bailout after Murcia became the second Spanish region to say it would request help from the central government to keep it afloat.

TOP STORIES

* China’s top offshore oil producer CNOOC Ltd has entered into an agreement to buy Nexen Inc for about $15.1 billion, the Chinese company said.

* U.S.-listed shares of Nexen jumped 55.2 pct in pre-market trade on news of the offer.

* Tiny Murcia was on course on Sunday to be the second Spanish region to request help from the central government to keep it afloat, as media reported half a dozen local authorities were ready to follow in the footsteps of Valencia.

* Investor Prem Watsa reported an almost 10 percent stake in Research in Motion Ltd as of July 4, according to a regulatory filing.

* Halliburton Co, the world’s second-largest oilfield services company, posted a marginal increase in second-quarter profit as its international revenues grew.

MARKET SNAPSHOT

* Canada stock futures traded down 0.42 percent

* U.S. stock futures , , were down around 1.1 - 1.23 percent

* European shares, were up/down

COMMODITY PRICE MOVES

* Thomson Reuters-Jefferies CRB Index : 299.48; fell 1.67 percent

* Gold futures : $1,569.8; fell 0.8 percent

* US crude : $89; fell 3.08 percent

* Brent crude : $103.46; fell 3.15 percent

* LME 3-month copper : $7,377.75; fell 2.22 percent

CANADIAN STOCKS TO WATCH

* Research In Motion Ltd. : Eastman Kodak Co has lost an appeal of a patent dispute over digital image preview technology with Apple Inc and Research In Motion, which could set back the onetime photography giant’s efforts to raise money in bankruptcy by selling patents.

The U.S. International Trade Commission on Friday upheld a May 21 ruling by Judge Thomas Pender of that agency that neither Apple nor RIM had violated Kodak’s rights in the so-called ‘218 patent, which covers how digital cameras preview images.

ANALYST RECOMMENDATIONS

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

* Agrium : Citigroup raises target price to $100 from $95 on its U.S. listed shares, rates neutral, to reflect expectations for continued solid fundamentals and low natural gas prices.

* FirstService : CIBC cuts target to C$34.50 from C$37, rates sector outperformer, expects its second quarter results to be impacted by its FAS division

* IGM Financial : Canaccord Genuity cuts price target to C$43 from C$44, rates hold, says deeper than expected redemption due to investors finding equity investment less attractive

* Loblaw Companies : Barclays cuts price target to C$33 from C$35, rates equal weight on weak outlook of 2012 net earnings below 2011 levels; cites weaker than expected consumer outlook and a rapid drop in food inflation

* West Fraser Timber : CIBC raises target to C$65 from C$56, rates sector outperformer, on better-than-expected second-quarter results and higher expected lumber prices

ON THE CALENDAR

* No major Canadian and U.S. economic data is expected to be released

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